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Previous: FIRSTLINK COMMUNICATIONS INC, SB-2, 1998-04-02 |
Next: INNOVATIVE VALVE TECHNOLOGIES INC, S-4, 1998-04-02 |
FORM 10-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Amendment to
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 1997.
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE AT OF 1934.
For the transition period from ______________ to ___________________.
COPELCO CAPITAL FUNDING CORP. X
------------------------------------------------------
(exact name of Registrant as specified in its charter)
East Gate Center
700 East Gate Drive
Mount Laurel, New Jersey 08054-5400
(609) 231-9600
-------------------------------------------------------------
(Address and Telephone Number of Principal Executive Officer)
PORTIONS AMENDED
The Registrant hereby amends the following items on Form 10-K for the year
ended December 31, 1997 as set forth in the pages attached hereto.
<PAGE>
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The aggregate market value of the voting stock held by non-affiliates of
the Registrant. None.
As of March 1, 1998, there were 1,000 shares of the Registrant's Common
Stock outstanding.
The Registrant meets the conditions set forth in General Instruction
(J)(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the
reduced disclosure format permitted thereunder.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this amendment to the
report to be signed on its behalf by the undersigned, thereunto duly authorized.
COPELCO CAPITAL FUNDING CORP. X
By: /s/ Ian J. Berg
_________________________________
Name: Ian J. Berg
Title: Chairman of the Board
Dated: April 1, 1998
Pursuant to the requirements of the Securities Exchange Act of 1983,
this amendment to the report has been signed below by the following persons on
behalf on the Registrant and in the capacities and on the dates indicated.
By: /s/ Ian J. Berg
_________________________________
Name: Ian J. Berg
Title: Chairman of the Board,
Director and Principal
Executive Officer
Date: April 1, 1998
By:
_________________________________
Name: Vicki D. Sloan
Title: Director
Date: April 1, 1998
By: /s/ John Hakemian
_________________________________
Name: John Hakemian
Title: Director
Date: April 1, 1998
By: /s/ Tadayuki Seki
_________________________________
Name: Tadayuki Seki
Title: Director
Date: April 1, 1998
3
<PAGE>
By: /s/ Ian J. Berg
_________________________________
Name: Ian J. Berg
Title: Acting Chief Financial
Officer
Date: Apirl 1, 1998
Supplemental Information:
None
4
<PAGE>
THIS DOCUMENT IS A COPY OF THE EXHIBIT 99.1 TO FORM 10-K FILED ON MARCH 31, 1998
IN PAPER PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION.
Exhibit Index
99.1 Trustee's Reports for the payment periods ending in July,
August, September, October, November and December 1997 and
January, February and March 1998, each of which contains the
Servicer's Report for such period.
5
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 18-Jul-97
July 20, 1997 05:24 PM
-------------------------------------------------------------------
MONTHS IN PROGRESS 1
-------------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 568,660,720.00
1/2 Less: Lease Receivables - current month 15,986,271.10
1/3 Add: Interest Payment 3,132,795.94
1/4 Add: 0.75% Servicing Component 355,412.95
1/5 Less: Current month Nonperforming 576,731.61
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 13,534,387.73
1/7 Add: Amounts due to Substitutions 576,480.48
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 13,534,431.71
--------------
1/9 Ending Net Present Value 556,162,450.64
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 0.00
--------------
2/2 (Memo) Overdue Payments Received 906,129.21
--------------
2/3 Less: Reimbursed Per This Report 906,129.21
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 184,039.68
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 43,071.29
2/6 Add: Last Month's Current Payments that became Past Due 2,918,759.51
2/7 Add: Received on Replacements Leases 3,645.77
--------------
2/8 (MEMO) Net New Advances 2,918,759.51
--------------
2/9 Ending Balance 1,789,165.10
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 423,554.67
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 423,056.90
3/6 LTD Residuals of Substitutions 638,024.69
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 13,994,498.73
4/2 Less: Applied to Current from Prepaid 4,240,539.65
4/3 Less: Advance on Disqualified Leases 2,122,333.29
4/4 Add: Received This Month 1,674,102.85
4/5 Add: Received on Replacement Leases 233,273.29
--------------
4/6 Ending Balance 9,539,001.93
==============
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) Over 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 2,112,024.83
5/3 PV of performing leases 556,162,450.64
5/4 Delinquency Rate Current Month 0.38%
5/5 Second Preceding Month 0.00%
5/6 Third Preceding Month 0.00%
5/7 Average 0.19%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 8,974.18
--------------
6/4 Ending Balance 5,695,581.38
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 8,974.18
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
<PAGE>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 03-Mar-98
July 20, 1997 07:15 PM
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 0.00
8/2 Plus Current Month Additions 0.00
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
----------------------------------
8/5 Ending Balance 0.00
==================================
Cash Receipts
Line
A/1 Regular monthly payments 10,010,097.59
A/2 Overdue payments 906,129.21
A/3 Overdue Payments due on Early Termination and Termed Out Leases(From Seller) 184,039.68
A/4 Advance Payments of monthly rentals 1,250,548.18
A/5 Residual Values 423,554.67
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 24,418.39
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 2,918,759.51
----------------------------------
A/11 Total receipts 15,717,547.23
==================================
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 906,129.21
B/2 Overdue Payments Advanced, on Disqualified Leases (COLLECTION ACCT) 227,110.97
B/3 Servicing Fee (COLLECTION ACCOUNT) 355,412.95
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 2,122,333.29
----------------------------------
B/5 Total to Servicer 3,610,986.42
==================================
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) (4,455,496.80)
==================================
B/7 Net cash receipts 16,562,057.61
==================================
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 16,562,057.61
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 734,242.11
C/2 Class A-2 Interest Paid 6.05% 291,378.76
C/3 Class A-3 Interest Paid 6.27% 1,178,732.13
C/4 Class A-4 Interest Paid 6.47% 728,475.99
C/5 Class B Interest Paid 6.50% 131,421.33
C/6 Class C Interest Paid 6.78% 68,545.62
C/7 Beginning Class A-1 Note Balance 142,197,000.00
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,498,269.36
C/9 Ending Class A-1 Note Balance 129,698,730.64
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco Capital Residual Funding LLC1 930,992.31
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 0.10%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of
leases -
D/3 (MEMO) Cumulative amounts of additional leases purchased 13,534,431.71
D/4 (MEMO) Avg. residual realization greater than booked residual by the MTD, BTD
and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing & Prepaid leases
and residuals of Substituted leases to Initial pool booked residuals 0.30%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 18-Aug-97
August 20, 1997 03:22 PM
- --------------------------------------------------------------------
MONTHS IN PROGRESS 2
- --------------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 556,162,450.64
1/2 Less: Lease Receivables - current month 16,027,418.25
1/3 Add: Interest Payment 2,876,494.16
1/4 Add: 0.75% Servicing Component 347,601.53
1/5 Less: Current month Nonperforming 2,088,171.37
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 2,994,133.92
1/7 Add: Amounts due to Substitutions 2,079,834.17
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 2,994,335.44
--------------
1/9 Ending Net Present Value 543,350,992.40
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 1,789,165.10
--------------
2/2 (Memo) Overdue Payments Received 1,434,883.93
--------------
2/3 Less: Reimbursed Per This Report 1,434,883.93
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 96,461.65
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 141,441.19
2/6 Add: Last Month's Current Payments that became Past Due 1,627,675.91
2/7 Add: Received on Replacements Leases 1,111.75
--------------
2/8 (MEMO) Net New Advances 1,627,675.91
--------------
2/9 Ending Balance 1,745,165.99
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 822,011.71
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 799,710.71
3/6 LTD Residuals of Substitutions 1,106,283.40
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 9,539,001.93
4/2 Less: Applied to Current from Prepaid 1,878,703.84
4/3 Less: Advance on Disqualified Leases 511,856.44
4/4 Add: Received This Month 2,490,734.34
4/5 Add: Received on Replacement Leases 66,019.09
--------------
4/6 Ending Balance 9,705,195.08
==============
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) Over 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 1,807,272.84
5/3 PV of performing leases 543,350,992.40
5/4 Delinquency Rate Current Month 0.33%
5/5 Second Preceding Month 0.38%
5/6 Third Preceding Month 0.00%
5/7 Average 0.36%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 17,982.20
--------------
6/4 Ending Balance 5,704,589.40
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 17,982.20
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
<PAGE>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 18-Aug-97
August 20, 1997 03:22 PM
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 0.00
8/2 Plus Current Month Additions 0.00
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
--------------
8/5 Ending Balance 0.00
==============
Cash Receipts
Line
A/1 Regular monthly payments 14,734,967.11
A/2 Overdue payments 1,434,883.93
A/3 Overdue Payments due on Early Termination and Termed Out Leases(From Seller) 96,461.65
A/4 Advance Payments of monthly rentals 2,092,277.30
A/5 Residual Values 398,457.04
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 85,714.37
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,627,675.91
--------------
A/11 Total receipts 20,470,437.31
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,434,883.93
B/2 Overdue Payments Advanced, on Disqualified Leases (COLLECTION ACCT) 237,902.84
B/3 Servicing Fee (COLLECTION ACCOUNT) 347,601.53
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 511,856.44
--------------
B/5 Total to Servicer 2,532,244.74
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) 166,193.15
==============
B/7 Net cash receipts 17,771,999.42
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 17,771,999.42
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 627,849.94
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 129,698,730.64
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,811,458.24
C/9 Ending Class A-1 Note Balance 116,887,272.40
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco Capital Residual Funding LLC1 2,084,047.02
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 0.47%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of leases -
D/3 (MEMO) Cumulative amounts of additional leases purchased
16,528,767.15
D/4 (MEMO) Avg. residual realization greater than booked residual by the MTD, BTD
and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing & Prepaid leases
and residuals of Substituted leases to Initial pool booked residuals 0.43%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 18-Sep-97
September 22, 1997 03:25 PM
- ----------------------------------------------------------------------------------
MONTHS IN PROGRESS 3
- ----------------------------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 543,350,992.40
1/2 Less: Lease Receivables - current month 16,023,098.27
1/3 Add: Interest Payment 2,871,059.20
1/4 Add: 0.75% Servicing Component 339,594.37
1/5 Less: Current month Nonperforming 1,465,819.76
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 5,779,813.88
1/7 Add: Amounts due to Substitutions 1,464,926.93
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 5,779,868.78
--------------
1/9 Ending Net Present Value 530,537,709.77
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 1,745,165.99
--------------
2/2 (Memo) Overdue Payments Received 1,205,618.58
--------------
2/3 Less: Reimbursed Per This Report 1,205,618.58
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 252,137.98
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 146,516.87
2/6 Add: Last Month's Current Payments that became Past Due 1,565,359.94
2/7 Add: Received on Replacements Leases 2,734.60
--------------
2/8 (MEMO) Net New Advances 1,565,359.94
--------------
2/9 Ending Balance 1,708,987.10
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 822,011.71
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 1,639,064.12
3/6 LTD Residuals of Substitutions 1,558,760.13
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 9,705,195.08
4/2 Less: Applied to Current from Prepaid 1,850,678.46
4/3 Less: Advance on Disqualified Leases 3,864,714.83
4/4 Add: Received This Month 5,838,433.05
4/5 Add: Received on Replacement Leases 90,764.15
--------------
4/6 Ending Balance 9,918,998.99
==============
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) Over 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 1,233,974.71
5/3 PV of performing leases 530,537,709.77
5/4 Delinquency Rate Current Month 0.23%
5/5 Second Preceding Month 0.33%
5/6 Third Preceding Month 0.38%
5/7 Average 0.28%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 25,332.82
--------------
6/4 Ending Balance 5,711,940.02
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 25,332.82
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
<PAGE>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 18-Sep-97
September 22, 1997 03:25 PM
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 0.00
8/2 Plus Current Month Additions 0.00
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
--------------
8/5 Ending Balance 0.00
==============
Cash Receipts
Line
A/1 Regular monthly payments 13,724,222.01
A/2 Overdue payments 1,205,618.58
A/3 Overdue Payments due on Early Termination and Termed Out Leases (From Seller) 252,137.98
A/4 Advance Payments of monthly rentals 5,838,433.05
A/5 Residual Values 0.00
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 99,061.23
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,565,359.94
--------------
A/11 Total receipts 22,684,832.79
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,205,618.58
B/2 Overdue Payments Advanced, on Disqualified Leases(COLLECTION ACCT) 398,654.85
B/3 Servicing Fee (COLLECTION ACCOUNT) 339,594.37
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 3,864,714.83
--------------
B/5 Total to Servicer 5,808,582.63
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) 213,803.91
==============
B/7 Net cash receipts 16,662,446.25
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 16,662,446.25
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 622,414.98
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 116,887,272.40
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,813,282.63
C/9 Ending Class A-1 Note Balance 104,073,989.77
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco Capital Residual Funding LLC1 978,104.42
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 0.72%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of
leases -
D/3 (MEMO) Cumulative amounts of additional leases purchased 22,308,635.93
D/4 (MEMO) Avg. residual realization greater than booked residual
by the MTD, BTD and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing
& Prepaid leases and residuals of Substituted leases to Initial pool booked residuals -0.11%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 16-Oct-97
October 20, 1997 03:26 PM
- --------------------------------------------------------
MONTHS IN PROGRESS 4
- --------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 530,537,709.77
1/2 Less: Lease Receivables - current month 15,890,344.29
1/3 Add: Interest Payment 2,718,862.07
1/4 Add: 0.75% Servicing Component 331,586.07
1/5 Less: Current month Nonperforming 1,652,249.00
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 6,812,823.00
1/7 Add: Amounts due to Substitutions 1,650,853.18
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 6,812,853.97
--------------
1/9 Ending Net Present Value 517,696,448.77
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 1,708,987.10
--------------
2/2 (Memo) Overdue Payments Received 1,305,416.16
--------------
2/3 Less: Reimbursed Per This Report 1,305,416.16
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 74,439.00
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 170,511.00
2/6 Add: Last Month's Current Payments that became Past Due 1,625,057.35
2/7 Add: Received on Replacements Leases 1,021.13
--------------
2/8 (MEMO) Net New Advances 1,625,057.35
--------------
2/9 Ending Balance 1,784,699.42
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 1,062,324.89
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 2,315,831.70
3/6 LTD Residuals of Substitutions 1,975,240.16
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 9,918,998.99
4/2 Less: Applied to Current from Prepaid 2,293,901.82
4/3 Less: Advance on Disqualified Leases 427,863.00
4/4 Add: Received This Month 1,846,033.59
4/5 Add: Received on Replacement Leases 75,526.96
--------------
4/6 Ending Balance 9,118,794.72
--------------
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) Over 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 1,482,538.08
5/3 PV of performing leases 517,696,448.77
5/4 Delinquency Rate Current Month 0.29%
5/5 Second Preceding Month 0.23%
5/6 Third Preceding Month 0.33%
5/7 Average 0.26%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 28,044.92
--------------
6/4 Ending Balance 5,714,652.12
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 28,044.92
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 16-Oct-97
October 20, 1997 03:26 PM
<S> <C>
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 0.00
8/2 Plus Current Month Additions 0.00
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
--------------
8/5 Ending Balance 0.00
==============
Cash Receipts
Line
A/1 Regular monthly payments 14,103,471.26
A/2 Overdue payments 1,305,416.16
A/3 Overdue Payments due on Early Termination and Termed Out Leases (From Seller) 74,439.00
A/4 Advance Payments of monthly rentals 1,605,720.41
A/5 Residual Values 240,313.18
A/6 Recoveries on Defaulted Leases (627,040.46)
A/7 Proceeds from investment of Collection Account funds 99,252.75
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,625,057.35
--------------
A/11 Total receipts 18,426,629.65
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,305,416.16
B/2 Overdue Payments Advanced, on Disqualified Leases (COLLECTION ACCT) 244,950.00
B/3 Servicing Fee (COLLECTION ACCOUNT) 331,586.07
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 427,863.00
--------------
B/5 Total to Servicer 2,309,815.23
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) (800,204.27)
==============
B/7 Net cash receipts 16,917,018.69
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 16,917,018.69
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 470,217.85
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 104,073,989.77
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,841,261.00
C/9 Ending Class A-1 Note Balance 91,232,728.77
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)), B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco Capital Residual Funding LLC1 1,356,895.62
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 1.02%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of
leases -
D/3 (MEMO) Cumulative amounts of additional leases purchased 29,121,489.90
D/4 (MEMO) Avg. residual realization greater than booked residual by the MTD, BTD
and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing
& Prepaid leases and residuals of Substituted leases to Initial pool booked residuals -0.48%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 19-Nov-97
November 20, 1997 03:45 PM
- -------------------------------------------------------------------------
MONTHS IN PROGRESS 5
- -------------------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 517,696,448.77
1/2 Less: Lease Receivables - current month 16,019,314.78
1/3 Add: Interest Payment 3,117,999.43
1/4 Add: 0.75% Servicing Component 323,560.28
1/5 Less: Current month Nonperforming 642,605.00
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 2,233,653.00
1/7 Add: Amounts due to Substitutions 624,788.97
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 2,233,719.83
--------------
1/9 Ending Net Present Value 505,100,944.50
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 1,784,699.42
--------------
2/2 (Memo) Overdue Payments Received 1,458,697.65
--------------
2/3 Less: Reimbursed Per This Report 1,458,697.65
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 69,391.00
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 64,357.00
2/6 Add: Last Month's Current Payments that became Past Due 1,672,564.21
2/7 Add: Received on Replacements Leases 3,351.71
--------------
2/8 (MEMO) Net New Advances 1,672,564.21
--------------
2/9 Ending Balance 1,868,169.69
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 1,393,442.13
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 2,650,028.43
3/6 LTD Residuals of Substitutions 2,229,983.11
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 9,118,794.72
4/2 Less: Applied to Current from Prepaid 1,594,916.60
4/3 Less: Advance on Disqualified Leases 998,300.00
4/4 Add: Received This Month 3,349,620.11
4/5 Add: Received on Replacement Leases 32,673.53
--------------
4/6 Ending Balance 9,907,871.76
--------------
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) Over 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 1,759,739.46
5/3 PV of performing leases 505,100,944.50
5/4 Delinquency Rate Current Month 0.35%
5/5 Second Preceding Month 0.29%
5/6 Third Preceding Month 0.23%
5/7 Average 0.32%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 22,061.45
--------------
6/4 Ending Balance 5,708,668.65
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 22,061.45
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
<PAGE>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 19-Nov-97
November 20, 1997 03:45 PM
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 637,917.44
8/2 Plus Current Month Additions 17,816.03
8/3 Plus Past Due Payments on Non Preforming Leases 0.00
8/4 Less Current Month Recoveries 0.00
--------------
8/5 Ending Balance 655,733.47
==============
Cash Receipts
Line
A/1 Regular monthly payments 13,768,781.93
A/2 Overdue payments 1,458,697.65
A/3 Overdue Payments due on Early Termination and Termed Out Leases (From Seller) 69,391.00
A/4 Advance Payments of monthly rentals 3,018,502.87
A/5 Residual Values 331,117.24
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 82,869.11
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,672,564.21
--------------
A/11 Total receipts 20,401,924.01
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,458,697.65
B/2 Overdue Payments Advanced, on Disqualified Leases (COLLECTION ACCT) 133,748.00
B/3 Servicing Fee (COLLECTION ACCOUNT) 323,560.28
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 998,300.00
--------------
B/5 Total to Servicer 2,914,305.93
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) 789,077.04
==============
B/7 Net cash receipts 16,698,541.04
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 16,698,541.04
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 456,363.85
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 91,232,728.77
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,595,504.27
C/9 Ending Class A-1 Note Balance 78,637,224.50
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco Capital Residual Funding LLC1 1,398,028.70
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 1.12%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of leases -
D/3 (MEMO) Cumulative amounts of additional leases purchased 31,355,209.73
D/4 (MEMO) Avg. residual realization greater than booked residual
by the MTD, BTD and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing
& Prepaid leases and residuals of Substituted leases to Initial pool booked residuals -0.59%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 31-Mar-98
December 22, 1997 02:14 PM
- --------------------------------------------------------------
MONTHS IN PROGRESS 6
- --------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 505,100,944.50
1/2 Less: Lease Receivables - current month 16,220,303.62
1/3 Add: Interest Payment 3,042,138.81
1/4 Add: 0.75% Servicing Component 315,688.09
1/5 Less: Current month Nonperforming 704,021.00
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 3,079,637.00
1/7 Add: Amounts due to Substitutions 703,502.63
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 3,079,650.88
--------------
1/9 Ending Net Present Value 492,237,963.28
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 1,868,169.69
--------------
2/2 (Memo) Overdue Payments Received 1,380,757.55
--------------
2/3 Less: Reimbursed Per This Report 1,380,757.55
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 109,082.00
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 82,021.00
2/6 Add: Last Month's Current Payments that became Past Due 1,504,890.40
2/7 Add: Received on Replacements Leases 593.60
--------------
2/8 (MEMO) Net New Advances 1,504,890.40
--------------
2/9 Ending Balance 1,801,793.14
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 2,124,629.27
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 3,361,300.32
3/6 LTD Residuals of Substitutions 2,487,683.89
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 9,907,871.76
4/2 Less: Applied to Current from Prepaid 1,938,403.04
4/3 Less: Advance on Disqualified Leases 2,075,822.00
4/4 Add: Received This Month 3,880,367.24
4/5 Add: Received on Replacement Leases 74,458.29
--------------
4/6 Ending Balance 9,848,472.25
==============
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) OVER 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 1,613,804.82
5/3 PV of performing leases 492,237,963.28
5/4 Delinquency Rate Current Month 0.33%
5/5 Second Preceding Month 0.35%
5/6 Third Preceding Month 0.29%
5/7 Average 0.34%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 30,020.50
--------------
6/4 Ending Balance 5,716,627.70
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 30,020.50
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 31-Mar-98
December 22, 1997 02:14 PM
<S> <C>
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 655,733.47
8/2 Plus Current Month Additions 518.37
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
--------------
8/5 Ending Balance 656,251.84
==============
Cash Receipts
Line
A/1 Regular monthly payments 14,733,695.68
A/2 Overdue payments 1,380,757.55
A/3 Overdue Payments due on Early Termination and Termed Out Leases(From Seller) 109,082.00
A/4 Advance Payments of monthly rentals 3,149,180.10
A/5 Residual Values 731,187.14
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 96,148.74
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,504,890.40
--------------
A/11 Total receipts 21,704,941.61
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,380,757.55
B/2 Overdue Payments Advanced, on Disqualified Leases (COLLECTION ACCT) 191,103.00
B/3 Servicing Fee (COLLECTION ACCOUNT) 315,688.09
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 2,075,822.00
--------------
B/5 Total to Servicer 3,963,370.64
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) (59,399.51)
==============
B/7 Net cash receipts 17,800,970.48
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 17,800,970.48
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 406,047.68
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 78,637,224.50
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,862,981.21
C/9 Ending Class A-1 Note Balance 65,774,243.28
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco 2,283,297.37
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 1.25%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of leases 0.00%
D/3 (MEMO) Cumulative amounts of additional leases purchased 34,434,860.61
D/4 (MEMO) Avg. residual realization greater than booked residual
by the MTD, BTD and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing
& Prepaid leases and residuals of Substituted leases to
Initial pool booked residuals -1.23%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 31-Mar-98
January 20, 1998 04:15 PM
- ------------------------------------------------------------------------
MONTHS IN PROGRESS 7
- ------------------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 492,237,963.28
1/2 Less: Lease Receivables - current month 15,831,293.29
1/3 Add: Interest Payment 2,657,018.49
1/4 Add: 0.75% Servicing Component 307,648.73
1/5 Less: Current month Nonperforming 1,044,752.00
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 1,865,612.00
1/7 Add: Amounts due to Substitutions 1,043,980.97
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 1,865,658.18
--------------
1/9 Ending Net Present Value 479,370,612.36
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 1,801,793.14
--------------
2/2 (Memo) Overdue Payments Received 1,112,111.31
--------------
2/3 Less: Reimbursed Per This Report 1,112,111.31
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 201,456.00
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 112,442.00
2/6 Add: Last Month's Current Payments that became Past Due 1,956,148.05
2/7 Add: Received on Replacements Leases 19,801.57
--------------
2/8 (MEMO) Net New Advances 1,956,148.05
--------------
2/9 Ending Balance 2,351,733.45
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 2,439,362.09
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 3,895,649.72
3/6 LTD Residuals of Substitutions 2,944,050.90
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 9,848,472.25
4/2 Less: Applied to Current from Prepaid 2,477,752.04
4/3 Less: Advance on Disqualified Leases 751,403.00
4/4 Add: Received This Month 1,986,274.83
4/5 Add: Received on Replacement Leases 52,825.67
--------------
4/6 Ending Balance 8,658,417.71
--------------
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) OVER 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 3,658,269.02
5/3 PV of performing leases 479,370,612.36
5/4 Delinquency Rate Current Month 0.76%
5/5 Second Preceding Month 0.33%
5/6 Third Preceding Month 0.35%
5/7 Average 0.55%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 25,788.97
--------------
6/4 Ending Balance 5,712,396.17
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 25,788.97
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
<PAGE>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 31-Mar-98
January 20, 1998 04:15 PM
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 656,251.84
8/2 Plus Current Month Additions 771.03
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
--------------
8/5 Ending Balance 657,022.87
==============
Cash Receipts
Line
A/1 Regular monthly payments 12,614,437.29
A/2 Overdue payments 1,112,111.31
A/3 Overdue Payments due on Early Termination and Termed Out Leases (From Seller) 201,456.00
A/4 Advance Payments of monthly rentals 1,671,542.01
A/5 Residual Values 314,732.82
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 100,492.23
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,956,148.05
--------------
A/11 Total receipts 17,970,919.71
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,112,111.31
B/2 Overdue Payments Advanced, on Disqualified Leases (COLLECTION ACCT) 313,898.00
B/3 Servicing Fee (COLLECTION ACCOUNT) 307,648.73
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 751,403.00
--------------
B/5 Total to Servicer 2,485,061.04
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) (1,190,054.54)
==============
B/7 Net cash receipts 16,675,913.21
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 16,675,913.21
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 307,788.74
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 65,774,243.28
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,867,350.93
C/9 Ending Class A-1 Note Balance 52,906,892.36
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco 1,252,129.32
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 1.43%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of
leases 0.00%
D/3 (MEMO) Cumulative amounts of additional leases purchased 36,300,518.79
D/4 (MEMO) Avg. residual realization greater than booked residual
by the MTD, BTD and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing
& Prepaid leases and residuals of Substituted leases to Initial pool booked residuals -1.34%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 1
MONTHLY SERVICER REPORT 31-Mar-98
February 20, 1998 04:16 PM
- ------------------------------------------------------------------
MONTHS IN PROGRESS 8
- ------------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 479,370,612.36
1/2 Less: Lease Receivables - current month 15,833,303.27
1/3 Add: Interest Payment 2,587,562.67
1/4 Add: 0.75% Servicing Component 299,606.63
1/5 Less: Current month Nonperforming 2,396,533.00
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 2,425,248.00
1/7 Add: Amounts due to Substitutions 2,395,810.03
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 2,425,282.10
--------------
1/9 Ending Net Present Value 466,423,789.52
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 2,351,733.45
--------------
2/2 (Memo) Overdue Payments Received 1,701,449.98
--------------
2/3 Less: Reimbursed Per This Report 1,701,449.98
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 210,552.00
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 285,152.00
2/6 Add: Last Month's Current Payments that became Past Due 1,571,357.50
2/7 Add: Received on Replacements Leases 7,880.32
--------------
2/8 (MEMO) Net New Advances 1,571,357.50
--------------
2/9 Ending Balance 1,733,817.29
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 2,947,569.99
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 4,478,683.91
3/6 LTD Residuals of Substitutions 3,337,719.04
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 8,658,417.71
4/2 Less: Applied to Current from Prepaid 1,427,264.38
4/3 Less: Advance on Disqualified Leases 663,922.00
4/4 Add: Received This Month 3,355,888.74
4/5 Add: Received on Replacement Leases 63,255.06
--------------
4/6 Ending Balance 9,986,375.13
--------------
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) OVER 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 2,212,337.09
5/3 PV of performing leases 466,423,789.52
5/4 Delinquency Rate Current Month 0.47%
5/5 Second Preceding Month 0.76%
5/6 Third Preceding Month 0.33%
5/7 Average 0.62%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 37,893.69
--------------
6/4 Ending Balance 5,724,500.89
==============
6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
--------------
6/6 Target Cash Reserve (6/5) 5,686,607.20
--------------
6/7 Cash Reserve Release (6/4-6/6) 37,893.69
6/8 Ending Balance Cash Reserve Account 5,686,607.20
==============
7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
--------------
7/4 Ending Balance 0.00
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 31-Mar-98
February 20, 1998 04:16 PM
<S> <C>
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 657,022.87
8/2 Plus Current Month Additions 722.97
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
--------------
8/5 Ending Balance 657,745.84
==============
Cash Receipts
Line
A/1 Regular monthly payments 13,546,732.50
A/2 Overdue payments 1,701,449.98
A/3 Overdue Payments due on Early Termination and Termed Out Leases(From Seller) 210,552.00
A/4 Advance Payments of monthly rentals 2,847,680.84
A/5 Residual Values 508,207.90
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 106,417.09
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,571,357.50
--------------
A/11 Total receipts 20,492,397.81
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,701,449.98
B/2 Overdue Payments Advanced, on Disqualified Leases(COLLECTION ACCT) 495,704.00
B/3 Servicing Fee (COLLECTION ACCOUNT) 299,606.63
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 663,922.00
--------------
B/5 Total to Servicer 3,160,682.61
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) 1,327,957.42
==============
B/7 Net cash receipts 16,003,757.78
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 16,003,757.78
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 264,650.56
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 52,906,892.36
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,946,822.84
C/9 Ending Class A-1 Note Balance 39,960,069.52
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco 543,640.16
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 1.85%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of leases 0.00%
D/3 (MEMO) Cumulative amounts of additional leases purchased 38,725,800.89
D/4 (MEMO) Avg. residual realization greater than booked residual
by the MTD, BTD and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing
& Prepaid leases and residuals of Substituted leases to Initial pool booked residuals -1.61%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X
MONTHLY SERVICER REPORT 31-Mar-98
March 20, 1998 04:17 PM
- -------------------------------------------------------------------------
MONTHS IN PROGRESS 9
- -------------------------------------------------------------------------
<S> <C>
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 466,423,789.52
1/2 Less: Lease Receivables - current month 15,688,165.59
1/3 Add: Interest Payment 2,517,677.88
1/4 Add: 0.75% Servicing Component 291,514.87
1/5 Less: Current month Nonperforming 1,455,587.00
1/5a Less: Warranty Leases 0.00
1/6 Less: Amounts on Early Terminations 1,299,782.00
1/7 Add: Amounts due to Substitutions 1,455,441.55
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 1,299,807.50
--------------
1/9 Ending Net Present Value 453,544,696.73
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 1,733,817.29
--------------
2/2 (Memo) Overdue Payments Received 1,237,339.99
--------------
2/3 Less: Reimbursed Per This Report 1,237,339.99
2/4 Less: Past Dues on Disqualified Leases - Early Terminations 43,953.00
2/5 Less: Past Dues on Disqualified Leases - Non-Performing and Warranty 163,844.00
2/6 Add: Last Month's Current Payments that became Past Due 1,573,017.61
2/7 Add: Received on Replacements Leases 1,266.27
--------------
2/8 (MEMO) Net New Advances 1,573,017.61
--------------
2/9 Ending Balance 1,862,964.18
==============
3 Residual
3/1 Beginning Availability - Originally (8% of $568,660,770) 45,492,857.60
3/2 Less: Amount Used 0.00
--------------
3/3 Ending Maximum Availability 45,492,857.60
--------------
3/4 (Memo) Amount Realized 3,293,015.28
--------------
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid leases substituted 4,937,456.04
3/6 LTD Residuals of Substitutions 3,630,294.08
4 Collection account-Advance Lease Payments
4/1 Beginning Balance 9,986,375.13
4/2 Less: Applied to Current from Prepaid 2,020,980.49
4/3 Less: Advance on Disqualified Leases 401,679.00
4/4 Add: Received This Month 1,950,972.92
4/5 Add: Received on Replacement Leases 53,179.53
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4/6 Ending Balance 9,567,868.09
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5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days performing leases only) OVER 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less than 122 days 1,583,412.48
5/3 PV of performing leases 453,544,696.73
5/4 Delinquency Rate Current Month 0.35%
5/5 Second Preceding Month 0.47%
5/6 Third Preceding Month 0.76%
5/7 Average 0.41%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 5,686,607.20
6/2 Less: New Obligations: Total Shortfall (B9) 0.00
6/3 Plus: Interest earned on Cash Reserve Acct. 23,196.20
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6/4 Ending Balance 5,709,803.40
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6/5 Lesser of 1% of $568,660,720 and Outstanding Note Value 5,686,607.20
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6/6 Target Cash Reserve (6/5) 5,686,607.20
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6/7 Cash Reserve Release (6/4-6/6) 23,196.20
6/8 Ending Balance Cash Reserve Account 5,686,607.20
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7 Residual Account
7/1 Beginning Balance 0.00
7/2 Plus Current Month Addition 0.00
7/3 Less Disbursements 0.00
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7/4 Ending Balance 0.00
==============
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<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING CORP X Page 2
MONTHLY SERVICER REPORT 31-Mar-98
March 20, 1998 04:17 PM
<S> <C>
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases 657,745.84
8/2 Plus Current Month Additions 145.45
8/3 Plus Past Due Payments on Non Performing Leases 0.00
8/4 Less Current Month Recoveries 0.00
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8/5 Ending Balance 657,891.29
==============
Cash Receipts
Line
A/1 Regular monthly payments 13,702,797.58
A/2 Overdue payments 1,237,339.99
A/3 Overdue Payments due on Early Termination and Termed Out Leases (From Seller) 43,953.00
A/4 Advance Payments of monthly rentals 1,605,527.63
A/5 Residual Values 345,445.29
A/6 Recoveries on Defaulted Leases 0.00
A/7 Proceeds from investment of Collection Account funds 87,817.91
A/8 Draws upon Residual Account 0.00
A/9 Casualty and Termination Payments 0.00
A/10 Servicer Advances 1,573,017.61
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A/11 Total receipts 18,595,899.01
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION ACCT) 1,237,339.99
B/2 Overdue Payments Advanced, on Disqualified Leases (COLLECTION ACCT) 207,797.00
B/3 Servicing Fee (COLLECTION ACCOUNT) 291,514.87
B/4 Advance Payments on Disqualified Leases (COLLECTION ACCOUNT) 401,679.00
--------------
B/5 Total to Servicer 2,138,330.86
==============
B/6 Collection Account - Advanced Rents (Monthly-Increase/(Decrease)) (418,507.04)
==============
B/7 Net cash receipts 16,876,075.19
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3+C4+C5+C6-B/7) 0.00
B/9 Draw on Cash Reserve 0.00
B/10 Draw on Residual Account 0.00
B/11 Total Available Funds 16,876,075.19
C Noteholders
C/1 Class A-1 Interest Paid 5.809% 180,544.03
C/2 Class A-2 Interest Paid 6.05% 273,167.58
C/3 Class A-3 Interest Paid 6.27% 1,105,061.38
C/4 Class A-4 Interest Paid 6.47% 682,946.24
C/5 Class B Interest Paid 6.50% 123,207.50
C/6 Class C Interest Paid 6.78% 64,261.52
C/7 Beginning Class A-1 Note Balance 39,960,069.52
C/8 Class A-1 Principal Paid (min(C/7, 1/1-1/9)) 12,879,092.79
C/9 Ending Class A-1 Note Balance 27,080,976.73
C/10 Beginning Class A-2 Note Balance 54,182,000.00
C/11 Class A-2 Principal Paid (min(C/10,0.94*(1/1-1/9-C/8))) 0.00
C/12 Ending Class A-2 Note Balance 54,182,000.00
C/13 Beginning Class A-3 Note Balance 211,495,000.00
C/14 Class A-3 Principal Paid (min(C/13,0.94*(1/1-1/9-C/8)-C/11)) 0.00
C/15 Ending Class A-3 Note Balance 211,495,000.00
C/16 Beginning Class A-4 Note Balance 126,667,000.00
C/17 Class A-4 Principal Paid (min(C/16,0.94*(1/1-1/9-C/8)-C/11-C/14)) 0.00
C/18 Ending Class A-4 Note Balance 126,667,000.00
C/19 Beginning Class B Note Balance 22,746,000.00
C/20a Class B Note Value Target (4% of 1/1-1/9-C/8) 22,746,000.00
C/20b Class B Note Value Floor (2.5% of $568,660,720+Cum. Losses-C/23-6/4) 0.00
C/21 Class B Principal Paid 0.00
(min((C/19-max(C/20a,C/20b)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17))
C/22 Ending Class B Note Balance 22,746,000.00
C/23 Beginning Class C Note Balance 11,373,720.00
C/24 Class C Note Value Target (2.0% of 1/1-1/9-C/8) 11,373,720.00
C/25 Class C Note Value Floor (1% of $568,660,720+Cum. Losses-6/4) 0.00
C/26 Class C Principal Paid 0.00
(min((C/23-max(C/24,C/25)),B11-C/1-C/2-C/3-C/4-C/5-C/6-C/8-C/11-C/14-C/17-C/21))
C/27 Ending Class C Note Balance 11,373,720.00
C/28 Balance Available for Distribution to Copelco Capital Residual Funding LLC1 1,567,794.15
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming substituted as per Initial Outs. Note Value 2.11%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations due to modification of
leases 0.00%
D/3 (MEMO) Cumulative amounts of additional leases purchased
40,025,608.39
D/4 (MEMO) Avg. residual realization greater than booked residual
by the MTD, BTD and Healthcare Division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for Non-performing
& Prepaid leases and residuals of Substituted leases to Initial pool booked residuals -1.85%
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