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-B
(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 ______
<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
<PAGE>
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 is
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 sole holder of the equity shares of Copelco Capital Funding LLC 99-B is
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
<PAGE>
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 November and December,
1999.
4
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, Copelco Capital Funding LLC 99-B has duly caused this
report to be signed on its behalf by the undersigned, thereunder duly
authorized.
COPELCO CAPITAL FUNDING LLC 99-B
By: COPELCO MANAGER, INC.,
as Manager of Copelco Capital Funding LLC 99-B
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-B.
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
<PAGE>
Exhibit Index
99.1 Servicer's Reports for the payment periods ending in November and December,
1999.
6
<TABLE>
<CAPTION>
Copelco Capital Funding Trust 1999-B Page 1 of 2
Monthly Servicer Report
Payment Date November 18, 1999
Months in progress 1
- - -------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 565,717,289.10
A2 Less: Lease receivables, current month 16,672,415.11
A3 Add: Interest component (6.869%*A1/12) 3,238,260.05
A4 Add: Servicing Fee (0.75%*A1/12) 353,573.31
A5 Less: Current month Non-Performing 4,168,000.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 8,915,877.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 4,171,461.95
A9 Add: Additional Leases provided (Early Terminations) 3,515,762.09
---------------
A10 Discounted Present Value, ending 547,240,054.38
---------------
- - -------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- - -------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 7,387,310.11
B2 Less: Past due payments received (reimbursed per this report) 6,434,954.69
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 340,377.00
B4 Less: Past dues on Early Terminations 726,289.00
B5 Add: New Net Advances (last month's current payments that became past due) 2,487,496.21
B6 Add: Past dues on Replacement Leases 153,087.71
---------------
B7 Past due balance, ending 2,526,273.34
---------------
- - -------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- - -------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 6,734,591.24
C2 Less: Applied to Current from Prepaid 5,068,405.90
C3 Less: Advance payments on Disqualified Leases 1,347,518.00
C4 Add: Received on Replacement Leases 82,275.94
C5 Add: Received this month 7,224,234.39
---------------
C6 Advance payment balance, ending 7,625,177.67
---------------
- - -------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- - -------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning --
D2 Add: Non-Performing Leases provided with Substitute Leases 4,168,000.00
---------------
D3 Non-Performing Leases Substitued to date, ending 4,168,000.00
---------------
D4 Percentage of Present Value at Cut-Off Date (D3/$565,717,289.10) (not to exceed 10%) 0.737%
- - -------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- - -------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,657,172.89
E2 Memo: Required Reserve Amount (min 1%*$565,717,289.10 or Outstanding Note) 5,657,172.89
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 5,657,172.89
---------------
- - -------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- - -------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 13,053,738.88
F2 Past due payments received (B2) 6,434,954.69
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 1,066,666.00
F4 Advance payments on monthly rentals (excluding cash residuals) 7,077,006.73
F5 Proceeds from Prepayments not replaced (max A7-A9 or zero) 5,400,114.91
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 88,944.34
F9 Servicer Advances (B5) 2,487,496.21
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) (890,586.43)
---------------
F12 Total Available Funds 34,718,335.33
---------------
</TABLE>
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<TABLE>
<CAPTION>
Page 2 of 2
- - -------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 6,434,954.69
G2 Past due payments advanced on Disqualified Leases (B3+B4) 1,066,666.00
G3 Advance payments on Disqualified Leases (C3) 1,347,518.00
G4 Servicer Fee (A4) 353,573.31
---------------
G5 Total Payments to Servicer 9,202,712.00
---------------
- - -------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- - -------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.93709%*H9*actual/360) 1,108,795.61
H2 Class A-2 Interest Payment (6.25%*H13/12) 371,251.97
H3 Class A-3 Interest Payment (6.610%*H16/12) 1,919,554.19
H4 Class A-4 Interest Payment (6.90%*H19/12) 1,663,736.83
H5 Class B Interest Payment (6.95%*H22/12) 122,320.65
H6 Class C Interest Payment (7.10%*H27/12) 124,960.67
H7 Class D Interest Payment (7.78%*H32/12) 205,393.09
H8 Class E Interest Payment (9.76%*H37/12) 236,193.25
H9 Class A-1 Note Balance, beginning 117,952,055.00
H10 Class A Target Investor Principal Amount (A10*84.8389%) 464,272,442.50
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 18,477,234.72
H12 Class A-1 Note Balance, ending (H9-H11-H45) 99,474,820.28
H13 Class A-2 Note Balance, beginning 38,185,917.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*84.8389%-H11 or zero] or H13) --
H15 Class A-2 Note Balance, ending (H13-H14-H46) 38,185,917.00
H16 Class A-3 Note Balance, beginning 186,686,705.00
H17 Class A-3 Principal Payment (min [max (A1-A10)84.8389%-H11-H14 or 0] or H16) --
H18 Class A-3 Note Balance, ending (H16-H17-H47) 186,686,705.00
H19 Class A-4 Note Balance, beginning 155,006,537.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*84.8389%-H11-H14-H18 or 0] or H19) --
H21 Class A-4 Note Balance, ending (H19-H20-H48) 155,006,537.00
H22 Class B Note Balance, beginning 11,314,346.00
H23 Class B Target Investor Principal Amount (A10*2.5268%) 13,827,661.69
H24 Class B Floor (max $565,717,289.10*3.25%+H43-[H27+H32+H37]-H42-E5 or zero) --
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) --
H26 Class B Note Balance, ending (H22-H25-H49) 11,314,346.00
H27 Class C Note Balance, beginning 11,314,346.00
H28 Class C Target Investor Principal Amount (A10*2.5268%) 13,827,661.69
H29 Class C Floor (if H22<=H24 then H27 else {max $565,717,289.10*2.2%+H43-[H32+H37]-H42-E5,0}) --
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) --
H31 Class C Note Balance, ending (H27-H30-H50) 11,314,346.00
H32 Class D Note Balance, beginning 16,971,519.00
H33 Class D Target Investor Principal Amount (A10*3.7903%) 20,742,039.78
H34 Class D Floor (if H27<=H29 then H32 else {max $565,717,289.10*1.8%+H43-[H37]-H42-E5 or zero}) --
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) --
H36 Class D Note Balance, ending (H32-H35-H51) 16,971,519.00
H37 Class E Note Balance, beginning 15,557,225.00
H38 Class E Target Investor Principal Amount (A10*3.4744%) 19,013,308.45
H39 Class E Floor (if H32<=H34 then H37 else [max $565,717,289.10*1.2%+H43-H42-E5 or zero]) --
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) --
H41 Class E Note Balance, ending (H37-H40-H52) 15,557,225.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 12,728,639.10
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 --
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) --
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) --
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) --
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) --
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) --
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) --
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) --
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 1,286,182.36
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 1,286,182.36
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Copelco Capital Funding Trust 1999-B Page 1 of 2
Monthly Servicer Report
Payment Date December 20, 1999
Months in progress 2
- - --------------------------------------------------------------------------------------------------------------------------------
A PRESENT VALUE
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A1 Discounted Present Value, beginning 547,240,054.38
A2 Less: Lease receivables, current month 14,744,833.48
A3 Add: Interest component (6.869%*A1/12) 3,132,493.28
A4 Add: Servicing Fee (0.75%*A1/12) 342,025.03
A5 Less: Current month Non-Performing 2,490,624.00
A6 Less: Current month Warranty and Adjusted Leases --
A7 Less: Current month Early Terminations 1,993,971.00
A8 Add: Substitute Leases provided (Non-Performing, Warranty and Adjusted Leases) 2,489,702.02
A9 Add: Additional Leases provided (Early Terminations) 1,993,984.29
----------------
A10 Discounted Present Value, ending 535,968,830.52
----------------
- - --------------------------------------------------------------------------------------------------------------------------------
B PAST DUE LEASE PAYMENTS
- - --------------------------------------------------------------------------------------------------------------------------------
B1 Past due balance, beginning 2,526,273.34
B2 Less: Past due payments received (reimbursed per this report) 1,660,473.79
B3 Less: Past dues on Non-Performing, Warranty and Adjusted Leases 226,095.00
B4 Less: Past dues on Early Terminations 125,325.00
B5 Add: New Net Advances (last month's current payments that became past due) 1,969,984.85
B6 Add: Past dues on Replacement Leases 37,445.65
----------------
B7 Past due balance, ending 2,521,810.05
----------------
- - --------------------------------------------------------------------------------------------------------------------------------
C ADVANCE LEASE PAYMENTS
- - --------------------------------------------------------------------------------------------------------------------------------
C1 Advance payment balance, beginning 7,625,177.67
C2 Less: Applied to Current from Prepaid 1,832,804.27
C3 Less: Advance payments on Disqualified Leases 371,903.00
C4 Add: Received on Replacement Leases 47,630.32
C5 Add: Received this month 1,933,258.46
----------------
C6 Advance payment balance, ending 7,401,359.18
----------------
- - --------------------------------------------------------------------------------------------------------------------------------
D SUBSTITUTIONS
- - --------------------------------------------------------------------------------------------------------------------------------
D1 Non-Performing Leases Substitued to date, beginning 4,168,000.00
D2 Add: Non-Performing Leases provided with Substitute Leases 2,489,702.02
----------------
D3 Non-Performing Leases Substitued to date, ending 6,657,702.02
----------------
D4 Percentage of Present Value at Cut-Off Date (D3/$565,717,289.10) (not to exceed 10%) 1.177%
- - --------------------------------------------------------------------------------------------------------------------------------
E RESERVE ACCOUNT
- - --------------------------------------------------------------------------------------------------------------------------------
E1 Reserve Account balance, beginning 5,657,172.89
E2 Memo: Required Reserve Amount (min 1%*$565,717,289.10 or Outstanding Note) 5,657,172.89
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 5,657,172.89
----------------
- - --------------------------------------------------------------------------------------------------------------------------------
F AVAILABLE FUNDS (COLLECTION ACCOUNT)
- - --------------------------------------------------------------------------------------------------------------------------------
F1 Regular monthly Lease Payments 11,036,586.93
F2 Past due payments received (B2) 1,660,473.79
F3 Past due payments due on Disqualified Leases (From Seller) (B3+B4) 351,420.00
F4 Advance payments on monthly rentals (excluding cash residuals) 1,888,393.90
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 120,603.09
F9 Servicer Advances (B5) 1,969,984.85
F10 Casualty and Termination Payments --
F11 Net decrease in Advance Lease Payments balance (C1-C6) 223,818.49
----------------
F12 Total Available Funds 17,251,281.05
----------------
</TABLE>
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<TABLE>
<CAPTION>
Page 2 of 2
- - ---------------------------------------------------------------------------------------------------------------------------------
G PAYMENTS TO THE SERVICER
- - ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G1 Past due payments received (B2) 1,660,473.79
G2 Past due payments advanced on Disqualified Leases (B3+B4) 351,420.00
G3 Advance payments on Disqualified Leases (C3) 371,903.00
G4 Servicer Fee (A4) 342,025.03
----------------
G5 Total Payments to Servicer 2,725,821.82
----------------
- - --------------------------------------------------------------------------------------------------------------------------------
H PAYMENTS TO NOTEHOLDERS
- - --------------------------------------------------------------------------------------------------------------------------------
H1 Class A-1 Interest Payment (5.93709%*H9*actual/360) 524,969.74
H2 Class A-2 Interest Payment (6.25%*H13/12) 198,884.98
H3 Class A-3 Interest Payment (6.610%*H16/12) 1,028,332.60
H4 Class A-4 Interest Payment (6.90%*H19/12) 891,287.59
H5 Class B Interest Payment (6.95%*H22/12) 65,528.92
H6 Class C Interest Payment (7.10%*H27/12) 66,943.21
H7 Class D Interest Payment (7.78%*H32/12) 110,032.01
H8 Class E Interest Payment (9.76%*H37/12) 126,532.10
H9 Class A-1 Note Balance, beginning 99,474,820.28
H10 Class A Target Investor Principal Amount (A10*84.8389%) 454,710,060.16
H11 Class A-1 Principal Payment (min(A1-A10) or H9) 11,271,223.86
H12 Class A-1 Note Balance, ending (H9-H11-H45) 88,203,596.42
H13 Class A-2 Note Balance, beginning 38,185,917.00
H14 Class A-2 Principal Payment (min [max (A1-A10)*84.8389%-H11 or zero] or H13) --
H15 Class A-2 Note Balance, ending (H13-H14-H46) 38,185,917.00
H16 Class A-3 Note Balance, beginning 186,686,705.00
H17 Class A-3 Principal Payment (min [max (A1-A10)84.8389%-H11-H14 or 0] or H16) --
H18 Class A-3 Note Balance, ending (H16-H17-H47) 186,686,705.00
H19 Class A-4 Note Balance, beginning 155,006,537.00
H20 Class A-4 Principal Payment (min [max (A1-A10)*84.8389%-H11-H14-H18 or 0] or H19) --
H21 Class A-4 Note Balance, ending (H19-H20-H48) 155,006,537.00
H22 Class B Note Balance, beginning 11,314,346.00
H23 Class B Target Investor Principal Amount (A10*2.5268%) 13,542,860.41
H24 Class B Floor (max $565,717,289.10*3.25%+H43-[H27+H32+H37]-H42-E5 or zero) --
H25 Class B Principal Payment (min {max [max H23 or H24]-H22-H11 or zero} or H22) --
H26 Class B Note Balance, ending (H22-H25-H49) 11,314,346.00
H27 Class C Note Balance, beginning 11,314,346.00
H28 Class C Target Investor Principal Amount (A10*2.5268%) 13,542,860.41
H29 Class C Floor (if H22<=H24 then H27 else {max $565,717,289.10*2.2%+H43-[H32+H37]-H42-E5,0}) --
H30 Class C Principal Payment (min {max [max H28 or H29]-H27-H11 or zero} or H27) --
H31 Class C Note Balance, ending (H27-H30-H50) 11,314,346.00
H32 Class D Note Balance, beginning 16,971,519.00
H33 Class D Target Investor Principal Amount (A10*3.7903%) 20,314,826.58
H34 Class D Floor (if H27<=H29 then H32 else {max $565,717,289.10*1.8%+H43-[H37]-H42-E5 or zero}) --
H35 Class D Principal Payment (min {max [max H33 or H34]-H32-H11 or zero} or H32) --
H36 Class D Note Balance, ending (H32-H35-H51) 16,971,519.00
H37 Class E Note Balance, beginning 15,557,225.00
H38 Class E Target Investor Principal Amount (A10*3.4744%) 18,621,701.05
H39 Class E Floor (if H32<=H34 then H37 else [max $565,717,289.10*1.2%+H43-H42-E5 or zero]) --
H40 Class E Principal Payment (min {max [max H38 or H39]-H37-H11 or zero} or H37) --
H41 Class E Note Balance, ending (H37-H40-H52) 15,557,225.00
H42 Overcollateralization Balance, beginning (max A1-[H9+H13+H16+H19+H22+H27+H32+H37] or 0) 12,728,639.10
H43 Cumulative Loss Amount (H9+H13+H16+H19+H22+H27+H32+H37+H42 --
-[min A1-A10 or F12-G5-H1-H2-H3-H4-H5-H6-H7-H8]-A10)
H44 Additional Principal (if H23>H24 and H28>H29 and H33>H34 and H38>H39 then 0 else [max 0 --
or {H9+H13+H16+H19+H22+H27+H32+H37+H42}-A10-{H11+H14+H17+H20+H25+H30+H35+H40}])
H45 Additional Principal paid to Class A-1 (min H9-H11 or H44) --
H46 Additional Principal paid to Class A-2 (min H13-H14 or H44-H45) --
H47 Additional Principal paid to Class A-3 (min H16-H17 or H44-H45-H46) --
H48 Additional Principal paid to Class A-4 (min H19-H20 or H44-H45-H46-H47) --
H49 Additional Principal paid to Class B (min H22-H25 or H44-H45-H46-H47-H48) --
H50 Additional Principal paid to Class C (min H27-H30 or H44-H45-H46-H47-H48-H49) --
H51 Additional Principal paid to Class D (min H32-H35 or H44-H45-H46-H47-H48-H49-H50) --
H52 Additional Principal paid to Class E (min H37-H40 or H44-H45-H46-H47-H48-H49-H50-H51) --
I1 Available for Distribution to Copelco Capital, Inc. prior to payment of Additional Principal (Shortfall) 241,724.20
(if F12-G5-H1-H2-H3-H4-H5-H6-H7-H8-[A1-A10-H11]*97.2028%-H11)
I2 Distribution to Copelco Capital, Inc. after payment of Additional Principal and 241,724.20
Reserve Release (Deposit) (I1-H44-E4)
</TABLE>
