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, 1999.
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 LLC 99-1
(exact name of Registrants as specified in their charters)
Delaware
(state of incorporation or organization)
East Gate Center
700 East Gate Drive
Mount Laurel, New Jersey 08054-5400
(856) 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 _______
1
<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 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.
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
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PART I
Item 1. Business
The Registrant is a wholly-owned bankruptcy-remote subsidiary of Copelco
Capital, Inc. The Registrant was 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 a bankruptcy-remote entity, the Registrant's operations are
restricted so that (a) it does not engage in business with, or incur
liabilities to, any entity (other than the indenture trustee on behalf of
the holders of the Notes and Copelco Capital, Inc.) which may bring
bankruptcy proceedings against the Registrant and (b) the risk that it will
be consolidated into the bankruptcy proceedings of any other entity is
diminished. The Registrant has 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 holders of the equity shares of Copelco Capital Funding LLC 99-1 are
Copelco Capital, Inc and Copelco Manager, Inc, a wholly-owned subsidiary of
Copelco Capital, Inc. There is currently no market for such equity shares
nor is it anticipated that such a market will develop.
Item 6. Selected Financial Data
Not Applicable.
3
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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.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
Servicer's Reports for the payment periods ending in each of the months
from April through December, 1999.
4
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, Copelco Capital Funding LLC 99-1 has duly caused this
report to be signed on its behalf by the undersigned, thereunder duly
authorized.
COPELCO CAPITAL FUNDING LLC 99-1
By: COPELCO MANAGER, INC.,
as Manager of Copelco Capital Funding LLC 99-1
By: /s/ Robert J. Lemenze, Jr.
--------------------------------
Name: Robert J. Lemenze, Jr.
Title: President, Director
Dated: January 30, 2000
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
Manager, Inc., as manager of Copelco Capital Funding LLC 99-1 and in the
capacities and on the dates indicated.
By: /s/ Robert J. Lemenze, Jr.
--------------------------------
Name: Robert J. Lemenze, Jr.
Title: President, Director
Dated: January 30, 2000
By: /s/ John Hakemian
--------------------------------
Name: John Hakemian
Title: Director
Dated: January 30, 2000
By: /s/ Nicholas Antonaccio
--------------------------------
Name: Nicholas Antonaccio
Title: Vice President-Finance, Treasurer
Dated: January 30, 2000
5
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Exhibit Index
99.1 Servicer's Reports for the payment periods ending in each of the months
from April through December, 1999.
6
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<CAPTION>
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Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date April 15, 1999
Months in progress 1
- ------------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 579,875,217.56
A2 Less: Lease receivables, current month 31,528,488.47
A3 Add: Interest component (5.93%*A1/12) 5,672,056.24
A4 Add: Servicing Fee (0.75%*A1/12) 717,376.42
A5 Less: Current month Non-Performing 1,542,831.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 3,341,587.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 2,010,136.97
A9 Add: Additional Leases provided (Early Terminations) 3,341,628.24
--------------
A10 Discounted Present Value, ending 555,203,508.96
--------------
- ------------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning -
B2 Less: Past due payments received (reimbursed per this report) 155,702.71
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 71,850.00
B4 Less: Past dues on Early Terminations 206,944.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,829,535.45
B6 Add: Past dues on Replacement Leases 14,989.47
--------------
B7 Past due balance, ending 2,410,028.21
--------------
- ------------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 28,323,031.88
C2 Less: Applied to Current from Prepaid 21,652,474.24
C3 Less: Advance payments on Disqualified Leases 1,161,124.00
C4 Add: Received on Replacement Leases 84,365.53
C5 Add: Received this month 1,990,777.87
--------------
C6 Advance payment balance, ending 7,584,577.04
--------------
- ------------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning -
D2 Add: Non-Performing Leases provided with Substitute Leases 1,542,831.00
--------------
D3 Non-Performing Leases Substitued to date, ending 1,542,831.00
--------------
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 0.266%
- ------------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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 5,798,752.18
--------------
- ------------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 7,392,653.11
F2 Past due payments received (B2) 155,702.71
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 278,794.00
F4 Advance payments on monthly rentals (excluding cash residuals) 1,748,081.63
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 20,050.98
F9 Servicer Advances (B5) 2,829,535.45
F10 Casualty and Termination Payments -
F11 Net decrease in Advance Lease Payments balance (C1-C6) 20,738,454.84
--------------
F12 Total Available Funds 33,163,272.72
--------------
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Page 2 of 2
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G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 155,702.71
G2 Past due payments advanced on Disqualified Leases (B3+B4) 278,794.00
G3 Advance payments on Disqualified Leases (C3) 1,161,124.00
G4 Servicer Fee (A4) 717,376.42
--------------
G5 Total Payments to Servicer 2,312,997.13
--------------
- ------------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 526,890.00
H2 Class A-2 Interest Payment (5.500%*H14/12) 377,361.11
H3 Class A-3 Interest Payment (5.665%*H17/12) 450,052.78
H4 Class A-4 Interest Payment (5.800%*H20/12) 377,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 323,537.86
H6 Class B Interest Payment (5.920%*H26/12) 55,783.17
H7 Class C Interest Payment (6.160%*H31/12) 45,142.88
H8 Class D Interest Payment (6.790%*H36/12) 78,197.41
H9 Class E Interest Payment (9.450%*H41/12) 118,727.70
H10 Class A-1 Note Balance, beginning 140,000,000.00
H11 Class A Target Investor Principal Amount (A10*84.180692%) 467,374,153.23
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 24,671,708.60
H13 Class A-1 Note Balance, ending (H10-H12-H49) 115,328,291.40
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) -
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) -
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) -
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) -
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 16,467,716.05
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) -
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) -
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 12,807,382.14
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) -
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) -
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 20,126,787.78
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) -
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) -
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 21,956,954.74
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) -
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) -
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 -
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 -
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) -
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) -
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) -
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) -
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) -
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) -
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) -
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) -
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) -
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 3,825,874.08
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 3,825,874.08
Reserve Release (Deposit) (I1-H48-E4)
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<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date May 17, 1999
Months in progress 2
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A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 555,203,508.96
A2 Less: Lease receivables, current month 15,684,276.75
A3 Add: Interest component (5.93%*A1/12) 2,743,630.67
A4 Add: Servicing Fee (0.75%*A1/12) 347,002.19
A5 Less: Current month Non-Performing 1,314,425.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 4,828,845.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,314,649.19
A9 Add: Additional Leases provided (Early Terminations) 4,828,851.80
-------------------
A10 Discounted Present Value, ending 542,610,096.07
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,410,028.21
B2 Less: Past due payments received (reimbursed per this report) 1,850,629.59
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 129,386.00
B4 Less: Past dues on Early Terminations 157,717.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,148,373.55
B6 Add: Past dues on Replacement Leases 8,356.11
-------------------
B7 Past due balance, ending 2,429,025.28
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 7,584,577.04
C2 Less: Applied to Current from Prepaid 1,833,699.03
C3 Less: Advance payments on Disqualified Leases 1,079,061.00
C4 Add: Received on Replacement Leases 50,231.22
C5 Add: Received this month 2,786,184.96
-------------------
C6 Advance payment balance, ending 7,508,233.19
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 1,542,831.00
D2 Add: Non-Performing Leases provided with Substitute Leases 1,314,425.00
-------------------
D3 Non-Performing Leases Substitued to date, ending 2,857,256.00
-------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$683,026,904.22) (not to exceed 10%) 0.493%
- ------------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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 5,798,752.18
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,733,400.74
F2 Past due payments received (B2) 1,850,629.59
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 287,103.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,684,036.05
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 108,345.73
F9 Servicer Advances (B5) 2,148,373.55
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) 76,343.85
-------------------
F12 Total Available Funds 18,888,232.51
-------------------
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<CAPTION>
Page 2 of 2
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G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 1,850,629.59
G2 Past due payments advanced on Disqualified Leases (B3+B4) 287,103.00
G3 Advance payments on Disqualified Leases (C3) 1,079,061.00
G4 Servicer Fee (A4) 347,002.19
-------------------
G5 Total Payments to Servicer 3,563,795.78
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 514,415.44
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 115,328,291.40
H11 Class A Target Investor Principal Amount (A10*84.180692%) 456,772,931.17
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 12,593,412.89
H13 Class A-1 Note Balance, ending (H10-H12-H49) 102,734,878.51
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 16,094,186.81
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 12,516,878.48
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 19,670,261.58
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 21,458,915.74
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 109,912.73
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 109,912.73
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date June 15, 1999
Months in progress 3
- -----------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 542,610,096.07
A2 Less: Lease receivables, current month 15,712,377.07
A3 Add: Interest component (5.93%*A1/12) 2,681,398.22
A4 Add: Servicing Fee (0.75%*A1/12) 339,131.31
A5 Less: Current month Non-Performing 1,704,528.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 1,832,413.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,704,544.72
A9 Add: Additional Leases provided (Early Terminations) 1,832,428.55
------------------
A10 Discounted Present Value, ending 529,918,280.80
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,429,025.28
B2 Less: Past due payments received (reimbursed per this report) 1,780,642.28
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 166,767.00
B4 Less: Past dues on Early Terminations 32,562.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,079,693.01
B6 Add: Past dues on Replacement Leases 12,149.96
------------------
B7 Past due balance, ending 2,540,896.97
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 7,508,233.19
C2 Less: Applied to Current from Prepaid 1,863,088.48
C3 Less: Advance payments on Disqualified Leases 1,442,957.00
C4 Add: Received on Replacement Leases 161,487.93
C5 Add: Received this month 2,882,405.92
------------------
C6 Advance payment balance, ending 7,246,081.56
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- -----------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 2,857,256.00
D2 Add: Non-Performing Leases provided with Substitute Leases 1,704,528.00
------------------
D3 Non-Performing Leases Substitued to date, ending 4,561,784.00
------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$579,875,217.56) (not to exceed 10%) 0.787%
- -----------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- -----------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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 5,798,752.18
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- -----------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,826,375.28
F2 Past due payments received (B2) 1,780,642.28
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 199,329.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,814,185.91
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 85,596.78
F9 Servicer Advances (B5) 2,079,693.01
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) 262,151.63
------------------
F12 Total Available Funds 19,047,973.89
------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 2
- -----------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 1,780,642.28
G2 Past due payments advanced on Disqualified Leases (B3+B4) 199,329.00
G3 Advance payments on Disqualified Leases (C3) 1,442,957.00
G4 Servicer Fee (A4) 339,131.31
------------------
G5 Total Payments to Servicer 3,762,059.59
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 415,282.92
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 102,734,878.51
H11 Class A Target Investor Principal Amount (A10*84.180692%) 446,088,873.31
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 12,691,815.27
H13 Class A-1 Note Balance, ending (H10-H12-H49) 90,043,063.24
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 15,717,738.88
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 12,224,104.88
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 19,210,168.18
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 20,956,985.17
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 72,120.45
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 72,120.45
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date July 15, 1999
Months in progress 4
- ------------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 529,918,280.80
A2 Less: Lease receivables, current month 15,743,516.23
A3 Add: Interest component (5.93%*A1/12) 2,618,679.50
A4 Add: Servicing Fee (0.75%*A1/12) 331,198.93
A5 Less: Current month Non-Performing 1,083,710.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 1,023,538.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,083,724.98
A9 Add: Additional Leases provided (Early Terminations) 1,023,571.74
-------------------
A10 Discounted Present Value, ending 517,124,691.72
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,540,896.97
B2 Less: Past due payments received (reimbursed per this report) 1,767,043.50
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 154,738.00
B4 Less: Past dues on Early Terminations 101,930.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,214,721.00
B6 Add: Past dues on Replacement Leases 3,623.77
-------------------
B7 Past due balance, ending 2,735,530.24
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 7,246,081.56
C2 Less: Applied to Current from Prepaid 1,795,387.87
C3 Less: Advance payments on Disqualified Leases 416,245.00
C4 Add: Received on Replacement Leases 20,291.09
C5 Add: Received this month 2,130,389.88
-------------------
C6 Advance payment balance, ending 7,185,129.66
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 4,561,784.00
D2 Add: Non-Performing Leases provided with Substitute Leases 1,083,710.00
-------------------
D3 Non-Performing Leases Substitued to date, ending 5,645,494.00
-------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$579,875,217.56) (not to exceed 10%) 0.974%
- ------------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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 5,798,752.18
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,733,407.87
F2 Past due payments received (B2) 1,767,043.50
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 256,668.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,082,126.10
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 96,971.26
F9 Servicer Advances (B5) 2,214,721.00
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) 60,951.90
-------------------
F12 Total Available Funds 18,211,889.63
-------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 2
- ------------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 1,767,043.50
G2 Past due payments advanced on Disqualified Leases (B3+B4) 256,668.00
G3 Advance payments on Disqualified Leases (C3) 416,245.00
G4 Servicer Fee (A4) 331,198.93
-------------------
G5 Total Payments to Servicer 2,771,155.43
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 376,530.08
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 90,043,063.24
H11 Class A Target Investor Principal Amount (A10*84.180692%) 435,319,141.55
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 12,793,589.08
H13 Class A-1 Note Balance, ending (H10-H12-H49) 77,249,474.16
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 15,338,272.27
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 11,928,983.58
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 18,746,385.35
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 20,451,029.70
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 163,919.38
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 163,919.38
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date August 16, 1999
Months in progress 5
- ------------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 517,124,691.72
A2 Less: Lease receivables, current month 15,851,276.74
A3 Add: Interest component (5.93%*A1/12) 2,555,457.85
A4 Add: Servicing Fee (0.75%*A1/12) 323,202.93
A5 Less: Current month Non-Performing 1,427,372.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 2,139,256.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,426,386.73
A9 Add: Additional Leases provided (Early Terminations) 2,139,356.62
-------------------
A10 Discounted Present Value, ending 504,151,191.11
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,735,530.24
B2 Less: Past due payments received (reimbursed per this report) 1,864,885.51
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 174,025.00
B4 Less: Past dues on Early Terminations 143,560.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,303,508.64
B6 Add: Past dues on Replacement Leases 8,462.74
-------------------
B7 Past due balance, ending 2,865,031.11
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 7,185,129.66
C2 Less: Applied to Current from Prepaid 1,747,358.20
C3 Less: Advance payments on Disqualified Leases 512,346.00
C4 Add: Received on Replacement Leases 73,297.33
C5 Add: Received this month 1,982,102.48
-------------------
C6 Advance payment balance, ending 6,980,825.27
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 5,645,494.00
D2 Add: Non-Performing Leases provided with Substitute Leases 1,426,386.73
-------------------
D3 Non-Performing Leases Substitued to date, ending 7,071,880.73
-------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$579,875,217.56) (not to exceed 10%) 1.220%
- ------------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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 5,798,752.18
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,800,410.70
F2 Past due payments received (B2) 1,864,885.51
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 317,585.00
F4 Advance payments on monthly rentals (excluding cash residuals) 1,915,828.67
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 108,037.48
F9 Servicer Advances (B5) 2,303,508.64
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) 204,304.39
-------------------
F12 Total Available Funds 18,514,560.39
-------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 2
- ------------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 1,864,885.51
G2 Past due payments advanced on Disqualified Leases (B3+B4) 317,585.00
G3 Advance payments on Disqualified Leases (C3) 512,346.00
G4 Servicer Fee (A4) 323,202.93
-------------------
G5 Total Payments to Servicer 3,018,019.44
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 344,566.99
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 77,249,474.16
H11 Class A Target Investor Principal Amount (A10*84.180692%) 424,397,959.02
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 12,973,500.61
H13 Class A-1 Note Balance, ending (H10-H12-H49) 64,275,973.55
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 14,953,469.37
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 11,629,712.09
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 18,276,080.52
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 19,937,959.15
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 71,777.69
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 71,777.69
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date September 15, 1999
Months in progress 6
- -----------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 504,151,191.11
A2 Less: Lease receivables, current month 15,795,213.36
A3 Add: Interest component (5.93%*A1/12) 2,491,347.14
A4 Add: Servicing Fee (0.75%*A1/12) 315,094.49
A5 Less: Current month Non-Performing 1,536,198.00
A6 Less: Current month Warranty and Adjusted Leases -
A7 Less: Current month Early Terminations 1,306,465.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,517,206.43
A9 Add: Additional Leases provided (Early Terminations) 1,306,638.19
------------------
A10 Discounted Present Value, ending 491,143,601.01
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,865,031.11
B2 Less: Past due payments received (reimbursed per this report) 2,008,468.92
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 200,601.00
B4 Less: Past dues on Early Terminations 200,511.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,250,707.52
B6 Add: Past dues on Replacement Leases 5,540.28
------------------
B7 Past due balance, ending 2,711,697.99
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 6,980,825.27
C2 Less: Applied to Current from Prepaid 1,500,833.84
C3 Less: Advance payments on Disqualified Leases 411,880.00
C4 Add: Received on Replacement Leases 24,771.35
C5 Add: Received this month 2,389,163.49
------------------
C6 Advance payment balance, ending 7,482,046.27
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- -----------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 7,071,880.73
D2 Add: Non-Performing Leases provided with Substitute Leases 1,517,206.43
------------------
D3 Non-Performing Leases Substitued to date, ending 8,589,087.16
------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$579,875,217.56) (not to exceed 10%) 1.481%
- -----------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- -----------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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 5,798,752.18
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- -----------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 12,043,673.67
F2 Past due payments received (B2) 2,008,468.92
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 401,112.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,281,945.99
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 103,214.77
F9 Servicer Advances (B5) 2,250,707.52
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) (501,221.00)
------------------
F12 Total Available Funds 18,587,901.87
------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 2
- -----------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 2,008,468.92
G2 Past due payments advanced on Disqualified Leases (B3+B4) 401,112.00
G3 Advance payments on Disqualified Leases (C3) 411,880.00
G4 Servicer Fee (A4) 315,094.49
------------------
G5 Total Payments to Servicer 3,136,555.41
------------------
- -----------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 268,780.70
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 64,275,973.55
H11 Class A Target Investor Principal Amount (A10*84.180692%) 413,448,079.72
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 13,007,590.11
H13 Class A-1 Note Balance, ending (H10-H12-H49) 51,268,383.45
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 14,567,655.34
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 11,329,654.23
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 17,804,539.90
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 19,423,540.45
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 68,279.98
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 68,279.98
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date October 15, 1999
Months in progress 7
- ------------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 491,143,601.01
A2 Less: Lease receivables, current month 15,483,756.14
A3 Add: Interest component (5.93%*A1/12) 2,427,067.96
A4 Add: Servicing Fee (0.75%*A1/12) 306,964.75
A5 Less: Current month Non-Performing 1,617,863.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 1,595,776.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,618,219.44
A9 Add: Additional Leases provided (Early Terminations) 1,795,873.40
-------------------
A10 Discounted Present Value, ending 478,594,331.42
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,711,697.99
B2 Less: Past due payments received (reimbursed per this report) 1,773,954.90
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 228,707.00
B4 Less: Past dues on Early Terminations 201,446.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,437,580.23
B6 Add: Past dues on Replacement Leases 24,961.85
-------------------
B7 Past due balance, ending 2,970,132.17
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 7,482,046.27
C2 Less: Applied to Current from Prepaid 2,108,585.21
C3 Less: Advance payments on Disqualified Leases 520,206.00
C4 Add: Received on Replacement Leases 44,673.40
C5 Add: Received this month 1,852,110.26
-------------------
C6 Advance payment balance, ending 6,750,038.72
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 8,589,087.16
D2 Add: Non-Performing Leases provided with Substitute Leases 1,617,863.00
-------------------
D3 Non-Performing Leases Substitued to date, ending 10,206,950.16
-------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$579,875,217.56) (not to exceed 10%) 1.760%
- ------------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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 5,798,752.18
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 10,997,289.27
F2 Past due payments received (B2) 1,773,954.90
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 430,153.00
F4 Advance payments on monthly rentals (excluding cash residuals) 1,639,225.06
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 101,494.62
F9 Servicer Advances (B5) 2,437,580.23
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) 732,007.55
-------------------
F12 Total Available Funds 18,111,704.63
-------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 2
- ------------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 1,773,954.90
G2 Past due payments advanced on Disqualified Leases (B3+B4) 430,153.00
G3 Advance payments on Disqualified Leases (C3) 520,206.00
G4 Servicer Fee (A4) 306,964.75
-------------------
G5 Total Payments to Servicer 3,031,278.65
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 214,387.29
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 51,268,383.45
H11 Class A Target Investor Principal Amount (A10*84.180692%) 402,884,017.80
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 12,549,269.59
H13 Class A-1 Note Balance, ending (H10-H12-H49) 38,719,113.86
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 14,195,435.42
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 11,040,168.86
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 17,349,613.95
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 18,927,247.22
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 210,073.44
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 210,073.44
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date November 15, 1999
Months in progress 8
- ------------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 478,594,331.42
A2 Less: Lease receivables, current month 15,427,932.77
A3 Add: Interest component (5.93%*A1/12) 2,365,053.65
A4 Add: Servicing Fee (0.75%*A1/12) 299,121.46
A5 Less: Current month Non-Performing 1,882,004.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 1,864,285.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,882,015.96
A9 Add: Additional Leases provided (Early Terminations) 1,037,425.92
-------------------
A10 Discounted Present Value, ending 465,003,726.64
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,970,132.17
B2 Less: Past due payments received (reimbursed per this report) 2,193,936.09
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 238,984.00
B4 Less: Past dues on Early Terminations 137,768.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,238,614.72
B6 Add: Past dues on Replacement Leases 59,664.71
-------------------
B7 Past due balance, ending 2,697,723.51
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 6,750,038.72
C2 Less: Applied to Current from Prepaid 1,245,630.12
C3 Less: Advance payments on Disqualified Leases 886,653.00
C4 Add: Received on Replacement Leases 20,206.84
C5 Add: Received this month 2,787,697.49
-------------------
C6 Advance payment balance, ending 7,425,659.93
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 10,206,950.16
D2 Add: Non-Performing Leases provided with Substitute Leases 1,882,004.00
-------------------
D3 Non-Performing Leases Substitued to date, ending 12,088,954.16
-------------------
D4 Percentage of Present Value at Cut-Off Date (D3/$579,875,217.56) (not to exceed 10%) 2.085%
- ------------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,798,752.18
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
E3 Less: Shortfall (min [max -I1 or zero] or E1) 40,124.38
E4 Add: Deposit from (Release to) Copelco (min E2+E3-E1 or [max I1 or zero]) --
-------------------
E5 Reserve Account balance, ending 5,758,627.79
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ------------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,943,188.11
F2 Past due payments received (B2) 2,193,936.09
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 376,752.00
F4 Advance payments on monthly rentals (excluding cash residuals) 2,567,666.60
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) 826,859.08
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 109,550.66
F9 Servicer Advances (B5) 2,238,614.72
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) (675,621.21)
-------------------
F12 Total Available Funds 19,580,946.05
-------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 2
- ------------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 2,193,936.09
G2 Past due payments advanced on Disqualified Leases (B3+B4) 376,752.00
G3 Advance payments on Disqualified Leases (C3) 886,653.00
G4 Servicer Fee (A4) 299,121.46
-------------------
G5 Total Payments to Servicer 3,756,462.55
-------------------
- ------------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 167,307.44
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 38,719,113.86
H11 Class A Target Investor Principal Amount (A10*84.180692%) 391,443,352.72
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 13,590,604.78
H13 Class A-1 Note Balance, ending (H10-H12-H49) 25,128,509.08
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 13,792,328.78
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 10,726,662.08
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 16,856,938.35
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 18,389,771.70
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 40,124.38
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) (40,124.38)
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and (40,124.38)
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding LLC 99-1, 1999-A Page 1 of 2
Monthly Servicer Report
Payment Date December 15, 1999
Months in progress 9
- ---------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 465,003,726.64
A2 Less: Lease receivables, current month 15,131,400.11
A3 Add: Interest component (5.93%*A1/12) 2,297,893.42
A4 Add: Servicing Fee (0.75%*A1/12) 290,627.33
A5 Less: Current month Non-Performing 1,059,564.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 1,648,941.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 1,041,087.19
A9 Add: Additional Leases provided (Early Terminations) 1,649,132.80
----------------
A10 Discounted Present Value, ending 452,442,562.26
----------------
- ---------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,697,723.51
B2 Less: Past due payments received (reimbursed per this report) 1,898,879.04
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 150,459.00
B4 Less: Past dues on Early Terminations 127,153.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,269,447.87
B6 Add: Past dues on Replacement Leases 2,189.44
----------------
B7 Past due balance, ending 2,792,869.78
----------------
- ---------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 7,425,659.93
C2 Less: Applied to Current from Prepaid 1,906,648.78
C3 Less: Advance payments on Disqualified Leases 451,760.00
C4 Add: Received on Replacement Leases 42,684.53
C5 Add: Received this month 1,848,032.77
----------------
C6 Advance payment balance, ending 6,957,968.45
----------------
- ---------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- ---------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 12,088,954.16
D2 Add: Non-Performing Leases provided with Substitute Leases 1,041,087.19
----------------
D3 Non-Performing Leases Substitued to date, ending 13,130,041.35
----------------
D4 Percentage of Present Value at Cut-Off Date (D3/$579,875,217.56) (not to exceed 10%) 2.264%
- ---------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,758,627.79
E2 Memo: Required Reserve Amount (min 1%*$579,875,217.56 or A10*97.2028%) 5,798,752.18
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]) 40,124.38
----------------
E5 Reserve Account balance, ending 5,798,752.18
----------------
- ---------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- ---------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,016,052.98
F2 Past due payments received (B2) 1,898,879.04
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 277,612.00
F4 Advance payments on monthly rentals (excluding cash residuals) 1,699,868.76
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 103,649.70
F9 Servicer Advances (B5) 2,269,447.87
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) 467,691.48
----------------
F12 Total Available Funds 17,733,201.83
----------------
Page 2 of 2
- ---------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- ---------------------------------------------------------------------------------------------------------------------------------
G1 Past due payments received (B2) 1,898,879.04
G2 Past due payments advanced on Disqualified Leases (B3+B4) 277,612.00
G3 Advance payments on Disqualified Leases (C3) 451,760.00
G4 Servicer Fee (A4) 290,627.33
----------------
G5 Total Payments to Servicer 2,918,878.37
----------------
- ---------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- ---------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.018%*H10*actual/360) 105,079.05
H2 Class A-2 Interest Payment (5.500%*H14/12) 435,416.67
H3 Class A-3 Interest Payment (5.665%*H17/12) 519,291.67
H4 Class A-4 Interest Payment (5.800%*H20/12) 435,000.00
H5 Class A-5 Interest Payment (5.950%*H23/12) 373,312.92
H6 Class B Interest Payment (5.920%*H26/12) 64,365.20
H7 Class C Interest Payment (6.160%*H31/12) 52,087.93
H8 Class D Interest Payment (6.790%*H36/12) 90,227.78
H9 Class E Interest Payment (9.450%*H41/12) 136,993.50
H10 Class A-1 Note Balance, beginning 25,128,509.08
H11 Class A Target Investor Principal Amount (A10*84.180692%) 380,869,277.68
H12 Class A-1 Principal Payment (min(A1-A10) or H10) 12,561,164.38
H13 Class A-1 Note Balance, ending (H10-H12-H49) 12,567,344.70
H14 Class A-2 Note Balance, beginning 95,000,000.00
H15 Class A-2 Principal Payment (min [max (A1-A10)*84.180692%-H12 or zero] or H14) --
H16 Class A-2 Note Balance, ending (H14-H15-H50) 95,000,000.00
H17 Class A-3 Note Balance, beginning 110,000,000.00
H18 Class A-3 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15 or 0] or H17) --
H19 Class A-3 Note Balance, ending (H17-H18-H51) 110,000,000.00
H20 Class A-4 Note Balance, beginning 90,000,000.00
H21 Class A-4 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18 or 0] or H20) --
H22 Class A-4 Note Balance, ending (H20-H21-H52) 90,000,000.00
H23 Class A-5 Note Balance, beginning 75,290,000.00
H24 Class A-5 Principal Payment (min [max (A1-A10)*84.180692%-H12-H15-H18-H21 or 0] or H23) --
H25 Class A-5 Note Balance, ending (H23-H24-H53) 75,290,000.00
H26 Class B Note Balance, beginning 13,047,000.00
H27 Class B Target Investor Principal Amount (A10*2.966068%) 13,419,756.04
H28 Class B Floor (max $579,875,217.56*2.7%+H47-[H31+H36+H41]-H46-E5 or zero) --
H29 Class B Principal Payment (min {max [max H27 or H28]-H26-H12 or zero} or H26) --
H30 Class B Note Balance, ending (H26-H29-H54) 13,047,000.00
H31 Class C Note Balance, beginning 10,147,000.00
H32 Class C Target Investor Principal Amount (A10*2.306791%) 10,436,902.32
H33 Class C Floor (if H26<=H28 then H31 else {max $579,875,217.56*2.2%+H47-[H36+H41]-H46-E5,0}) --
H34 Class C Principal Payment (min {max [max H32 or H33]-H31-H12 or zero} or H31) --
H35 Class C Note Balance, ending (H31-H34-H55) 10,147,000.00
H36 Class D Note Balance, beginning 15,946,000.00
H37 Class D Target Investor Principal Amount (A10*3.625119%) 16,401,581.20
H38 Class D Floor (if H31<=H33 then H36 else {max $579,875,217.56*1.8%+H47-[H41]-H46-E5 or zero}) --
H39 Class D Principal Payment (min {max [max H37 or H38]-H36-H12 or zero} or H36) --
H40 Class D Note Balance, ending (H36-H39-H56) 15,946,000.00
H41 Class E Note Balance, beginning 17,396,000.00
H42 Class E Target Investor Principal Amount (A10*3.954758%) 17,893,008.06
H43 Class E Floor (if H36<=H38 then H41 else [max $579,875,217.56*1.2%+H47-H46-E5 or zero]) --
H44 Class E Principal Payment (min {max [max H42 or H43]-H41-H12 or zero} or H41) --
H45 Class E Note Balance, ending (H41-H44-H57) 17,396,000.00
H46 Overcollateralization Balance, beginning (max A1-[H10+H14+H17+H20+H23+H26+H31+H36+H41] or 0) 13,049,217.56
H47 Cumulative Loss Amount (H10+H14+H17+H20+H23+H26+H31+H36+H41+H46 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9]-A10)
H48 Additional Principal (if H27>H28 and H32>H33 and H37>H38 and H42>H43 then 0 else [max 0 --
or {H13+H17+H20+H23+H26+H31+H36+H41+H46}-A10-{H12+H15+H18+H21+H24+H29+H34+H39+H44}])
H49 Additional Principal paid to Class A-1 (min H10-H12 or H48) --
H50 Additional Principal paid to Class A-2 (min H14-H15 or H48-H49) --
H51 Additional Principal paid to Class A-3 (min H17-H18 or H48-H49-H50) --
H52 Additional Principal paid to Class A-4 (min H20-H21 or H48-H49-H50-H51) --
H53 Additional Principal paid to Class A-5 (min H23-H24 or H48-H49-H50-H51-H52) --
H54 Additional Principal paid to Class B (min H26-H29 or H48-H49-H50-H51-H52-H53) --
H55 Additional Principal paid to Class C (min H31-H34 or H48-H49-H50-H51-H52-H53-H54) --
H56 Additional Principal paid to Class D (min H36-H39 or H48-H49-H50-H51-H52-H53-H54-H55) --
H57 Additional Principal paid to Class E (min H41-H44 or H48-H49-H50-H51-H52-H53-H54-H55-H56) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 41,384.37
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-H9-[A1-A10-H12]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 1,259.98
Reserve Release (Deposit) (I1-H48-E4)
</TABLE>
