Pooling and Servicing Agreement (2003)Full Document 

Start of Preview
                         POOLING AND SERVICING AGREEMENT

                                      among

                        CIT EQUIPMENT COLLATERAL 2003-VT1
                                   as Issuer,

                          NCT FUNDING COMPANY, L.L.C.,
                                  as Depositor,

                             CIT FINANCIAL USA, INC.
                   in its individual capacity and as Servicer

                             Dated as of May 1, 2003

================================================================================







                                TABLE OF CONTENTS



                                                                                                            Page
                                                                                                            ----
                                                                                                           
ARTICLE I DEFINITIONS..........................................................................................1
  Section 1.01     Definitions.................................................................................1
  Section 1.02     Usage of Terms.............................................................................41
  Section 1.03     Section References.........................................................................41
  Section 1.04     Accounting Terms...........................................................................41

ARTICLE II FUNDINGS OF TRUST; TRANSFERS OF CONTRACTS..........................................................41
  Section 2.01     Creation and Funding of Trust; Transfer of Transferred Assets to Trust.....................41
  Section 2.02     Conditions to Transfers....................................................................43
  Section 2.03     Acceptance by Trust........................................................................45
  Section 2.04     Conveyance of Substitute Contracts.........................................................45
  Section 2.05     Release of Excluded Amounts................................................................47

ARTICLE III REPRESENTATIONS AND WARRANTIES....................................................................47
  Section 3.01     Representations and Warranties Regarding the Depositor.....................................48
  Section 3.02     Representations and Warranties of the Servicer.............................................51

ARTICLE IV PERFECTION OF TRANSFERS AND PROTECTION OF SECURITY INTERESTS.......................................52
  Section 4.01     Custody of Contracts.......................................................................52
  Section 4.02     Filings....................................................................................53
  Section 4.03     Name Change or Relocation..................................................................53

ARTICLE V SERVICING OF CONTRACTS..............................................................................54
  Section 5.01     Initial Servicer's Appointment and Acceptance; Responsibility for Contract
                      Administration..........................................................................54
  Section 5.02     General Duties.............................................................................54
  Section 5.03     Assignment or Replacement..................................................................55
  Section 5.04     Disposition Upon Termination of Contract...................................................55
  Section 5.05     Subservicers...............................................................................55
  Section 5.06     Further Assurance..........................................................................56
  Section 5.07     Notice to Obligors.........................................................................56
  Section 5.08     Collection Efforts; Modification of Contracts..............................................56
  Section 5.09     Prepayments of Certain Contracts...........................................................57
  Section 5.10     Certain Extensions; Acceleration...........................................................57
  Section 5.11     Taxes and Other Amounts....................................................................58
  Section 5.12     Suits by Servicer..........................................................................58

End of Preview