<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 1996
------------------
OR
[_] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from
Commission file number 333-07335
---------
Copelco Capital Funding Corp. II
--------------------------------
(Exact name of registrant as specified in its charter)
Delaware 22-3261117
-------- ----------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
700 East Gate Drive, Mount Laurel, New Jersey 08054-5400
- ---------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (609) 231-9600
--------------
Indicate by check mark whether the registrant (1) has 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) has been subject to such filing
requirements for the past 90 days.
Yes X No
--- ---
<PAGE>
TABLE OF CONTENTS
Page No.
--------
Part I Financial Information
Item 1. Financial Statements ......................................... 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations Properties ............... 3
Part II Other Information
Item 1. Legal Proceedings ............................................ 4
Item 2. Changes in Securities ........................................ 4
Item 3. Defaults Upon Senior Securities .............................. 4
Item 4. Submission of Matters to a Vote of Security Holders .......... 4
Item 5. Other Information ............................................ 4
Item 6. Exhibits and Reports on Form 8-K ............................. 4
Signatures ........................................................... 6
2
<PAGE>
PART I
Item 1. Financial Statements
Not applicable.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Not applicable.
3
<PAGE>
PART II
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults on Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
On August 29, 1996, Copelco Capital Funding Corp. II (the "Company") issued
$214,847,000 aggregate principal amount of the 6.34% Class A Lease-Backed Notes,
Series 1996-A (the "Class A Notes"), $14,127,000 aggregate principal amount of
the 6.59% Class B Lease-Backed Notes, Series 1996-A (the "Class B Notes";
together with the Class A Notes, the "Offered Notes") and $6,475,177 aggregate
principal amount of the 6.86% Class C Lease-Backed Notes, Series 1996-A (the
"Class C Notes"; together with the Class A Notes and the Class B Notes, the
"Notes") by the Company pursuant to an Indenture dated as of August 1, 1996 (the
"Indenture") between the Company and Manufacturers and Traders Trust Company, as
trustee (the "Trustee"). The Notes are secured by certain lease receivables (the
"Lease Receivables"), equipment leases (the "Leases") and the underlying
equipment owned by the Company (the "Equipment"; the Leases, the Lease
Receivables and the Equipment are collectively referred to herein as the
"Transferred Assets") as more fully described in the Prospectus, dated August
23, 1996 (the "Prospectus") relating to the Offered Notes.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
The following reflects all applicable Exhibits required under Item 601 of
Regulation S-K:
(99) Additional Exhibits
(99.1) Monthly Servicer Report for the Due Period ended September 30,
1996.
(b) Reports on Form 8-K
None.
4
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized on November 14, 1996.
COPELCO CAPITAL FUNDING CORP. II
By: /s/ Michael Ritter
-------------------------------------
Senior Vice-President, Treasurer and
Chief Executive Officer
By: /s/ Stephan Shippie
-------------------------------------
Vice President
5
<PAGE>
COPELCO CAPITAL FUNDING CORP II-96 Page 1
MONTHLY SERVICER REPORT 19-Sep-96
September 20, 1996 02:22 PM
MONTHS IN PROGRESS
Line
1 Transaction Cash Flow - see computer detail
1/1 Beginning Net Present Value 235,449,177.00
1/2 Less: Lease Receivables - current month 6,714,057.14
1/3 Add: Actual Interest Payment (Weighted Avg A, B & C
notes) 916,450.71
1/4 Add: 0.75% Servicing Component 125,283.21
1/5 Less: Current month Nonperforming 171,876.93
1/5a Less: Warranty Leases 8,016,828.19
1/6 Less: Amounts on Early Terminations 1,411,919.19
1/7 Add: Amounts due to Substitutions 8,188,728.27
1/8 Add: Amounts due to Additional leases (Prepaid Leases) 1,411,898.68
--------------
1/9 Ending Net Present Value 229,776,856.43
==============
2 Overdue Lease Payments - see computer detail
2/1 Beginning Balance 368,873.83
2/2 (Memo) Overdue Payments Received 204,559.54
2/3 Less: Reimbursed Per This Report 204,559.54
2/4 Less: Past Dues on Disqualified Leases - Early
Terminations 346,670.73
2/5 Less: Past Dues on Disqualified Leases -
Non-Performing and Warranty 280,470.08
2/6 Add: Last Month's Current Payments that became Past Due 1,379,480.90
2/7 Add: Received on Replacements Leases 25,170.88
2/8 (MEMO) Net New Advances 1,379,480.90
2/9 Ending Balance 941,825.26
==============
3 Residual
3/1 Beginning Availability (7% of $235,449,177) 16,481,442.39
3/2 Less: Amount Used
3/3 Ending Maximum Availability 16,481,442.39
==============
3/4 (Memo) Amount Realized 229,508.41
==============
3/5 LTD Residuals of Non-performing, Warranty, and Prepaid
leases substituted 1,469,046.47
3/6 LTD Residuals of Substitutions 1,734,494.97
4 Collection account-Advance Lease Payments
2
<PAGE>
COPELCO CAPITAL FUNDING CORP II-96 Page 2
MONTHLY SERVICER REPORT 19-Sep-96
September 20, 1996 02:22 PM
MONTHS IN PROGRESS
Line
4/1 Beginning Balance 3,968,297.24
4/2 Less: Applied to Current from Prepaid 1,630,963.34
4/3 Less: Advance on Disqualified Leases 165,821.86
4/4 Add: Received This Month 786,222.27
4/5 Add: Received on Replacement Leases 144,358.10
--------------
4/6 Ending Balance 3,102,092.41
==============
5 Residual Event Calculation
5/1 Delinquency condition exist (payments over 62 days
performing leases only) OVER 5.0% Y/N
5/2 Overdue payments and PV on leases over 62 but less
than 122 days 450,609.77
5/3 PV of performing leases 229,776,856.43
5/4 Delinquency Rate Current Month 0.20%
5/5 Second Preceding Month --
5/6 Third Preceding Month --
5/7 Average 0.20%
5/8 Residual Realization > 100% (Yes/No) Yes
5/9 Copelco Capital as Servicer (Yes/No) Yes
6 Cash Reserve Account
6/1 Beginning Balance 2,943,114.71
==============
6/2 Less: New Obligations: Total Shortfall (B9) --
6/3 Plus: Interest earned on Cash Reserve Acct. 759.72
--------------
6/4 Ending Balance 2,943,874.43
==============
6/5 1.25% of Outstanding Note Value 2,872,210.71
6/6 Lesser of 1% of $235,449.177 and Outstanding Note
Value 2,300,000.00
--------------
6/7 Target Cash Reserve (Greater of 6/5 & 6/6) 2,872,210.71
6/8 Cash Reserve Release (6/4-6/7) 71,663.73
6/9 Ending Balance Cash Reserve Account 2,872,210.71
=============
7 Residual Account
7/1 Beginning Balance --
7/2 Plus Current Month Addition --
7/3 Less Disbursements --
--------------
7/4 Ending Balance --
==============
3
<PAGE>
COPELCO CAPITAL FUNDING CORP II-96 Page 3
MONTHLY SERVICER REPORT 19-Sep-96
September 20, 1996 02:22 PM
MONTHS IN PROGRESS
Line
8 Nonperforming Leases
8/1 Beginning Balance of Nonperforming Leases --
8/2 Plus Current Month Additions --
8/3 Plus Past Due Payments on Non Performing Leases --
8/4 Less Current Month Recoveries --
--------------
8/5 Ending Balance --
==============
Cash Receipts
Line
A/1 Regular monthly payments 4,815,312.37
A/2 Overdue payments 204,559.54
A/3 Overdue Payments due on Early Termination and Termed 346,670.73
Out Leases (From Seller)
A/4 Advance Payments of monthly rentals 556,713.86
A/5 Residual Values 229,508.41
A/6 Recoveries on Defaulted Leases --
A/7 Proceeds from investment of Collection Account funds --
A/8 Draws upon Residual Account --
A/9 Casualty and Termination Payments --
A/10 Servicer Advances 1,379,480.90
--------------
A/11 Total Receipts 7,532,245.81
==============
Disbursement Requirements
Line
B/1 Past Due Payments Collected, Due Servicer (COLLECTION
ACCT) 204,559.54
B/2 Overdue Payments Advanced, on Disqualified Leases
(COLLECTION ACCT) 627,140.81
B/3 Servicing Fee (COLLECTION ACCOUNT) 125,283.21
B/4 Advance Payments on Disqualified Leases (COLLECTION 165,821.86
ACCOUNT)
--------------
B/5 Total to Servicer 1,122,805.42
==============
B/6 Collection Account - Advanced Rents
(Monthly-Increase/(Decrease)) (866,204.83)
==============
B/7 Net cash receipts 7,275,645.22
==============
B/8 Shortfall (1/1-1/9+C/1+C/2+C/3-B/7) --
B/9 Draw on Cash Reserve --
B/10 Draw on Residual Account --
B/11 Total Available Funds 7,275,645.22
4
<PAGE>
COPELCO CAPITAL FUNDING CORP II-96 Page 4
MONTHLY SERVICER REPORT 19-Sep-96
September 20, 1996 02:22 PM
MONTHS IN PROGRESS
Line
C Noteholders
C/1 Class A Interest Paid 5.99% 832,412.77
C/2 Class B Interest Paid 6.26% 56,892.57
C/3 Class C Interest Paid 6.65% 27,145.38
C/4 Beginning Class A Note Balance 214,847,000.00
C/5 Class A Note Value Target (91.25% of 1/9) 209,671,007.48
C/6 Class A Principal Paid (min((C/4-C/5), 5,175,992.52
B11-C/1-C/2-C/3)
C/7 Ending Class A Note Balance 209,671,007.48
C/8 Beginning Class B Note Balance 14,127,000.00
C/9a Class B Note Value Target (6% of 1/9) 13,786,660.77
C/9b Class B Note Value Floor (2.5% of $235,449.177+Cum. --
Losses-C/12-6/4)
C/10 Class B Principal Paid (min((C/8-max(C/9a, C/9b)), 340,339.23
B11-C/1-C/2-C/3-C/6
C/11 Ending Class B Note Balance 13,786,660.77
C/12 Beginning Class C Note Balance 6,475,177.00
C/13a Class C Note Value Target (2.75% of 1/9) 6,319,188.18
C/13b Class C Note Value Floor (1% of $235,449,177+Cum.
Losses-6/4) --
C/14 Class C Principal Paid (min((C/12-max(C/13a,C/13b)),
B/11-C/1-C/2-C/3-C/6-C/10)) 155,988.82
C15 Ending Class C Note Balance 6,319,188.18
C/16 Balance Available for Distribution to Copelco 686,873.93
D Miscellaneous Tracking Items
D/1 % of Total Nonperforming and Warranty substituted as
per Initial Outs. Note Value 3.48%
D/2 (MEMO) Cumulative amounts on Early Lease Terminations
due to modification of leases --
D/3 (MEMO) Cumulative amounts of additional leases purchased 1,411,898.68
D/4 (MEMO) Avg. residual realization greater than booked
residual by Document Imaging and Major Accounts
division for last three months (Yes/No) Yes
D/5 % of Total Variance of Residuals substituted for
Non-performing & Prepaid leases and residuals of
Substituted leases to Initial pool booked residuals 0.82%
<PAGE>
MONTHLY ACTIVITY REPORT
5
<PAGE>
<TABLE>
<CAPTION>
Monthly Activity By Lease
Lease # Opening Balance Cash Application Replace, add
Lease # Prepaid Current Past Due Prepaid Current Past Due or Disqual Prepaid
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6,295,848.91 267,267,774.19 368,873.83 556,713.86 1,598,066.19 204,559.54 592,383.13- 3,102,092.41
<CAPTION>
Closing Balance Days
Current Past Due Del.
260,541,840.09 941,825.26
</TABLE>
<TABLE>
<CAPTION>
DANKA President Value: .00
Portfolio Present Value: 230,184,994.63
% DANKA/Total Portfolio: .00%
TOTAL OPENING RECEIVABLES BALANCE TOTAL CASH APPLICATIONS NET REPLACE/DISQUAL
261,340,799.11 2,359,339.59 592,383.13-
<S> <C> <C> <C> <C>
TOTAL O-14 Days Del. 15-29 Days Del. 30-44 Days Del. 45-59 Days Del.
Receivables = $/% Receivables = $/% Receivables = $/% Receivables = $/% Receivables = $/%
No - Leases - #/% No - Leases - #/% No - Leases - #/% No - Leases - #/% No - Leases - #/%
258,381,572.94 244,455,554.59 11,244,776.09 1,444,977.50 723,634.33
100.00% 94.61% 4.35% 0.56% 0.28%
22,270 21,009 921 175 96
100.00% 94.34% 4.14% 0.79% 0.43%
<CAPTION>
TOTAL CLOSING RECEIVABLE BALANCE
258,381,572.94
60-89 Days Del. 90+ Days Del.
Receivables = $/% Receivables = $/%
No - Leases - #/% No - Leases - #/%
512,630.43 .00
0.20% 0.00%
69
0.31% 0.00%
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
=====================================================================================================================
Lease Equipment Description Actual Current Past Due Prepaid Monthly TRM Present
Receivable Receivable Receivable Receivable Payment REM Value
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8650611 SAVIN 7640 COPI 52,704.00 52,704.00 .00 .00 .00 47 44,150.99
- ---------------------------------------------------------------------------------------------------------------------
8650614 SAVIN 9710 REMA 18,900.00 18,900.00 .00 .00 .00 59 15,862.73
- ---------------------------------------------------------------------------------------------------------------------
8650616 SAVIN 9710 REMA 25,500.00 25,500.00 .00 .00 .00 59 21,402.10
- ---------------------------------------------------------------------------------------------------------------------
8650617 SAVIN 7340 REMF 20,520.00 20,520.00 .00 .00 .00 59 17,222.40
- ---------------------------------------------------------------------------------------------------------------------
8650619 SAVIN 9013 COPI 5,400.00 5,400.00 .00 .00 .00 59 4,532.21
- ---------------------------------------------------------------------------------------------------------------------
8650623 SAVIN 9710 COPI 25,500.00 25,000.00 .00 .00 .00 59 21,402.10
- ---------------------------------------------------------------------------------------------------------------------
8650624 SAVIN 9710 COPI 25,500.00 25,500.00 .00 .00 .00 59 21,402.10
- ---------------------------------------------------------------------------------------------------------------------
8650625 SAVIN 7350 COPI 8,550.00 8,550.00 .00 .00 .00 59 7,176.00
- ---------------------------------------------------------------------------------------------------------------------
8650628 SAVIN 9710 REMA 25,500.00 25,500.00 .00 .00 .00 59 21,402.10
- ---------------------------------------------------------------------------------------------------------------------
8650629 SAVIN 9710 REMA 25,500.00 25,500.00 .00 .00 .00 59 21,402.10
- ---------------------------------------------------------------------------------------------------------------------
8654002 VARIOUS EQUIPME 52,861.00 52,805.00 56.00 .00 895.00 59 44,442.72
- ---------------------------------------------------------------------------------------------------------------------
8678911 VARIOUS EQUIPME 63,933.34 61,776.00 2,157.34 .00 1,872.00 33 57,485.06
- ---------------------------------------------------------------------------------------------------------------------
8682207 1081 6,012.00 5,845.00 167.00 .00 167.00 35 5,263.97
- ---------------------------------------------------------------------------------------------------------------------
8706501 SHARP 2116 W/AT 4,871.18 4,748.53 122.60 .00 103.23 46 4,145.02
- ---------------------------------------------------------------------------------------------------------------------
8714701 RICOH 4215 COPI 3,992.40 3,925.86 66.54 .00 66.54 59 3,304.16
- ---------------------------------------------------------------------------------------------------------------------
8732901 SAVIN 9035DL CO 11,760.00 11,564.00 196.00 .00 196.00 59 9,732.71
- ---------------------------------------------------------------------------------------------------------------------
8752701 MINOLTA 9760 18,639.00 18,322.20 316.80 .00 315.90 58 15,463.72
- ---------------------------------------------------------------------------------------------------------------------
8803002 KONICA 7050 COP 16,272.00 15,820.00 452.00 .00 452.00 35 14,247.40
- ---------------------------------------------------------------------------------------------------------------------
8847701 VARIOUS EQUIPME 56,444.00 54,832.00 1,612.00 .00 1,192.00 46 47,862.62
- ---------------------------------------------------------------------------------------------------------------------
8861001 KONICA 2590 COP 3,204.00 2,937.00 267.00 .00 89.00 33 2,660.21
- ---------------------------------------------------------------------------------------------------------------------
8874401 VARIOUS EQUIPME 17,211.60 16,733.50 478.10 .00 478.10 35 15,070.10
- ---------------------------------------------------------------------------------------------------------------------
8993101 MINOLTA EP 1080 5,580.00 5,425.00 155.00 .00 155.00 35 4,885.72
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
============================================================================
Lease Equipment Description Residual Security Disqualification
Value Deposit
- ----------------------------------------------------------------------------
8650611 SAVIN 7640 COPI 5926.93 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650614 SAVIN 9710 REMA 2239.34 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650616 SAVIN 9710 REMA 3021.33 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650617 SAVIN 7340 REMF 2431.28 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650619 SAVIN 9013 COPI 639.81 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650623 SAVIN 9710 COPI 3064.91 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650624 SAVIN 9710 COPI 3064.90 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650625 SAVIN 7350 COPI 904.04 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650628 SAVIN 9710 REMA 3064.90 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8650629 SAVIN 9710 REMA 3064.90 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8654002 VARIOUS EQUIPME 4031.53 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8678911 VARIOUS EQUIPME 11,812.76 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8682207 1081 829.50 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8706501 SHARP 2116 W/AT 629.45 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8714701 RICOH 4215 COPI 479.86 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8732901 SAVIN 9035DL CO 1491.45 392.00 NO PAY RCVD
- ----------------------------------------------------------------------------
8752701 MINOLTA 9760 1.00 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8803002 KONICA 7050 COP 2321.91 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8847701 VARIOUS EQUIPME 7419.09 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8861001 KONICA 2590 COP 468.65 178.00 NO PAY RCVD
- ----------------------------------------------------------------------------
8874401 VARIOUS EQUIPME 2269.46 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
8993101 MINOLTA EP 1080 780.20 .00 NO PAY RCVD
- ----------------------------------------------------------------------------
7
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9123003 NP 6650 CANON C 14,760.00 14,350.00 410.00 .00 410.00 35 13,254.88
- -----------------------------------------------------------------------------------------------------------------
9158702 CANON 4050 COPI 13,334.50 13,461.06 .00 126.56 .00 35 12,113.06
- -----------------------------------------------------------------------------------------------------------------
9191901 SAVIN 3640 FAX 1,800.00 1,750.00 50.00 .00 50.00 35 1,576.04
- -----------------------------------------------------------------------------------------------------------------
9223601 MINOLTA EP 1081 4,464.00 4,340.00 124.00 .00 124.00 35 3,908.58
- -----------------------------------------------------------------------------------------------------------------
9235801 VARIOUS EQUIPME 25,365.60 24,942.84 422.76 .00 422.76 59 20,992.86
- -----------------------------------------------------------------------------------------------------------------
TOTAL LEASES: 963 14,270,648.47 627,140.81 297,654.05 118,570.99
- -----------------------------------------------------------------------------------------------------------------
13,809,329.52 165,821.86 9,600,624.31 1,469,046.47
- -----------------------------------------------------------------------------------------------------------------
SUMMARY OF DISQUALIFIED LEASES BY TYPE OF DISQUALIFICATION
- -----------------------------------------------------------------------------------------------------------------
PREPAYMENT 119 1,802,642.63 346,259.65 40,990.87 1,411,919.19
- -----------------------------------------------------------------------------------------------------------------
1,600,490.08 144,107.10 205,372.57
- -----------------------------------------------------------------------------------------------------------------
LEGAL 13 171,126.87 6,949.42 4,194.34 159,271.87
- -----------------------------------------------------------------------------------------------------------------
182,713.34 18,535.89 11,037.19
- -----------------------------------------------------------------------------------------------------------------
DELINO 90+ 2 15,772.90 1,627.60 406.90 12,605.06
- -----------------------------------------------------------------------------------------------------------------
14,145.30 .00 2,178.30
- -----------------------------------------------------------------------------------------------------------------
TERMED OUT 5 172.20 411.08 .00 .00
- -----------------------------------------------------------------------------------------------------------------
.00 238.88 3,981.75
- -----------------------------------------------------------------------------------------------------------------
NO PAY RCVD 824 12,280,933.87 271,893.06 252,061.94 8,016,828.19 95,641.73
- -----------------------------------------------------------------------------------------------------------------
12,011,980.80 2,939.99 1,246,476.66 118,570.99
- -----------------------------------------------------------------------------------------------------------------
TOTAL LEASES: 963 14,270,648.47 627,140.81 297,654.05 9,600,624.31
- -----------------------------------------------------------------------------------------------------------------
13,809,329.52 165,821.86 1,469,046.47
=================================================================================================================
</TABLE>
- ------------------------------------------------------------------------------
9123003 NP 6650 CANON C 2077.70 .00 NO PAY RCVD
- ------------------------------------------------------------------------------
9158702 CANON 4050 COPI 1846.26 .00 NO PAY RCVD
- ------------------------------------------------------------------------------
9191901 SAVIN 3640 FAX 256.85 100.00 NO PAY RCVD
- ------------------------------------------------------------------------------
9223601 MINOLTA EP 1081 615.89 .00 NO PAY RCVD
- ------------------------------------------------------------------------------
9235801 VARIOUS EQUIPME 3048.75 .00 NO PAY RCVD
- ------------------------------------------------------------------------------
TOTAL LEASES:
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
SUMMARY OF DISQUALIFIED LEASES BY TYPE OF DISQUALIFICATION
- ------------------------------------------------------------------------------
PREPAYMENT 119 17,790.94
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
LEGAL 13 5,138.32
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
DELINO 90+ 2 .00
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
TERMED OUT 5 .00
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
NO PAY RCVD 95,641.73
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
TOTAL LEASES: 118,570.99
- ------------------------------------------------------------------------------
==============================================================================
8
<PAGE>
LEASE DISQUALIFICATION
REPORT
<PAGE>
LEASE REPLACEMENTS
<PAGE>
COPELCO CAPITAL FUNDING CORP. LOAN # 500015
FOR THE MONTH ENDED 08/30/96 AS OF THE DETERMINATION DATE OF 09/13/96
DEFERRED PRINCIPAL PAYMENT ADDITIONAL LEASE SCHEDULE
<TABLE>
<CAPTION>
RECEIVABLES RECEIVABLES TERM
LEASE # ACTUAL PAST DUE START DATE NET
LESSEE'S NAME EQUIP DESC. AND CODE ST CURRENT PREPAID DAYS DELIN YIELD REM
- ------------- --------------------- -- ----- ------ ---------- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C>
1934951 6,240.00 *.00 05/02/96 37
CHESAPEAKE CENTER INC., THE PANASONIC 7117 100 VA 6,240.00 .00 10 DAYS 12.06% 32
1966351 5,664.00 .00 05/10/96 37
HARRISON PAINT CORP. SHARP 2022/ADF/ 100 OH 5,664.00 .00 2 DAYS 11.50% 32
1969553 3,582.48 .00 07/14/96 37
WEIDLINGER ASSOCIATES, INC. COMPUTER EQUIPM 500 NY 3,691.04 108.56 32- DAYS 14.28% 34
2041502 2,784.94 .00 07/18/96 37
JENNIFER DALE INC CANON LC 5500 100 NY 2,784.94 .00 6- DAYS 12.81% 34
2134602 934.40 .00 05/12/96 37
THE BAUMAN GROUP, INC. S-104 SORTER 200 MA 934.40 .00 0 DAYS 10.56% 32
TOTAL LEASES: 941 13,240,315.64 24,242.52
13,355,948.90 139,875.78
</TABLE>
LEASE # PAYMENT ORIGINAL COST RESIDUAL VAL.
LESSEE'S NAME DANKA? PRESENT VALUE SECURITY DEP.
- ------------- ------- ------------- -------------
1934951 195.00 6,543.62 981.54
CHESAPEAKE CENTER INC., THE NO 5,668.14 .00
1966351 177.00 6,000.00 900.00
HARRISON PAINT CORP. NO 5,144.93 354.00
1969553 108.56 3,382.00 338.20
WEIDLINGER ASSOCIATES, INC. NO 3,333.64 217.12
2041502 81.91 2,712.25 406.84
JENNIFER DALE INC NO 2,515.28 .00
2134602 29.20 1,006.90 151.04
THE BAUMAN GROUP, INC. NO 848.77 .00
TOTAL LEASES: 316,793.89 12,407,996.36 1,694,078.22
9,212,829.60 116,251.60
- - - - - S U M M A R Y - - - - -
AVERAGE TERM REMAINING: 39 MONTHS
TOTAL MONTHLY PAYMENT: 316,793.89
TOTAL RESIDUAL VALUE: 1,694,078.22
TOTAL SECURITY DEPOSITS: 116,251.60
TOTAL PRESENT VALUE: 11,700,194.01
11
<PAGE>
DELINQUENCY REPORT
<PAGE>
<TABLE>
<CAPTION>
RECEIVABLES RECEIVABLES TERM
LEASE # ACTUAL PAST DUE START DATE NET
LESSEE'S NAME EQUIP DESC. AND CODE ST CURRENT PREPAID DAYS DELIN YIELD REM
- ------------- --------------------- -- ----------- ---------- -------- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C>
TOTAL LEASES: 36 437,949.70 928.36
441,503.66 4,482.32
<CAPTION>
LEASE # PAYMENT ORIGINAL COST RESIDUAL VAL.
LESSEE'S NAME DANKA? PRESENT VALUE SECURITY DEP.
- ------------- ------- ------------- -------------
<S> <C> <C> <C>
TOTAL LEASES: 10,529.04 386,960.96 40,416.75
387,797.35 8,368.05
</TABLE>
- - - - - S U M M A R Y - - - - -
AVERAGE TERM REMAINING: 38 MONTHS
TOTAL MONTHLY PAYMENT: 10,529.04
TOTAL RESIDUAL VALUE: 40,416.75
TOTAL SECURITY DEPOSITS: 8,368.05
TOTAL PRESENT VALUE: 387,797.35
13
<PAGE>
CASH SUMMARY
14
<PAGE>
<TABLE>
<CAPTION>
DAYS 30-59 DAYS DEL. 60-89 DAYS DEL. 90 DAYS + DEL.
LEASE # AND NAME DEL. PRESENT VALUE PAYMENT AMOUNT PAYMENT AMOUNT PAYMENT AMOUNT
- ---------------- ---- ------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
8914402 34 2,787.10 84.12 84.12
8949401 57 2,570.27 106.97 106.97
9072001 39 3,669.03 86.51 86.51
9125401 41 5,760.97 125.00 125.00
TOTAL PAST DUE PAYMENTS OVER 30 DAYS
TOTAL PAYMENTS: 89,212.31 74,919.41 14,292.90 .00 89,212.31
TOTAL # LEASES: 340
TOTAL PRESENT VALUE: 2,254,385.36
</TABLE>
15
<PAGE>
FOR THE MONTH ENDED 08/30/96 AS OF THE DETERMINATION DATE OF 09/16/96
LEASE # RESIDUAL COLLECTED
6916801 769.76
6978550 3,403.83
6997450 355.14
7004850 1,249.76
7007550 1,835.00
7019651 79.20
7049350 125.26
7057550 1,364.75
7098950 1,592.96
7113050 1.00
7173250 1,879.93
7180950 1,979.25
7188903 7,241.37
7197750 719.75
7240450 1.00
7249950 2,482.50
7285800 5,391.75
7322950 1,743.19
7339550 7,148.56
7355650 1,030.48
7379250 983.20
7407750 350.98
7467850 14,743.07
7605005 2,920.79
7680402 3,506.88
7949801 2,088.90
8115301 2,404.31
8436801 2,138.88
8579201 610.29
8650603 3,031.09
8650604 3,015.02
8650606 4,120.89
8650607 3,683.46
8650608 3,064.77
229,508.41
16
