Pooling and Servicing Agreement (2004)Full Document 

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                         POOLING AND SERVICING AGREEMENT

                                      among

                        CIT EQUIPMENT COLLATERAL 2004-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 February 1, 2004

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                                TABLE OF CONTENTS



                                                                                                Page
                                                                                                ----
                                                                                              
ARTICLE I DEFINITIONS.............................................................................1
   Section 1.01    Definitions....................................................................1
   Section 1.02    Usage of Terms................................................................39
   Section 1.03    Section References............................................................39
   Section 1.04    Accounting Terms..............................................................39

ARTICLE II FUNDINGS OF TRUST; TRANSFERS OF CONTRACTS.............................................39
   Section 2.01    Creation and Funding of Trust; Transfer of Transferred Assets to Trust........39
   Section 2.02    Conditions to Transfers.......................................................41
   Section 2.03    Acceptance by Trust...........................................................43
   Section 2.04    Conveyance of Substitute Contracts............................................43
   Section 2.05    Release of Excluded Amounts...................................................45

ARTICLE III REPRESENTATIONS AND WARRANTIES.......................................................45
   Section 3.01    Representations and Warranties Regarding the Depositor........................45
   Section 3.02    Representations and Warranties of the Servicer................................48

ARTICLE IV PERFECTION OF TRANSFERS AND PROTECTION OF SECURITY INTERESTS..........................50
   Section 4.01    Custody of Contracts..........................................................50
   Section 4.02    Filings.......................................................................51
   Section 4.03    Name Change or Relocation.....................................................51

ARTICLE V SERVICING OF CONTRACTS.................................................................52
   Section 5.01    Initial Servicer's Appointment and Acceptance; Responsibility for Contract
                      Administration.............................................................52
   Section 5.02    General Duties................................................................52
   Section 5.03    Assignment or Replacement.....................................................53
   Section 5.04    Disposition Upon Termination of Contract......................................53
   Section 5.05    Subservicers..................................................................53
   Section 5.06    Further Assurance.............................................................53
   Section 5.07    Notice to Obligors............................................................54
   Section 5.08    Collection Efforts; Modification of Contracts.................................54
   Section 5.09    Prepayments of Certain Contracts..............................................55
   Section 5.10    Certain Extensions; Acceleration..............................................55
   Section 5.11    Taxes and Other Amounts.......................................................55
   Section 5.12    Suits by Servicer.............................................................56
   Section 5.13    Remittances...................................................................56
   Section 5.14    Servicer Advances.............................................................56
   Section 5.15    Realization Upon Defaulted Contract...........................................56

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