<PAGE> 1
FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the fiscal year ended December 31, 1998.
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. XI
COPELCO CAPITAL FUNDING LLC 98-1
COPELCO CAPITAL FUNDING TRUST 1998-A
(exact name of Registrants as specified in their charters)
East Gate Center
700 East Gate Drive
Mount Laurel, New Jersey 08054-5400
(609) 231-9600
(Address and Telephone Number of Principal Executive Officers)
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act
of 1934: None.
Securities Registered Pursuant to Section 12(g) of the Securities Exchange Act
of 1934: None
Indicate by check mark whether the Registrants (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) have been subject to such
filing requirements for the past 90 days.
Yes X No
---------- ----------
<PAGE> 2
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 Registrants' 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 Registrants. None.
As of March 24, 1999, there were 100 shares of Copelco Capital Funding
Corp. XI's Common Stock outstanding.
The Registrants meet the conditions set forth in General Instruction
(I)(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> 3
PART I
ITEM 1. BUSINESS
The Registrants are wholly-owned bankruptcy-remote subsidiaries of
Copelco Capital, Inc., except that Copelco Capital Funding Trust 1998-A
is a Delaware Business Trust. The Registrants were formed solely for the
purpose of acquiring from Copelco Capital, Inc. certain leases (the
"Leases") and interests in the equipment underlying the leases (the
"Equipment"), and securitizing the Leases and the Equipment through the
issuance of debt securities (the "Notes"). As bankruptcy-remote entities,
each Registrant's operations is restricted so that (a) it does not engage
in business with, or incur liabilities to, any other entity (other than
the Trustee on behalf of the holders of the Notes) which may bring
bankruptcy proceedings against the Registrants and (b) the risk that it
will be consolidated into the bankruptcy proceedings of any other entity
is diminished. The Registrants have no other assets except the Leases and
the Equipment, and proceeds thereof.
ITEM 2. PROPERTIES
None.
ITEM 3. LEGAL PROCEEDINGS
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
The sole holder of the equity shares of each of Copelco Capital Funding
Corp. XI and Copelco Capital Funding LLC 98-1 is Copelco Capital, Inc.
Copelco Capital, Inc. and Copelco Capital Funding Corp. XI together own
100% of the equity shares of Copelco Capital Funding Trust 1998-A. There
is currently no market for such equity shares nor is it anticipated that
such a market will develop.
3
<PAGE> 4
ITEM 6. SELECTED FINANCIAL DATA
Not Applicable.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
Not Applicable.
ITEM 9. CHANGE IN AND DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND OFFICERS OF THE REGISTRANT
Not Applicable
ITEM 11. EXECUTIVE COMPENSATION
Not Applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Not Applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Not Applicable.
4
<PAGE> 5
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
Trustee's Reports for the payment periods ending in August, September,
October, November and December 1998 and January, February and March 1999,
each of which contains the Servicer's Report for such period.
5
<PAGE> 6
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Copelco Capital Funding Corp. XI has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
COPELCO CAPITAL FUNDING CORP. XI
By: /s/ Ian J. Berg
---------------------------------
Name: Ian J. Berg
Title: Chairman
Dated: March 24, 1999
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of Copelco
Capital Funding Corp. XI and in the capacities and on the dates indicated.
By: /s/ Ian J. Berg
---------------------------------
Name: Ian J. Berg
Title: Chairman of the Board
Director
Date: March 24, 1999
By: /s/ John Hakemian
---------------------------------
Name: John Hakemian
Title: Director
Date: March 24, 1999
By: /s/ Tadayuki Seki
---------------------------------
Name: Tadayuki Seki
Title: Director
Date: March 24, 1999
6
<PAGE> 7
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, Copelco Capital Funding LLC 98-1 has duly caused this
report to be signed on its behalf by the undersigned, thereunder duly
authorized.
COPELCO CAPITAL FUNDING LLC 98-1
By: COPELCO CAPITAL FUNDING CORP. XI, as
Manager of Copelco Capital Funding LLC 98-1
By: /s/ Ian J. Berg
---------------------------------
Name: Ian J. Berg
Title: Chairman
Dated: March 24, 1999
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of Copelco
Capital Funding Corp. XI, as manager of Copelco Capital Funding LLC 98-1 and in
the capacities and on the dates indicated.
By: /s/ Ian J. Berg
---------------------------------
Name: Ian J. Berg
Title: Chairman of the Board
Director
Dated: March 24, 1999
By: /s/ John Hakemian
---------------------------------
Name: John Hakemian
Title: Director
Dated: March 24, 1999
By: /s/ Tadayuki Seki
---------------------------------
Name: Tadeyuki Seki
Title: Director
Dated: March 24, 1999
7
<PAGE> 8
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, Copelco Capital Funding Trust 1998-A has duly caused this
report to be signed on its behalf by the unersigned, thereunder duly authorized.
COPELCO CAPITAL FUNDING TRUST 1998-A
By: WILMINGTON TRUST COMPANY, not in its
individual capacity but solely as Owner
Trustee
By: /s/ John Besson, Jr.
---------------------------------
Name: John Beeson, Jr.
Title: Vice President
Dated: March 24, 1999
8
<PAGE> 9
EXHIBIT INDEX
99.1 Trustee's Reports for the payment periods ending in August, September,
October, November and December of 1998 and January, February and March of 1999,
each of which contains the Servicer's Report for such period.
9
<PAGE> 1
EXHIBIT 99.1
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 2/10/99
Payment Date AUGUST 17, 1998 10:20 AM
Months in progress 1
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
A1 Discounted Present Value, beginning 683,026,904.22
A2 Less: Lease receivables, current month 19,646,104.54
A3 Add: Interest component (5.939%*A1/12) 3,380,413.99
A4 Add: Servicing Fee (0.75%*A1/12) 426,891.82
A5 Less: Current month Non-Performing 663,411.36
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 1,684,806.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 659,146.91
A9 Add: Additional Leases provided (Early Terminations) 1,684,813.91
--------------
A10 Discounted Present Value, ending 667,183,848.94
==============
- ------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,118,155.38
B2 Less: Past due payments received (reimbursed per this report) 1,623,772.34
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 45,209.00
B4 Less: Past dues on Early Terminations 115,802.00
B5 Add: New Net Advances (last month's current payments that became past due) 3,516,538.37
B6 Add: Past dues on Replacement Leases 13,454.82
--------------
B7 Past due balance, ending 3,863,365.23
==============
- ------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 9,899,458.49
C2 Less: Applied to Current from Prepaid 4,759,752.23
C3 Less: Advance payments on Disqualified Leases 385,769.00
C4 Add: Received on Replacement Leases 37,531.49
C5 Add: Received this month 1,037,514.06
--------------
C6 Advance payment balance, ending 5,828,982.81
==============
- ------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning -
D2 Add: Non-Performing Leases provided with Substitute Leases 659,146.91
--------------
3 Non=Performing Leases Substitued to date, ending 659,146.91
==============
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 0.097%
- ------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,830,269.04
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) 6,830,269.04
E3 Less: Shortfall (min [max -I1 or zero] or E1) -
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) 0.00
--------------
E5 Reserve Account balance, ending 6,830,269.04
==============
- ------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,369,602.50
F2 Past due payments received (B2) 1,623,772.34
F3 Past due payments due on Early Termination (From Seller) (B4) 115,802.00
F4 Advance payments on monthly rentals (excluding cash residuals) 989,901.42
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges -
F8 Proceeds from Investment of Collection and Reserve Account Funds -
F9 Servicer Advances (B5) 3,516,538.37
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) 4,070,475.68
--------------
F12 Total Available Funds 21,686,092.31
==============
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
Page 2 of 2
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------
G1 Past due payments received (B2) 1,623,772.34
G2 Past due payments advanced on Disqualified Leases -
G3 Advance payments on Disqualified Leases (C3) 385,769.00
G4 Servicer Fee (A4) 426,891.82
--------------
G5 Total Payments to Servicer 2,436,433.16
==============
- ------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) 184,280.66
H2 Class A-2 Interest Payment (5.78%*H13/12) 444,138.24
H3 Class A-3 Interest Payment (5.78%*H16/12) 715,556.06
H4 Class A-4 Interest Payment (5.92%*H19/12) 800,279.86
H5 Class B Interest Payment (5.94%*H22/12) 84,524.58
H6 Class C Interest Payment (6.01%*H27/12) 68,416.53
H7 Class D Interest Payment (6.33%*H32/12) 108,089.01
H8 Class E Interest Payment (7.55%*H37/12) 128,921.33
H9 Class A-1 Note Balance, beginning 194,662,668.00
H10 Class A Target Investor Principal Amount (A10*82.5175%) 550,543,432.55
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 15,843,055.28
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 178,819,612.72
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) 23,328,083.28
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) 18,662,466.62
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) 27,993,699.93
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) 27,993,699.93
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (A1-[H9+H13+H16+H19+H22+H27+H32+H37]) 13,660,537.22
H43 Cumulative Loss Amount ({H9+H13+H16+H19+H22+H27+H32+H37+H42-[min A1-A10 or
F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]}-A10) -
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then zero else -
{max zero or [(A1-A10)-(H11+H14+H17+H20+H25+H30+H35+H40)]})
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or [max H44-H45 or zero]) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or [max H44-H45-H46 or zero]) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or [max H44-H45-H46-H47 or zero]) -
H49 Additional Principal paid to Class B (min H22-H25 or [max H44-H45-H46-H47-H48 or zero]) -
H50 Additional Principal paid to Class C (min H27-H30 or [max H44-H45-H46-H47-H48-H49 or zero]) -
H51 Additional Principal paid to Class D (min H32-H35 or [max H44-H45-H46-H47-H48-H49-H50 , 0) -
H52 Additional Principal paid to Class E (min H37-H40 or [max H44-H45-H46-H47-H48-H49-H50-H51,0) -
I1 Available for Distribution to Copelco Capital, Inc. (Shortfall) 872,397.61
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 3/25/99
Payment Date SEPTEMBER 15, 1998 7:33 PM
Months in progress 2
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------
A1 Discounted Present Value, beginning 667,183,848.94
A2 Less: Lease receivables, current month 20,050,427.17
A3 Add: Interest component (5.939%*A1/12) 3,302,004.07
A4 Add: Servicing Fee (0.75%*A1/12) 416,989.91
A5 Less: Current month Non-Performing 5,233,604.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 5,043,267.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 5,234,209.30
A9 Add: Additional Leases provided (Early Terminations) 5,043,413.93
-----------------------
A10 Discounted Present Value, ending 650,853,167.97
=======================
- ------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 3,863,365.23
B2 Less: Past due payments received (reimbursed per this report) 3,044,800.58
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 187,353.00
B4 Less: Past dues on Early Terminations 363,338.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,835,850.03
B6 Add: Past dues on Replacement Leases 5,168.12
-----------------------
B7 Past due balance, ending 3,108,891.80
=======================
- ------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 5,828,982.81
C2 Less: Applied to Current from Prepaid 1,075,416.48
C3 Less: Advance payments on Disqualified Leases 1,434,812.00
C4 Add: Received on Replacement Leases 106,971.05
C5 Add: Received this month 4,870,910.97
-----------------------
C6 Advance payment balance, ending 8,296,636.35
=======================
- ------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 659,146.91
D2 Add: Non-Performing Leases provided with Substitute Leases 5,233,604.00
-----------------------
D3 Non-Performing Leases Substitued to date, ending 5,892,750.91
=======================
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) #DIV/0!
- ------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,830,269.04
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) -
E3 Less: Shortfall (min [max -I1 or zero] or E1) -
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) (6,830,269.04)
-----------------------
E5 Reserve Account balance, ending -
=======================
- ------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 16,153,731.13
F2 Past due payments received (B2) 3,044,800.58
F3 Past due payments due on Early Termination (From Seller) (B4) 363,338.00
F4 Advance payments on monthly rentals (excluding cash residuals) 4,779,671.61
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges on delinquent payments not advanced -
F8 Proceeds from Investment of Collection and Reserve Account Funds 83,511.25
F9 Servicer Advances (B5) 2,835,850.03
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) (2,467,653.54)
-----------------------
F12 Total Available Funds 24,793,249.06
=======================
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
Page 2 of 2
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------
G1 Past due payments received (B2) 3,044,800.58
G2 Past due payments advanced on Disqualified Leases (B3+B4) 550,691.00
G3 Advance payments on Disqualified Leases (C3) 1,434,812.00
G4 Servicer Fee (A4) 416,989.91
-----------------------
G5 Total Payments to Servicer 5,447,293.49
=======================
- ------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) -
H2 Class A-2 Interest Payment (5.78%*H13/12) -
H3 Class A-3 Interest Payment (5.78%*H16/12) -
H4 Class A-4 Interest Payment (5.92%*H19/12) -
H5 Class B Interest Payment (5.94%*H22/12) -
H6 Class C Interest Payment (6.01%*H27/12) -
H7 Class D Interest Payment (6.33%*H32/12) -
H8 Class E Interest Payment (7.55%*H37/12) -
H9 Class A-1 Note Balance, beginning 178,819,612.72
H10 Class A Target Investor Principal Amount (A10*82.5175%) -
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 16,330,680.97
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 162,488,931.75
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) -
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) -
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) -
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) -
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 13,660,537.22
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 -
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 -
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) -
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) -
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) -
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) -
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) -
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 10/14/98
Payment Date OCTOBER 15, 1998 3:59 PM
Months in progress 3
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
A PRESENT VALUE
- --------------------------------------------------------------------------------------------------------------------------
A1 Discounted Present Value, beginning 650,853,167.97
A2 Less: Lease receivables, current month 19,744,228.67
A3 Add: Interest component (5.939%*A1/12) 3,221,180.80
A4 Add: Servicing Fee (0.75%*A1/12) 406,783.23
A5 Less: Current month Non-Performing 1,928,113.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 1,676,161.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,928,431.18
A9 Add: Additional Leases provided (Early Terminations) 1,676,203.12
--------------------
A10 Discounted Present Value, ending 634,737,263.63
====================
- --------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- --------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 3,108,891.80
B2 Less: Past due payments received (reimbursed per this report) 2,346,532.18
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 186,767.00
B4 Less: Past dues on Early Terminations 95,853.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,659,518.12
B6 Add: Past dues on Replacement Leases 6,677.04
--------------------
B7 Past due balance, ending 3,145,934.78
====================
- --------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- --------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 8,296,636.35
C2 Less: Applied to Current from Prepaid 2,269,650.31
C3 Less: Advance payments on Disqualified Leases 276,910.00
C4 Add: Received on Replacement Leases 47,164.37
C5 Add: Received this month 2,413,588.08
--------------------
C6 Advance payment balance, ending 8,210,828.49
====================
- --------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- --------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 5,892,750.91
D2 Add: Non-Performing Leases provided with Substitute Leases 1,928,113.00
--------------------
D3 Non-Performing Leases Substitued to date, ending 7,820,863.91
====================
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 1.145%
- --------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- --------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,677,418.97
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) 6,830,269.04
E3 Less: Shortfall (min [max -I1 or zero] or E1) -
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) 152,850.07
--------------------
E5 Reserve Account balance, ending 6,830,269.04
====================
- --------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- --------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 15,178,097.71
F2 Past due payments received (B2) 2,346,532.18
F3 Past due payments due on Early Termination (From Seller) (B4) 95,853.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,223,062.00
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges on delinquent payments not advanced -
F8 Proceeds from Investment of Collection and Reserve Account Funds 146,860.39
F9 Servicer Advances (B5) 2,659,518.12
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) 85,807.86
--------------------
F12 Total Available Funds 22,735,731.26
====================
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
Page 2 of 2
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
G PAYMENTS TO THE SERVICER
- --------------------------------------------------------------------------------------------------------------------------
G1 Past due payments received (B2) 2,346,532.18
G2 Past due payments advanced on Disqualified Leases (B3+B4) 282,620.00
G3 Advance payments on Disqualified Leases (C3) 276,910.00
G4 Servicer Fee (A4) 406,783.23
--------------------
G5 Total Payments to Servicer 3,312,845.41
====================
- --------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- --------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) 769,114.28
H2 Class A-2 Interest Payment (5.78%*H13/12) 444,138.24
H3 Class A-3 Interest Payment (5.78%*H16/12) 715,556.06
H4 Class A-4 Interest Payment (5.92%*H19/12) 800,279.86
H5 Class B Interest Payment (5.94%*H22/12) 84,524.58
H6 Class C Interest Payment (6.01%*H27/12) 68,416.53
H7 Class D Interest Payment (6.33%*H32/12) 108,089.01
H8 Class E Interest Payment (7.55%*H37/12) 128,921.33
H9 Class A-1 Note Balance, beginning 162,488,931.75
H10 Class A Target Investor Principal Amount (A10*82.5175%) 523,769,321.52
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 16,115,904.34
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 146,373,027.42
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) 22,193,588.42
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) 17,754,870.74
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) 26,632,306.11
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) 26,632,306.11
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 13,660,537.22
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 -
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 -
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) -
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) -
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) -
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) -
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) -
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional
Principal (Shortfall) 187,941.63
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 35,091.56
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 11/13/98
Payment Date NOVEMBER 16, 1998 10:44 AM
Months in progress 4
<S> <C>
- --------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- --------------------------------------------------------------------------------------------------------------------------
A1 Discounted Present Value, beginning 634,737,263.63
A2 Less: Lease receivables, current month 19,740,226.17
A3 Add: Interest component (5.939%*A1/12) 3,141,420.51
A4 Add: Servicing Fee (0.75%*A1/12) 396,710.79
A5 Less: Current month Non-Performing 2,937,936.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 3,475,502.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 2,926,166.71
A9 Add: Additional Leases provided (Early Terminations) 3,475,522.82
--------------------
A10 Discounted Present Value, ending 618,523,420.29
====================
- --------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- --------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 3,145,934.78
B2 Less: Past due payments received (reimbursed per this report) 2,407,108.03
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 248,770.00
B4 Less: Past dues on Early Terminations 239,484.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,764,873.12
B6 Add: Past dues on Replacement Leases 6,015.56
--------------------
B7 Past due balance, ending 3,021,461.43
====================
- --------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- --------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 8,210,828.49
C2 Less: Applied to Current from Prepaid 1,929,761.33
C3 Less: Advance payments on Disqualified Leases 607,340.00
C4 Add: Received on Replacement Leases 63,233.23
C5 Add: Received this month 3,350,180.04
--------------------
C6 Advance payment balance, ending 9,087,140.43
====================
- --------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- --------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 7,820,863.91
D2 Add: Non-Performing Leases provided with Substitute Leases 2,926,166.71
--------------------
D3 Non-Performing Leases Substitued to date, ending 10,747,030.62
====================
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 1.573%
- --------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- --------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,830,269.04
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) 6,830,269.04
E3 Less: Shortfall (min [max -I1 or zero] or E1) -
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) -
--------------------
E5 Reserve Account balance, ending 6,830,269.04
====================
- --------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- --------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 15,405,655.58
F2 Past due payments received (B2) 2,407,108.03
F3 Past due payments due on Early Termination (From Seller) (B4) 239,484.00
F4 Advance payments on monthly rentals (excluding cash residuals) 3,307,747.01
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges on delinquent payments not advanced -
F8 Proceeds from Investment of Collection and Reserve Account Funds 146,307.33
F9 Servicer Advances (B5) 2,764,873.12
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) (876,311.94)
--------------------
F12 Total Available Funds 23,394,863.13
====================
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
Page 2 of 2
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
G PAYMENTS TO THE SERVICER
- --------------------------------------------------------------------------------------------------------------------------
G1 Past due payments received (B2) 2,407,108.03
G2 Past due payments advanced on Disqualified Leases (B3+B4) 488,254.00
G3 Advance payments on Disqualified Leases (C3) 607,340.00
G4 Servicer Fee (A4) 396,710.79
--------------------
G5 Total Payments to Servicer 3,899,412.82
====================
- --------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- --------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) 739,021.15
H2 Class A-2 Interest Payment (5.78%*H13/12) 444,138.24
H3 Class A-3 Interest Payment (5.78%*H16/12) 715,556.06
H4 Class A-4 Interest Payment (5.92%*H19/12) 800,279.86
H5 Class B Interest Payment (5.94%*H22/12) 84,524.58
H6 Class C Interest Payment (6.01%*H27/12) 68,416.53
H7 Class D Interest Payment (6.33%*H32/12) 108,089.01
H8 Class E Interest Payment (7.55%*H37/12) 128,921.33
H9 Class A-1 Note Balance, beginning 146,373,027.42
H10 Class A Target Investor Principal Amount (A10*82.5175%) 510,390,063.34
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 16,213,843.34
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 130,159,184.07
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) 21,626,671.39
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) 17,301,337.11
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) 25,952,005.67
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) 25,952,005.67
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 13,660,537.22
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 -
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 -
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) -
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) -
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) -
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) -
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) -
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional
Principal (Shortfall) 192,660.21
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 192,660.21
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
<PAGE> 9
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 12/11/98
Payment Date DECEMBER 15, 1998 3:15 PM
Months in progress 5
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 618,523,420.29
A2 Less: Lease receivables, current month 19,556,072.32
A3 Add: Interest component (5.939%*A1/12) 3,061,175.49
A4 Add: Servicing Fee (0.75%*A1/12) 386,577.14
A5 Less: Current month Non-Performing 2,540,040.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 2,763,574.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 2,540,081.59
A9 Add: Additional Leases provided (Early Terminations) 2,763,582.58
------------------
A10 Discounted Present Value, ending 602,415,150.77
------------------
- -------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- -------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 3,021,461.43
B2 Less: Past due payments received (reimbursed per this report) 2,170,976.13
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 218,544.00
B4 Less: Past dues on Early Terminations 262,415.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,991,311.72
B6 Add: Past dues on Replacement Leases 25,195.28
------------------
B7 Past due balance, ending 3,386,033.30
------------------
- -------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- -------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 9,087,140.43
C2 Less: Applied to Current from Prepaid 2,711,031.43
C3 Less: Advance payments on Disqualified Leases 524,404.00
C4 Add: Received on Replacement Leases 55,497.18
C5 Add: Received this month 2,308,645.55
------------------
C6 Advance payment balance, ending 8,215,847.73
------------------
- -------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- -------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 10,747,030.62
D2 Add: Non-Performing Leases provided with Substitute Leases 2,540,040.00
------------------
D3 Non-Performing Leases Substitued to date, ending 13,287,070.62
------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 1.945%
- -------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- -------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,830,269.04
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) 6,830,269.04
E3 Less: Shortfall (min [max -I1 or zero] or E1) -
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) -
------------------
E5 Reserve Account balance, ending 6,830,269.04
------------------
- -------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- -------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 14,174,801.92
F2 Past due payments received (B2) 2,170,976.13
F3 Past due payments due on Early Termination (From Seller) (B4) 262,415.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,267,968.30
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges on delinquent payments not advanced -
F8 Proceeds from Investment of Collection and Reserve Account Funds 150,888.37
F9 Servicer Advances (B5) 2,991,311.72
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) 871,292.70
------------------
F12 Total Available Funds 22,889,654.14
------------------
</TABLE>
<PAGE> 10
Page 2 of 2
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 2,170,976.13
G2 Past due payments advanced on Disqualified Leases (B3+B4) 480,959.00
G3 Advance payments on Disqualified Leases (C3) 524,404.00
G4 Servicer Fee (A4) 386,577.14
------------------
G5 Total Payments to Servicer 3,562,916.27
------------------
- -------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- -------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) 595,550.58
H2 Class A-2 Interest Payment (5.78%*H13/12) 444,138.24
H3 Class A-3 Interest Payment (5.78%*H16/12) 715,556.06
H4 Class A-4 Interest Payment (5.92%*H19/12) 800,279.86
H5 Class B Interest Payment (5.94%*H22/12) 84,524.58
H6 Class C Interest Payment (6.01%*H27/12) 68,416.53
H7 Class D Interest Payment (6.33%*H32/12) 108,089.01
H8 Class E Interest Payment (7.55%*H37/12) 128,921.33
H9 Class A-1 Note Balance, beginning 130,159,184.07
H10 Class A Target Investor Principal Amount (A10*82.5175%) 497,097,922.04
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 16,108,269.52
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 114,050,914.56
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) 21,063,445.75
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) 16,850,756.60
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) 25,276,134.90
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) 25,276,134.90
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 13,660,537.22
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 -
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 -
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) -
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) -
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) -
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) -
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) -
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional
Principal (Shortfall) 272,992.16
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 272,992.16
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
<PAGE> 11
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 1/14/99
Payment Date JANUARY 15, 1999 12:47 PM
Months in progress 6
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 602,415,150.77
A2 Less: Lease receivables, current month 19,539,801.22
A3 Add: Interest component (5.939%*A1/12) 2,981,452.98
A4 Add: Servicing Fee (0.75%*A1/12) 376,509.47
A5 Less: Current month Non-Performing 2,683,476.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 3,954,357.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 2,683,418.71
A9 Add: Additional Leases provided (Early Terminations) 3,954,378.03
-------------------
A10 Discounted Present Value, ending 586,233,275.75
-------------------
- --------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- --------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 3,386,033.30
B2 Less: Past due payments received (reimbursed per this report) 2,461,816.81
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 346,762.00
B4 Less: Past dues on Early Terminations 153,363.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,922,532.16
B6 Add: Past dues on Replacement Leases 26,194.02
-------------------
B7 Past due balance, ending 3,372,817.67
-------------------
- --------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- --------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 8,215,847.73
C2 Less: Applied to Current from Prepaid 2,326,820.68
C3 Less: Advance payments on Disqualified Leases 2,288,681.00
C4 Add: Received on Replacement Leases 111,401.51
C5 Add: Received this month 4,402,047.59
-------------------
C6 Advance payment balance, ending 8,113,795.15
-------------------
- --------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- --------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 13,287,070.62
D2 Add: Non-Performing Leases provided with Substitute Leases 2,683,418.71
-------------------
D3 Non-Performing Leases Substitued to date, ending 15,970,489.33
-------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 2.338%
- --------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- --------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,830,269.04
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) 6,830,269.04
E3 Less: Shortfall (min [max -I1 or zero] or E1) 399,476.79
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) -
-------------------
E5 Reserve Account balance, ending 6,430,792.25
-------------------
- --------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- --------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 14,351,229.71
F2 Past due payments received (B2) 2,461,816.81
F3 Past due payments due on Early Termination (From Seller) (B4) 153,363.00
F4 Advance payments on monthly rentals (excluding cash residuals) 4,134,804.60
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges on delinquent payments not advanced -
F8 Proceeds from Investment of Collection and Reserve Account Funds 191,492.96
F9 Servicer Advances (B5) 2,922,532.16
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) 102,052.58
-------------------
F12 Total Available Funds 24,317,291.82
-------------------
</TABLE>
<PAGE> 12
Page 2 of 2
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 2,461,816.81
G2 Past due payments advanced on Disqualified Leases (B3+B4) 500,125.00
G3 Advance payments on Disqualified Leases (C3) 2,288,681.00
G4 Servicer Fee (A4) 376,509.47
-------------------
G5 Total Payments to Servicer 5,627,132.28
-------------------
- --------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- --------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) 557,835.70
H2 Class A-2 Interest Payment (5.78%*H13/12) 444,138.24
H3 Class A-3 Interest Payment (5.78%*H16/12) 715,556.06
H4 Class A-4 Interest Payment (5.92%*H19/12) 800,279.86
H5 Class B Interest Payment (5.94%*H22/12) 84,524.58
H6 Class C Interest Payment (6.01%*H27/12) 68,416.53
H7 Class D Interest Payment (6.33%*H32/12) 108,089.01
H8 Class E Interest Payment (7.55%*H37/12) 128,921.33
H9 Class A-1 Note Balance, beginning 114,050,914.56
H10 Class A Target Investor Principal Amount (A10*82.5175%) 483,745,043.32
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 16,181,875.03
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 97,869,039.53
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) 20,497,646.49
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) 16,398,117.19
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) 24,597,175.78
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) 24,597,175.78
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 13,660,537.22
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 399,476.79
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 -
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) -
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) -
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) -
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) -
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) -
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional
Principal (Shortfall) (399,476.79)
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and (399,476.79)
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
<PAGE> 13
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 2/12/99
Payment Date FEBRUARY 16, 1999 2:03 PM
Months in progress 7
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 586,233,275.75
A2 Less: Lease receivables, current month 19,426,079.01
A3 Add: Interest component (5.939%*A1/12) 2,901,366.19
A4 Add: Servicing Fee (0.75%*A1/12) 366,395.80
A5 Less: Current month Non-Performing 2,421,687.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 2,943,347.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 2,421,135.57
A9 Add: Additional Leases provided (Early Terminations) 2,943,362.02
--------------------
A10 Discounted Present Value, ending 570,074,422.31
--------------------
- ----------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ----------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 3,372,817.67
B2 Less: Past due payments received (reimbursed per this report) 2,428,184.47
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 261,054.00
B4 Less: Past dues on Early Terminations 261,972.00
B5 Add: New Net Advances (last month's current payments that became past due) 3,214,192.90
B6 Add: Past dues on Replacement Leases 10,674.31
--------------------
B7 Past due balance, ending 3,646,474.41
--------------------
- ----------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ----------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 8,113,795.15
C2 Less: Applied to Current from Prepaid 2,088,974.80
C3 Less: Advance payments on Disqualified Leases 535,642.00
C4 Add: Received on Replacement Leases 88,780.10
C5 Add: Received this month 3,033,935.72
--------------------
C6 Advance payment balance, ending 8,611,894.17
--------------------
- ----------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ----------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 15,970,489.33
D2 Add: Non-Performing Leases provided with Substitute Leases 2,421,135.57
--------------------
D3 Non-Performing Leases Substitued to date, ending 18,391,624.90
--------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 2.693%
- ----------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ----------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,430,792.25
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) 6,830,269.04
E3 Less: Shortfall (min [max -I1 or zero] or E1) 116,777.12
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) -
--------------------
E5 Reserve Account balance, ending 6,314,015.14
--------------------
- ----------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ----------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 14,223,545.81
F2 Past due payments received (B2) 2,428,184.47
F3 Past due payments due on Early Termination (From Seller) (B4) 261,972.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,945,578.66
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges on delinquent payments not advanced -
F8 Proceeds from Investment of Collection and Reserve Account Funds 148,563.72
F9 Servicer Advances (B5) 3,214,192.90
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) (498,099.02)
--------------------
F12 Total Available Funds 22,723,938.54
--------------------
</TABLE>
<PAGE> 14
Page 2 of 2
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G PAYMENTS TO THE SERVICER
- ----------------------------------------------------------------------------------------------------------------------------
G1 Past due payments received (B2) 2,428,184.47
G2 Past due payments advanced on Disqualified Leases (B3+B4) 523,026.00
G3 Advance payments on Disqualified Leases (C3) 535,642.00
G4 Servicer Fee (A4) 366,395.80
--------------------
G5 Total Payments to Servicer 3,853,248.27
--------------------
- ----------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ----------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) 478,688.35
H2 Class A-2 Interest Payment (5.78%*H13/12) 444,138.24
H3 Class A-3 Interest Payment (5.78%*H16/12) 715,556.06
H4 Class A-4 Interest Payment (5.92%*H19/12) 800,279.86
H5 Class B Interest Payment (5.94%*H22/12) 84,524.58
H6 Class C Interest Payment (6.01%*H27/12) 68,416.53
H7 Class D Interest Payment (6.33%*H32/12) 108,089.01
H8 Class E Interest Payment (7.55%*H37/12) 128,921.33
H9 Class A-1 Note Balance, beginning 97,869,039.53
H10 Class A Target Investor Principal Amount (A10*82.5175%) 470,411,161.43
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 16,158,853.44
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 81,710,186.09
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) 19,932,652.18
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) 15,946,121.74
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) 23,919,182.61
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) 23,919,182.61
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 13,660,537.22
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 116,777.12
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 -
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) -
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) -
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) -
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) -
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) -
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional
Principal (Shortfall) (116,777.12)
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and (116,777.12)
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
<PAGE> 15
COPELCO CAPITAL FUNDING TRUST 1998-A Page 1 of 2
Monthly Servicer Report 3/12/99
Payment Date MARCH 15, 1999 10:51 AM
Months in progress 8
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 570,074,422.31
A2 Less: Lease receivables, current month 19,409,020.69
A3 Add: Interest component (5.939%*A1/12) 2,821,393.33
A4 Add: Servicing Fee (0.75%*A1/12) 356,296.51
A5 Less: Current month Non-Performing 3,132,897.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 1,895,372.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 3,133,412.49
A9 Add: Additional Leases provided (Early Terminations) 1,895,443.20
------------------
A10 Discounted Present Value, ending 553,843,678.15
------------------
- ------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 3,646,474.41
B2 Less: Past due payments received (reimbursed per this report) 2,578,780.89
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 337,680.00
B4 Less: Past dues on Early Terminations 76,239.00
B5 Add: New Net Advances (last month's current payments that became past due) 3,203,048.61
B6 Add: Past dues on Replacement Leases 7,417.47
------------------
B7 Past due balance, ending 3,864,240.60
------------------
- ------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 8,611,894.17
C2 Less: Applied to Current from Prepaid 2,249,696.48
C3 Less: Advance payments on Disqualified Leases 656,900.00
C4 Add: Received on Replacement Leases 128,430.03
C5 Add: Received this month 2,298,919.66
------------------
C6 Advance payment balance, ending 8,132,647.38
------------------
- ------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 18,391,624.90
D2 Add: Non-Performing Leases provided with Substitute Leases 3,132,897.00
------------------
D3 Non-Performing Leases Substitued to date, ending 21,524,521.90
------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 3.151%
- ------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 6,298,573.58
E2 Memo: Required Reserve Amount (min 1%*$683,026,904.22 or A10*97.2028%) 6,830,269.04
E3 Less: Shortfall (min [max -I1 or zero] or E1) 272,646.31
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) -
------------------
E5 Reserve Account balance, ending 6,025,927.27
------------------
- ------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 13,986,530.90
F2 Past due payments received (B2) 2,578,780.89
F3 Past due payments due on Early Termination (From Seller) (B4) 76,239.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,193,363.01
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) -
F6 Recoveries on Non-Performing Leases not Substituted -
F7 Late Charges on delinquent payments not advanced -
F8 Proceeds from Investment of Collection and Reserve Account Funds 144,796.05
F9 Servicer Advances (B5) 3,203,048.61
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) 479,246.79
------------------
F12 Total Available Funds 22,662,005.25
------------------
</TABLE>
<PAGE> 16
Page 2 of 2
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------
G1 Past due payments received (B2) 2,578,780.89
G2 Past due payments advanced on Disqualified Leases (B3+B4) 413,919.00
G3 Advance payments on Disqualified Leases (C3) 656,900.00
G4 Servicer Fee (A4) 356,296.51
------------------
G5 Total Payments to Servicer 4,005,896.40
------------------
- ------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.68%*H9*actual/360) 348,085.39
H2 Class A-2 Interest Payment (5.78%*H13/12) 444,138.24
H3 Class A-3 Interest Payment (5.78%*H16/12) 715,556.06
H4 Class A-4 Interest Payment (5.92%*H19/12) 800,279.86
H5 Class B Interest Payment (5.94%*H22/12) 84,524.58
H6 Class C Interest Payment (6.01%*H27/12) 68,416.53
H7 Class D Interest Payment (6.33%*H32/12) 108,089.01
H8 Class E Interest Payment (7.55%*H37/12) 128,921.33
H9 Class A-1 Note Balance, beginning 81,710,186.09
H10 Class A Target Investor Principal Amount (A10*82.5175%) 457,017,957.12
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 16,230,744.16
H12 CLASS A-1 NOTE BALANCE, ENDING (H9-H11-H45) 65,479,441.93
H13 Class A-2 Note Balance, beginning 92,208,632.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*82.5175%-H11 or zero] or H13) -
H15 CLASS A-2 NOTE BALANCE, ENDING (H13-H14-H46) 92,208,632.00
H16 Class A-3 Note Balance, beginning 148,558,352.00
H17 Class A-3 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14 or 0] or H16) -
H18 CLASS A-3 NOTE BALANCE, ENDING (H16-H17-H47) 148,558,352.00
H19 Class A-4 Note Balance, beginning 162,218,890.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*82.5175%-H11-H14-H18 or 0] or H19) -
H21 CLASS A-4 NOTE BALANCE, ENDING (H19-H20-H48) 162,218,890.00
H22 Class B Note Balance, beginning 17,075,673.00
H23 Class B Target Investor Principal Amount (A10*3.4965%) 19,365,144.21
H24 Class B Floor (max $683,026,904.22*2.7%+H43-[H27+H32+H37]-H42-E5 or zero) -
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) -
H26 CLASS B NOTE BALANCE, ENDING (H22-H25-H49) 17,075,673.00
H27 Class C Note Balance, beginning 13,660,538.00
H28 Class C Target Investor Principal Amount (A10*2.7972%) 15,492,115.37
H29 Class C Floor (if H22<=H24 then H27 else {max $683,026,904.22*2.2%+H43-[H32+H37]-H42-E5,0}) -
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) -
H31 CLASS C NOTE BALANCE, ENDING (H27-H30-H50) 13,660,538.00
H32 Class D Note Balance, beginning 20,490,807.00
H33 Class D Target Investor Principal Amount (A10*4.1958%) 23,238,173.05
H34 Class D Floor (if H27<=H29 then H32 else {max $683,026,904.22*1.8%+H43-[H37]-H42-E5 or zero}) -
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) -
H36 CLASS D NOTE BALANCE, ENDING (H32-H35-H51) 20,490,807.00
H37 Class E Note Balance, beginning 20,490,807.00
H38 Class E Target Investor Principal Amount (A10*4.1958%) 23,238,173.05
H39 Class E Floor (if H32<=H34 then H37 else [max $683,026,904.22*1.2%+H43-H42-E5 or zero]) -
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) -
H41 CLASS E NOTE BALANCE, ENDING (H37-H40-H52) 20,490,807.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 13,660,537.22
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 272,646.31
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 -
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) -
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) -
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) -
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) -
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) -
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) -
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) -
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) -
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional
Principal (Shortfall) (272,646.31)
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and (272,646.31)
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
