CIT Equipment Collateral 2005-EF1
PROPERTIES.                   CIT   Equipment Collateral 2005-EF1 (the “Trust”) owns certain equipment loan and   lease receivables acquired from CIT Funding Company, LLC pursuant to a   Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) dated   as of July 1, 2005.
LEGAL PROCEEDINGS.                   The   registrant knows of no material pending proceedings with respect to the   Trust.
SUBMISSION OF   MATTERS TO A VOTE OF SECURITY HOLDERS.                   No matter   has been submitted to a vote of the holders of the Trust’s Receivable-Backed   Notes or Equity Certificates through the solicitation of proxies or   otherwise.               PART II
MARKET FOR   REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES   OF EQUITY SECURITIES.                   There is no   established public trading market for the Receivable-Backed Notes or the   Equity Certificates of the Trust. As of December 31, 2005, the approximate   number of holders of record was 68.
CHANGES IN AND DISAGREEMENTS   WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.                   None.    -1-                PART III
SECURITY OWNERSHIP   OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.                   Not   Applicable.
CERTAIN   RELATIONSHIPS AND RELATED TRANSACTIONS.                   None.               PART IV
EXHIBITS,   FINANCIAL STATEMENT SCHEDULES.                   a) Documents   filed as a part of the report:                   Exhibits:                          99.1   Report of Independent Accountants.                       99.2   Management’s   Assertion Concerning Compliance with USAP Minimum Servicing Standards, to the   extent the procedures in such are applicable to the servicing obligations set   forth in the Servicing Agreement.                       99.3   Schedule of   Year-to-Date Distributions of Principal and Interest to Certificate Holders   and Pool Balance and Delinquencies as of December 31, 2005.                        99.4   Annual Statement of Compliance.                       99.5   Certification pursuant to Section 302 of the Sarbanes-Oxley Act of   2002.                       b) Reports   on Form 8-K:                              Date       Items Reported       Monthly Reports Filed on Form 8-K                        9/09/2005       8.01 and 9.01       Monthly   report to certificate holders      9/29/2005       8.01 and 9.01       Monthly   report to certificate holders      10/27/2005       8.01 and 9.01       Monthly   report to certificate holders      12/27/2005       8.01 and 9.01       Monthly   report to certificate holders      1/09/2006       8.01 and 9.01       Monthly   report to certificate holders     -2-  SIGNATURES           Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.                              By:   CIT Equipment Collateral 2005-EF1             The CIT   Group/Equipment Financing,             Inc., as   Servicer                           By: /s/ Mark A. Carlson                              Name:   Mark A.   Carlson             Title:   Senior Vice President –                 Corporate Treasury     Dated: March 30, 2006            -3-  EXHIBIT INDEX                  Exhibit No.                           99.1       Report of   Independent Accountants.                   99.2       Management’s   Assertion Concerning Compliance with USAP Minimum Servicing Standards, to the   extent the procedures in such are applicable to the servicing obligations set   forth in the Servicing Agreement.                   99.3       Schedule of   Year-to-Date Distributions of Principal and Interest to Certificate Holders   and Pool Balance and Delinquencies as of December 31, 2005.                   99.4       Annual   Statement of Compliance.                   99.5       Certification   pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                         EX-99 2 ex99-1.htm EXHIBIT 99.1     Exhibit 99.1  Report of Independent Accountants To the Board of Directors of   The CIT Group/Equipment Financing, Inc:   We have examined management's assertion about The CIT Group/Equipment Financing, Inc.’s (the “Company’s”), a wholly owned subsidiary of CIT Group Inc., compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP"), to the extent the procedures in such are applicable to the servicing obligations set forth in the Servicing Agreements, as of and for the year ended December 31, 2005, included in the accompanying management assertion (see Exhibit I) for CIT Equipment Collateral 2005-EF1.  Management is responsible for the Company’s compliance with those minimum servicing standards.  Our responsibility is to express an opinion on management's assertion about the Company’s compliance based on our examination.   Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances.  We believe that our examination provides a reasonable basis for our opinion.  Our examination does not provide a legal determination on the Company’s compliance with the minimum servicing standards.    In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards, to the extent the procedures in such are applicable to the servicing obligations set forth in the Servicing Agreements, as of and for the year ended December 31, 2005, except as noted in Exhibit I, is fairly stated, in all material respects.   /s/ PricewaterhouseCoopers LLP   March 28, 2006               EX-99 3 ex99-2.htm EXHIBIT 99.2     Exhibit 99.2  Exhibit I  Management’s Assertion Concerning Compliance with USAP Minimum Servicing Standards March 28, 2006   As of and for the year ended December 31, 2005, The CIT Group/Equipment Financing, Inc. (the “Company”), a wholly-owned subsidiary of CIT Group Inc., has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (“USAP”), to the extent the procedures in such are applicable to the servicing obligations set forth in the Servicing Agreements for CIT Equipment Collateral 2005-EF1.  During the year ended December 31, 2005, certain instances of noncompliance with the standards occurred as noted below:   Payments   Standard: Payments made in accordance with the lease/loan documents shall be posted to the applicable records within two business days of receipt.   A payment was identified that was posted to the related records four days after receipt.   As of and for this same period, CIT Group Inc. had in effect a financial institution bond, computer crime policy and error and omissions policy in the following amounts:        Insurance Type   Coverage     Financial institution bond   $120 million     Computer crime policy   $120 million     Errors and omissions   $15 million                           /s/ Michael Brown     Michael Brown President – Diversified Industries The CIT Group/Equipment Financing, Inc.     /s/ Ronald Riecks     Ronald Riecks President – Construction The CIT Group/Equipment Financing, Inc.     /s/ Thomas Magrath     Thomas Magrath Executive Vice President & Chief Credit Officer The CIT Group/Equipment Financing, Inc.     /s/ Barbara Galaini     Barbara Galaini Senior Vice President & Controller, Capital Finance The CIT Group/Equipment Financing, Inc.     /s/ Mark Carlson     Mark Carlson Senior Vice President – Corporate Treasury The CIT Group/Equipment Financing, Inc.                       EX-99 4 ex99-3.htm EXHIBIT 99.3     Exhibit 99.3                          CITEC 2005-EF   1                            Class       Principal       Interest                                            A-1       104,229,866.85       1,643,839.32     A-2       0.00       1,970,594.46     A-3       0.00       3,387,930.00     A-4       0.00       1,371,912.34     B       0.00       236,516.84     C       0.00       388,680.38     D       0.00       439,080.99                      Class Note Total       104,229,866.85       9,438,554.33                                                               Delinquency                                        Current       494,811,771.02             31-60 Days       2,486,961.70             61-90 Days       417,672.89             91-120 Days       587,822.39             120+ Days       252,671.03                                Total Delinquency       498,556,899.03                                                      Pool Balance       495,984,671.78                   EX-99 5 ex99-4.htm EXHIBIT 99.4     Exhibit 99.4 CIT EQUIPMENT COLLATERAL 2005-EF1 ANNUAL STATEMENT OF COMPLIANCE The undersigned certifies that he is an Executive Vice President and Chief Credit Officer of The CIT Group/Equipment Financing, Inc., a corporation organized under the laws of Delaware (“CITEF”), and that as such he is duly authorized to execute and deliver this certificate on behalf of CITEF in connection with a Pooling and Servicing Agreement dated as of July 1, 2005, among CIT Equipment Collateral 2005-EF1, as Issuer, CIT Funding Company, LLC, as Depositor, CIT Financial USA, Inc., in its individual capacity, and CITEF, as Servicer (the “Agreement”). All capitalized terms used herein without definition having the respective meanings specified in the Agreement. The undersigned further certifies to the Trustees and each of the Rating Agencies that a review of the activities of CITEF during the 2005 calendar year and of its performance under the Agreement has been made under his supervision and to the best of his knowledge, based on such review, (a) CITEF has, in all material respects, fulfilled its obligations under the Agreement during the 2005 calendar year and (b) no Servicer Default has occurred or is continuing.  DATED: March 15, 2006                       THE CIT   GROUP/ EQUIPMENT FINANCING, INC., as   Servicer                              /s/   Thomas E. Magrath                  Name:    Thomas E.   Magrath         Title:    Executive   Vice President    and Chief Credit Officer           EX-99 6 ex99-5.htm EXHIBIT 99.5     Exhibit 99.5 CERTIFICATE              I, Thomas E. Magrath, an Executive Vice President and Chief Credit Officer of The CIT Group/Equipment Financing, Inc., as servicer for CIT Equipment Collateral 2005-EF1, certify that:               1.   I have   reviewed this annual report on Form 10-K, and all reports on Form 8-K   containing distribution or servicing reports filed in respect of periods   included in the year covered by this annual report, of the Trust;                2.   Based on my   knowledge, the information in these reports, taken as a whole, does not   contain any untrue statement of a material fact or omit to state a material   fact necessary to make the statements made, in light of the circumstances   under which such statements were made, not misleading as of the last day of   the period covered by this annual report;                3.   Based on my   knowledge, the distribution or servicing information required to be provided   to the trustee by the servicer under the pooling and servicing agreement for   inclusion in these reports is included in these reports;                4.   I am   responsible for reviewing the activities performed by the servicer under the   pooling and servicing agreement and based upon my knowledge and the annual   compliance review required under the pooling and servicing agreement and   except as disclosed in the reports, the servicer has fulfilled its   obligations under the pooling and servicing agreement; and                5.   The reports   disclose all significant deficiencies relating to the servicer’s compliance   with the minimum servicing standards based upon the report provided by an   independent public accountant, after conducting a review in compliance with   the Uniform Single Attestation Program for Mortgage Bankers or similar   procedure, as set forth in the pooling and servicing agreement, that is   included in these reports.                   Date:   March 27,   2006                                 /s/   Thomas E. Magrath          Name:    Thomas E.   Magrath     Title:   Executive   Vice President   and Chief Credit Officer   The CIT Group/Equipment Financing, Inc.           -----END PRIVACY-ENHANCED MESSAGE-----