Pooling and Servicing Agreement (2004)Full Document 

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                         POOLING AND SERVICING AGREEMENT

                                      among

                       CIT EQUIPMENT COLLATERAL 2004-EF1,
                                   as Issuer,

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

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

                     THE CIT GROUP/EQUIPMENT FINANCING, INC.
                                   as Servicer

                             Dated as of May 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..............................................38
   Section 1.03   Section References..........................................38
   Section 1.04   Accounting Terms............................................38

ARTICLE II FUNDINGS OF TRUST; TRANSFERS OF CONTRACTS..........................38
   Section 2.01   Creation and Funding of Trust; Transfer of Transferred
                     Assets to Trust..........................................38
   Section 2.02   Conditions to Transfers.....................................40
   Section 2.03   Acceptance by Trust.........................................42
   Section 2.04   Conveyance of Substitute Contracts..........................42
   Section 2.05   Release of Excluded Amounts.................................44
   Section 2.06   Waiver......................................................44

ARTICLE III REPRESENTATIONS AND WARRANTIES....................................44
   Section 3.01   Representations and Warranties Regarding the
                     Depositor................................................45
   Section 3.02   Representations and Warranties of the Servicer..............47

ARTICLE IV PERFECTION OF TRANSFERS AND PROTECTION OF SECURITY INTERESTS.......49
   Section 4.01   Custody of Contracts........................................49
   Section 4.02   Filings.....................................................50
   Section 4.03   Name Change or Relocation...................................50
   Section 4.04   Maintenance of Security Interests in Vehicles;
                     Retitling................................................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..........................................53
   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



                                        i







                                                                           
   Section 5.15   Realization Upon Liquidated Contract........................56
   Section 5.16   Maintenance of Insurance Policies...........................56
   Section 5.17   Certain Other Duties With Respect to Trust..................57
   Section 5.18   Servicing Compensation......................................57
   Section 5.19   Payment of Certain Expenses by Servicer.....................57
   Section 5.20   Records.....................................................57

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