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to
California (State or other juris- diction of organization) | 7359 (Primary standard industrial classification code number) | 20-1357935 (IRS Employer Identification number) |
San Francisco, California 94108
(415) 989-8800
(Address, including zip code, and telephone number, including area code,
of principal executive offices)
600 California Street, 6th Floor
San Francisco, California 94108
(415) 989-8800
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
PAUL J. DERENTHAL, ESQ.
Derenthal & Dannhauser LLP
One Post Street, Suite 575
San Francisco, California 94104
(415) 981-4844
public: As soon as practicable after this Registration
Statement becomes effective.
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CAPITAL EQUIPMENT FUND XI, LLC
Limited Liability Company Units
o | Most of the Fund’s distributions will be, and most of the prior ATEL programs’ distributions have been, a return of capital; | |
o | Economic recession and changes in general economic conditions, including, fluctuations in demand for equipment, lease rates, and interest rates may, and in certain past programs have, resulted in delays in investment and reinvestment, delays in leasing, re-leasing and disposition of equipment, and reduced returns on invested capital; | |
o | The Fund’s performance is subject to risks relating to lessee defaults; | |
The Fund’s performance is subject to risks relating to the value of equipment at the end of its leases; | ||
o | The Fund will borrow to buy equipment and, if Fund revenues are insufficient to repay borrowed funds, the Fund could incur a loss of equipment used as collateral; | |
o | No market exists for the Units, and an investor may be unable to sell his Units or able to sell the Units only at a significant discount; | |
o | Except as may be set forth in a supplement to this Prospectus, the Fund has not specified any of its equipment investments, so that investors cannot evaluate the risks or potential returns from such investments; | |
o | Investors must rely on ATEL to manage the Fund; | |
o | The Fund will pay ATEL substantial fees; and | |
o | The Fund does not guarantee its distributions or the return of investors’ capital. |
Selling | Proceeds | |||||||||||
Price to Public | Commissions | to Fund | ||||||||||
Per Unit | $ | 10 | $ | 0.90 | $ | 9.10 | ||||||
Total Minimum | $ | 1,200,000 | $ | 108,000 | $ | 1,092,000 | ||||||
Total Maximum | $ | 150,000,000 | $ | 13,500,000 | $ | 136,500,000 |
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— | Most of the Fund’s distributions will be, and most of the prior ATEL programs’ distributions have been, a return of capital. The portion of total distributions that will be a return of capital and the portion that will be investment income at the end of the Fund will depend on a number of factors in the Fund’s operations, and cannot be determined until all of its equipment is sold and an investor can compare the total amount of all cash distributions to the total capital invested. In this regard, investors should note that prior completed ATEL programs have made aggregate distributions over the course of their eight to ten year terms in amounts equal to 100% of investors’ capital plus additional returns on invested capital equal to from 21% to 32% of investors’ capital (not annually, but over their entire terms). | ||
— | The Fund’s performance will be subject to risks relating to changes in general economic conditions, including fluctuations in demand for equipment, lease rates and interest rates. These changes may, and in certain past programs have, resulted in delays in investment and reinvestment, delays in leasing, re-leasing and disposition of equipment, and reduced returns on invested capital. The success of the Fund will be subject to these risks inherent in the equipment leasing business that may adversely affect the ability of the Fund to acquire, lease and sell equipment, and to finance its portfolio, on terms which will permit it to generate profitable rates of return for investors. | ||
— | The Fund’s performance is subject to risks relating to lessee defaults. The Fund may be harmed if a lessee defaults on its lease and the Fund is unable to collect the lease revenue anticipated from the defaulted leases. | ||
— | The Fund’s performance is subject to risks relating to the value of equipment at the end of its leases. In negotiating leases, the Manager |
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will assume a value for the equipment at the end of the lease. The Fund cannot assure that its value assumptions will be accurate or that the equipment will not lose value more rapidly than anticipated. | |||
— | The Fund will borrow to buy equipment investments and, if Fund revenues are insufficient to repay borrowed funds, the Fund could incur a loss of equipment used as collateral. The Fund can expect to make a profit on equipment purchased with debt only if the equipment produces more than enough cash from lease payments and sales price to pay the principal and interest on the debt, recover the purchase price and cover fees and other operating expenses. | ||
— | No market exists for the Units, and an investor may be unable to sell his Units or able to sell the Units only at a significant discount. Investors will probably not be able to sell their Units for full value if they need to in an emergency. Consequently, investors should consider the purchase of Units only as a long-term investment. | ||
— | Except as may be set forth in a supplement to this Prospectus, the Fund has not specified any of its equipment investments, so that investors cannot evaluate the risks or potential returns from such investments. An investor cannot assess all of the potential risks of an investment in Units because all of the equipment to be purchased and the lessees to whom the equipment will be leased have not been identified. | ||
— | Investors must rely on ATEL to manage the Fund’s business. The success of the Fund will, to a large extent, depend on the quality of its management, particularly decisions on the purchase, leasing and sale of its equipment. | ||
— | The Fund will pay ATEL substantial fees which may result in conflicts of interest. The Fund will pay substantial fees to the Manager and its related companies before distributions are paid to investors even if the Fund does not produce profits. | ||
— | The Fund does not guarantee its distributions or the return of investors’ capital. Accordingly, investors must rely on the performance of the Fund’s equipment leasing portfolio investments to generate distributions in return of capital and a return on their invested capital. |
— | an annual gross income of at least $45,000 and a net worth (exclusive of home, home furnishings and automobiles) of at least $45,000; or | ||
— | a net worth (determined with the same exclusions) of at least $150,000. |
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— | ATEL Securities Corporation will organize and manage the group of broker-dealers selling the Units. It will receive selling commissions, most of which it will pay to the participating broker dealers. ATEL Securities Corporation may retain up to 1.5% of the sale price of Units. | ||
— | The Fund will pay ATEL an annual asset management fee equal to 4% of the revenues from leases and sales of the Fund’s equipment, subject to fee limits. | ||
— | ATEL will have an interest equal to 7.5% of all of the Fund’s income, loss and cash distributions. |
— | pays its expenses, including fees paid to ATEL, | ||
— | establishes or restores its capital reserves, and | ||
— | to the extent permitted, sets aside amounts for reinvestment in additional equipment. |
— | Voting Rights of Members. Each investor will become a member of the Fund, and will be entitled to cast one vote for each Unit owned as of the record date for any vote of all the members. The members are entitled to vote on only certain fundamental organizational matters affecting the Fund, and have no voice in Fund operations or policies. | ||
— | Meetings. ATEL or Members holding 10% or more of the total outstanding Units may call a meeting of the Members or a vote of the Members without a meeting, on matters on which they are entitled to vote. | ||
— | Dissenters’ Rights and Limitations on Mergers and Roll-ups. The Operating Agreement provides Members with protection in a proposed reorganization in which the investors would be issued new securities in the resulting entity. |
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— | Transferability of Units. ATEL may condition any proposed transfer of Units on, among other things, legal opinions confirming that the proposed transfer does not violate securities laws and will not result in adverse tax consequences to the Fund. The Manager will take such actions as may be deemed necessary to assure that no public trading market develops for the Units in order to protect the anticipated tax consequences of an investment in the Fund. The Fund will not permit any transfer which does not follow the rules in the Operating Agreement. | ||
— | Liability of Investors. Under the Operating Agreement and California law, an investor complying with the Operating Agreement will not personally be liable for any debt of the Fund. | ||
— | Status of Units. Under the Operating Agreement, each Unit will be fully paid and nonassessable and all Units have equal voting and other rights, except there are limitations on the voting of Units held by ATEL. | ||
— | Term and Dissolution. The Fund intends to begin selling its assets and distributing all available cash to its Members beginning after the end of the sixth full year following the end of the offering, with the final distribution expected approximately ten to eleven years after the termination of the offering. In any event, the Fund must end no later than December 31, 2025. | ||
— | Books of Account and Records. ATEL is responsible under the Operating Agreement for keeping books of account and records of the Fund showing all of the contributions to the capital of the Fund and all of the expenses and transactions of the Fund. These books of account and records will be kept at the principal place of business of the Fund in the State of California, and each Member and his authorized representatives shall have, at all times during reasonable business hours, free access to and the right to inspect and copy at their expense the books of the Fund, and each Member shall have the right to compel the Fund to deliver copies of certain of these records on demand. | ||
— | Indemnification of ATEL. The Operating Agreement provides that ATEL and its related companies who perform services for the Fund will be indemnified against certain liabilities. |
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— | changes in economic conditions, including fluctuations in demand for equipment, lease rates, interest rates and inflation rates, | ||
— | the timing of purchases and the ability to forecast technological advances for equipment, | ||
— | technological and economic obsolescence, and | ||
— | increases in Fund expenses (including labor, energy, taxes and insurance expenses). |
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— | the condition of the equipment; | ||
— | the cost of similar new equipment; | ||
— | the supply of and demand for similar equipment; and | ||
— | whether the equipment has become obsolete. |
— | debt in which only the asset financed by the lender is collateral securing the obligation, and | ||
— | debt in which all of the Fund’s assets or a selected pool of the assets are collateral securing the obligation. |
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— | The Manager engages in other, potentially competing activities | ||
— | The Fund may be in competition for investments with prior programs sponsored by the Manager | ||
— | The Fund expects to borrow up to 50% of the aggregate cost of equipment, and this will result in higher Asset Management Fees than if less debt were incurred | ||
— | Agreements between the Fund and the Manager and its Affiliates are not at arm’s length | ||
— | No independent managing underwriter has been engaged for the distribution of Units | ||
— | The Fund, the Manager and prospective holders are not represented by separate counsel | ||
— | The Fund may, under certain conditions and restrictions, enter into joint ventures with other programs affiliated with the Manager |
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— | the Fund’s co-venturer might become bankrupt, | ||
— | the co-venturer may have interests or goals that are inconsistent with those of the Fund, | ||
— | the parties may reach an impasse on joint venture decisions, | ||
— | the co-venturer may be in a position to take action contrary to the instructions or the requests of the Fund or contrary to the Fund’s policies or objectives, or | ||
— | actions by a co-venturer might have the result of subjecting equipment owned by the joint venture to liabilities in excess of those contemplated by the terms of the joint venture agreement or might have other adverse consequences for the Fund. |
— | the Fund could be taxed as a corporation. If so, the yield to an investor would be substantially reduced. See “Federal Income Tax Consequences — Classification as a Partnership.” | ||
— | the IRS could disallow or reduce the Fund’s deductions. If so, Fund income would increase or Fund losses would decrease. See “Federal Income Tax Consequences.” | ||
— | the IRS could reallocate Fund income, gain, deduction and loss in a manner that is different from the provisions of the operating agreement. If so, an investor’s share of such items would be different from that described in this prospectus. See “Federal Income Tax Consequences — Allocations of Profits and Losses.” | ||
— | a tax-exempt organization will have unrelated business taxable income from an investment in the Fund. IRAs and other retirement plans are tax-exempt entities. See “Federal Income Tax Consequences — Investment by Qualified Retirement Plans and IRAs.” | ||
— | changes in the tax law or regulations may adversely affect the Fund, the investors and the value of the Fund’s equipment. See “Federal Income Tax Consequences — Future Federal Income Tax Changes.” |
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— | the opinion of tax counsel is limited in scope and qualified by certain assumptions. There can be no assurance that the IRS will not challenge the Fund’s tax positions. An IRS challenge, if successful, could have a detrimental effect on the Fund’s ability to realize its investment objectives. See “Preface” and “Opinion of Derenthal & Dannhauser LLP” in “Federal Income Tax Consequences.” | ||
— | investors may have tax liability greater than their distributions. See “Federal Income Tax Consequences.” | ||
— | an investor’s share of losses incurred by the Fund will be subject to the passive loss limitation on deductibility. An investor may be unable to deduct Fund losses until termination of the Fund. See “Federal Income Tax Consequences — Limitation on Deduction of Losses.” | ||
— | investors may have tax liability from Fund portfolio income. Portfolio income may not be offset by passive activity losses. See “Federal Income Tax Consequences — Limitation on Deduction of Losses.” | ||
— | an audit of an investor’s tax return could result from the audit of the Fund’s tax return. See “Federal Income Tax Consequences — Audit of Tax Returns.” | ||
— | investors may be required to file tax returns and pay state, local and/or foreign taxes as a result of an investment in the Fund. See “Federal Income Tax Consequences — State and Local Taxes.” | ||
— | investors may be subject to withholding. See “Federal Income Tax Consequences — State and Local Taxes.” |
— | whether the investment is made in accordance with the documents and instruments governing the retirement plan; | ||
— | whether the investment satisfies the prudence and diversification requirements of ERISA and the Internal Revenue Code; | ||
— | whether the investment will impair the liquidity of the retirement plan; | ||
— | whether the investment will produce “unrelated business taxable income” for the retirement plan; and | ||
— | whether the assets of the plan can be valued annually. |
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— | have an annual gross income of at least $45,000 and a net worth (exclusive of home, home furnishings and automobiles) of at least $45,000; or | ||
— | have a net worth (determined with the same exclusions) of at least $150,000. |
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Minimum Offering | Maximum Offering | |||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||
Gross Offering Proceeds | $ | 1,200,000 | 100.00 | % | $ | 150,000,000 | 100.00 | % | ||||||||
Less Offering and Organization Expenses: | ||||||||||||||||
Selling Commissions | 108,000 | 9.00 | % | 13,500,000 | 9.00 | % | ||||||||||
Other Offering and Organization Expenses | 30,000 | 2.50 | % | 5,250,000 | 3.50 | % | ||||||||||
Net Offering Proceeds | 1,062,000 | 88.50 | % | 131,250,000 | 87.50 | % | ||||||||||
Capital Reserves | 6,000 | 0.50 | % | 750,000 | 0.50 | % | ||||||||||
Amount Available for Cash Payments for Equipment | $ | 1,056,000 | 88.00 | % | $ | 130,500,000 | 87.00 | % | ||||||||
— | 15% of the offering proceeds up to $25,000,000, and | ||
— | 14% of the offering proceeds in excess of $25,000,000. |
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Entity Receiving | Estimated Amount Assuming | |||
Compensation | Type of Compensation | Maximum Units Sold | ||
The Dealer Manager | Selling Commissions (Up to 1.5% of offering proceeds to be retained by the Dealer Manager) | Total selling commissions to be retained by the Dealer Manager are not expected to exceed $2,250,000. | ||
Manager and Affiliates | Reimbursement of Organization and Offering Expenses (when added to selling commissions, not to exceed a total equal to 15% of all offering proceeds up to $25 million and 14% of any additional offering proceeds) | $5,250,000 |
Manager and Affiliates | Asset Management Fee (a fee equal to 4% of Operating Revenues, subject to limitations based on Fund operations) | Not determinable at this time | ||
Manager and Affiliates | Reimbursement of Operating Expenses, subject to certain limitations | Not determinable at this time |
Manager and Affiliates | Interest equal to 7.5% of all Fund taxable income, tax losses and cash distributions | Not determinable at this time |
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— | 15% of all offering proceeds up to $25,000,000, plus | ||
— | 14% of all offering proceeds in excess of $25,000,000. |
— | revenues from the Equipment, other than security deposits paid by lessees, and | ||
— | cash remaining from the sale or refinancing of any equipment after payment of all expenses related to the transaction. |
— | the actual cost to the Manager or its Affiliates of services, goods and materials used for and by the Fund and obtained from unaffiliated parties; and | ||
— | the cost of administrative services provided by Affiliates of the Manager and necessary to the prudent operation of the Fund, provided that reimbursement for administrative services will be at the lower of |
— | the actual cost of such services, or | ||
— | the amount that the Fund would be required to pay to independent parties for comparable services. |
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— | When all the offering proceeds are committed to equipment and all permanent debt has been put in place, at least a majority of the equipment, based on the aggregate purchase price, will be subject to leases with scheduled lease payments returning at least 90% of the purchase price of the equipment. |
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— | The Manager will seek to invest not more than 20% of the aggregate purchase price of equipment in equipment acquired from a single manufacturer. However, this limitation is a general guideline only, and the Fund may acquire equipment from a single manufacturer in excess of the stated percentage during the offering period and before the offering proceeds are fully invested, or if the Manager deems such a course of action to be in the Fund’s best interest. |
— | the type of equipment, | ||
— | the terms of the lease, | ||
— | the credit quality of the lessee, and | ||
— | prevailing lease and financial market conditions. |
— | diversified as to equipment type, industry, lessee and geographic location; | ||
— | capable of generating sufficient net cash flow to meet the minimum distribution requirements to permit reinvestment; and | ||
— | capable of generating sufficient cash flow to provide funds for additional investment in equipment. |
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— | the transaction is in the best interest of the Fund; | ||
— | the equipment is purchased by the Fund for a purchase price no greater than the cost to the Manager or Affiliate (including any out-of-pocket carrying costs), except for compensation permitted by the Operating Agreement; | ||
— | there is no difference in interest terms of the loans secured by the equipment at the time acquired by the Manager or Affiliate and the time acquired by the Fund; | ||
— | there is no benefit arising out of such transaction to the Manager or its Affiliate apart from the compensation otherwise permitted by the Operating Agreement; and | ||
— | all income generated by, and all expenses associated with, equipment so acquired shall be treated as belonging to the Fund. |
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— | at least half of the high quality corporate credits satisfying the 75% minimum requirement will have either an average credit rating by Moody’s Investors Service, Inc. of “Baa” or better, or the credit equivalent as determined by the Manager, with the average rating weighted to account for the original equipment cost for each item leased; and | ||
— | the balance will be public and private corporations with substantial revenues and histories of profitable operations, as well as established hospitals with histories of profitability or municipalities. |
— | have comparable credit ratings as determined by other nationally recognized credit rating services; | ||
— | although not rated by nationally recognized credit rating services, are believed by the Manager to have comparable creditworthiness; or | ||
— | in the Manager’s opinion, as a result of guarantees provided, collateral given, deposits made or other security interests granted, have provided such safeguards of the Fund’s interest in the equipment that the risk is equivalent to that involved in a lease to a company with a credit rating of Baa. |
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— | The Manager will seek to limit the amount invested in equipment leased to any single lessee to not more than 20% of the aggregate purchase price of equipment owned at any time during the reinvestment period; and | ||
— | In no event will the Fund’s equity investment in equipment leased to a single lessee exceed an amount equal to 20% of the maximum capital from the sale of Units (or $30,000,000). |
— | payment in U.S. currency; | ||
— | reimbursement for any foreign taxes billed to the Fund; and | ||
— | insurance covering the risk of confiscation. |
— | the type of equipment; | ||
— | the anticipated residual value of the equipment; | ||
— | the business of the lessee; | ||
— | the lessee’s credit rating; |
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— | the cost of alternative financing services; and | ||
— | competitive pricing and other market factors. |
— | casualty insurance in an amount equal to the greater of the full value of the equipment or a specified amount set forth in the lease, and | ||
— | liability insurance naming the Fund as an additional insured with a minimum limit of $1,000,000 in coverage. |
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(i) | the amount of cash available in each program for such acquisition and the length of time such funds have been available, | ||
(ii) | the current and long-term liabilities of each program, | ||
(iii) | the effect of such acquisition on the diversification of each program’s equipment portfolio, | ||
(iv) | the estimated income tax consequences to the investors in each program from such acquisition, and | ||
(v) | the cash distribution objectives of each program. |
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Name | Positions | |
Dean L. Cash | Chairman of the Board, President and Chief Executive Officer of ACG, AFS and AEC; Director, President and Chief Executive Officer of ALC, AIS and ASC | |
Paritosh K. Choksi | Director, Executive Vice President, Chief Financial Officer and Chief Operating Officer of ACG, AFS, ALC, AIS and AEC | |
Vasco H. Morais | Senior Vice President and General Counsel for ACG, AFS, ALC, AIS and AEC | |
Philip Litchenstein | Senior Vice President of ALC | |
Donald E. Carpenter | Controller of ACG, AFS, ALC, AEC and AIS; Chief Financial Officer of ASC | |
Elif A. Kuvvetli | Corporate Controller of ACG, AFS, ALC, AEC and AIS | |
Russell H. Wilder | Vice President, Chief Credit Officer of ACG, AFS, ALC and AEC | |
Steven R. Rea | Executive Vice President of ATEL Ventures, Inc. | |
Thomas P. Monroe, Jr. | Senior Vice President of AEC | |
Merriah Harkins | Executive Vice President of ASC | |
Ernest C. Goggio | Director of ACG |
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As of | Minimum | Maximum | ||||||||||
the Date | 120,000 | 15,000,000 | ||||||||||
hereof | Units | Units | ||||||||||
Units of Member Interest ($10 per Unit) | 500 | 1,200,500 | 150,000,500 | |||||||||
Total Capitalization | 500 | $ | 1,200,500 | $ | 150,000,500 | |||||||
Less Estimated Organization and Offering Expenses | — | 138,000 | 18,750,000 | |||||||||
Net Capitalization | $ | 500 | $ | 1,062,000 | $ | 131,250,500 | ||||||
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— | the Fund will be classified as a partnership and not as an association taxable as a corporation; | ||
— | the Fund will not be treated as a publicly traded partnership; | ||
— | it is more likely than not that the allocations of profits and losses included in the operating agreement would not be significantly modified if challenged by the IRS; | ||
— | to the extent the Fund enters into true leases, such activities will constitute passive activities. |
— | the issue is subject to facts that are not presently known and cannot readily be determined, | ||
— | the issue is subject to future events, or | ||
— | there is insufficient judicial or other authority upon which a conclusive opinion can be based. |
— | whether a lease is a true lease or a financing or other type of arrangement; or | ||
— | the tax treatment resulting from the receipt, the holding or the disposition of equity interests. |
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— | his allocable share of the Fund’s tax loss, | ||
— | the amount of any distributions, and | ||
— | any reduction in his share of Fund nonrecourse liabilities. |
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— | to the extent its investments constitute financing leases or secured loans, rather than true leases, and | ||
— | to the extent of any dividends it receives from equity interests in growth capital lease investments. |
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— | property used predominantly outside the United States, | ||
— | property used by a foreign or tax-exempt entity, and | ||
— | property owned by a partnership which has both a tax-exempt entity and a person who is not a tax-exempt entity as holders, unless certain exceptions apply. |
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— | whether or not the transfer of the equity interests by the Fund is subject to restriction, and | ||
— | the nature of the equity interests. For example, the receipt of marketable stock for no payment would almost always result in the recognition of income. |
— | the amount thereof is excessive, | ||
— | all or a portion thereof is payment for other services performed by, or other value provided by, the recipient thereof, or | ||
— | payments for such services is not deductible. |
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— | to purchase equipment for investment only, | ||
— | to engage in the business of owning and operating such equipment, and | ||
— | to make occasional sales thereof. |
— | the amount realized by the investor, over | ||
— | the investor’s tax basis in the Units. |
— | the investor’s tax basis, over | ||
— | the amount realized for the Units. |
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— | upon the transfer of units by sale or exchange or on the death of a holder, and | ||
— | upon the distribution of property by the fund to a holder. |
— | gain which is characterized as ordinary income due to the recapture of cost recovery, or | ||
— | gain from equipment which is inventory or property held primarily for sale to customers in the ordinary course of a trade or business |
— | it is subject to income tax on the excess, and | ||
— | it is obligated to file a tax return for such year. |
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— | for the production or collection of income, | ||
— | for the management, conservation, or maintenance of property held for the production of income, or | ||
— | in connection with the determination, collection or refund of a tax. |
— | the taxpayer’s taxable income, | ||
— | subject to alternative minimum tax adjustments, | ||
— | increased by items of tax preference, and | ||
— | reduced by an exemption, |
— | charitable contributions, | ||
— | medical deductions in excess of 10% of adjusted gross income, | ||
— | casualty losses, | ||
— | interest on personal housing, and | ||
— | other interest to the extent of net investment income. |
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— | 25% of the excess of alternative minimum taxable income over $165,000, or |
— | $22,500. |
— | 26% of so much of the taxable excess as does not exceed $175,000, plus |
— | 28% of so much of the taxable excess as exceeds $175,000. |
— | $45,000 for a married couple filing a joint return or a surviving spouse, |
— | $33,750 for a single individual, and |
— | $22,500 for a married individual filing a separate return or for an estate or trust. |
— | $150,000 in the case of a married couple filing a joint return, |
— | $112,500 in the case of a single individual, and |
— | $75,000 in the case of a married individual filing a separate return or for an estate or trust. |
— | 20% of the excess of |
— | the corporation’s alternative minimum taxable income, over |
— | the exemption amount, exceeds |
— | the corporation’s regular tax for the year. |
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— | consistently with the information provided on the Fund’s informational return or |
— | in a manner which notifies the IRS of any inconsistency. |
— | 30 days of the transaction, or |
— | January 15 of the calendar year following the calendar year in which the transaction occurs. |
— | the investor’s participation in an audit of the Fund, |
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— | the audit of his tax returns, or |
— | the determination or redetermination of his tax liability even though resulting solely from adjustments to the Fund’s tax returns. |
(a) | A listed transaction, which a transaction that is the same as or substantially similar to a type of transaction that the IRS has identified by notice, regulation or other form of published guidance, to be a tax avoidance transaction. | |
(b) | A confidential transaction, which is one that is offered by an advisor who places a limitation on disclosure by the taxpayer of the tax treatment or tax structure of the transaction and the limitation on disclosure protects the confidentiality of the advisor’s tax strategies. | |
(c) | A transaction with contractual protection, which is one for which the taxpayer or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained. | |
(d) | A loss transaction, which is any transaction resulting in the taxpayer claiming a loss under Code Section 165 of at least (1) $10 million in any single year or $20 million in any combination of years for corporations; (2) $10 million in any single year or $20 million in any combination of years for partnerships that have only corporations as partners, or $2 million in any single year or $4 million in any combination of years for all other partnerships; (3) $2 million in any single year or $4 million in any combination of years for individuals, S corporations, or trusts; or (4) $50,000 in any single year for individuals or trusts if the loss arises from foreign currency transactions. | |
(e) | A transaction with a significant book-tax difference, which is a transaction where the amount for tax purposes of any item or items of income, gain, expense, or loss from the transaction differs by more than $10 million on a gross basis from the amount of the item for book purposes. | |
(f) | A transaction involving a brief holding period, which is a transaction resulting in the taxpayer claiming a tax credit exceeding $250,000 if the underlying asset giving rise to the credit is held by the taxpayer for 45 days or less. |
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— | Fees for the syndication of the Fund must be permanently capitalized. |
— | Fund organization fees must be capitalized and may be amortized over a 180-month period. |
— | Fund start-up expenditures must be capitalized and may be amortized over a period of 180 months, beginning with the date on which the business begins. |
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— | nonresident alien individuals, |
— | foreign corporations, |
— | foreign partnerships, and |
— | other foreign investors. |
— | members of Congress |
— | the current Administration, or |
— | any subsequent administration. |
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— | any employee benefit plan (as defined in Section 3(3) of ERISA, which definition includes Qualified Plans), whether or not it is subject to the provisions of Title I of ERISA, |
— | any plan described in Section 4975(e)(1) of the Code (which description includes Qualified Plans and IRAs), and |
— | any entity (such as a common or collective trust fund of a bank) whose underlying assets include plan assets by reason of a plan’s investment in the entity. |
— | the investment is in accordance with the documents and instruments governing the Qualified Plan or IRA, |
— | the purchase is prudent in light of the potential difficulties that may exist in liquidating Units, |
— | the investment will provide sufficient cash distributions in light of the Qualified Plan’s likely required benefit payments, |
— | after an acquisition of Units, the Qualified Plan’s investments taken as a whole are sufficiently diversified so as to minimize the risk of large losses, |
— | the investment is made solely in the interests of plan participants, and |
— | the fair market value of Units will be sufficiently ascertainable, with sufficient frequency, to enable the Qualified Plan to value its assets on an annual basis in accordance with the Qualified Plan’s rules and policies. |
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— | The Fund becomes insolvent or bankrupt; |
— | The removal, adjudication of bankruptcy, insolvency, disability or incompetence or dissolution or death of the Manager unless (i) there is a remaining Manager, and the remaining Manager, within 45 days of the date of such event, elects to continue the business of the Fund or (ii) if, upon removal of the last remaining Manager, the Members holding in excess of 50% of the outstanding Units elect a successor Manager prior to the effective date of removal and such successor Manager elects to continue the business of the Fund; |
— | An election to dissolve upon the vote of Members owning more than 50% of the total outstanding Units; or |
— | The disposition of all interests in equipment and other assets of the Fund and the receipt by the Fund of the proceeds of such disposition. |
— | the Fund has obtained, at its cost, two independent appraisals of the fair market value of the item or items of Equipment to be sold; |
— | the sales price of the Equipment is at least equal to the average of the two appraised values; |
— | the original cost of the Equipment sold in this manner does not represent in excess of 10% of the original cost of all Equipment acquired by the Fund during the term of the Fund; |
— | such sale is effected in the best interests of the Fund and its Members for purposes of facilitating liquidation; and |
— | the Equipment so sold is not resold to another investor program sponsored by the Manager or its Affiliates. |
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— | convert a Holder into a Manager; |
— | modify the limited liability of a Holder; |
— | alter the interest of the Members in Net Income, Net Loss and Distributions; or |
— | affect the status of the Fund as a partnership for federal income tax purposes. |
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— | the client has been advised by such advisor over a continuous course of time on investments other than the purchase of Units, |
— | the client is not being charged by the advisor or its Affiliates, other than as described herein, for the advice rendered by such advisor specifically in connection with the purchase of Units; and |
— | either (i) the investment advisor is an Affiliate of a participating broker-dealer, and the transaction has the express approval of such participating broker-dealer Affiliate, or (ii) the investment advisor is not affiliated with any participating broker dealer and the Dealer Manager agrees to act as broker of record for the investment advisor’s client with respect to the investment in Units. |
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— | any Person directly or indirectly controlling, controlled by or under common control with such Person; |
— | any Person owning or controlling 10% or more of the outstanding voting securities or beneficial interests of such Person; |
— | any officer, director, trustee or partner of such Person; and |
— | if such Person is an officer, director, trustee, partner or holder of 10% or more of the voting securities or beneficial interests of such Person, any other company for which such Person acts in such capacity. However, such term shall not include a Person who is a partner in a partnership or joint venture with the Fund if such Person is not otherwise an Affiliate. |
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Table of Contents
F - 2 | ||||
F - 3 | ||||
F - 3 | ||||
F - 3 | ||||
F - 4 | ||||
ATEL Financial Services, LLC | ||||
F - 5 | ||||
F - 6 | ||||
F - 7 |
F - 1
Table of Contents
ATEL Capital Equipment Fund XI, LLC
March 1, 2005
F - 2
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(A Development Stage Enterprise)
ASSETS | ||||
Cash | $ | 600 | ||
MEMBERS’ CAPITAL | ||||
Members’ capital: | ||||
Managing Member | $ | 100 | ||
Initial Member | 500 | |||
Total members’ capital | $ | 600 | ||
Initial Member | Managing | |||||||||||||||
Units | Amount | Member | Total | |||||||||||||
Members’ Capital as of June 25, 2004 (inception) | — | $ | — | $ | — | $ | — | |||||||||
Capital contributions | 50 | 500 | 100 | 600 | ||||||||||||
Members’ capital as of December 31, 2004 | 50 | $ | 500 | $ | 100 | $ | 600 | |||||||||
Financing activities: | ||||
Capital contributions received | $ | 600 | ||
Net increase in cash | 600 | |||
Cash at inception | — | |||
Cash at end of period | $ | 600 | ||
F - 3
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(A Development Stage Enterprise)
F - 4
Table of Contents
ATEL Financial Services LLC
San Francisco, California
F - 5
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ASSETS | ||||
Cash and cash equivalents | $ | 1,856,352 | ||
Amounts due from affiliated programs | 6,156,692 | |||
Property and equipment, net of accumulated depreciation of $425,558 | 908,998 | |||
Leasehold improvements, net of accumulated amortization of $172,794 | 1,179,005 | |||
Goodwill, net of accumulated amortization of $879,520 | 23,286,883 | |||
Other assets | 150,284 | |||
Total Assets | $ | 33,538,214 | ||
LIABILITIES AND MEMBERS’ EQUITY | ||||
Liabilities: | ||||
Term loan | $ | 2,809,091 | ||
Subordinated convertible promissory note, due to related party | 1,000,000 | |||
Other long-term debt | 850,000 | |||
Amounts due to affiliated companies | 18,196,405 | |||
Accounts payable and accrued liabilities | 1,463,442 | |||
Derivative — interest rate swap | 150,177 | |||
Total liabilities | 24,469,115 | |||
Members’ equity: | ||||
Accumulated other comprehensive income | (60,670 | ) | ||
Members’ equity | 9,129,769 | |||
Total Members’ equity | 9,069,099 | |||
Total liabilities and Members’ equity | $ | 33,538,214 | ||
F - 6
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F - 7
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F - 8
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F - 9
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F - 10
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Category | ||||||||
Leasehold improvements | $ | 1,351,799 | ||||||
Accumulated amortization | (172,794 | ) | ||||||
Leasehold improvements, net | $ | 1,179,005 | ||||||
Other equipment | 417,660 | |||||||
Furniture and fixture | 790,368 | |||||||
Computer equipment | 126,528 | |||||||
Accumulated depreciation | (425,558 | ) | ||||||
Furniture, fixture and equipment, net | $ | 908,998 | ||||||
Principal | Interest | Total | ||||||||||
Year ending July 31, | Payments | Payments | Payments | |||||||||
2005 | 2,181,818 | 138,437 | 2,320,255 | |||||||||
2006 | 627,273 | 13,969 | 641,242 | |||||||||
$ | 2,809,091 | $ | 152,406 | $ | 2,961,497 | |||||||
F - 11
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Principal | Interest | Total | ||||||||||
Year ending July 31, | Payments | Payments | Payments | |||||||||
2005 | $ | — | $ | 137,500 | $ | 137,500 | ||||||
2006 | — | 100,000 | 100,000 | |||||||||
2007 | 1,000,000 | 41,667 | 1,041,667 | |||||||||
$ | 1,000,000 | $ | 279,167 | $ | 1,279,167 | |||||||
F - 12
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Principal | Interest | Total | ||||||||||
Year ending July 31, | Payments | Payments | Payments | |||||||||
2005 | $ | 216,667 | $ | 40,707 | $ | 257,374 | ||||||
2006 | 200,000 | 27,138 | 227,138 | |||||||||
2007 | 200,000 | 17,118 | 217,118 | |||||||||
2008 | 200,000 | 7,098 | 207,098 | |||||||||
2009 | 33,333 | 209 | 33,542 | |||||||||
$ | 850,000 | $ | 92,270 | $ | 942,270 | |||||||
ATEL Cash | ATEL Capital | ATEL Capital | ATEL Capital | ATEL Capital | ||||||||||||||||
Distribution | Equipment | Equipment | Equipment | Equipment | ||||||||||||||||
Fund VI, L.P. | Fund VII, L.P. | Fund VIII, LLC | Fund IX, LLC | Fund X, LLC | ||||||||||||||||
Total Assets | $ | 25,410,604 | $ | 74,812,214 | $ | 110,222,744 | $ | 87,530,487 | $ | 37,815,563 | ||||||||||
Total Liabilities | $ | 1,627,341 | $ | 33,406,191 | $ | 62,325,626 | $ | 624,472 | $ | 704,900 | ||||||||||
Net Income (Loss) | $ | 1,585,834 | $ | (4,311,400 | ) | $ | (7,521,261 | ) | $ | 591,015 | $ | (183,013 | ) |
F - 13
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Financial position: | ||||
Cash | $ | 59,440,697 | ||
Accounts receivable, net and other assets | 12,081,292 | |||
Investments in equipment and leases | 286,020,540 | |||
Total assets | $ | 357,542,529 | ||
Long-term and non-recourse debt | $ | 88,187,429 | ||
Accounts payable and other liabilities | 11,627,331 | |||
Partners’ capital | 257,727,769 | |||
Total liabilities and partners’ capital | $ | 357,542,529 | ||
2004 | $ | 52,893,140 | ||
2005 | 36,568,328 | |||
2006 | 23,102,951 | |||
2007 | 11,767,731 | |||
2008 | 5,752,416 | |||
Thereafter | 3,800,403 | |||
$ | 133,884,969 | |||
F - 14
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PRIOR PERFORMANCE INFORMATION
A-1
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A-2
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A-3
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A-4
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TABLE I | Experience in Raising and Investing Funds | |
TABLE II | Compensation to the General Partner/Managing Member | |
TABLE III | Operating Results of Prior Programs | |
TABLE IV | Results of Completed Programs | |
TABLE V | Sales or Disposals of Equipment by Prior Programs | |
TABLE VI | Acquisition of Equipment by Prior Programs |
A-5
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EXPERIENCE IN RAISING AND INVESTING FUNDS
(on a percentage basis)
September 30, 2004
(Unaudited)
ATEL Capital | ATEL Capital | ATEL Capital | ||||||||||
Equipment | Equipment | Equipment | ||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||
EQUITY PROCEEDS | ||||||||||||
Dollar amount of equity offered | $ | 150,000,000 | $ | 150,000,000 | $ | 150,000,000 | ||||||
Dollar amount of equity raised | $ | 135,701,380 | $ | 120,652,160 | $ | 97,932,450 | (6) | |||||
Less: Offering expenses: | ||||||||||||
Selling commissions | 9.50 | % | 9.50 | % | 9.00 | % | ||||||
Organization and program expenses (1) | 4.68 | % | 3.93 | % | 4.11 | % | ||||||
Reserves | 0.50 | % | 0.50 | % | 0.50 | % | ||||||
Percent available for investment | 85.32 | % | 86.07 | % | 86.39 | % | ||||||
Acquisition costs: | ||||||||||||
Purchase price (2) | 85.32 | % | 86.07 | % | 86.39 | % | ||||||
Acquisition fees | — | — | — | |||||||||
85.32 | % | 86.07 | % | 86.39 | % | |||||||
Percent leverage (3) | 53.13 | % | 0.00 | % | 0.00 | % | ||||||
Date offering commenced: | Dec. 7, 1998 | Jan. 16, 2001 | Mar. 12, 2003 | |||||||||
Length of offering | 24 Months | 24 Months | N/A | (6) | ||||||||
Months to invest 90% of amount available for investment (measured from beginning of offering) | 24 Months | (4) | 30 Months | (5) | N/A | (6) |
FOOTNOTES: | ||
(1) | Includes organization, legal, accounting, printing, binding, delivery and other costs incurred by the General Partner/Managing Member. | |
(2) | Represents amounts paid to unrelated third parties for purchase of equipment under leases. | |
(3) | The percentage leverage is calculated by dividing the initial principal amount of debt incurred by the program through the date of this table by the aggregate original cost of all equipment purchased by the program through such date. It should be noted, however, that each program has acquired assets, has made or will make principal amortizing debt service payments and/or has disposed or will dispose of assets over a period of time extending from its first investment in equipment. As a result, for each program the total cost of the assets in its portfolio and the total principal amount of debt outstanding have fluctuated from time to time. The percentage figure, therefore, does not reflect the current leverage ratio or the debt ratio at any one point in time, but constitutes an aggregate ratio for the life of the program through the date of the table. | |
(4) | As of November 30, 2000, the Fund’s offering of Limited Liability Company Units was completed. As of that date, the proceeds of the offering had been fully committed. | |
(5) | As of January 15, 2003, the Fund’s offering of Limited Liability Company Units was completed. As of September 30, 2003, the proceeds of the offering had been fully committed. | |
(6) | As of September 30, 2004, the offering had not been completed. |
A-6
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COMPENSATION TO THE SPONSOR
September 30, 2004
(Unaudited)
ATEL Capital | ATEL Capital | ATEL Capital | ||||||||||||||
Equipment | Equipment | Equipment | ||||||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||||||
Date offering commenced | Dec. 7, 1998 | Jan. 16, 2001 | Mar. 12, 2003 | |||||||||||||
Date offering closed | Nov. 30, 2000 | Jan. 15, 2003 | N/A | |||||||||||||
Dollar amount raised | $ | 135,701,380 | $ | 120,652,160 | $ | 97,932,450 | ||||||||||
Amounts paid to General Partner / Managing | ||||||||||||||||
Member from proceeds of offering: | ||||||||||||||||
Acquisition fees / Reimbursements of initial direct costs | $ | 1,782,826 | $ | 3,543,008 | $ | 1,746,879 | ||||||||||
Selling commissions | $ | 12,891,631 | $ | 11,461,955 | $ | 8,813,921 | ||||||||||
Organization and program costs | $ | 6,354,458 | $ | 4,750,879 | $ | 2,116,029 | ||||||||||
Dollar amount of cumulative cash generated from operations before deducting payments to the General Partner/Managing Member | $ | 120,709,188 | $ | 26,701,268 | $ | 3,817,754 | ||||||||||
Cumulative amount paid to the General | ||||||||||||||||
Partner/Managing | ||||||||||||||||
Member from operations: | ||||||||||||||||
Management fees | $ | 7,508,341 | $ | 1,472,211 | $ | 180,485 | ||||||||||
Reimbursement of payroll costs | $ | 4,978,366 | $ | 1,326,960 | $ | 170,097 | ||||||||||
Other operating expenses | $ | 513,956 | $ | 524,744 | $ | 100,971 | ||||||||||
Aggregate payments to General | ||||||||||||||||
Partner / Managing Member: (1) | ||||||||||||||||
1999 | $ | 13,056,922 | ||||||||||||||
2000 | 11,872,250 | |||||||||||||||
2001 | 2,921,431 | $ | 7,131,876 | |||||||||||||
2002 | 2,351,555 | 10,270,778 | ||||||||||||||
2003 | 2,337,830 | 4,115,416 | $ | 7,715,713 | ||||||||||||
2004 | 1,489,590 | 1,561,687 | 5,412,668 | |||||||||||||
$ | 34,029,578 | $ | 23,079,757 | $ | 13,128,381 | |||||||||||
FOOTNOTES: | ||
(1) | As of September 30, 2004. Includes payments of management fees, reimbursements of syndication costs to General Partner/Managing Member (and affiliates), acquisition fees, initial direct costs on leases and reimbursements of administrative costs. |
A-7
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OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2004
(Unaudited)
ATEL Capital Equipment Fund VIII | ||||||||||||
Period Ended | ||||||||||||
December 31, | ||||||||||||
1999 | 2000 | 2001 | ||||||||||
Months of operations | 12 | 12 | 12 | |||||||||
Gross revenue — lease and other | $ | 8,657,636 | $ | 31,046,332 | $ | 41,992,805 | ||||||
— gain (loss) on sales of assets | 3,017 | 1,453 | 1,801,292 | |||||||||
8,660,653 | 31,047,785 | 43,794,097 | ||||||||||
Less Operating Expenses: (1) | ||||||||||||
Depreciation and amortization expense | 5,392,504 | 22,588,276 | 31,243,646 | |||||||||
Provision for losses and doubtful accounts | — | — | 82,615 | |||||||||
Interest expense | 1,340,804 | 7,365,041 | 9,058,622 | |||||||||
Administrative costs and reimbursements | 767,386 | 1,408,523 | 924,375 | |||||||||
Legal/Professional fees | 155,743 | 127,345 | 215,450 | |||||||||
Other | 121,438 | 398,365 | 287,382 | |||||||||
Management fee | 443,943 | 1,465,566 | 1,849,335 | |||||||||
8,221,818 | 33,353,116 | 43,661,425 | ||||||||||
Net income (loss) — GAAP basis | $ | 438,835 | $ | (2,305,331 | ) | $ | 132,672 | |||||
Taxable income (loss) from operations | $ | (13,620,427 | ) | $ | (29,018,361 | ) | $ | (15,498,538 | ) | |||
Cash generated by (used in) operations (2) | $ | 5,743,245 | $ | 18,412,107 | $ | 30,662,797 | ||||||
Cash generated from sales | 38,178 | 7,761 | 7,348,063 | |||||||||
Cash generated from refinancing | — | |||||||||||
Cash generated from other (2) | 951,549 | 2,154,474 | 2,806,236 | |||||||||
6,732,972 | 20,574,342 | 40,817,096 | ||||||||||
Less cash distributions to investors: | ||||||||||||
From operating cash flow | 2,460,684 | 9,795,386 | 12,403,683 | |||||||||
From sales | — | — | — | |||||||||
From refinancing | — | — | — | |||||||||
From other | — | — | — | |||||||||
Total distributions | 2,460,684 | 9,795,386 | 12,403,683 | |||||||||
Cash generated (deficiency) after cash distributions | $ | 4,272,288 | $ | 10,778,956 | $ | 28,413,413 | ||||||
Tax and distribution data per $1,000 limited partner investment: | ||||||||||||
Federal Income Tax Results: | ||||||||||||
Ordinary income (loss): | ||||||||||||
Operations | $ | (312.53 | ) | $ | (252.40 | ) | $ | (105.64 | ) | |||
Recapture | ||||||||||||
Capital gain (loss) | ||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||
— Investment income | $ | 5.95 | $ | — | $ | — | ||||||
— Return of capital | 55.18 | 92.11 | 91.40 | |||||||||
$ | 61.13 | $ | 92.11 | $ | 91.40 | |||||||
Sources (on a cash basis) | ||||||||||||
Sales | ||||||||||||
Refinancing | ||||||||||||
Operations | $ | 61.13 | $ | 92.11 | $ | 91.40 | ||||||
Other | — | — | — | |||||||||
Total | $ | 61.13 | $ | 92.11 | $ | 91.40 | ||||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 142,755,301 | $ | 218,029,699 | $ | 237,646,671 | ||||||
Amount invested in program equipment (book value) | $ | 139,420,208 | $ | 190,893,298 | $ | 178,999,739 | ||||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program) (3) | 57.32 | % | 87.55 | % | 95.42 | % |
A-8
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OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2004
(Unaudited)
ATEL Capital Equipment Fund VIII | ||||||||||||
Period Ended | ||||||||||||
December 31, | September 30, | |||||||||||
2002 | 2003 | 2004 | ||||||||||
Months of operations | 12 | 12 | 9 | |||||||||
Gross revenue — lease and other | $ | 32,658,224 | $ | 27,953,972 | $ | 15,971,067 | ||||||
— gain (loss) on sales of assets | 271,751 | 595,299 | 5,775,106 | |||||||||
32,929,975 | 28,549,271 | 21,746,173 | ||||||||||
Less Operating Expenses: (1) | ||||||||||||
Depreciation and amortization expense | 23,162,548 | 20,694,362 | 12,481,100 | |||||||||
Provision for losses and doubtful accounts | 3,087,500 | 5,499,271 | (110,000 | ) | ||||||||
Interest expense | 6,148,759 | 5,270,675 | 3,175,740 | |||||||||
Administrative costs and reimbursements | 832,539 | 820,571 | 738,928 | |||||||||
Legal/Professional fees | 179,562 | 506,698 | 179,117 | |||||||||
Other | 843,035 | 1,761,696 | 2,302,939 | |||||||||
Management fee | 1,481,576 | 1,517,259 | 750,662 | |||||||||
35,735,519 | 36,070,532 | 19,518,486 | ||||||||||
Net income (loss) — GAAP basis | $ | (2,805,544 | ) | $ | (7,521,261 | ) | $ | 2,227,687 | ||||
Taxable income (loss) from operations | $ | (12,212,767 | ) | $ | (9,525,065 | ) | $ | (2,250,000 | )(4) | |||
Cash generated by (used in) operations (2) | $ | 23,805,426 | $ | 18,993,036 | $ | 10,091,914 | ||||||
Cash generated from sales | 2,403,934 | 13,964,820 | 32,931,008 | |||||||||
Cash generated from refinancing | — | 2,563,149 | — | |||||||||
Cash generated from other (2) | 2,134,026 | 1,793,351 | 627,630 | |||||||||
28,343,386 | 37,314,356 | 43,650,552 | ||||||||||
Less cash distributions to investors: | ||||||||||||
From operating cash flow | 12,347,756 | 12,345,603 | 9,260,508 | |||||||||
From sales | — | — | — | |||||||||
From refinancing | — | — | — | |||||||||
From other | — | — | — | |||||||||
Total distributions | 12,347,756 | 12,345,603 | 9,260,508 | |||||||||
Cash generated (deficiency) after cash distributions | $ | 15,995,630 | $ | 24,968,753 | $ | 34,390,044 | ||||||
Tax and distribution data per $1,000 limited partner investment: | ||||||||||||
Federal Income Tax Results: | ||||||||||||
Ordinary income (loss): | ||||||||||||
Operations | $ | (83.25 | ) | $ | (64.93 | ) | $ | (15.34 | ) | |||
Recapture | ||||||||||||
Capital gain (loss) | ||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||
— Investment income | $ | — | $ | — | $ | 16.42 | ||||||
— Return of capital | 90.99 | 90.98 | 51.82 | |||||||||
$ | 90.99 | $ | 90.98 | $ | 68.24 | |||||||
Sources (on a cash basis) | ||||||||||||
Sales | ||||||||||||
Refinancing | ||||||||||||
Operations | $ | 90.99 | $ | 90.98 | $ | 68.24 | ||||||
Other | — | — | — | |||||||||
Total | $ | 90.99 | $ | 90.98 | $ | 68.24 | ||||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 232,355,732 | $ | 210,621,824 | $ | 149,122,236 | ||||||
Amount invested in program equipment (book value) | $ | 149,100,763 | $ | 107,564,258 | $ | 66,249,626 | ||||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program) (3) | 93.30 | % | 85.71 | % | 59.88 | % |
A-9
Table of Contents
OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2004
(Unaudited)
ATEL Capital Equipment Fund IX | ||||||||||||||||
Period Ended | ||||||||||||||||
December 31, | September 30, | |||||||||||||||
2001 | 2002 | 2003 | 2004 | |||||||||||||
Months of operations | 12 | 12 | 12 | 9 | ||||||||||||
Gross revenue — lease and other | $ | 3,393,685 | $ | 6,966,142 | $ | 10,872,695 | $ | 8,711,634 | ||||||||
— gain (loss) on sales of assets | — | 107,353 | 658,865 | 13,608 | ||||||||||||
3,393,685 | 7,073,495 | 11,531,560 | 8,725,242 | |||||||||||||
Less Operating Expenses: (1) | ||||||||||||||||
Depreciation and amortization expense | 2,078,895 | 5,178,087 | 8,289,708 | 7,026,031 | ||||||||||||
Provision for losses and doubtful accounts | — | — | 496,347 | 204,000 | ||||||||||||
Interest expense | 199,230 | 336,696 | 349,319 | 358,163 | ||||||||||||
Administrative costs and reimbursements | 374,507 | 343,120 | 627,320 | 506,757 | ||||||||||||
Legal/Professional fees | 39,384 | 99,730 | 106,167 | 186,945 | ||||||||||||
Other | 34,152 | 248,390 | 385,671 | 415,981 | ||||||||||||
Management fee | 83,341 | 264,322 | 686,013 | 438,535 | ||||||||||||
2,809,509 | 6,470,345 | 10,940,545 | 9,136,412 | |||||||||||||
Net income (loss) — GAAP basis | $ | 584,176 | $ | 603,150 | $ | 591,015 | $ | (411,170 | ) | |||||||
Taxable income (loss) from operations | $ | 107,619 | $ | (3,947,950 | ) | $ | (4,526,988 | ) | $ | (6,000,000 | )(4) | |||||
Cash generated by (used in) operations (2) | $ | 1,744,270 | $ | 5,521,904 | $ | 8,661,683 | $ | 7,449,496 | ||||||||
Cash generated from sales | — | 749,408 | 5,370,886 | 50,598 | ||||||||||||
Cash generated from refinancing | — | — | — | — | ||||||||||||
Cash generated from other (2) | 673,907 | 1,178,949 | 1,436,942 | 445,520 | ||||||||||||
2,418,177 | 7,450,261 | 15,469,511 | 7,945,614 | |||||||||||||
Less cash distributions to investors: | ||||||||||||||||
From operating cash flow | 1,213,341 | 5,521,904 | 8,661,683 | 7,449,496 | ||||||||||||
From sales | — | — | — | — | ||||||||||||
From refinancing | — | — | — | — | ||||||||||||
From other | — | 493,723 | 1,971,403 | 691,191 | ||||||||||||
Total distributions | 1,213,341 | 6,015,627 | 10,633,086 | 8,140,687 | ||||||||||||
Cash generated (deficiency) after cash distributions | $ | 1,204,836 | $ | 1,434,634 | $ | 4,836,425 | $ | (195,073 | ) | |||||||
Tax and distribution data per $1,000 limited partner investment: | ||||||||||||||||
Federal Income Tax Results: | ||||||||||||||||
Ordinary income (loss): | ||||||||||||||||
Operations | $ | 4.59 | $ | (50.16 | ) | $ | (34.79 | ) | $ | (46.01 | ) | |||||
Recapture | ||||||||||||||||
Capital gain (loss) | ||||||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||||||
— Investment income | $ | 22.42 | $ | 1.58 | $ | 0.00 | $ | 0.00 | ||||||||
— Return of capital | 33.57 | 81.05 | 88.35 | 67.49 | ||||||||||||
$ | 55.99 | $ | 82.63 | $ | 88.35 | $ | 67.49 | |||||||||
Sources (on a cash basis) | ||||||||||||||||
Sales | ||||||||||||||||
Refinancing | — | — | ||||||||||||||
Operations | $ | 55.99 | $ | 75.85 | 71.97 | 61.76 | ||||||||||
Other | — | 6.78 | 16.38 | 5.73 | ||||||||||||
Total | $ | 55.99 | $ | 82.63 | $ | 88.35 | $ | 67.49 | ||||||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 22,844,529 | $ | 49,667,555 | $ | 64,762,921 | $ | 79,465,548 | ||||||||
Amount invested in program equipment (book value) | $ | 21,091,372 | $ | 46,798,202 | $ | 52,057,199 | $ | 57,735,563 | ||||||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program)(3) | 25.99 | % | 56.51 | % | 93.20 | % | 90.41 | % |
A-10
Table of Contents
OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2004
(Unaudited)
ATEL Capital Equipment Fund X | ||||||||
Period Ended | ||||||||
December 31, | September 30, | |||||||
2003 | 2004 | |||||||
Months of operations | 12 | 9 | ||||||
Gross revenue — lease and other | $ | 896,923 | $ | 3,083,352 | ||||
— gain (loss) on sales of assets | 10,991 | — | ||||||
907,914 | 3,083,352 | |||||||
Less Operating Expenses: (1) | ||||||||
Depreciation and amortization expense | 863,703 | 2,534,122 | ||||||
Provision for losses and doubtful accounts | — | — | ||||||
Interest expense | 8,045 | 615 | ||||||
Administrative costs and reimbursements | 48,235 | 222,833 | ||||||
Legal/Professional fees | 33,563 | 79,949 | ||||||
Other | 88,831 | 136,174 | ||||||
Management fee | 48,550 | 131,935 | ||||||
1,090,927 | 3,105,628 | |||||||
Net income (loss) — GAAP basis | $ | (183,013 | ) | $ | (22,276 | ) | ||
Taxable income (loss) from operations | $ | (831,185 | ) | $ | (3,000,000 | )(4) | ||
Cash generated by (used in) operations (2) | $ | 1,214,796 | $ | 2,151,405 | ||||
Cash generated from sales | 257,206 | — | ||||||
Cash generated from refinancing | — | — | ||||||
Cash generated from other (2) | 98,028 | 488,607 | ||||||
1,570,030 | 2,640,012 | |||||||
Less cash distributions to investors: | ||||||||
From operating cash flow | 937,496 | 2,151,405 | ||||||
From sales | — | — | ||||||
From refinancing | — | — | ||||||
From other | — | 1,550,224 | ||||||
Total distributions | 937,496 | 3,701,629 | ||||||
Cash generated (deficiency) after cash distributions | $ | 632,534 | $ | (1,061,617 | ) | |||
Tax and distribution data per $1,000 limited partner investment: | ||||||||
Federal Income Tax Results: | ||||||||
Ordinary income (loss): | ||||||||
Operations | $ | (34.48 | ) | $ | (39.77 | ) | ||
Recapture | ||||||||
Capital gain (loss) | ||||||||
Cash distributions to investors on a GAAP basis: | ||||||||
— Investment income | $ | — | $ | — | ||||
— Return of capital | 42.04 | 53.05 | ||||||
$ | 42.04 | $ | 53.05 | |||||
Sources (on a cash basis) | ||||||||
Sales | $ | 0.00 | $ | 0.00 | ||||
Refinancing | — | — | ||||||
Operations | 42.04 | 30.83 | ||||||
Other | 0.00 | 22.22 | ||||||
Total | $ | 42.04 | $ | 53.05 | ||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 14,602,123 | $ | 26,383,458 | ||||
Amount invested in program equipment (book value) | $ | 14,726,680 | $ | 20,298,132 | ||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program) (3) | 98.38 | % | 99.10 | % |
A-11
Table of Contents
ATEL Capital | ATEL Capital | ATEL Capital | ||||||||||
Equipment | Equipment | Equipment | ||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||
Year ended December 31, 1999 | $ | 767,386 | ||||||||||
2000 | 1,408,523 | |||||||||||
2001 | 924,375 | $ | 374,507 | |||||||||
2002 | 832,539 | 343,120 | ||||||||||
2003 | 820,571 | 627,320 | $ | 48,235 | ||||||||
2004 | 738,928 | 506,757 | 222,833 | |||||||||
$ | 5,492,322 | $ | 1,851,704 | $ | 271,068 | |||||||
Table of Contents
RESULTS OF COMPLETED PROGRAMS
September 30, 2004
(Unaudited)
ATEL Cash | ATEL Cash | ATEL Cash | ||||||||||
Distribution Fund | Distribution Fund II | Distribution Fund III | ||||||||||
Dollar amount of equity raised | $ | 10,000,000 | $ | 35,000,000 | $ | 73,855,840 | ||||||
Assets purchased | $ | 11,133,679 | $ | 52,270,536 | $ | 99,629,942 | ||||||
Date of Closing of Offering | December 18, 1987 | January 3, 1990 | January 3, 1992 | |||||||||
Date of first sale of property | May 1, 1989 | July 1, 1994 | December 1, 1992 | |||||||||
Date of final sale of property | December 31, 1997 | December 31, 1998 | December 31, 2000 | |||||||||
Tax and distribution data per $1,000 limited partner investment through December 31, 2000: | ||||||||||||
Federal Income Tax Results: | ||||||||||||
Ordinary income (loss): | ||||||||||||
Operations | $ | 192.40 | $ | 154.95 | $ | (12.08 | ) | |||||
Recapture | ||||||||||||
Capital gain (loss) | ||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||
— Investment income | $ | 244.89 | $ | 335.43 | $ | 379.10 | ||||||
— Return of capital | 876.14 | 887.20 | 950.66 | |||||||||
1,121.03 | 1,222.63 | 1,329.76 | ||||||||||
Cash available for distribution, reinvested for investors’ accounts | 89.05 | 48.75 | — | |||||||||
Total | $ | 1,210.08 | $ | 1,271.38 | $ | 1,329.76 | ||||||
Sources (on a cash basis): | ||||||||||||
Sales | $ | 136.03 | $ | 159.92 | $ | 169.34 | ||||||
Refinancing | ||||||||||||
Operations | 969.59 | 987.33 | 975.75 | |||||||||
Other | 104.46 | 124.13 | 184.67 | |||||||||
Total | $ | 1,210.08 | $ | 1,271.38 | $ | 1,329.76 | ||||||
Table of Contents
Excess of | ||||||||||||||||||||
Equipment | Rents Over | |||||||||||||||||||
Acquisition | Acquisition | Sale | Expenses | |||||||||||||||||
Lessee | Type of Equipment | Date (1) | Price (2) | Sale Date | Price (3) | (4) | ||||||||||||||
ATEL CAPITAL EQUIPMENT FUND VIII | ||||||||||||||||||||
Burlington Northern & Santa Fe | Locomotives | Nov-99 | $ | 587,500 | Mar-03 | $ | 483,653 | $ | 221,406 | |||||||||||
Burlington Northern & Santa Fe | Railroad | Sep-99 to Nov-99 | 1,634,002 | Nov-03 to Dec-03 | 154,700 | 1,346,436 | ||||||||||||||
Burlington Northern & Santa Fe | Railroad | Sep-99 | 107,737 | Jan-04 to Mar-04 | 15,380 | 88,776 | ||||||||||||||
Celestica Corporation | Manufacturing | Dec-00 | 1,573,285 | Jul-03 | 491,000 | 1,224,300 | ||||||||||||||
Celestica Corporation | Manufacturing | Dec-00 | 1,324,384 | Feb-04 to Apr-04 | 121,500 | 1,489,474 | ||||||||||||||
CSX Transportation, Inc. | Box Cars | Sep-99 | 6,782,075 | Jan-01 | 7,112,100 | 1,749,525 | ||||||||||||||
CVS Pharmacy, Inc. | Office Automation | Dec-99 | 106,156 | Feb-02 | 23,850 | 103,907 | ||||||||||||||
CVS Pharmacy, Inc. | Material Handling | Feb-01 | 20,250 | Jul-03 | 20,250 | 10,137 | ||||||||||||||
CVS Pharmacy, Inc. | Computers | Aug-00 to Feb-01 | 959,538 | May-03 | 166,999 | 982,759 | ||||||||||||||
CVS Pharmacy, Inc. | Telecommunications | Dec-99 to Mar-01 | 1,870,903 | Aug-04 | 386,602 | 1,978,865 | ||||||||||||||
CVS Pharmacy, Inc. | Office Automation | Jul-99 to Mar-00 | 150,925 | Oct-01 | 23,700 | 64,466 | ||||||||||||||
CVS Pharmacy, Inc. | Material Handling | Jul-99 to Mar-01 | 4,471,590 | Aug-04 | 1,424,785 | 4,499,736 | ||||||||||||||
CVS Pharmacy, Inc. | Food Processing | Mar-00 to Aug-00 | 68,680 | Aug-04 | 15,736 | 68,700 | ||||||||||||||
DDB Needham Chicago Inc. | Electronics | Sep-98 | 43,589 | Oct-02 | 13,462 | 40,829 | ||||||||||||||
DDB Needham Chicago Inc. | Office Automation Equip. | Sep-98 | 41,294 | Feb-03 | 445 | 54,150 | ||||||||||||||
Emery Worldwide Airlines | Cargo Plane | Jun-00 | 14,123,602 | Apr-03 | 3,980,000 | 9,419,761 | ||||||||||||||
Firstunion-Archer Daniels | Railroad | Dec-99 | 20,151 | Dec-03 | 20,725 | 8,419 | ||||||||||||||
Midland | ||||||||||||||||||||
GE Aircraft Engines | Tilt Axis Table | Mar-00 | 31,130 | Apr-01 | 31,130 | 5,054 | ||||||||||||||
GE Aircraft Engines | Material Handling | Aug-00 | 128,976 | Aug-04 to Sep-04 | 51,329 | 120,357 | ||||||||||||||
GE Aircraft Engines | Manufacturing | Jul-00 to Jan-01 | 1,085,135 | Jun-03 | 904,522 | 470,714 | ||||||||||||||
GE Aircraft Engines | Manufacturing | Mar-99 to Aug-01 | 20,793,207 | Aug-04 | 13,529,850 | 21,465,878 | ||||||||||||||
Great American Management | Boxcars | Oct-99 | 203,250 | Apr-03 | 106,877 | 69,854 | ||||||||||||||
Services | ||||||||||||||||||||
Great American Management | Pullman Box Car | Oct-99 | 15,635 | Nov-99 | 15,780 | — | ||||||||||||||
Services | ||||||||||||||||||||
Hallsmith-Sysco Food Services | Trucks And Trailers | Aug-99 | 64,906 | Jul-03 | 46,141 | 64,906 | ||||||||||||||
Hallsmith-Sysco Food Services | Trucks And Trailers | Sep-00 | 70,914 | Nov-03 | 54,033 | 35,342 | ||||||||||||||
IMC Phosphates Company | Storage Facility | Jun-00 | 6,712,090 | Jun-04 | 6,800,000 | 1,035,726 | ||||||||||||||
Kansas City Southern Railway | Railroad | Dec-99 | 40,302 | Jun-04 | 39,358 | 29,290 | ||||||||||||||
Kansas City Southern Railway | Covered Hopper | Dec-99 | 40,302 | Jul-03 | 42,322 | 20,719 | ||||||||||||||
Railcars | ||||||||||||||||||||
Lafarge North America | Material Handling | Jul-00 to Jan-01 | 1,469,117 | Mar-04 to Jul-04 | 428,000 | 1,198,221 | ||||||||||||||
National Steel Corporation | Construction | Nov-99 | 1,135,900 | Jan-04 | 400,000 | 1,110,654 | ||||||||||||||
Overnite Transportation | Trucks And Trailers | Aug-00 | 135,378 | Feb-03 | 95,920 | 78,648 | ||||||||||||||
Company | ||||||||||||||||||||
Overnite Transportation | Trucks And Trailers | Aug-99 to Sep-00 | 14,455,990 | Aug-04 | 6,930,188 | 13,046,875 | ||||||||||||||
Company | ||||||||||||||||||||
Solectron Corporation | Manufacturing | Aug-99 | 1,467,047 | Oct-03 to Nov-03 | 544,500 | 1,166,009 | ||||||||||||||
Solectron Corporation | Manufacturing | Nov-99 | 5,840,188 | Mar-04 to Aug-04 | 2,143,800 | 4,791,410 | ||||||||||||||
Staples. Inc. | Office Automation | Dec-98 | 2,410,939 | May to Aug-02 | 1,356,830 | 1,711,188 | ||||||||||||||
TASC, Inc. | Office Automation | Jun-99 | 5,412 | Nov-01 | 1,082 | 4,276 | ||||||||||||||
TASC, Inc. | Office Automation | Sep-99 | 9,652 | Mar-00 | 9,520 | 1,601 | ||||||||||||||
TASC, Inc. | Electronics | Jun-99 to Sep-99 | 80,982 | Sep-02 to Dec-02 | 8,480 | 80,500 | ||||||||||||||
TASC, Inc. | Computers | Mar-99 to Sep-99 | 1,031,896 | Sep-02 to Mar-03 | 50,747 | 1,034,637 |
Table of Contents
TASC, Inc. | Office Automation | May to Jun-99 | 41,977 | Jul-02 | 8,622 | 43,797 | ||||||||||||||
The DDB Needham Worldwide | Office Automation | Sep-98 | 884,900 | Jan to Jul-02 | 81,819 | 897,546 | ||||||||||||||
Companies | ||||||||||||||||||||
The DDB Needham Worldwide | Office Automation | Sep-98 | 780,130 | Nov-01 | 157,667 | 795,275 | ||||||||||||||
Companies | ||||||||||||||||||||
The DDB Needham Worldwide | Furniture & Fixtures | Sep-98 | 5,754 | Oct-03 | 863 | 5,816 | ||||||||||||||
Companies | ||||||||||||||||||||
Tracy Locke Partnership | Furniture & Fixtures | Sep-98 | 316,222 | Nov-03 | 47,433 | 319,596 | ||||||||||||||
Transamerica Leasing Inc. | Containers | Dec-98 | 42,500 | Nov-03 | 30,770 | 26,767 | ||||||||||||||
Transamerica Leasing Inc. | Standard 20’ Imo1 | Dec-98 | 21,250 | Nov-99 | 22,398 | 2,490 | ||||||||||||||
Tank Container | ||||||||||||||||||||
Union Pacific Railroad Company | Covered Hopper | Dec-99 | 503,776 | Apr-03 | 634,135 | 239,147 | ||||||||||||||
Railcars | ||||||||||||||||||||
Union Pacific Railroad Company | Gondola Cars | Dec-99 | 367,935 | Nov-02 to Jun-03 | 140,335 | 588,332 | ||||||||||||||
Union Pacific Railroad Company | Railroad | Dec-99 | 43,662 | Dec-03 | 13,289 | 22,980 | ||||||||||||||
Union Pacific Railroad Company | Covered Hopper | Dec-99 | 261,964 | Nov-02 | 301,980 | 106,590 | ||||||||||||||
Railcars | ||||||||||||||||||||
Universal City Development Partners | Point Of Sale Equipment | Mar-99 | 668,474 | Sep-04 | 23,000 | 726,283 | ||||||||||||||
Universal City Florida Partners | Computers | Jun-00 | 156,442 | Oct-03 to Dec-03 | 15,114 | 165,353 | ||||||||||||||
Universal City Florida Partners | Computers | Jul-00 | 125,667 | Apr-04 | 200 | 132,825 | ||||||||||||||
Universal City Florida Partners | Computers | May-99 to Mar-00 | 989,174 | Nov-02 to Aug-03 | 52,937 | 1,231,602 | ||||||||||||||
Vanguard Car Rental USA Inc. | Motor Vehicles | Nov-00 to Dec-00 | 2,436,840 | Jun-04 | — | 2,165,218 | ||||||||||||||
Watco Companies,Inc. | Covered Hopper | Dec-99 | 60,453 | Apr-03 | 77,901 | 1,117 | ||||||||||||||
Railcars | ||||||||||||||||||||
Watco Companies,Inc. | Covered Hopper | Dec-99 | 60,453 | Dec-03 | 60,296 | 3,750 | ||||||||||||||
Railcars | ||||||||||||||||||||
Watco Companies,Inc. | Railroad | Dec-99 | 40,302 | Feb-04 | 39,571 | 4,050 | ||||||||||||||
Whirlpool Corporation | Manufacturing | Dec-98 | 72,763 | Jan to Apr-02 | 17,752 | 56,523 | ||||||||||||||
Williams Distributed Power | Electrical | Dec-99 to Sep-00 | 374,152 | Jun-03 | 293,145 | 288,612 | ||||||||||||||
Services | Generation | |||||||||||||||||||
Williams Distributed Power | Electrical | Sep-00 | 136,145 | Feb-04 | 97,507 | 132,603 | ||||||||||||||
Services | Generation | |||||||||||||||||||
Xerox Corporation | Material Handling | Feb-99 | 52,880 | Oct-03 | 2 | 62,435 | ||||||||||||||
Xerox Corporation | Material Handling | Dec-99 | 83,900 | Mar-04 to May-04 | 14,200 | 70,767 | ||||||||||||||
Xerox Corporation | Material Handling | Dec-98 to Feb-99 | 276,815 | Oct-02 to Jan-03 | 50,950 | 221,663 | ||||||||||||||
$ | 99,918,539 | $ | 50,227,182 | $ | 79,204,642 | |||||||||||||||
ATEL CAPITAL EQUIPMENT FUND IX | ||||||||||||||||||||
GE Aircraft Engines | Mazak Horizontal NC | Dec-02 | $ | 997,875 | Jun-03 | $ | 1,021,939 | $ | 84,857 | |||||||||||
Lathe | ||||||||||||||||||||
GE Aircraft Engines | Manufacturing | Apr-02 | 4,375,396 | Dec-03 | 4,142,025 | 1,215,632 | ||||||||||||||
General Motors Corporation | Material Handling | Mar-02 | 23,467 | Sep-04 | 10,000 | 20,507 | ||||||||||||||
Photuris, Inc. | Office Automation | Mar-01 | 1,000,000 | Apr-04 | — | 188,792 | ||||||||||||||
Equip., Furniture & Fixtures | ||||||||||||||||||||
Quick Study Radiology, Inc. | Computers | Mar-03 | 20,920 | Sep-03 | 19,479 | 4,586 | ||||||||||||||
Silicon Access Networks, Inc. | Computers and | Jul-01 to Mar-02 | 749,388 | Nov-03 to Dec-03 | 50,522 | 895,747 | ||||||||||||||
Research | ||||||||||||||||||||
Equipment | ||||||||||||||||||||
Sony Pictures | Office Automation | Jan-02 | 762,524 | May-02 | 749,408 | 121,255 | ||||||||||||||
Entertainment, Inc. | ||||||||||||||||||||
Williams Distributed Power | Electrical | Feb-01 | 52,048 | Feb-04 | 40,598 | 28,411 | ||||||||||||||
Services | Generation | |||||||||||||||||||
Williams Distributed Power | Capstone Micro | Feb-01 | 74,943 | Jun-03 | 65,725 | 35,451 | ||||||||||||||
Services | Turbine | |||||||||||||||||||
System | ||||||||||||||||||||
Zeevo, Inc. | Computers and | Aug-01 to Mar-02 | 370,429 | Sep-03 to Dec-03 | 24,959 | 436,745 | ||||||||||||||
Research | ||||||||||||||||||||
Equipment | ||||||||||||||||||||
$ | 8,426,990 | $ | 6,124,655 | $ | 3,031,983 | |||||||||||||||
TOTALS OF ALL FUNDS: | $ | 108,345,529 | $ | 56,351,838 | $ | 82,236,625 | ||||||||||||||
Table of Contents
Table of Contents
ACQUISITION OF EQUIPMENT
BY PRIOR PROGRAMS
Lease | ||||||||||||||||||||
Commence | Acquisition | Percent | Lease | Type | ||||||||||||||||
Lessee | Notes | Equipment Type | Date(s) (1) | Cost (2) | Leverage (3) | Term (4) | (5) | |||||||||||||
ATEL Capital Equipment Fund VIII | ||||||||||||||||||||
American Oncologic Hospital, Inc. | MRI Scanner | Jul-00 | $ | 1,871,181 | 60 | OL | ||||||||||||||
ANC Rental Corporation | 23 | Mini Buses | Jan-01 | 1,860,020 | 36 | FP | ||||||||||||||
ANC Rental Corporation | 23 | City Buses | Jan-01 | 1,506,459 | 60 | FP | ||||||||||||||
ANC Rental Corporation | 23 | City Buses | Jan-01 | 1,168,509 | 60 | FP | ||||||||||||||
ANC Rental Corporation | 23 | Mini Buses | Jan-01 | 576,820 | 36 | FP | ||||||||||||||
BJ’s Wholesale Club, Inc. | 6 | Forklifts | Apr-99 | 594,748 | 60 | HP | ||||||||||||||
Burlington Northern and Santa | Locomotives | Dec-99 | 11,750,000 | 19 | OL | |||||||||||||||
Fe Railroad Company | ||||||||||||||||||||
Burlington Northern and Santa | Tri-Level Auto Racks | Sep-99 | 1,741,739 | 40 | OL | |||||||||||||||
Fe Railroad Company | ||||||||||||||||||||
Celestica Corporation | Chip Placers, Stencil | Jan-01 | 2,955,623 | 33 | OL | |||||||||||||||
Printers | ||||||||||||||||||||
Consolidated Diesel Company | Siemens Telephone | Feb-99 | 406,030 | 55 | HP | |||||||||||||||
System | ||||||||||||||||||||
Consolidated Rail Corporation | Railroad Gondolas and | Jan-00 | 12,922,864 | 23.79 | % | 36 | OL | |||||||||||||
Ballast Cars | ||||||||||||||||||||
CSX Transportation, Inc. | Rail Boxcars | Sep-99 | 6,782,075 | 15 | OL | |||||||||||||||
CVS Corporation | Material Handling | Apr-00 | 1,977,438 | 60 | HP / FP | |||||||||||||||
Equipment | ||||||||||||||||||||
CVS Corporation | Material Handling | Apr-01 | 1,356,483 | 60 | HP / FP | |||||||||||||||
Equipment | ||||||||||||||||||||
CVS Corporation | Material Handling | Jan-01 | 1,274,563 | 60 | HP / FP | |||||||||||||||
Equipment | ||||||||||||||||||||
CVS Corporation | Telecommunications | Jan-00 to Apr-00 | 1,065,848 | 60 | HP | |||||||||||||||
Equipment | ||||||||||||||||||||
CVS Corporation | Telecommunications | Jul-00 to Oct-00 | 780,243 | 60 | HP | |||||||||||||||
Equipment | ||||||||||||||||||||
CVS Corporation | Handheld Radio Units | Apr-01 | 636,065 | 36 | HP | |||||||||||||||
CVS Corporation | Handheld Inventory | Oct-00 | 323,473 | 60 | HP | |||||||||||||||
Control Units | ||||||||||||||||||||
CVS Corporation | Phone Equipment | Apr-01 | 130,968 | 60 | HP | |||||||||||||||
CVS Corporation | Telecommunications | Oct-99 | 102,961 | 60 | HP | |||||||||||||||
Equipment | ||||||||||||||||||||
E.I.duPont de Nemours & Company | Okuma Lathe | Jul-00 | 324,805 | 72 | FP | |||||||||||||||
Emery Worldwide Airlines, Inc. | MD Cargo Aircraft | Nov-99 | 5,725,300 | 1 | OL | |||||||||||||||
Emery Worldwide Airlines, Inc. | Used McDonnell | Jul-00 | 14,123,602 | 54 | OL | |||||||||||||||
Douglas DC8-71F Cargo Aircraft | ||||||||||||||||||||
Finnair OYJ | 7 | McDonnell Douglas | Dec-99 | 15,448,037 | 26.54 | % | 50 | OL | ||||||||||||
Passenger Aircraft | ||||||||||||||||||||
General Electric Company | 8 | Lathes, Machining | Oct-00 | 4,843,887 | 84 | FP | ||||||||||||||
Centers | ||||||||||||||||||||
General Electric Company | 8 | Turning Lathes | Jul-00 | 2,747,940 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Milling Machine | Dec-99 to Feb-00 | 1,140,264 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Grinding Machine | Dec-99 to Mar-00 | 1,060,293 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Turbolisk | Dec-00 | 999,775 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Vertical Machining | Apr-00 | 788,675 | 84 | FP | ||||||||||||||
Centers | ||||||||||||||||||||
General Electric Company | 8 | Machining Center | Feb-01 | 733,600 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Vertical Machining | Mar-01 | 709,545 | 84 | OL | ||||||||||||||
Center | ||||||||||||||||||||
General Electric Company | 8 | Grinding Machines | Aug-00 | 660,444 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Monarch Machining | Sep-00 | 644,886 | 84 | FP | ||||||||||||||
Center | ||||||||||||||||||||
General Electric Company | 8 | Machine Tools | Jun-01 | 643,106 | 84 | FP | ||||||||||||||
General Electric Company | 8 | VTX Machining | Oct-99 to Dec-99 | 626,699 | 84 | HP/FP | ||||||||||||||
Centers | ||||||||||||||||||||
General Electric Company | 8 | Rebuilt Producto | Dec-00 | 593,500 | 84 | FP | ||||||||||||||
Drilling Machine | ||||||||||||||||||||
General Electric Company | 8 | Rebuilt Omni-Mill | Jun-01 | 563,939 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Deckel Maho DMU | May-99 | 546,500 | 84 | OL | ||||||||||||||
Machine | ||||||||||||||||||||
General Electric Company | 8 | Grinding Machine | Jan-00 | 510,756 | 84 | FP | ||||||||||||||
General Electric Company | 8 | Fadal Machining | Jun-00 | 483,900 | 84 | FP | ||||||||||||||
Centers |
Past performance is not necessarily indicative of future performance.
Table of Contents
General Electric Company | 8 | Rebuilt CNC Lathe | Aug-00 | 476,458 | 84 | OL | ||||||||
General Electric Company | 8 | CNC Grinding Machine | Oct-00 | 363,400 | 84 | FP | ||||||||
General Electric Company | 8 | LeBlond Lathe | Jan-00 | 352,350 | 84 | HP | ||||||||
General Electric Company | 8 | Machine Center | Mar-99 | 352,000 | 84 | OL | ||||||||
General Electric Company | 8 | Grit Blast System | Jul-00 | 351,536 | 84 | FP | ||||||||
General Electric Company | 8 | Grinding Machine | Jun-00 | 330,222 | 84 | FP | ||||||||
General Electric Company | 8 | Rebuilt Bullard VTL | Feb-01 | 299,706 | 84 | FP | ||||||||
General Electric Company | 8 | Radio Graphic | Sep-99 | 219,377 | 84 | FP | ||||||||
Inspection Facility | ||||||||||||||
General Electric Company | 8 | Rebuilt Vacuum | Mar-00 to Apr-00 | 213,820 | 84 | FP | ||||||||
Blazing Machine | ||||||||||||||
General Electric Company | 8 | Used Forging Machine | Jan-00 | 177,410 | 84 | FP | ||||||||
General Electric Company | 8 | Forklifts | Aug-00 | 128,976 | 36 - 60 | OL/FP | ||||||||
General Electric Company | 8 | VTX Machining Centers | May-99 | 124,172 | 84 | OL | ||||||||
General Electric Company | 8 | Data Visualization | May-00 | 101,374 | 84 | FP | ||||||||
System | ||||||||||||||
General Electric Company | 8 | Laser Engraving System | May-00 | 80,159 | 84 | FP | ||||||||
General Electric Company | 8 | Air Flow Tester | Nov-99 | 61,960 | 60 | FP | ||||||||
General Electric Company | 8 | Power Trak | Jan-00 | 39,975 | 60 | OL | ||||||||
General Electric Company | 8 | Pinstamp Marking System | May-00 | 39,115 | 84 | FP | ||||||||
General Electric Company | 8 | Film Processor | Oct-99 | 35,000 | 84 | FP | ||||||||
General Electric Company | 8 | Equipment Add-On | Aug-00 | 23,530 | 69 - 81 | FP | ||||||||
General Electric Company | 8 | Add-on Equipment | Oct-00 | 18,000 | 80 | FP | ||||||||
General Electric Company | 8 | Radio Graphic | Jan-00 | 6,500 | 80 | FP | ||||||||
Inspection Facility Upgrade | ||||||||||||||
General Electric Company | 8 | Add-on Equipment | Sep-01 | 7,660 | 60 | FP | ||||||||
General Electric Company | 9 | Injection Molding | Oct-00 | 1,305,371 | 36 | OL | ||||||||
Machine | ||||||||||||||
General Electric Company | 9 | Prism Extruders | Nov-00 to Jul-01 | 668,252 | 60 | FP | ||||||||
General Electric Company | 9 | Extruder Systems | May-99 | 281,595 | 60 | OL | ||||||||
Georgia Gulf Corporation | Quad Hopper Cars | Sep-99 | 1,416,678 | 58 | OL | |||||||||
Great American Management Services, Inc. | Rail Boxcars | Oct-99 | 3,627,223 | 30 | OL | |||||||||
IMC-Agrico Company | 10 | Storage Facility | Jun-00 | 6,712,090 | 78 | OL | ||||||||
Ingersoll International, Inc. | Vertical Machine | Oct-00 | 540,794 | 84 | FP | |||||||||
Centers | ||||||||||||||
Ispat Inland Inc. | Coil Carriers | May-00 | 867,000 | 60 | OL | |||||||||
Lafarge Gypsum, a division of Lafarge Corporation | 24 | Forklifts | Oct-00 | 766,805 | 36 | OL | ||||||||
Lafarge Gypsum, a division of Lafarge Corporation | 24 | Forklift Trucks | Feb-01 | 702,312 | 36 | OL | ||||||||
Lafarge Gypsum, a division of Lafarge Corporation | 24 | Wheel Loader | Jan-01 | 317,111 | 60 | OL | ||||||||
Minteq International, Inc. | Laser Profiling | Nov-99 | 303,211 | 36 | HP | |||||||||
System | ||||||||||||||
National Gypsum Company | CAT Loaders / Dozers | Oct-00 | 1,147,259 | 36 | OL | |||||||||
National Gypsum Company | CAT Loader | Jan-01 | 437,732 | 60 | OL | |||||||||
National Steel Corporation | CAT Loaders | Jan-00 | 1,135,900 | 36 | OL | |||||||||
NVR, INC. | Home Manufacturing | Aug-99 | 193,414 | 84 | FP | |||||||||
Equipment | ||||||||||||||
Omnicom Group, Inc. | 11 | Office Automation | Oct-98 | 1,749,913 | 36 | HP | ||||||||
Omnicom Group, Inc. | 11 | Office Furniture | Oct-98 | 321,976 | 60 | FP | ||||||||
Overnite Transportation Company | Conventional Tractors | Jan-00 | 7,061,889 | 48 | OL | |||||||||
Overnite Transportation Company | Conventional Tractors | Jul-00 | 3,103,308 | 48 | OL | |||||||||
Overnite Transportation Company | Tractors and Trailers | Oct-00 | 2,921,394 | 48 | OL | |||||||||
Overnite Transportation Company | Conventional Tractors | Apr-99 | 2,080,400 | 48 | OL | |||||||||
Overnite Transportation Company | Trailers | Jul-00 | 2,054,380 | 96 | FP | |||||||||
Overnite Transportation Company | Conventional Tractors | Oct-99 | 1,104,976 | 48 | OL | |||||||||
Seamex International Ltd. | 12, 13 | Anchor Handler Tug | Dec-98 | 3,952,500 | 44 | OL | ||||||||
Supply Vessel | ||||||||||||||
Sebastiani Vineyards, Inc. | Bottle Filler | Jan-00 | 365,913 | 84 | FP | |||||||||
Sematech, Inc. | Manufacturing Equipment | Apr-00 | 1,230,000 | 36 | OL | |||||||||
Seven Hills Paperboard, LLC | Neles Control Systems | Jan-01 | 1,178,588 | 60 | OL | |||||||||
Signature Flight Support Corporation | Refueler Truck | Jan-00 | 290,000 | 60 | FP |
Table of Contents
Solectron Corporation | Chip Placers | Dec-99 | 15,366,268 | 48 | OL | |||||||||
Solectron Corporation | Chip Placers | Sep-99 | 1,496,388 | 48 | OL | |||||||||
Solectron Corporation | Fuji QP Module | Jun-00 | 92,228 | 45 | OL | |||||||||
Southwest Airlines Company | 14 | Boeing 737 Aircraft | Mar-99 | 3,238,500 | 50 | OL | ||||||||
Staples, Inc. | Point of Sale Equipment | Jan-99 | 2,410,939 | 60 | FP | |||||||||
Staples, Inc. | Point of Sale Equipment | Apr-99 | 681,910 | 60 | FP | |||||||||
Staples, Inc. | Point of Sale Equipment | Sep-99 | 511,079 | 60 | OL | |||||||||
Staples, Inc. | Point of Sale Equipment | May-99 | 204,571 | 60 | FP | |||||||||
Staples, Inc. | Forklifts | May-99 | 101,480 | 48 | OL | |||||||||
Staples, Inc. | Material Handling | Oct-99 | 68,030 | 48 | OL | |||||||||
Equipment | ||||||||||||||
Stewart & Stevenson | Gas Compressors | Jul-99 | 6,272,782 | 78 | HP | |||||||||
Services, Inc. | ||||||||||||||
Stewart & Stevenson | Gas Compressors | Oct-99 | 4,508,796 | 84 | HP | |||||||||
Services, Inc. | ||||||||||||||
Sysco Food Services Albany | Tractors | Sep-00 | 965,311 | 84 | FP | |||||||||
Sysco Food Services Albany | Refrigerated Trailers | Jun-00 | 760,188 | 96 | FP | |||||||||
Sysco Food Services Albany | Refrigerated Trailers | Sep-99 | 519,620 | 96 | FP | |||||||||
Sysco Food Services Albany | Refrigerated Trailers | Feb-00 | 220,012 | 96 | FP | |||||||||
TASC, Inc. | Office Automation | Oct-99 | 675,132 | 36 | FP | |||||||||
TASC, Inc. | Office Automation | Jul-99 | 494,787 | 36 | FP | |||||||||
Transamerica Leasing Inc. | 15 | Intermodal Containers | Dec-98 | 21,250,000 | 120 | FP | ||||||||
Union Pacific Railroad Company | Covered Hopper Cars | Feb-00 | 16,523,854 | 24 | OL | |||||||||
Union Pacific Railroad Company | Fixed-end Gondola | Dec-99 | 5,021,142 | 72 | OL | |||||||||
Railcars | ||||||||||||||
Universal City Development | Point of Sale Equipment | Apr-99 | 668,474 | 60 | FP | |||||||||
Partners | ||||||||||||||
Universal City Florida Hotel | Hotel Laundry Equipment | Sep-99 | 3,882,463 | 84 | FP | |||||||||
Venture | ||||||||||||||
Universal City Florida Hotel | Laundry Equipment | Mar-01 | 174,207 | 66 | FP | |||||||||
Venture | ||||||||||||||
Universal City Florida Hotel | Laundry Equipment | Aug-02 | 293,570 | 67 | FP | |||||||||
Venture | ||||||||||||||
Universal City Florida Partners | Office Automation | Jul-99 | 487,909 | 36 | HP | |||||||||
Equipment | ||||||||||||||
Universal City Florida Partners | Office Automation | Jul-00 | 282,109 | 36 | HP | |||||||||
Equipment | ||||||||||||||
Universal City Florida Partners | Office Automation | Oct-99 | 248,838 | 36 | HP | |||||||||
Equipment | ||||||||||||||
Universal City Florida Partners | Office Automation | Apr-00 | 134,872 | 36 | HP | |||||||||
Equipment | ||||||||||||||
Universal City Florida Partners | Office Automation | Jan-00 | 117,555 | 36 | HP | |||||||||
Equipment | ||||||||||||||
Whirlpool Corporation | Hydraulic Traveling | Jan-99 | 72,763 | 60 | OL | |||||||||
Gantry Crane | ||||||||||||||
Williams Distributed Power | 16 | Micro Turbine Systems | Oct-00 | 1,230,020 | 60 | OL | ||||||||
Services, Inc. | ||||||||||||||
Williams Distributed Power | 16 | Micro Turbine Systems | Jan-00 | 1,056,690 | 60 | OL | ||||||||
Services, Inc. | ||||||||||||||
Williams Distributed Power | 16 | Micro Turbine Systems | Apr-00 | 865,522 | 60 | OL | ||||||||
Services, Inc. | ||||||||||||||
Williams Distributed Power | 16 | Micro Turbine Systems | Apr-01 | 215,895 | 60 | OL | ||||||||
Services, Inc. | ||||||||||||||
Xerox Corporation | Material Handling | Dec-98 to Mar-99 | 378,964 | 44 | OL | |||||||||
Equipment | ||||||||||||||
Xerox Corporation | Material Handling | Dec-99 | 108,572 | 44 | OL | |||||||||
Equipment | ||||||||||||||
Xerox Corporation | Material Handling | Sep-99 | 47,858 | 44 | OL | |||||||||
Equipment | ||||||||||||||
Xerox Corporation | Material Handling | Nov-99 | 47,232 | 44 | OL | |||||||||
Equipment | ||||||||||||||
ATEL Capital Equipment Fund VIII total: | $249,040,775 | |||||||||||||
ATEL Capital Equipment Fund IX | ||||||||||||||
Arbinet-Thexchange, Inc. | Storage Array System | Jul-03 | $ | 495,474 | 36 | FP | ||||||||
ARYx Therapeutics | Testing & Lab Equipment | Mar-03 | 174,668 | 24 | HP | |||||||||
Arsenal Digital Solutions | Computer Hardware | Jun-04 | 171,041.35 | 36 | FP | |||||||||
Worldwide, Inc. | ||||||||||||||
Arsenal Digital Solutions | Office Furniture | Aug-04 | 74,243.30 | 36 | FP | |||||||||
Worldwide, Inc. | ||||||||||||||
Arsenal Digital Solutions | Computer Hardware & | Jul-04 | 73,395.55 | 36 | FP | |||||||||
Worldwide, Inc. | Phone System | |||||||||||||
Arsenal Digital Solutions | Computer Software | Jan-04 | 44,137.50 | 24 | FP | |||||||||
Worldwide, Inc. | ||||||||||||||
ARYx Therapeutics, Inc. | Computer Equipment | Jul-04 | 115,278.75 | 24 | FP | |||||||||
Ball Corporation | Bulk Boxes & Pallets | Aug-03 | 1,049,039 | 71 | FP | |||||||||
Basin Electric Power Cooperative | 17 | Walking Drag Line | Jul-00 | 6,786,284 | 72 | OL | ||||||||
Basin Electric Power Cooperative | 17 | Walking Drag Line | Jan-01 | 4,529,113 | 66 | OL | ||||||||
Bayer Corporation | Lab Equipment | Jul-04 | 333,370.00 | 36 | OL | |||||||||
Bayer Corporation | Backhoe | Aug-04 | 28,500.00 | 36 | OL | |||||||||
Bayer Corporation | Lab Equipment | Oct-04 | 19,900.00 | 24 | OL | |||||||||
Boingo Wireless, Inc. | Computer Equipment | Sep-04 | 102,517.97 | 30 | FP | |||||||||
Cedar Point Communications, Inc. | Computer Equipment | Aug-04 | 185,617.58 | 36 | FP |
Table of Contents
Cedar Point Communications, Inc. | Computer Equip & | Sep-04 | 73,111.70 | 36 | FP | |||||||||
Office Furniture | ||||||||||||||
Colowyo Coal Company L.P. | 1985 Walking Electric | Apr-03 | 3,791,357 | 32 | OL | |||||||||
Dragline | ||||||||||||||
CVS Pharmacy, Inc. | 18 | Phone System | Jan-02 | 326,231 | 60 | FP | ||||||||
CVS Pharmacy, Inc. | 18 | Material Handling | Jul-01 | 207,486 | 60 | FP | ||||||||
CVS Pharmacy, Inc. | 18 | Printing / Graphic Arts | Jan-02 | 196,345 | 60 | OL | ||||||||
CVS Pharmacy, Inc. | 18 | Phone System | Oct-01 | 72,808 | 60 | FP | ||||||||
Dorado Network Systems | Computer Equipment | Jul-04 | 89,065.85 | 18 | FP | |||||||||
Corporation | ||||||||||||||
Dorado Network Systems | Office Furniture | Sep-04 | 87,430.01 | 18 | FP | |||||||||
Corporation | ||||||||||||||
Dorado Network Systems | Computer Equipment | Aug-04 | 48,083.66 | 18 | FP | |||||||||
Corporation | ||||||||||||||
Ford Motor Company | Material Handling | Mar-04 to Oct-04 | 4,331,885.32 | 36 - 60 | FP, HP | |||||||||
Equipment | ||||||||||||||
Ford Motor Company | Material Handling | Aug-03 | 2,878,521 | 30 - 58 | OL/HP/FP | |||||||||
Equipment | ||||||||||||||
Ford Motor Company | Batteries and Fork | Oct-03 | 120,901 | 34 - 60 | OL/HP/FP | |||||||||
Lifts | ||||||||||||||
GE Aircraft Engines | Atmosphere Furnace | Apr-04 | 27,812 | 84 | FP | |||||||||
General Electric Company | 8 | Lathes | Apr-02 | 2,240,326 | 84 | OL | ||||||||
General Electric Company | 8 | Grinders and Sputtering | Apr-02 | 2,033,697 | 84 | OL | ||||||||
Machine | ||||||||||||||
General Electric Company | 8 | Toshulin Powerturn | Aug-02 | 1,705,500 | 84 | OL | ||||||||
Machine | ||||||||||||||
General Electric Company | 8 | Remfg Bullard Vt Lathe | Dec-02 to Aug-03 | 1,127,926 | 84 | FP | ||||||||
General Electric Company | 8 | CNC Grinding Machine | May-02 | 960,432 | 84 | OL | ||||||||
General Electric Company | 8 | Mazak Horizontal Nc | Dec-02 | 746,775 | 84 | FP | ||||||||
Lathe | ||||||||||||||
General Electric Company | 8 | Rosler Vertical Spindle | Sep-03 | 678,164 | 84 | FP | ||||||||
General Electric Company | 8 | Blohm Cnc Grinding | Aug-03 | 599,000 | 84 | FP | ||||||||
Machine | ||||||||||||||
General Electric Company | 8 | Grinder | Mar-01 | 561,697 | 84 | FP | ||||||||
General Electric Company | 8 | Remfg Sundstrand | Mar-03 | 461,179 | 84 | FP | ||||||||
Omnimill | ||||||||||||||
General Electric Company | 8 | Sundstrand Omnimill | Jul-02 | 461,179 | 84 | OL | ||||||||
General Electric Company | 8 | Remfg Bullard Mill | Sep-03 | 386,000 | 84 | FP | ||||||||
Machine (90%) | ||||||||||||||
General Electric Company | 8 | Tube Benders | Feb-03 | 343,738 | 84 | FP | ||||||||
General Electric Company | 8 | Projection Welder | Oct-02 | 251,100 | 84 | FP | ||||||||
General Electric Company | 8 | Argon Atomsphere | Sep-03 | 250,308 | 84 | FP | ||||||||
Furnaces | ||||||||||||||
General Electric Company | 8 | Toshulin Powerturn | Aug-02 | 189,500 | 84 | FP | ||||||||
Cat 50 | ||||||||||||||
General Electric Company | 8 | Wire EDM | Jul-02 | 172,392 | 84 | OL | ||||||||
General Electric Company | 8 | Electrolytic Cutoff | Nov-02 | 119,935 | 84 | FP | ||||||||
Machine | ||||||||||||||
General Electric Company | 8 | Newall Cnc Grinding | Jan-03 | 106,715 | 84 | FP | ||||||||
Machine | ||||||||||||||
General Electric Company | 8 | Indel Small | Sep-02 | 101,374 | 84 | FP | ||||||||
Sputtering Machine | ||||||||||||||
General Electric Company | 8 | Fryer Mb-15 Bed | Oct-02 | 43,950 | 84 | FP | ||||||||
Milling Machine | ||||||||||||||
General Electric Company | 9 | Crane | Feb-02 | 282,050 | 60 | OL | ||||||||
General Electric Company | 9 | Molding Machine | Dec-00 | 260,000 | 36 | OL | ||||||||
General Electric Company | 9 | Molding Machine | Apr-01 | 168,012 | 60 | FP | ||||||||
General Electric Company | 19 | Drilling Machine | Jul-02 | 234,000 | 60 | FP | ||||||||
General Motors Corporation | Material Handling | Mar-02 | 2,910,436 | 26 - 70 | FP | |||||||||
Graham Offshore, LLC | 20 | Crew and Supply Boats | Jan-02 | 9,500,000 | 60 | OL | ||||||||
Helijet International Inc. | Helicopters | Apr-04 | 2,680,000 | 60 | OL | |||||||||
InSite One, Inc. | Computer Equipment | Aug-04 | 375,000 | 24 | FP | |||||||||
Johnson Technology, Inc. | 21 | EDM Speed Drillers | Apr-02 | 1,221,500 | 84 | FP | ||||||||
Johnson Technology, Inc. | 21 | EDM Speed Drillers | May-02 | 716,000 | 84 | FP | ||||||||
Johnson Technology, Inc. | 21 | EDM Machines | Sep-02 | 261,710 | 84 | FP | ||||||||
Johnson Technology, Inc. | 21 | Material Handling | Feb-02 | 14,700 | 84 | FP | ||||||||
Johnson Technology, Inc. | Edm Speed Driller | Oct-02 | 358,000 | 84 | FP | |||||||||
Lightship Holding, Inc. & | Telecommunications, | Jul-04 | 375,000.00 | 24 | FP | |||||||||
Lightship Telecom, LLC | Office Furniture | |||||||||||||
Mastec North America, Inc. | Various Construction | Jan-03 | 2,392,924 | 60 | HP | |||||||||
Equipment | ||||||||||||||
Mastec North America, Inc. | Kubota Excavators W/Bucket | Apr-03 | 238,320 | 36 | OL |
Table of Contents
Mastec North America, Inc. | 2001 Manitowoc 28-Ton | Apr-03 | 125,000 | 36 | OL | |||||||||
Boom Truck | ||||||||||||||
Mead Westvaco Corporation | Lumber Milling | Jan-05 | 2,570,178.79 | 60 - 84 | HP | |||||||||
Equipment | ||||||||||||||
Memgen Corporation | Computer, Software & | Sep-03 | 350,000 | 24 | FP | |||||||||
Lab Equip | ||||||||||||||
National Gypsum Company | CAT Equipment | Jul-02 | 1,382,558 | 60 | HP | |||||||||
National Gypsum Company | Roll Crusher | Jul-02 | 884,757 | 60 | HP | |||||||||
National Gypsum Company | CAT Equipment | Jul-01 | 853,074 | 60 | OL | |||||||||
National Gypsum Company | Tractor | Apr-01 | 662,273 | 60 | OL | |||||||||
National Gypsum Company | Wheel loader and | Jan-02 | 383,208 | 48 - 60 | OL | |||||||||
tractor | ||||||||||||||
National Gypsum Company | CAT Equipment | Oct-01 | 207,266 | 60 | OL | |||||||||
National Gypsum Company | Dump trailer | Sep-02 | 24,959 | 60 | HP | |||||||||
National Gypsum Company | CAT Equipment | Aug-02 | 8,375 | 47 | OL | |||||||||
New NGC, Inc. | Caterpillar Wheel | Jul-03 | 827,415 | 60 | HP | |||||||||
Loader | ||||||||||||||
New NGC, Inc. | 2004 Freightliner | Jul-03 | 229,438 | 60 - 72 | FP | |||||||||
Tractors | ||||||||||||||
New NGC, Inc. dba National | Caterpillar Quarry | Jul-04 | 417,280.00 | 60 | OL | |||||||||
Gypsum Company | Truck | |||||||||||||
New NGC, Inc. dba National | Freightliner Tractor | Aug-04 | 79,328.32 | 72 | FP | |||||||||
Gypsum Company | ||||||||||||||
New NGC, Inc. dba National | Freightliner Tractor | Sep-04 | 79,328.32 | 72 | FP | |||||||||
Gypsum Company | ||||||||||||||
Nortel Networks, Inc. | Office Furniture | Mar-01 | 1,065,692 | 83 | FP | |||||||||
On24, Inc. | Computer Equipment | Sep-04 | 53,316.79 | 36 | FP | |||||||||
Overnite Transportation Company | Over-the-road Tractors | Jul-04 | 3,081,360.00 | 60 | OL | |||||||||
Peabody Holding Company | Joy Mining Equipment | Oct-02 | 5,083,396 | 60 | FP | |||||||||
Peabody Holding Company, Inc. | Joy Continuous Miner | Oct-02 | 28,039 | 60 | FP | |||||||||
& Haulers | ||||||||||||||
Proficient Networks, Inc. | 22 | Computer Equipment | Apr-03 to Aug-03 | 121,141 | 24 | FP | ||||||||
Quick Study Radiology, Inc. | Computer Related | Apr-03 | 20,920 | 26 | FO | |||||||||
Equipment | ||||||||||||||
Rubicon Technology, Inc. | Lapping & Polishing | Sep-03 | 300,000 | 18 | FP | |||||||||
Machine | ||||||||||||||
Rubicon Technology, Inc. | Surface Analyzer | Dec-03 | 200,000 | 24 | FP | |||||||||
Ryder Integrated Logistics, Inc. | Material Handling | Jun-04 | 146,874.00 | 36 | OL | |||||||||
Equipment | ||||||||||||||
Ryder Integrated Logistics, Inc. | Material Handling | Sep-04 | 99,280.00 | 36 | HP | |||||||||
Equipment | ||||||||||||||
SEACOR Marine Inc. | 20 | Supply boat | Jan-02 | 1,700,000 | 60 | OL | ||||||||
Seven Hills Paperboard, Llc | Wheel Loader & | Oct-03 | 136,355 | 36 | HP | |||||||||
Forklifts | ||||||||||||||
Silverpop Systems, Inc. | Networking & Computer | Sep-04 | 116,985.75 | 24 | FP | |||||||||
Equipment | ||||||||||||||
Sony Pictures Entertainment, Inc. | Digital recorders | Nov-01 | 762,524 | 36 | FP | |||||||||
StarCite, Inc. | Working Capital Loan | Jul-04 | 175,000.00 | 24 | FP | |||||||||
U.S. Telepacific Corp. | Networking Equipment | Oct-03 | 599,272 | 18 | FP | |||||||||
U.S. Telepacific Corp. | Titan System Materials | Sep-03 | 345,944 | 18 | FP | |||||||||
U.S. Telepacific Corp. | Networking Equipment | Oct-03 | 54,784 | 18 | FP | |||||||||
and Office Furniture | ||||||||||||||
Visteon Corporation | Bulk Storage Silos | Jan-04 | 20,512.50 | 60 | HP | |||||||||
Whirlpool Corporation | Material Handling | Jan-04 to Oct-04 | 2,017,189.90 | 36 - 60 | OL/HP/FP | |||||||||
Equipment | ||||||||||||||
Williams Distributed Power | 16 | Micro Turbine Systems | Apr-01 | 717,356 | 60 | OL | ||||||||
Services, Inc | ||||||||||||||
ATEL Capital Equipment Fund IX total: | $ | 87,892,538 | ||||||||||||
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ATEL Capital Equipment Fund X | ||||||||||||
Arbinet-thexchange | Telecom Switch | Aug-03 | $ | 654,526 | 36 | FP | ||||||
Arsenal Digital Solutions | Software Licenses | Jan-04 | 42,943 | 24 | FP | |||||||
Worldwide, Inc. | ||||||||||||
Arsenal Digital Solutions | Computer Software | Sep-04 | 44,138 | 24 | FP | |||||||
Worldwide, Inc. | ||||||||||||
Arsenal Digital Solutions | Computer Hardware | Jun-04 | 171,041 | 36 | FP | |||||||
Worldwide, Inc. | ||||||||||||
Arsenal Digital Solutions | Computer Hardware and | Jul-04 | 73,396 | 36 | FP | |||||||
Worldwide, Inc. | Phone System | |||||||||||
Arsenal Digital Solutions | Office Furniture | Aug-04 | 74,243 | 36 | FP | |||||||
Worldwide, Inc. | ||||||||||||
ARYx Therapeutics | Testing equipment | Apr-03 | 182,125 | 30 | FP | |||||||
ARYx Therapeutics | Computer Equipment | Jul-04 | 115,279 | 24 | FP | |||||||
Ball Corporation | Bulk boxes, Pallets & | Sep-03 | 2,793,225 | 59 | FP | |||||||
Tiers | ||||||||||||
Ball Corporation | Bulk boxes, Pallets & | Oct-03 | 631,118 | 60 | FP | |||||||
Tiers | ||||||||||||
Ball Corporation | Bulk boxes, Pallets & | Nov-03 | 408,800 | 60 | FP | |||||||
Tiers | ||||||||||||
Boingo Wireless, Inc. | Computer Equipment | Sep-04 | 102,518 | 30 | FP | |||||||
Cedar Point Communications, Inc. | Computer Equipment | Aug-04 | 185,618 | 36 | FP | |||||||
Cedar Point Communications, Inc. | Computer Equipment and | Sep-04 | 73,112 | 36 | FP | |||||||
Office Furniture | ||||||||||||
Colowyo Coal Company L.P. | Walking Drag Line | Apr-03 | 2,000,000 | 32 | OL | |||||||
Daimler Chrysler Corporation | Materials Handling | Oct-04 | 1,491,667 | 60 | FP | |||||||
Dorado Network Systems | Office Furniture | Jun-04 | 87,430 | 18 | FP | |||||||
Corporation | ||||||||||||
Dorado Network Systems | Computer Equipment | Jul-04 | 89,066 | 18 | FP | |||||||
Corporation | ||||||||||||
Dorado Network Systems | Computer Equipment | Aug-04 | 48,084 | 18 | FP | |||||||
Corporation | ||||||||||||
General Electric Company / | Machine Tools | Dec-03 | 6,088,818 | 62 - 75 | OL, HP | |||||||
GE Aircraft Engines | ||||||||||||
Helijet International, Inc. | Helicopters | Apr-04 | 2,680,000 | 60 | OL | |||||||
International Paper Company | Dozer | Apr-04 | 593,560 | 60 | OL | |||||||
International Paper Company | Lift Trucks, Loader | Jun-04 to Aug-04 | 267,750 | 36 - 60 | HP | |||||||
International Paper Company | Loader, Carrier | Jun-04 | 233,840 | 60 | HP | |||||||
Kaiser Foundation Hospitals | Information Storage | Oct-03 | 538,742 | 36 | HP | |||||||
Equipment | ||||||||||||
Kaiser Foundation Hospitals | Information Storage | Dec-03 | 110,814 | 34 | HP | |||||||
Equipment | ||||||||||||
Kaiser Foundation Hospitals | Information Storage | Jan-04 | 105,488 | 34 | HP | |||||||
Equipment | ||||||||||||
Kaiser Foundation Hospitals | Information Storage | Nov-03 | 291,390 | 36 | HP | |||||||
Equipment | ||||||||||||
Kaiser Foundation Hospitals | Information Stroage | Jun-04 | 33,288 | 29 | HP | |||||||
Upgrade | ||||||||||||
Lafarge North America, Inc. | Forklifts | Apr-04 | 836,266 | 36 | OL | |||||||
Lafarge North America, Inc. | Forklifts | Jul-04 | 1,091,782 | 36 | OL | |||||||
Lightship Holding, Inc. & | Telecommuni- cations & | Jul-04 | 375,000 | 24 | FP | |||||||
Lightship Telecom, LLC | Office Furniture | |||||||||||
New NGC, Inc. dba National | Cat Tractor & Shovel | Apr-04 | 1,371,097 | 42 - 66 | OL | |||||||
Gypsum Company | ||||||||||||
On24, Inc. | Computer Equipment | Sep-04 | 53,317 | 36 | FP | |||||||
Overnite Transportation Company | Over-the-road Tractors | Apr-04 | 848,881 | 60 | OL | |||||||
Overnite Transportation Company | Over-the-road Tractors | May-04 | 1,543,420 | 60 | OL | |||||||
Silverpop Systems, Inc. | Networking & Computer | Sep-04 | 116,985.75 | 24 | FP | |||||||
Equipment | ||||||||||||
Starcite, Inc. | Working Capital Loan | Jul-04 | 175,000 | 24 | NR | |||||||
ATEL Capital Equipment Fund X total: | $ | 26,623,768 | ||||||||||
TOTAL OF ALL FUNDS: | $ | 363,557,081 | ||||||||||
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LIMITED LIABILITY COMPANY
OPERATING AGREEMENT
Table of Contents
LIMITED LIABILITY COMPANY
OPERATING AGREEMENT
Page | ||||
1. NAME AND PRINCIPAL PLACE OF BUSINESS | B-1 | |||
2. DEFINITIONS | B-1 | |||
3. BUSINESS AND PURPOSE | B-6 | |||
4. TERM | B-6 | |||
5. MANAGER | B-6 | |||
6. INITIAL AND ADDITIONAL MEMBERS | B-6 | |||
Section 6.1 Initial Member | B-6 | |||
Section 6.2 Additional Members | B-6 | |||
Section 6.3 Conditions to Admission | B-6 | |||
Section 6.4 Admission as a Member | B-6 | |||
Section 6.5 Limitation on Additional Issuance | B-6 | |||
Section 6.6 Escrow | B-6 | |||
Section 6.7 Capital Account | B-7 | |||
7. LIABILITY AND STATUS OF MEMBERS | B-7 | |||
8. COMPENSATION TO THE MANAGER AND/OR AFFILIATES | B-7 | |||
Section 8.1 General Limitation | B-7 | |||
Section 8.2 Asset Management Fee | B-7 | |||
Section 8.3 Asset Management Fee Limit | B-7 | |||
Section 8.4 Other Services | B-8 | |||
Section 8.5 Payment of Fees on Removal | B-8 | |||
Section 8.6 Employment of Broker-Dealers | B-8 | |||
9. FUND EXPENSES AND RESERVES | B-8 | |||
Section 9.1 Reimbursement of Manager | B-8 | |||
Section 9.2 Limitation on Reimbursement | B-8 | |||
Section 9.3 Fund Expenses | B-9 | |||
Section 9.4 Reserves | B-9 | |||
10. ALLOCATION OF INCOME, LOSS AND DISTRIBUTIONS | B-9 | |||
Section 10.1 Allocation of Net Income and Net Loss Prior to Initial Closing Date | B-9 | |||
Section 10.2 Allocation of Net Income and Net Loss After Initial Closing Date | �� | B-9 | ||
Section 10.3 Special Allocations | B-10 | |||
Section 10.4 Distribution of Cash From Operations | B-11 | |||
Section 10.5 Distribution of Cash From Sales or Refinancing | B-11 | |||
Section 10.6 Distributions of Cash From Reserve Account | B-11 | |||
Section 10.7 Determination of Amounts to be Distributed | B-11 | |||
Section 10.8 Consent to Allocations | B-12 | |||
Section 10.9 Limitation on Distributions | B-12 | |||
Section 10.10 Allocation to Manager | B-12 | |||
Section 10.11 Return of Unused Capital | B-12 | |||
Section 10.12 Distributions in Kind | B-12 | |||
Section 10.13 Withholding Taxes | B-12 | |||
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Page | ||||
11. ASSIGNMENT OF FUND INTERESTS | B-13 | |||
Section 11.1 Limitations on Transfer | B-13 | |||
Section 11.2 Distributions and Effective Date of Transfer | B-13 | |||
Section 11.3 Governmental Restrictions | B-14 | |||
Section 11.4 Non-Complying Transfers | B-14 | |||
Section 11.5 Misrepresentations and Forfeit | B-14 | |||
12. SUBSTITUTED MEMBERS | B-14 | |||
Section 12.1 Limitations on Substitution | B-14 | |||
Section 12.2 Consent to Admission | B-14 | |||
Section 12.3 Amendment of Agreement | B-15 | |||
13. REPURCHASE OF FUND INTERESTS | B-15 | |||
14. BOOKS, RECORDS, ACCOUNTINGS AND REPORTS | B-15 | |||
Section 14.1 Books of Account and Records | B-15 | |||
Section 14.2 Audited Annual Financial Statements | B-16 | |||
Section 14.3 Other Annual Reporting | B-16 | |||
Section 14.4 Quarterly Reports | B-17 | |||
Section 14.5 Unaudited Quarterly Financial Statements | B-17 | |||
Section 14.6 Other Quarterly Reports | B-17 | |||
Section 14.7 Tax Returns | B-17 | |||
Section 14.8 Governmental Reports | B-17 | |||
Section 14.9 Maintenance of Suitability Records | B-17 | |||
15. RIGHTS, AUTHORITY, POWERS AND RESPONSIBILITIES OF THE MANAGER | B-17 | |||
Section 15.1 Services of the Manager | B-17 | |||
Section 15.2 Authority of the Manager | B-18 | |||
Section 15.3 General Powers and Fiduciary Duty | B-20 | |||
Section 15.4 Limitations on Manager’s Authority | B-20 | |||
Section 15.5 Limitation on Manager’s Liability | B-23 | |||
Section 15.6 Tax Matters Member | B-23 | |||
Section 15.7 Minimum Investment in Equipment/Maximum Front-End Fees | B-23 | |||
Section 15.8 Reliance on Manager’s Authority | B-24 | |||
16. RIGHTS, POWERS AND VOTING RIGHTS OF THE MEMBERS | B-24 | |||
Section 16.1 Limitation on Member Authority | B-24 | |||
Section 16.2 Voting Rights | B-24 | |||
Section 16.3 Voting Procedures | B-24 | |||
Section 16.4 Limitations on Member Rights | B-25 | |||
Section 16.5 Limitations on Power to Amend Agreement | B-26 | |||
Section 16.6 Member List | B-26 | |||
Section 16.7 Dissenters’ Rights and Limitations on Mergers and Roll-ups | B-26 | |||
17. TERMINATION OF A MANAGER AND TRANSFER OF THE MANAGER’S INTEREST | B-27 | |||
Section 17.1 Removal or Withdrawal | B-27 | |||
Section 17.2 Other Terminating Events | B-27 | |||
Section 17.3 Election of Successor Manager; Continuation of Fund Business | B-27 | |||
Section 17.4 Admission of Successor or Additional Manager | B-27 | |||
Section 17.5 Effect of a Terminating Event | B-28 | |||
Section 17.6 Election of Additional Manager | B-28 | |||
Section 17.7 Assignment of Manager’s Interest | B-28 | |||
Section 17.8 Members’ Participation in Manager’s Bankruptcy | B-28 | |||
18. CERTAIN TRANSACTIONS | B-29 | |||
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Page | ||||
19.TERMINATION AND DISSOLUTION OF THE FUND | B-29 | |||
Section 19.1 Termination and Dissolution | B-29 | |||
Section 19.2 Accounting and Liquidation | B-29 | |||
20. SPECIAL POWER OF ATTORNEY | B-30 | |||
Section 20.1 Execution of Power of Attorney | B-30 | |||
Section 20.2 Special Power of Attorney | B-30 | |||
21. INDEMNIFICATION | B-30 | |||
Section 21.1 Indemnification of the Manager | B-30 | |||
Section 21.2 Limitations on Indemnification | B-31 | |||
Section 21.3 Insurance | B-31 | |||
22. MISCELLANEOUS | B-31 | |||
Section 22.1 Counterparts | B-31 | |||
Section 22.2 Successors and Assigns | B-31 | |||
Section 22.3 Severability | B-31 | |||
Section 22.4 Notices | B-31 | |||
Section 22.5 Captions | B-31 | |||
Section 22.6 Number and Pronouns | B-31 | |||
Section 22.7 Manager Address | B-32 | |||
Section 22.8 Member Address | B-32 | |||
Section 22.9 Construction | B-32 | |||
Section 22.10 Qualification to Do Business | B-33 | |||
EXHIBIT I | B-34 | |||
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LIMITED LIABILITY COMPANY OPERATING AGREEMENT
OF ATEL CAPITAL EQUIPMENT FUND XI, LLC
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(i) | the Members voting rights; | ||
(ii) | the term of existence of the Fund; | ||
(iii) | the terms of compensation of the Manager and its Affiliates; or | ||
(iv) | the Fund’s investment objectives. |
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600 California Street, 6th Floor
San Francisco, California 94108
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By: | /s/ DEAN L. CASH | |||||||
Dean L. Cash, President |
By: | /s/ DEAN L. CASH | |||||
Dean L. Cash, President |
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Name Address | Capital Contribution | |
ATEL Capital Group | $500/50 Units | |
600 California Street | ||
6th Floor | ||
San Francisco, CA 94108 | ||
ATEL Financial Services, LLC | $100 | |
600 California Street | ||
6th Floor | ||
San Francisco, CA 94108 |
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1) | sign each appropriate section where indicated, | |
2) | initial each appropriate section (sections 3A — 3D) where indicated on the bottom of the subscription agreement. |
SUBSCRIPTION PROCESSING DESK
600 CALIFORNIA STREET, Suite 600
SAN FRANCISCO, CA 94108
(415) 989-8800
(800) 543-ATEL
E-mail: securities@atel.com
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The undersigned acknowledges that U.S. Bank Trust National Association is acting only as an escrow agent in connection with the offering of the Units, and has not endorsed, recommended or guaranteed the purchase, value or repayment of such Units. |
o | Fill in the total dollar amount and the number of Units to be acquired. Please note there are no fractional Units. All purchases must be in increments of $10. | |
o | Indicate whether this is an original investment in the Fund or an additional investment to an existing Fund account with the exact same registration by checking the appropriate box. Please note the minimum requirements. Only the dollar amount, subscriber name and broker/dealer information sections of the subscription forms need be completed for additional subscriptions by the same investor. |
o | Fill in the name(s) and addresses for the investment as they should appear in the registration. | |
o | Check the applicable citizenship status boxes. | |
o | Enter the appropriate taxpayer identification number for this investment, depending on the type of ownership. For IRAs and Keoghs please include both the custodian’s taxpayer identification and investor’s social security number. | |
o | Check whether monthly or quarterly distributions are desired. | |
o | Please read the Subscription Agreement, then sign and date the form. | |
o | Single Ownership — one signature required o Joint Tenants — all parties must sign | |
o | Community Property — one signature required | |
o | Tenants in Common — all parties must sign | |
o | Tenants in Entirety — one signature required | |
o | In all other cases, the custodian, trustee, general partner or authorized corporate officer must sign. Where the documents establishing such representative capacity require more than one signature for execution of instruments on behalf of the represented entity, then all signatures required by such documents are required here. |
o | Each item must be initialed. |
o | Mark only one box. Fill in any information requested and note whose signature(s) is (are) required in Section 2. |
o | Fill in name and address if different from Section 1, as with IRAs and Keoghs. |
o | Complete this section only if you want your distribution checks mailed to an address other than that shown in Section 2. |
o | Fill in the name of the licensed Broker/Dealer firm, the name of the Account Executive, and the telephone number and mailing address of the Account Executive. The name, address and phone number of the Account Executive are required so he/she can receive copies of all investor communications. | |
o | An authorized Branch Manager or Registered Principal of the Broker/Dealer firm must sign the form. Orders cannot be accepted without Broker/Dealer authorization. |
o | Mail the completed form with a check payable as indicated in Section 1 to: |
Attention: Subscription Processing Desk
600 California Street, Suite 600
San Francisco, CA 94108
this Subscription Agreement, please call
ATEL Securities Corporation Subscription Processing Desk
at (800) 543-ATEL.
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Custodian/Nominee | ||||
Investor Name(s) | ||||
Address | ||||
City | State | Zip Code | ||||||||
Investor Phone Number (___) | ||||||
Investor Account # (if any) | ||||||
X | Date | |||||
Subscriber’s Signature |
X | Date | |||||
Subscriber/Custodian/Nominee or Authorized Signature |
___ | Single Ownership | |
___ | Joint Tenants With Rights of Survivorship | |
___ | Husband and Wife as Community Property | |
___ | Tenants in Common | |
___ | Tenants in Entirety | |
___ | Sep IRA | |
___ | IRA ___regular ___rollover | |
___ | Trust — Trust Date (Month/Day/Year) ___/___/___ | |
___ | Custodian | |
___ | Custodian for___ | |
___ | UGMA / UTMA — State of:___ | |
___ | Pension Plan | |
___ | Profit Sharing Plan | |
___ | Corporation | |
___ | Partnership | |
___ | Non-Profit Organization | |
___ | Other___ |
Name | ||||
Name | ||||
Address | ||||
City | State | Zip Code | ||||||||
Investor Phone Number (___) | ||||||
___ | Please deposit directly into the following account: ___Checking ___Savings (for direct deposit, enclose a voided check and complete instructions below) | |
___ | Send distributions to a party other than the registered owner | |
___ | Send distributions to registered owner’s address above. |
Receiving Entity | ||||
Address | ||||
City | State | Zip Code | ||||||||
Account Number | ABA Number | |||||
Licensed Firm Name | ||||
Account Executive Name | B/D Rep # | |||||
A/E Mailing Address | Suite# | |||||
City | State | Zip Code | ||||||||
Telephone(___) | NumberFax(___) | |||||
X | Date | |||||
By | ||||
Amount | Date | B/D Rep # | ||||||||
PINK — INVESTOR COPY RETAIN: BLUE — BROKER/DEALER COPY,
GREEN — INVESTOR COPY
600 CALIFORNIA STREET — 6th FLOOR — SAN FRANCISCO, CA 94108
(800) 543-2835 — E-Mail: AIS@atel.com
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600 CALIFORNIA STREET, 6th FLOOR
SAN FRANCISCO, CA 94108
1.800.543.ATEL — FAX 415.989.2536
EMAIL ASC@ATEL.COM — www.atel.com
Table of Contents
(Supersedes Supplement No. 1)
to the Prospectus dated April 11, 2005
of ATEL Capital Equipment Fund XI, LLC
(the “Fund”)
Status of the offering | 1 | |||
Portfolio Acquisitions | 2 | |||
Distributions | 4 | |||
Management | 4 | |||
Management’s Discussion and Analysis | 5 | |||
Experts | 5 | |||
Financial Statements | F-1 | |||
Prior Performance Information | A-1 |
1
Table of Contents
Equipment | Commence | Acquisition | Indebt- | |||||||||||||||||||
Lessee | Type | Date(s) (1) | Price (2) | edness (3) | Term (4) | Type (5) | ||||||||||||||||
Leases and notes funded: | ||||||||||||||||||||||
Alveolus, Inc. | Miscellaneous | Sep-05 | $ | 250,000 | $ | — | 36 | NR | ||||||||||||||
Alveolus, Inc. | Miscellaneous | Oct-05 | 125,000 | — | 36 | NR | ||||||||||||||||
Arsenal Digital Solutions | Material Handling Equipment | Dec-05 | 1,015,693 | — | 42 | NR | ||||||||||||||||
Bayer Corporation | Research | Aug-05 | 322,892 | — | 48 | HP | ||||||||||||||||
Bayer Corporation | Research | Sep-05 | 300,000 | — | 60 | HP | ||||||||||||||||
Boingo Wireless, Inc. | Computer Equipment | Nov-05 | 123,802 | — | 16 | NR | ||||||||||||||||
Chelsio Communications | Computers | Nov-05 | 27,600 | — | 24 | NR | ||||||||||||||||
Cymbet Corporation | Computer Equipment | Dec-05 | 465,774 | — | 30 | NR | ||||||||||||||||
East Midlands Ambulance | Ambulance & Emergency Vehicles | Dec-05 | 632,569 | — | 60 | HP | ||||||||||||||||
Lincolnshire Ambulance | Motor Vehicles | Jan-06 | 1,937,276 | — | 60 | HP | ||||||||||||||||
Lincolnshire Ambulance | Motor Vehicles | Nov-05 | 178,851 | — | 60 | HP | ||||||||||||||||
Locus Pharmaceuticals | Miscellaneous | Nov-05 | 500,000 | — | 36 | NR | ||||||||||||||||
Locus Pharmaceuticals, Inc. | Senior Term Loan | Nov-05 | 250,000 | — | 36 | NR | ||||||||||||||||
Meadwestvaco Corp. | Material Handling | Nov-05 | 532,159 | — | 36 | OL | ||||||||||||||||
Meadwestvaco Corp. | Material Handling | Jan-06 | 132,018 | — | 36 | OL | ||||||||||||||||
New NGC, Inc. | Manufacturing Facility | Dec-05 | 2,503,105 | — | 120 | HP | ||||||||||||||||
On24, Inc. | Computer Equipment | Nov-05 | 62,353 | — | 36 | NR | ||||||||||||||||
OpenPages, Inc. | Computer Equipment | Dec-05 | 237,345 | — | 36 | NR | ||||||||||||||||
Renal Solutions, Inc. | Miscellaneous | Aug-05 | 500,000 | — | 36 | NR | ||||||||||||||||
Technorati, Inc. | Computer Equipment | Nov-05 | 343,234 | — | 36 | NR | ||||||||||||||||
Technorati, Inc. | Computers | Nov-05 | 171,617 | — | 36 | NR | ||||||||||||||||
Technorati, Inc. | Computers | Oct-05 | 150,000 | — | 36 | NR | ||||||||||||||||
Union Pacific Railroad | Rail Transport | Oct-05 | 4,987,326 | — | 120 | FP | ||||||||||||||||
Union Pacific Railroad | Rail Transport | Oct-05 | 2,479,616 | — | 118 | FP | ||||||||||||||||
Whirlpool Corporation | Material Handling Equipment | Dec-05 | 3,260,203 | — | 36,60,60 | HP | ||||||||||||||||
International Paper Company | Material Handling Equipment | Jan-06 | 184,040 | — | 48 | OL | ||||||||||||||||
Overnite Transportation Company | Material Handling Equipment | Jan-06 | 646,536 | — | 60 | OL | ||||||||||||||||
International Paper Company | Material Handling Equipment | Jan-06 | 375,912 | — | 36 | OL | ||||||||||||||||
Bayer Corporation | Material Handling Equipment | Jan-06 | 101,679 | — | 60 | HP | ||||||||||||||||
Central Illinois Public Service Co | Material Handling Equipment | Jan-06 | 274,972 | — | 48 | OL | ||||||||||||||||
Illinois Power Company | Material Handling Equipment | Jan-06 | 68,743 | — | 48 | OL | ||||||||||||||||
International Paper Company | Material Handling Equipment | Feb-06 | 99,646 | — | 72 | FP | ||||||||||||||||
International Paper Company | Building Equipment | Feb-06 | 253,243 | — | 72 | HP | ||||||||||||||||
Ryder Integrated Logistics, Inc. | Material Handling Equipment | Feb-06 | 1,019,438 | — | 36 | OL | ||||||||||||||||
Ryder Integrated Logistics, Inc. | Manufacturing Facility | Feb-06 | 33,832 | — | 36 | HP | ||||||||||||||||
Health Transport Ambulance Service | Ambulance & Emergency Vehicle | Feb-06 | 222,473 | — | 60 | HP | ||||||||||||||||
Overnite Transportation Company | Material Handling Equipment | Feb-06 | 2,431,610 | — | 60 | OL | ||||||||||||||||
TIN, Inc. dba Temple-Inland | Material Handling Equipment | Feb-06 | 373,555 | — | 60 | HP | ||||||||||||||||
East Midlands Ambulance | Ambulance & Emergency Vehicles | Feb-06 | 293,656 | — | 60 | HP | ||||||||||||||||
International Paper Company | Material Handling Equipment | Feb-06 | 243,579 | — | 42 | OL | ||||||||||||||||
International Paper Company | Material Handling Equipment | Feb-06 | 350,479 | — | 72 | FP | ||||||||||||||||
DaimlerChrysler Corporation | Material Handling Equipment | Feb-06 | 271,806 | — | 60 | FP | ||||||||||||||||
DaimlerChrysler Corporation | Material Handling Equipment | Feb-06 | 1,275,759 | — | 60 | FP | ||||||||||||||||
International Paper Company | Material Handling Equipment | Feb-06 | 21,732 | — | 60 | FP | ||||||||||||||||
International Paper Company | Material Handling Equipment | Feb-06 | 99,345 | — | 60 | HP | ||||||||||||||||
Ryder Integrated Logistics, Inc. | Material Handling Equipment | Feb-06 | 140,350 | — | 36 | OL | ||||||||||||||||
Ryder Integrated Logistics, Inc. | Material Handling Equipment | Feb-06 | 13,187 | — | 36 | OL | ||||||||||||||||
Total funded as of February 28, 2006: | $ | 30,284,005 | — | |||||||||||||||||||
(1) | In many cases, a lease or loan transaction is funded over a period of time according to the lessee’s or borrower’s requirements. Therefore, “Commence Date(s)” expressed as a range represents multiple lease and loan commencement dates occurring or anticipated under the same transaction line. | |
(2) | “Acquisition Price” includes either amounts committed to lessees or borrowers by the Fund, or actual transaction acquisition costs as of February 28, 2006. All figures are rounded to the nearest dollar. For any transactions which are not fully funded, the “Acquisition Price” may change as a result of ongoing fundings. To the extent that the transaction is not fully funded, the information in the table represents the Managing Member’s best estimates as to the size, timing and terms of the transaction upon full funding, based on the outstanding commitment, its discussions with the lessee, the current and anticipated availability of Fund capital and other factors. There can be no assurance, however, that the portion of the transaction which has not been funded will be completed as described. | |
(3) | “Indebtedness” is the original principal amount of the debt acquired or assumed by the Fund in order to acquire the transaction and leverage the Acquisition Price. Although transactions may originally be purchased for all cash, the Managing Member may subsequently leverage equipment in order to achieve an overall debt-equity balance for the portfolio. | |
(4) | “Term” is expressed in terms of months, although actual lease and loan terms may be monthly, quarterly, semiannual or annual. | |
(5) | A designation of “FP” indicates that the aggregate rents to be received during the Term equal or exceed the Acquisition Price of the transaction. A designation of “HP” indicates that the aggregate contracted payments to be received during the Term equal or exceed 90% of the Acquisition Price of the Equipment. A designation of “OL” indicates that the aggregate payments to be received during the Term are less than 90% of the Acquisition Price. A designation of “NR” indicates that the transaction is a note receivable. |
2
Table of Contents
Weighted | ||||||||||||||||||||||
Total | Average | |||||||||||||||||||||
Distribution | Month | Return of | Distribution | Total | Distribution | Units | ||||||||||||||||
Period (1) | Paid | Capital | of Income | Distribution | per Unit (2) | Outstanding | ||||||||||||||||
June 2005 | July 2005 | $ | 29,852 | $ | — | $ | 29,852 | $ | 0.066667 | 447,780 | ||||||||||||
July 2005 | August 2005 | 62,624 | — | 62,624 | 0.066667 | 939,360 | ||||||||||||||||
August 2005 | September 2005 | 92,922 | — | 92,922 | 0.066667 | 1,393,830 | ||||||||||||||||
September 2005 | October 2005 | 124,283 | — | 124,283 | 0.066667 | 1,864,245 | ||||||||||||||||
October 2005 | November 2005 | 163,854 | — | 163,854 | 0.066667 | 2,457,810 | ||||||||||||||||
November 2005 | December 2005 | 183,457 | — | 183,457 | 0.066667 | 2,751,855 | ||||||||||||||||
December 2005 | January 2006 | 208,685 | — | 208,685 | 0.066667 | 3,130,271 | ||||||||||||||||
January 2006 | February 2006 | 223,289 | — | 223,289 | 0.066667 | 3,349,335 | ||||||||||||||||
$ | 1,088,966 | $ | — | $ | 1,088,966 | $ | 0.533333 | |||||||||||||||
June 2005 | July 2005 | $ | 2,128 | $ | — | $ | 2,128 | $ | 0.066667 | 10,640 | ||||||||||||
September 2005 | October 2005 | 41,833 | — | 41,833 | 0.200000 | 209,165 | ||||||||||||||||
December 2005 | January 2006 | 105,659 | — | 105,659 | 0.200000 | 528,297 | ||||||||||||||||
149,620 | — | 149,620 | $ | 0.466667 | ||||||||||||||||||
$ | 1,133,075 | $ | — | $ | 1,133,075 | |||||||||||||||||
(1) | Investors may elect to receive their distributions either monthly or quarterly. See “Timing and Method of Distributions” on Page 58 of the Prospectus. The monthly distributions in the table include only those distributions made to investors on a monthly basis. The quarterly distributions in the table include only those distributions made to investors on a quarterly basis. | |
(2) | Total distributions per Unit represents the per Unit distribution rate for those Units which were outstanding for all of the applicable period. |
3
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4
Table of Contents
5
Table of Contents
ATEL Capital Equipment Fund XI, LLC | ||
Report of Independent Auditor (to be filed by amendment) | F - 2 | |
Balance Sheet as of December 31, 2005 (to be filed by amendment) | F - 3 | |
Statements of Operations for the year ended December 31, 2005 (to be filed by amendment) | F - 4 | |
Statements of Changes in Members’ Capital for the period from June 25, 2004 (Inception) through December 31, 2004 and the year ended December 31, 2005 (to be filed by amendment) | F - 5 | |
Statements of Cash Flows for the year ended December 31, 2005 (to be filed by amendment) | F - 6 | |
Notes to Financial Statements (to be filed by amendment) | F - 7 | |
ATEL Financial Services, LLC | ||
Report of Independent Auditors | F - 12 | |
Consolidated Balance Sheet as of July 31, 2005 | F - 13 | |
Notes to Consolidated Financial Statements | F - 14 |
F-1
Table of Contents
to be filed by amendment.]
F-2
Table of Contents
F-3
Table of Contents
F-4
Table of Contents
ATEL Financial Services, LLC
January 6, 2006
F-12
Table of Contents
ASSETS | ||||
Cash and cash equivalents | $ | 1,937,553 | ||
Amounts due from affiliates | 7,004,765 | |||
Property and equipment, net of accumulated depreciation of $647,917 | 755,139 | |||
Leasehold improvements, net of accumulated amortization of $308,169 | 1,046,979 | |||
Goodwill, net of accumulated amortization of $879,520 | 23,286,883 | |||
Other assets | 244,600 | |||
Total Assets | $ | 34,275,919 | ||
LIABILITIES AND MEMBERS’ EQUITY | ||||
Liabilities: | ||||
Term loan | $ | 391,273 | ||
Subordinated convertible promissory note, due to related party | 1,000,000 | |||
Other long-term debt | 633,333 | |||
Amounts due to affiliated companies | 21,825,582 | |||
Accounts payable and accrued liabilities | 1,292,461 | |||
Derivative — interest rate swap | 26,018 | |||
Total Liabilities | 25,168,667 | |||
Members’ equity: | ||||
Accumulated other comprehensive income | (1,373 | ) | ||
Member’s equity (Note 3) | 9,108,625 | |||
Total Members’ equity | 9,107,252 | |||
Total liabilities and Members’ equity | $ | 34,275,919 | ||
F-13
Table of Contents
F-14
Table of Contents
F-15
Table of Contents
F-20
Table of Contents
F-21
Table of Contents
Category: | ||||||||
Other equipment | $ | 469,325 | ||||||
Furniture and fixture | 776,611 | |||||||
Computer equipment | 157,120 | |||||||
Accumulated depreciation | (647,917 | ) | ||||||
Furniture, fixture and equipment, net | $ | 755,139 | ||||||
Net book value | ||||||||
Leasehold improvements | $ | 1,355,148 | ||||||
Accumulated amortization | (308,169 | ) | ||||||
Leasehold improvements, net | $ | 1,046,979 | ||||||
F-22
Table of Contents
F-23
Table of Contents
Principal | Interest | Total | |||||||||||
Year ending July 31, | Payments | Payments | Payments | ||||||||||
2006 | $ | 200,000 | $ | 27,138 | $ | 227,138 | |||||||
2007 | 200,000 | 17,118 | 217,118 | ||||||||||
2008 | 200,000 | 7,098 | 207,098 | ||||||||||
2009 | 33,333 | 209 | 33,542 | ||||||||||
$ | 633,333 | $ | 51,563 | $ | 684,896 | ||||||||
F-24
Table of Contents
F-25
Table of Contents
A-1
Table of Contents
A-2
Table of Contents
A-3
Table of Contents
TABLE I | Experience in Raising and Investing Funds | |
TABLE II | Compensation to the General Partner/Managing Member | |
TABLE III | Operating Results of Prior Programs | |
TABLE IV | Results of Completed Programs | |
TABLE V | Sales or Disposals of Equipment by Prior Programs | |
TABLE VI | Acquisition of Equipment by Prior Programs |
A-4
Table of Contents
EXPERIENCE IN RAISING AND INVESTING FUNDS
(on a percentage basis)
September 30, 2005
(Unaudited)
ATEL Capital | ATEL Capital | ATEL Capital | ||||||||||
Equipment | Equipment | Equipment | ||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||
EQUITY PROCEEDS | ||||||||||||
Dollar amount of equity offered | $ | 150,000,000 | $ | 150,000,000 | $ | 150,000,000 | ||||||
Dollar amount of equity raised | $ | 135,701,380 | $ | 120,652,160 | $ | 140,278,860 | (6) | |||||
Less: Offering expenses: | ||||||||||||
Selling commissions | 9.50 | % | 9.50 | % | 9.00 | % | ||||||
Organization and program expenses (1) | 4.68 | % | 4.51 | % | 3.71 | % | ||||||
Reserves | 0.50 | % | 0.50 | % | 0.50 | % | ||||||
Percent available for investment | 85.32 | % | 85.49 | % | 86.79 | % | ||||||
Acquisition costs: | ||||||||||||
Purchase price (2) | 85.32 | % | 85.49 | % | 86.79 | % | ||||||
Acquisition fees | — | — | — | |||||||||
85.32 | % | 85.49 | % | 86.79 | % | |||||||
Percent leverage (3) | 53.13 | % | 21.41 | % | 0.00 | % | ||||||
Date offering commenced: | Dec. 7, 1998 | Jan. 16, 2001 | Mar. 12, 2003 | |||||||||
Length of offering | 24 Months | 24 Months | 24 Months | |||||||||
Months to invest 90% of amount available for investment (measured from beginning of offering) | 24 Months (4) | 30 Months (5) | 30 Months (6) |
(1) | Includes organization, legal, accounting, printing, binding, delivery and other costs incurred by the General Partner/Managing Member. | |
(2) | Represents amounts paid to unrelated third parties for purchase of equipment under leases. | |
(3) | The percentage leverage is calculated by dividing the initial principal amount of debt incurred by the program through the date of this table by the aggregate original cost of all equipment purchased by the program through such date. It should be noted, however, that each program has acquired assets, has made or will make principal amortizing debt service payments and/or has disposed or will dispose of assets over a period of time extending from its first investment in equipment. As a result, for each program the total cost of the assets in its portfolio and the total principal amount of debt outstanding have fluctuated from time to time. The percentage figure, therefore, does not reflect the current leverage ratio or the debt ratio at any one point in time, but constitutes an aggregate ratio for the life of the program through the date of the table. | |
(4) | As of November 30, 2000, the Fund’s offering of Limited Liability Company Units was completed. As of that date, the proceeds of the offering had been fully committed. | |
(5) | As of January 15, 2003, the Fund’s offering of Limited Liability Company Units was completed. As of September 30, 2003, the proceeds of the offering had been fully committed. | |
(6) | As of March 11, 2005, the Funds offering of Limited Liability Company Units was completed. As of October 31, 2005 the proceeds of the offering had been fully committed. |
A-5
Table of Contents
COMPENSATION TO THE GENERAL PARTNER/MANAGING MEMBER
September 30, 2005
(Unaudited)
ATEL Capital | ATEL Capital | ATEL Capital | ||||||||||||||
Equipment | Equipment | Equipment | ||||||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||||||
Date offering commenced | Dec. 7, 1998 | Jan. 16, 2001 | Mar. 12, 2003 | |||||||||||||
Date offering closed | Nov. 30, 2000 | Jan. 15, 2003 | Mar. 11, 2005 | |||||||||||||
Dollar amount raised | $ | 135,701,380 | $ | 120,652,160 | $ | 140,278,860 | ||||||||||
Amounts paid to General Partner / Managing Member from proceeds of offering: | ||||||||||||||||
Acquisition fees / Reimbursements of initial direct costs | $ | 2,591,088 | $ | 5,476,105 | $ | 3,354,064 | ||||||||||
Selling commissions | $ | 12,891,631 | $ | 11,461,955 | $ | 12,625,097 | ||||||||||
Organization and program costs | $ | 6,354,458 | $ | 5,441,795 | $ | 5,198,599 | ||||||||||
Dollar amount of cumulative cash generated from operations before deducting payments to the General Partner/Managing Member | $ | 129,237,984 | $ | 43,704,775 | $ | 11,960,040 | ||||||||||
Cumulative amount paid to the General Partner/Managing Member from operations: | ||||||||||||||||
Management fees | $ | 8,261,655 | $ | 2,469,461 | $ | 684,004 | ||||||||||
Reimbursement of payroll costs | $ | 4,647,401 | $ | 1,976,280 | $ | 663,395 | ||||||||||
Other operating expenses | $ | 769,758 | $ | 704,065 | $ | 294,377 | ||||||||||
Aggregate payments to General Partner / Managing Member:(1) | ||||||||||||||||
1999 | $ | 13,056,922 | ||||||||||||||
2000 | 11,872,250 | |||||||||||||||
2001 | 2,921,431 | $ | 7,131,876 | |||||||||||||
2002 | 2,351,555 | 10,270,777 | ||||||||||||||
2003 | 2,337,830 | 4,115,416 | $ | 7,715,713 | ||||||||||||
2004 | 1,809,516 | 2,740,037 | 10,154,289 | |||||||||||||
2005 | 1,166,487 | 3,271,555 | 4,949,534 | |||||||||||||
$ | 35,515,991 | $ | 27,529,661 | $ | 22,819,536 | |||||||||||
(1) | As of September 30, 2005. Includes payments of management fees, reimbursements of syndication costs to General Partner/Managing Member (and affiliates), acquisition fees, initial direct costs on leases and reimbursements of administrative costs. |
A-6
Table of Contents
OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2005
(Unaudited)
ATEL Capital Equipment Fund VIII | ||||||||||||
Period Ended | ||||||||||||
December 31, | ||||||||||||
1999 | 2000 | 2001 | ||||||||||
Months of operations | 12 | 12 | 12 | |||||||||
Gross revenue — lease and other | $ | 8,657,636 | $ | 31,046,332 | $ | 41,992,805 | ||||||
— gain (loss) on sales of assets | 3,017 | 1,453 | 1,801,292 | |||||||||
8,660,653 | 31,047,785 | 43,794,097 | ||||||||||
Less Operating Expenses: (1) | ||||||||||||
Depreciation and amortization expense | 5,481,955 | 22,703,913 | 31,555,851 | |||||||||
Provision for losses and doubtful accounts | — | — | 82,615 | |||||||||
Interest expense | 1,340,804 | 7,365,041 | 9,058,622 | |||||||||
Administrative costs and reimbursements | 243,774 | 1,261,054 | 749,754 | |||||||||
Legal/Professional fees | 155,743 | 127,345 | 215,450 | |||||||||
Other | 121,438 | 398,365 | 287,382 | |||||||||
Management fee | 443,943 | 1,465,566 | 1,849,335 | |||||||||
7,787,657 | 33,321,284 | 43,799,009 | ||||||||||
Net income (loss) — GAAP basis | $ | 872,996 | $ | (2,273,499 | ) | $ | (4,912 | ) | ||||
Taxable income (loss) from operations | $ | (13,620,427 | ) | $ | (29,018,361 | ) | $ | (15,498,538 | ) | |||
Cash generated by (used in) operations (2) | $ | 5,743,245 | $ | 18,412,107 | $ | 30,662,797 | ||||||
Cash generated from sales | 38,178 | 7,761 | 7,348,063 | |||||||||
Cash generated from refinancing | — | |||||||||||
Cash generated from other (2) | 951,549 | 2,154,474 | 2,806,236 | |||||||||
6,732,972 | 20,574,342 | 40,817,096 | ||||||||||
Less cash distributions to investors: | ||||||||||||
From operating cash flow | 2,460,684 | 9,795,386 | 12,403,683 | |||||||||
From sales | — | — | — | |||||||||
From refinancing | — | — | — | |||||||||
From other | — | — | — | |||||||||
Total distributions | 2,460,684 | 9,795,386 | 12,403,683 | |||||||||
Cash generated (deficiency) after cash distributions | $ | 4,272,288 | $ | 10,778,956 | $ | 28,413,413 | ||||||
Tax and distribution data per $1,000 limited partner investment: | ||||||||||||
Federal Income Tax Results: | ||||||||||||
Ordinary income (loss): | ||||||||||||
Operations | $ | (312.53 | ) | $ | (252.40 | ) | $ | (105.64 | ) | |||
Recapture | ||||||||||||
Capital gain (loss) | ||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||
— Investment income | $ | 16.73 | $ | — | $ | — | ||||||
— Return of capital | 44.40 | 92.11 | 91.40 | |||||||||
$ | 61.13 | $ | 92.11 | $ | 91.40 | |||||||
Sources (on a cash basis) | ||||||||||||
Sales | $ | — | $ | — | $ | — | ||||||
Refinancing | — | — | — | |||||||||
Operations | 61.13 | 92.11 | 91.40 | |||||||||
Other | — | — | — | |||||||||
Total | $ | 61.13 | $ | 92.11 | $ | 91.40 | ||||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 142,755,301 | $ | 218,029,699 | $ | 237,646,671 | ||||||
Amount invested in program equipment (book value) | $ | 139,420,208 | $ | 190,893,298 | $ | 178,999,739 | ||||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program) (3) | 57.32 | % | 87.55 | % | 95.42 | % |
A-7
Table of Contents
OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2005
(Unaudited)
Period Ended December 31, | September 30, | |||||||||||||||
2002 | 2003 | 2004 | 2005 | |||||||||||||
Months of operations | 12 | 12 | 12 | 9 | ||||||||||||
Gross revenue — lease and other | $ | 32,511,431 | $ | 28,100,765 | $ | 19,405,309 | $ | 9,329,228 | ||||||||
— gain (loss) on sales of assets | 271,751 | 595,299 | 8,675,502 | 565,207 | ||||||||||||
32,783,182 | 28,696,064 | 28,080,811 | 9,894,435 | |||||||||||||
Less Operating Expenses: (1) | ||||||||||||||||
Depreciation and amortization expense | 23,335,058 | 21,118,055 | 15,180,856 | 7,499,613 | ||||||||||||
Provision for losses and doubtful accounts | 2,877,500 | 5,709,271 | 913,312 | 98,900 | ||||||||||||
Interest expense | 6,888,109 | 4,531,325 | 3,467,624 | 1,053,620 | ||||||||||||
Administrative costs and reimbursements | 869,979 | 820,571 | 752,161 | 719,866 | ||||||||||||
Legal/Professional fees | 179,562 | 506,698 | 243,438 | 133,370 | ||||||||||||
Other | 843,035 | 1,761,696 | 1,499,185 | 357,163 | ||||||||||||
Management fee | 1,481,576 | 1,517,259 | 1,057,355 | 446,621 | ||||||||||||
36,474,819 | 35,964,875 | 23,113,931 | 10,309,153 | |||||||||||||
Net income (loss) — GAAP basis | $ | (3,691,637 | ) | $ | (7,268,811 | ) | $ | 4,966,880 | $ | (414,718 | ) | |||||
Taxable income (loss) from operations | $ | (12,212,767 | ) | $ | (9,525,065 | ) | $ | 27,313,706 | $ | 4,183,245 | (4) | |||||
Cash generated by (used in) operations (2) | $ | 23,767,986 | $ | 18,993,036 | $ | 12,264,913 | $ | 5,715,086 | ||||||||
Cash generated from sales | 2,403,934 | 13,964,820 | 38,125,051 | 7,621,030 | ||||||||||||
Cash generated from refinancing | — | 2,563,149 | — | — | ||||||||||||
Cash generated from other (2) | 2,134,026 | 1,793,351 | 1,843,290 | 808,653 | ||||||||||||
28,305,946 | 37,314,356 | 52,233,254 | 14,144,769 | |||||||||||||
Less cash distributions to investors: | ||||||||||||||||
From operating cash flow | 12,347,756 | 12,345,603 | 12,264,913 | 5,715,086 | ||||||||||||
From sales | — | — | — | 2,736,505 | ||||||||||||
From refinancing | — | — | — | — | ||||||||||||
From other | — | — | 82,470 | 808,653 | ||||||||||||
Total distributions | 12,347,756 | 12,345,603 | 12,347,383 | 9,260,244 | ||||||||||||
Cash generated (deficiency) after cash distributions | $ | 15,958,190 | $ | 24,968,753 | $ | 39,885,871 | $ | 4,884,525 | ||||||||
Tax and distribution data per $1,000 limited partner investment: | ||||||||||||||||
Federal Income Tax Results: | ||||||||||||||||
Ordinary income (loss): | ||||||||||||||||
Operations | $ | (83.25 | ) | $ | (64.93 | ) | $ | 186.18 | $ | 28.51 | ||||||
Recapture | ||||||||||||||||
Capital gain (loss) | ||||||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||||||
— Investment income | $ | — | $ | — | $ | 29.22 | $ | — | ||||||||
— Return of capital | 90.99 | 90.98 | 61.77 | 68.24 | ||||||||||||
$ | 90.99 | $ | 90.98 | $ | 90.99 | $ | 68.24 | |||||||||
Sources (on a cash basis) | ||||||||||||||||
Sales | $ | — | $ | — | $ | — | $ | 20.17 | ||||||||
Refinancing | — | — | — | — | ||||||||||||
Operations | 90.99 | 90.98 | 90.38 | 42.12 | ||||||||||||
Other | — | — | 0.61 | 5.95 | ||||||||||||
Total | $ | 90.99 | $ | 90.98 | $ | 90.99 | $ | 68.24 | ||||||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 232,355,732 | $ | 210,621,824 | $ | 140,662,540 | $ | 115,391,711 | ||||||||
Amount invested in program equipment (book value) | $ | 149,219,222 | $ | 107,259,024 | $ | 59,699,017 | $ | 44,742,208 | ||||||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program) (3) | 93.30 | % | 85.71 | % | 56.48 | % | 46.33 | % |
A-8
Table of Contents
OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2005
(Unaudited)
ATEL Capital Equipment Fund IX | ||||||||||||
Period Ended December 31, | ||||||||||||
2001 | 2002 | 2003 | ||||||||||
Months of operations | 12 | 12 | 12 | |||||||||
Gross revenue — lease and other | $ | 3,393,685 | $ | 6,966,142 | $ | 10,872,695 | ||||||
— gain (loss) on sales of assets | — | 107,353 | 658,865 | |||||||||
3,393,685 | 7,073,495 | 11,531,560 | ||||||||||
Less Operating Expenses: (1) | ||||||||||||
Depreciation and amortization expense | 2,092,145 | 5,191,882 | 8,143,595 | |||||||||
Acquisition expense | (116,654 | ) | 610,751 | 1,008,112 | ||||||||
Provision for losses and doubtful accounts | — | — | 496,347 | |||||||||
Interest expense | 199,230 | 336,696 | 349,319 | |||||||||
Administrative costs and reimbursements | 374,507 | 343,120 | 627,320 | |||||||||
Legal/Professional fees | 39,384 | 99,730 | 106,167 | |||||||||
Other | 34,152 | 332,390 | 405,671 | |||||||||
Management fee | 83,341 | 264,322 | 686,013 | |||||||||
2,706,105 | 7,178,891 | 11,822,544 | ||||||||||
Net income (loss) — GAAP basis | $ | 687,580 | $ | (105,396 | ) | $ | (290,984 | ) | ||||
Taxable income (loss) from operations | $ | 107,619 | $ | (3,947,950 | ) | $ | (4,526,988 | ) | ||||
Cash generated by (used in) operations (2) | $ | 1,744,270 | $ | 5,187,729 | $ | 7,960,244 | ||||||
Cash generated from sales | — | 749,408 | 5,370,886 | |||||||||
Cash generated from refinancing | — | — | — | |||||||||
Cash generated from other (2) | 673,907 | 1,178,949 | 1,436,942 | |||||||||
2,418,177 | 7,116,086 | 14,768,072 | ||||||||||
Less cash distributions to investors: | ||||||||||||
From operating cash flow | 1,213,341 | 5,187,729 | 3,825,258 | |||||||||
From sales | — | 749,408 | 5,370,886 | |||||||||
From refinancing | — | — | — | |||||||||
From other | — | 78,490 | 1,436,942 | |||||||||
Total distributions | 1,213,341 | 6,015,627 | 10,633,086 | |||||||||
Cash generated (deficiency) after cash distributions | $ | 1,204,836 | $ | 1,100,459 | $ | 4,134,986 | ||||||
Tax and distribution data per $1,000 limited partner investment: | ||||||||||||
Federal Income Tax Results: | ||||||||||||
Ordinary income (loss): | ||||||||||||
Operations | $ | 4.59 | $ | (50.16 | ) | $ | (34.79 | ) | ||||
Recapture | ||||||||||||
Capital gain (loss) | ||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||
— Investment income | $ | 27.19 | $ | — | $ | — | ||||||
— Return of capital | 28.80 | 82.63 | 88.35 | |||||||||
$ | 55.99 | $ | 82.63 | $ | 88.35 | |||||||
Sources (on a cash basis) | ||||||||||||
Sales | $ | — | $ | 10.29 | $ | 44.63 | ||||||
Refinancing | — | — | — | |||||||||
Operations | 55.99 | 71.26 | 31.78 | |||||||||
Other | — | 1.08 | 11.94 | |||||||||
Total | $ | 55.99 | $ | 82.63 | $ | 88.35 | ||||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 22,844,529 | $ | 49,667,555 | $ | 64,762,921 | ||||||
Amount invested in program equipment (book value) | $ | 21,243,995 | $ | 46,798,202 | $ | 50,942,254 | ||||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program) (3) | 16.36 | % | 35.58 | % | 93.20 | % |
A-9
Table of Contents
OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2005
(Unaudited)
ATEL Capital Equipment Fund IX | |||||||||
Period Ended | |||||||||
December 31, | September 30, | ||||||||
2004 | 2005 | ||||||||
Months of operations | 12 | 9 | |||||||
Gross revenue — lease and other | $ | 12,757,613 | $ | 15,514,090 | |||||
— gain (loss) on sales of assets | (30,313 | ) | 133,607 | ||||||
12,727,300 | 15,647,697 | ||||||||
Less Operating Expenses: (1) | |||||||||
Depreciation and amortization expense | 9,845,205 | 11,928,027 | |||||||
Acquisition expense | 713,822 | 460,706 | |||||||
Provision for losses and doubtful accounts | 293,868 | (13,771 | ) | ||||||
Interest expense | 533,934 | 1,154,864 | |||||||
Administrative costs and reimbursements | 680,045 | 655,353 | |||||||
Legal/Professional fees | 250,481 | 194,627 | |||||||
Other | 401,498 | 146,897 | |||||||
Management fee | 620,104 | 815,681 | |||||||
13,338,957 | 15,342,384 | ||||||||
Net income (loss) — GAAP basis | $ | (611,657 | ) | $ | 305,313 | ||||
Taxable income (loss) from operations | $ | (5,577,422 | ) | $ | 969,591 | (4) | |||
Cash generated by (used in) operations (2) | $ | 8,906,143 | $ | 14,756,583 | |||||
Cash generated from sales | 95,571 | 695,070 | |||||||
Cash generated from refinancing | — | ||||||||
Cash generated from other (2) | 3,078,609 | 3,437,393 | |||||||
12,080,323 | 18,889,046 | ||||||||
Less cash distributions to investors: | |||||||||
From operating cash flow | 8,906,143 | 8,139,476 | |||||||
From sales | 95,571 | — | |||||||
From refinancing | — | — | |||||||
From other | 1,852,221 | — | |||||||
Total distributions | 10,853,935 | 8,139,476 | |||||||
Cash generated (deficiency) after cash distributions | $ | 1,226,388 | $ | 10,749,570 | |||||
Tax and distribution data per $1,000 limited partner investment: | |||||||||
Federal Income Tax Results: | |||||||||
Ordinary income (loss): | |||||||||
Operations | $ | (42.77 | ) | $ | 7.44 | ||||
Recapture | |||||||||
Capital gain (loss) | |||||||||
Cash distributions to investors on a GAAP basis: | |||||||||
— Investment income | $ | — | $ | — | |||||
— Return of capital | 89.98 | 33.23 | |||||||
$ | 89.98 | $ | 67.50 | ||||||
Sources (on a cash basis) | |||||||||
Sales | $ | .79 | $ | 5.76 | |||||
Refinancing | — | — | |||||||
Operations | 73.83 | 33.23 | |||||||
Other | 15.36 | 28.51 | |||||||
Total | $ | 89.98 | $ | 67.50 | |||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 99,523,409 | $ | 127,323,122 | |||||
Amount invested in program equipment (book value) | $ | 86,689,450 | $ | 88,813,653 | |||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage of cost of all equipment purchased by the program) (3) | 77.26 | % | 91.20 | % |
A-10
Table of Contents
OPERATING RESULTS OF PRIOR PROGRAMS
September 30, 2005
(Unaudited)
ATEL Capital Equipment Fund X | ||||||||||||
Period Ended December 31, | September 30, | |||||||||||
2003 | 2004 | 2005 | ||||||||||
Months of operations | 12 | 12 | 3 | |||||||||
Gross revenue — lease and other | $ | 896,923 | $ | 4,969,654 | $ | 8,180,801 | ||||||
— gain (loss) on sales of assets | 10,991 | — | 39,059 | |||||||||
907,914 | 4,969,654 | 8,219,860 | ||||||||||
Less Operating Expenses: (1) | ||||||||||||
Depreciation and amortization expense | 814,426 | 3,704,572 | 5,479,238 | |||||||||
Acquisition expense | 891,919 | 597,755 | 928,772 | |||||||||
Provision for losses and doubtful accounts | — | — | — | |||||||||
Interest expense | — | — | — | |||||||||
Administrative costs and reimbursements | 48,235 | 356,797 | 552,740 | |||||||||
Legal/Professional fees | 33,563 | 106,093 | 65,655 | |||||||||
Other | 143,876 | 252,620 | 317,141 | |||||||||
Management fee | 48,550 | 211,761 | 423,693 | |||||||||
1,980,569 | 5,229,598 | 7,767,239 | ||||||||||
Net income (loss) — GAAP basis | $ | (1,072,655 | ) | $ | (259,944 | ) | $ | 452,621 | ||||
Taxable income (loss) from operations | $ | (831,185 | ) | $ | (5,025,157 | ) | $ | (2,900,766 | )(4) | |||
Cash generated by (used in) operations (2) | $ | 346,054 | $ | 2,563,375 | $ | 7,408,835 | ||||||
Cash generated from sales | 257,206 | — | 627,087 | |||||||||
Cash generated from refinancing | — | — | ||||||||||
Cash generated from other (2) | 98,028 | 1,010,471 | 1,446,693 | |||||||||
701,288 | 3,573,846 | 9,482,615 | ||||||||||
Less cash distributions to investors: | ||||||||||||
From operating cash flow | 346,054 | 2,563,375 | 7,408,835 | |||||||||
From sales | 257,206 | — | ||||||||||
From refinancing | — | — | ||||||||||
From other | 334,236 | 3,111,872 | 442,401 | |||||||||
Total distributions | 937,496 | 5,675,247 | 7,851,236 | |||||||||
Cash generated (deficiency) after cash distributions | $ | (236,208 | ) | $ | (2,101,401 | ) | $ | 1,631,379 | ||||
Tax and distribution data per $1,000 limited partner investment: | ||||||||||||
Federal Income Tax Results: | ||||||||||||
Ordinary income (loss): | ||||||||||||
Operations | $ | (34.48 | ) | $ | (58.74 | ) | $ | (19.75 | ) | |||
Recapture | ||||||||||||
Capital gain (loss) | ||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||
— Investment income | $ | — | $ | — | $ | — | ||||||
— Return of capital | 42.04 | 71.71 | 57.79 | |||||||||
$ | 42.04 | $ | 71.71 | $ | 57.79 | |||||||
Sources (on a cash basis) | ||||||||||||
Sales | $ | 11.53 | $ | — | $ | — | ||||||
Refinancing | — | — | — | |||||||||
Operations | 15.52 | 32.39 | 54.53 | |||||||||
Other | 14.99 | 39.32 | 3.26 | |||||||||
Total | $ | 42.04 | $ | 71.71 | $ | 57.79 | ||||||
Amount invested in program equipment (cost, excluding acquisition fees) | $ | 14,602,123 | $ | 45,702,514 | $ | 76,330,305 | ||||||
Amount invested in program equipment (book value) | $ | 13,884,038 | $ | 42,591,667 | $ | 64,923,711 | ||||||
Amount remaining invested in program equipment (Cost of equipment owned at end of period as a percentage cost of all equipment purchased by the program) (3) | 98.38 | % | 79.33 | % | 98.30 | % |
A-11
Table of Contents
(1) | Operating expenses include reimbursements to the General Partner/Managing Member as follows: |
ATEL Capital | ATEL Capital | ATEL Capital | ||||||||||
Equipment | Equipment | Equipment | ||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||
Year ended December 31, 1999 | $ | 243,774 | ||||||||||
2000 | 1,261,054 | |||||||||||
2001 | 749,754 | $ | 374,507 | |||||||||
2002 | 869,979 | 343,120 | ||||||||||
2003 | 820,571 | 627,320 | $ | 48,235 | ||||||||
2004 | 752,161 | 680,045 | 356,797 | |||||||||
2005 | 719,866 | 655,353 | 552,740 | |||||||||
$ | 5,417,159 | $ | 2,680,345 | $ | 957,772 | |||||||
(2) | Cash generated by (used in) operations does not include the principal portion of lease rentals received under direct financing leases or principal payments received on notes receivable. In the Funds’ statements of cash flows (under generally accepted accounting principles), these amounts are included in the investing activities section. | |
(3) | The percentage is calculated as a fraction, the numerator of which is the amount invested in program equipment (at cost) as of the end of the indicated period and the denominator of which is the cumulative total of the cost of all equipment acquired by the program through the end of the latest period shown. | |
(4) | Estimated as of September 30, 2005. |
A-12
Table of Contents
RESULTS OF COMPLETED PROGRAMS
September 30, 2005
(Unaudited)
ATEL Cash | ATEL Cash | ATEL Cash | ATEL Cash | |||||||||||||
Program name: | Distribution Fund | Distribution Fund II | Distribution Fund III | Distribution Fund IV | ||||||||||||
Dollar amount of equity raised | $ | 10,000,000 | $ | 35,000,000 | $ | 73,855,840 | $ | 75,000,000 | ||||||||
Assets purchased | $ | 11,133,679 | $ | 52,270,536 | $ | 99,629,942 | $ | 108,734,880 | ||||||||
Date of Closing of Offering | December 18, 1987 | January 3, 1990 | January 3, 1992 | February 3, 1993 | ||||||||||||
Date of first sale of property | May 1, 1989 | July 1, 1994 | December 1, 1992 | August 1, 1993 | ||||||||||||
Date of final sale of property | December 31, 1997 | December 31, 1998 | December 31, 2000 | December 31, 2004 | ||||||||||||
Tax and distribution data per $1,000 limited partner investment through December 31, 2004: | ||||||||||||||||
Federal Income Tax Results: | ||||||||||||||||
Ordinary income (loss): | ||||||||||||||||
Operations | $ | 192.40 | $ | 154.95 | $ | (12.08 | ) | $ | 291.74 | |||||||
Recapture | ||||||||||||||||
Capital gain (loss) | ||||||||||||||||
Cash distributions to investors on a GAAP basis: | ||||||||||||||||
— Investment income | $ | 244.89 | $ | 335.43 | $ | 379.10 | $ | 336.19 | ||||||||
— Return of capital | 876.14 | 887.20 | 950.66 | 910.30 | ||||||||||||
1,121.03 | 1,222.63 | 1,329.76 | 1,246.49 | |||||||||||||
Cash available for distribution, reinvested for investors’ accounts | 89.05 | 48.75 | — | — | ||||||||||||
Total | $ | 1,210.08 | $ | 1,271.38 | $ | 1,329.76 | $ | 1,246.49 | ||||||||
Sources (on a cash basis): | ||||||||||||||||
Sales | $ | 136.03 | $ | 159.92 | $ | 169.34 | $ | 269.83 | ||||||||
Refinancing | — | — | — | — | ||||||||||||
Operations | 969.59 | 987.33 | 975.75 | 711.09 | ||||||||||||
Other | 104.46 | 124.13 | 184.67 | 265.57 | ||||||||||||
Total | $ | 1,210.08 | $ | 1,271.38 | $ | 1,329.76 | $ | 1,246.49 | ||||||||
A-13
Table of Contents
Excess of | ||||||||||||||||||
Equipment | Rents Over | |||||||||||||||||
Acquisition | Acquisition | Sale | Expenses | |||||||||||||||
Lessee | Type of Equipment | Date (1) | Price (2) | Sale Date | Price (3) | (4) | ||||||||||||
ATEL CAPITAL EQUIPMENT FUND VIII | ||||||||||||||||||
Burlington Northern & Santa Fe | Locomotives | Nov-99 | $ | 587,500 | Mar-03 | $ | 483,653 | $ | 221,406 | |||||||||
Burlington Northern & Santa Fe | Railroad | Sep-99 to Nov-99 | 1,634,002 | Nov-03 to Dec-03 | 154,700 | 1,346,436 | ||||||||||||
Burlington Northern & Santa Fe | Railroad | Sep-99 | 107,737 | Jan-04 to Mar-04 | 15,380 | 88,776 | ||||||||||||
BJ’s Wholesale Club, Inc. | Material Handling | Feb-99 | 594,748 | Dec-04 | 90,640 | 549,440 | ||||||||||||
Celestica Corporation | Manufacturing | Dec-00 | 1,573,285 | Jul-03 | 491,000 | 1,224,300 | ||||||||||||
Celestica Corporation | Manufacturing | Dec-00 | 1,324,384 | Feb-04 to Apr-04 | 121,500 | 1,489,474 | ||||||||||||
Consolidated Diesel Company | Telecommunications | Feb-99 | 406,030 | Dec-04 | 11,460 | 376,749 | ||||||||||||
Consolidated Rail Corporation | Railroad | Dec-99 | 25,848 | Aug-05 | 14,165 | 15,500 | ||||||||||||
CSX Transportation, Inc. | Box Cars | Sep-99 | 6,782,075 | Jan-01 | 7,112,100 | 1,749,525 | ||||||||||||
CVS Pharmacy, Inc. | Office Automation | Dec-99 | 106,156 | Feb-02 | 23,850 | 103,907 | ||||||||||||
CVS Pharmacy, Inc. | Material Handling | Feb-01 | 20,250 | Jul-03 | 20,250 | 10,137 | ||||||||||||
CVS Pharmacy, Inc. | Computers | Aug-00 to Feb-01 | 959,538 | May-03 | 166,999 | 982,759 | ||||||||||||
CVS Pharmacy, Inc. | Telecommunications | Dec-99 to Mar-01 | 1,870,903 | Aug-04 | 386,602 | 1,978,865 | ||||||||||||
CVS Pharmacy, Inc. | Office Automation | Jul-99 to Mar-00 | 150,925 | Oct-01 | 23,700 | 64,466 | ||||||||||||
CVS Pharmacy, Inc. | Material Handling | Jul-99 to Mar-01 | 4,471,590 | Aug-04 | 1,424,785 | 4,499,736 | ||||||||||||
CVS Pharmacy, Inc. | Food Processing | Mar-00 to Aug-00 | 68,680 | Aug-04 | 15,736 | 68,700 | ||||||||||||
DDB Needham Chicago Inc. | Electronics | Sep-98 | 43,589 | Oct-02 | 13,462 | 40,829 | ||||||||||||
DDB Needham Chicago Inc. | Office Automation Equip. | Sep-98 | 41,294 | Feb-03 | 445 | 54,150 | ||||||||||||
Emery Worldwide Airlines | Cargo Plane | Jun-00 | 14,123,602 | Apr-03 | 3,980,000 | 9,419,761 | ||||||||||||
Emery Worldwide Airlines | Aviation | Nov-99 | 5,725,300 | Apr-05 | 500,000 | 2,741,562 | ||||||||||||
Firstunion-Archer Daniels Midland | Railroad | Dec-99 | 20,151 | Dec-03 | 20,725 | 8,419 | ||||||||||||
Firstunion-Pacific Railroad | Railroad | Dec-99 | 20,151 | May-05 | 20,275 | 9,871 | ||||||||||||
GE Aircraft Engines | Tilt Axis Table | Mar-00 | 31,130 | Apr-01 | 31,130 | 5,054 | ||||||||||||
GE Aircraft Engines | Material Handling | Aug-00 | 128,976 | Aug-04 to Sep-04 | 51,329 | 120,357 | ||||||||||||
GE Aircraft Engines | Manufacturing | Jul-00 to Jan-01 | 1,085,135 | Jun-03 | 904,522 | 470,714 | ||||||||||||
GE Aircraft Engines | Manufacturing | Mar-99 to Aug-01 | 20,793,207 | Aug-04 | 13,529,850 | 21,465,878 | ||||||||||||
GE Aircraft Engines | Manufacturing | Nov-99 to Mar-00 | 61,960 | Jun-05 | 5,000 | 66,318 | ||||||||||||
Great American Management Services | Boxcars | Oct-99 | 203,250 | Apr-03 | 106,877 | 69,854 | ||||||||||||
Great American Management Services | Pullman Box Car | Oct-99 | 15,635 | Nov-99 | 15,780 | — | ||||||||||||
Hallsmith-Sysco Food Services | Trucks And Trailers | Aug-99 | 64,906 | Jul-03 | 46,141 | 64,906 | ||||||||||||
Hallsmith-Sysco Food Services | Trucks And Trailers | Sep-00 | 70,914 | Nov-03 | 54,033 | 35,342 | ||||||||||||
Hanover Compression L.P. | Photo Processing Equipment | Jan-99 to Oct-99 | 10,781,578 | May-05 | 6,555,101 | 9,617,910 | ||||||||||||
IMC Phosphates Company | Storage Facility | Jun-00 | 6,712,090 | Jun-04 | 6,800,000 | 1,035,726 | ||||||||||||
Kansas City Southern Railway | Railroad | Dec-99 | 40,302 | Jun-04 | 39,358 | 29,290 | ||||||||||||
Kansas City Southern Railway | Covered Hopper Railcars | Dec-99 | 40,302 | Jul-03 | 42,322 | 20,719 | ||||||||||||
Kansas City Southern Railway | Railroad | Dec-99 | 60,453 | Mar-05 to Sep- | 56,206 | 32,957 | ||||||||||||
Lafarge North America | Material Handling | Jul-00 to Jan-01 | 1,469,117 | Mar-04 to Jul-04 | 428,000 | 1,198,221 | ||||||||||||
Lafarge North America | Construction | Nov-00 | 317,111 | Dec-04 | 197,624 | 229,736 | ||||||||||||
Montreal, Maine & Atlantic | Railroad | Oct-99 | 3,408,338 | Dec-04 | 4,614,760 | 1,710,760 | ||||||||||||
National Steel Corporation | Construction | Nov-99 | 1,135,900 | Jan-04 | 400,000 | 1,110,654 | ||||||||||||
Overnite Transportation Company | Trucks And Trailers | Aug-00 | 135,378 | Feb-03 | 95,920 | 78,648 | ||||||||||||
Overnite Transportation Company | Trucks And Trailers | Aug-99 to Sep-00 | 14,455,990 | Aug-04 | 6,930,188 | 13,046,875 | ||||||||||||
Overnite Transportation Company | Trucks And Trailers | Mar-99 | 2,080,400 | Nov-04 | 398,160 | 2,120,739 | ||||||||||||
Overnite Transportation Company | Trucks And Trailers | Jul-00 to Aug-00 | 1,221,560 | Jan-05 | — | 1,560,746 | ||||||||||||
Sematech, Inc. | Manufacturing | Mar-00 | 1,230,000 | May-05 | 50,000 | 1,492,923 | ||||||||||||
Solectron Corporation | Manufacturing | Aug-99 | 1,467,047 | Oct-03 to Nov-03 | 544,500 | 1,166,009 | ||||||||||||
Solectron Corporation | Manufacturing | Nov-99 | 5,840,188 | Mar-04 to Aug-04 | 2,143,800 | 4,791,410 | ||||||||||||
Solectron Corporation | Manufacturing | Nov-99 to Jun-00 | 2,994,908 | Oct-04 to Aug-05 | 467,400 | 2,556,756 | ||||||||||||
Southwest Airlines Company | Aviation | Mar-99 | 3,238,500 | Feb-05 | 216,750 | 2,137,696 | ||||||||||||
Staples. Inc. | Office Automation | Dec-98 | 2,410,939 | May to Aug-02 | 1,356,830 | 1,711,188 | ||||||||||||
Staples, Inc. | Point Of Sale Equipment | Mar-99 to May-99 | 886,480 | Apr-05 to Jun-05 | 2 | 1,107,470 | ||||||||||||
Staples, Inc. | Point Of Sale Equipment | Sep-99 | 511,079 | Oct-05 | 2 | 644,548 | ||||||||||||
TAL International Container | Containers | Dec-98 | 42,500 | Sep-05 | 14,667 | 58,400 | ||||||||||||
TASC, Inc. | Office Automation | Jun-99 | 5,412 | Nov-01 | 1,082 | 4,276 | ||||||||||||
TASC, Inc. | Office Automation | Sep-99 | 9,652 | Mar-00 | 9,520 | 1,601 | ||||||||||||
TASC, Inc. | Electronics | Jun-99 to Sep-99 | 80,982 | Sep-02 to Dec-02 | 8,480 | 80,500 | ||||||||||||
TASC, Inc. | Computers | Mar-99 to Sep-99 | 1,031,896 | Sep-02 to Mar-03 | 50,747 | 1,034,637 | ||||||||||||
TASC, Inc. | Office Automation | May to Jun-99 | 41,977 | Jul-02 | 8,622 | 43,797 | ||||||||||||
The DDB Needham Worldwide Companies | Office Automation | Sep-98 | 884,900 | Jan to Jul-02 | 81,819 | 897,546 | ||||||||||||
The DDB Needham Worldwide Companies | Office Automation | Sep-98 | 780,130 | Nov-01 | 157,667 | 795,275 | ||||||||||||
The DDB Needham Worldwide Companies | Furniture & Fixtures | Sep-98 | 5,754 | Oct-03 | 863 | 5,816 | ||||||||||||
Tracy Locke Partnership | Furniture & Fixtures | Sep-98 | 316,222 | Nov-03 | 47,433 | 319,596 | ||||||||||||
Transamerica Leasing Inc. | Containers | Dec-98 | 42,500 | Nov-03 | 30,770 | 26,767 | ||||||||||||
Transamerica Leasing Inc. | Standard 20’ Imo1 Tank Container | Dec-98 | 21,250 | Nov-99 | 22,398 | 2,490 | ||||||||||||
Union Pacific Railroad Company | Covered Hopper Railcars | Dec-99 | 503,776 | Apr-03 | 634,135 | 239,147 | ||||||||||||
Union Pacific Railroad Company | Gondola Cars | Dec-99 | 367,935 | Nov-02 to Jun-03 | 140,335 | 588,332 | ||||||||||||
Union Pacific Railroad Company | Railroad | Dec-99 | 43,662 | Dec-03 | 13,289 | 22,980 | ||||||||||||
Union Pacific Railroad Company | Covered Hopper Railcars | Dec-99 | 261,964 | Nov-02 | 301,980 | 106,590 | ||||||||||||
Universal City Development Partners | Point Of Sale Equipment | Mar-99 | 668,474 | Sep-04 | 23,000 | 726,283 | ||||||||||||
Universal City Florida Partners | Computers | Jun-00 | 156,442 | Oct-03 to Dec-03 | 15,114 | 165,353 | ||||||||||||
Universal City Florida Partners | Computers | Jul-00 | 125,667 | Apr-04 | 200 | 132,825 | ||||||||||||
Universal City Florida Partners | Computers | May-99 to Mar-00 | 989,174 | Nov-02 to Aug-03 | 52,937 | 1,231,602 | ||||||||||||
Vanguard Car Rental USA Inc. | Motor Vehicles | Nov-00 to Dec-00 | 2,436,840 | Jun-04 | — | 2,165,218 | ||||||||||||
Watco Companies,Inc. | Covered Hopper Railcars | Dec-99 | 60,453 | Apr-03 | 77,901 | 1,117 |
A-14
Table of Contents
Excess of | |||||||||||||||||||
Equipment | Rents Over | ||||||||||||||||||
Acquisition | Acquisition | Sale | Expenses | ||||||||||||||||
Lessee | Type of Equipment | Date (1) | Price (2) | Sale Date | Price (3) | (4) | |||||||||||||
Watco Companies,Inc. | Covered Hopper Railcars | Dec-99 | 60,453 | Dec-03 | 60,296 | 3,750 | |||||||||||||
Watco Companies,Inc. | Railroad | Dec-99 | 40,302 | Feb-04 | 39,571 | 4,050 | |||||||||||||
Watco Companies,Inc. | Railroad | Dec-99 | 40,302 | Mar-05 | 38,881 | 18,117 | |||||||||||||
Whirlpool Corporation | Manufacturing | Dec-98 | 72,763 | Jan to Apr-02 | 17,752 | 56,523 | |||||||||||||
Williams Distributed Power Services | Electrical Generation | Dec-99 to Sep-00 | 374,152 | Jun-03 | 293,145 | 288,612 | |||||||||||||
Williams Distributed Power Services | Electrical Generation | Sep-00 | 136,145 | Feb-04 | 97,507 | 132,603 | |||||||||||||
Williams Distributed Power Services | Electrical Generation | Dec-99 to Mar-00 | 83,279 | Sep-05 | 33,000 | 82,477 | |||||||||||||
Xerox Corporation | Material Handling | Feb-99 | 52,880 | Oct-03 | 2 | 62,435 | |||||||||||||
Xerox Corporation | Material Handling | Dec-99 | 83,900 | Mar-04 to May-04 | 14,200 | 70,767 | |||||||||||||
Xerox Corporation | Material Handling | Dec-98 to Feb-99 | 276,815 | Oct-02 to Jan-03 | 50,950 | 221,663 | |||||||||||||
$ | 133,649,064 | $ | 63,511,275 | $ | 106,335,317 | ||||||||||||||
ATEL CAPITAL EQUIPMENT FUND IX | |||||||||||||||||||
Arbinet-Thexchange, Inc. | Telecommunications | Jun-03 | $ | 495,474 | Jun-05 | $ | 286,856 | $ | 381,095 | ||||||||||
ARYx Therapeutics, Inc. | RESEARCH | Feb-03 | 17,500 | Oct-04 | 11,666 | 13,558 | |||||||||||||
Cargill Incorporated | Railroad | Mar-05 | 47,457 | Sep-05 to Oct-05 | 35,853 | 20,491 | |||||||||||||
GE Aircraft Engines | Mazak Horizontal NC Lathe | Dec-02 | 997,875 | Jun-03 | 1,021,939 | 84,857 | |||||||||||||
GE Aircraft Engines | Manufacturing | Apr-02 | 4,375,396 | Dec-03 | 4,142,025 | 1,215,632 | |||||||||||||
General Electric Company-Plastics | Manufacturing | Jan-01 | 260,000 | Dec-04 | 42,000 | 247,500 | |||||||||||||
General Motors Corporation | Material Handling | Mar-02 | 23,467 | Sep-04 | 10,000 | 20,507 | |||||||||||||
General Motors Corporation | Material Handling | Mar-02 | 88,840 | Jul-05 to Sep-05 | 12,800 | 108,434 | |||||||||||||
Infiniroute Networks, Inc. | Computers | Jul-03 | 115,469 | Aug-05 | — | 132,931 | |||||||||||||
Infiniroute Networks, Inc. | Telecommunications | Jul-03 | 5,672 | Aug-05 | — | 6,530 | |||||||||||||
Lightship Holding, Inc. | Computers | Jun-04 | 375,000 | Jun-05 | 214,388 | 183,741 | |||||||||||||
Microfabrica Inc. | Computers | Jun-03 to Aug-03 | 46,196 | Sep-05 | — | 54,971 | |||||||||||||
Microfabrica Inc. | Research | May-03 to Aug-03 | 303,804 | Sep-05 | — | 361,510 | |||||||||||||
Nortel Networks, Inc. | Furniture & Fixtures | Mar-01 | 796,861 | May-05 to Oct-05 | 481,456 | 634,504 | |||||||||||||
Photuris, Inc. | Office Automation Equip., Furniture & Fixtures | Mar-01 | 1,000,000 | Apr-04 | — | 188,792 | |||||||||||||
Quick Study Radiology, Inc. | Computers | Mar-03 | 20,920 | Sep-03 | 19,479 | 4,586 | |||||||||||||
Rubicon Technology, Inc. | Manufacturing | Aug-03 | 300,000 | Mar-05 | — | 336,300 | |||||||||||||
Ryder Integrated Logistics Inc | Material Handling | Sep-04 | 540 | Dec-04 | 540 | 43 | |||||||||||||
Silicon Access Networks, Inc. | Computers and Research Equipment | Jul-01 to Mar-02 | 749,388 | Nov-03 to Dec-03 | 50,522 | 895,747 | |||||||||||||
Sony Pictures Entertainment, Inc. | Office Automation | Jan-02 | 762,524 | May-02 | 749,408 | 121,255 | |||||||||||||
U.S. Telepacific Corp. | Computers | Sep-03 to Oct- | 980,849 | Apr-05 to Jun-05 | 73,564 | 1,143,388 | |||||||||||||
U.S. Telepacific Corp. | Furniture & Fixtures | Oct-03 | 19,151 | Jun-05 | 1,436 | 22,180 | |||||||||||||
Williams Distributed Power Services | Electrical Generation | Feb-01 | 52,048 | Feb-04 | 40,598 | 28,411 | |||||||||||||
Williams Distributed Power Services | Capstone Micro Turbine System | Feb-01 | 74,943 | Jun-03 | 65,725 | 35,451 | |||||||||||||
Zeevo, Inc. | Computers and Research Equipment | Aug-01 to Mar-02 | 370,429 | Sep-03 to Dec-03 | 24,959 | 436,745 | |||||||||||||
$ | 12,279,803 | $ | 7,285,214 | $ | 6,679,159 | ||||||||||||||
ATEL CAPITAL EQUIPMENT FUND X | |||||||||||||||||||
Arbinet-Thexchange, Inc. | Telecommunications | Jul-03 | $ | 654,526 | Jun-05 | $ | 397,586 | $ | 377,572 | ||||||||||
Cargill Incorporated | Railroad | Mar-05 | 47,457 | Sep-05 to Oct-05 | 35,853 | 4,435 | |||||||||||||
GE Aircraft Engines | Manufacturing | Dec-03 | 240,310 | Dec-03 | 248,428 | 126 | |||||||||||||
Lightship Holding, Inc. | Computers | Jun-04 | 375,000 | Jun-05 | 214,388 | 231,559 | |||||||||||||
$ | 1,317,293 | $ | 896,255 | $ | 613,692 | ||||||||||||||
TOTALS OF ALL FUNDS: | $ | 147,246,160 | $ | 71,692,744 | $ | 113,628,168 | |||||||||||||
(1) | “Acquisition Date” is the date the Equipment was acquired by the prior program. | |
(2) | “Equipment Acquisition Price” is the actual cost of the item of Equipment, including Acquisition Fees, and any other expenditures incurred by the prior program in the acquisition of the Equipment. | |
(3) | “Sale Price” is the actual cash received for the purchase, early termination or casualty of the Equipment upon Lease termination, net of any direct out-of-pocket closing costs incurred by the prior program as a result of such termination. | |
(4) | “Excess of Rents Over Expenses” is a total amount of Lease rents, less any applicable direct out-of-pocket costs incurred by the prior program during the term of the Lease for the particular Lease transaction. |
A-15
Table of Contents
ACQUISITION OF EQUIPMENT
BY PRIOR PROGRAMS
Lease | ||||||||||||||||||
Commence | Acquisition | Percent | Lease | Type | ||||||||||||||
Lessee | Notes | Equipment Type | Date(s) (1) | Cost (2) | Leverage (3) | Term (4) | (5) | |||||||||||
ATEL Capital Equipment Fund VIII | ||||||||||||||||||
American Oncologic Hospital, Inc. | MRI Scanner | Jul-00 | $ | 1,871,181 | 60 | OL | ||||||||||||
ANC Rental Corporation | 23 | Mini Buses | Jan-01 | 1,860,020 | 36 | FP | ||||||||||||
ANC Rental Corporation | 23 | City Buses | Jan-01 | 1,506,459 | 60 | FP | ||||||||||||
ANC Rental Corporation | 23 | City Buses | Jan-01 | 1,168,509 | 60 | FP | ||||||||||||
ANC Rental Corporation | 23 | Mini Buses | Jan-01 | 576,820 | 36 | FP | ||||||||||||
BJ’s Wholesale Club, Inc. | 6 | Forklifts | Apr-99 | 594,748 | 60 | HP | ||||||||||||
Burlington Northern and Santa Fe Railroad Company | Locomotives | Dec-99 | 11,750,000 | 19 | OL | |||||||||||||
Burlington Northern and Santa Fe Railroad Company | Tri-Level Auto Racks | Sep-99 | 1,741,739 | 40 | OL | |||||||||||||
Celestica Corporation | Chip Placers, Stencil Printers | Jan-01 | 2,955,623 | 33 | OL | |||||||||||||
Consolidated Diesel Company | Siemens Telephone System | Feb-99 | 406,030 | 55 | HP | |||||||||||||
Consolidated Rail Corporation | Railroad Gondolas and Ballast Cars | Jan-00 | 12,922,864 | 23.79 | % | 36 | OL | |||||||||||
CSX Transportation, Inc. | Rail Boxcars | Sep-99 | 6,782,075 | 15 | OL | |||||||||||||
CVS Corporation | Material Handling Equipment | Apr-00 | 1,977,438 | 60 | HP/ FP | |||||||||||||
CVS Corporation | Material Handling Equipment | Apr-01 | 1,356,483 | 60 | HP/ FP | |||||||||||||
CVS Corporation | Material Handling Equipment | Jan-01 | 1,274,563 | 60 | HP/ FP | |||||||||||||
CVS Corporation | Telecommunications Equipment | Jan-00 to Apr-00 | 1,065,848 | 60 | HP | |||||||||||||
CVS Corporation | Telecommunications Equipment | Jul-00 to Oct-00 | 780,243 | 60 | HP | |||||||||||||
CVS Corporation | Handheld Radio Units | Apr-01 | 636,065 | 36 | HP | |||||||||||||
CVS Corporation | Handheld Inventory Control Units | Oct-00 | 323,473 | 60 | HP | |||||||||||||
CVS Corporation | Phone Equipment | Apr-01 | 130,968 | 60 | HP | |||||||||||||
CVS Corporation | Telecommunications Equipment | Oct-99 | 102,961 | 60 | HP | |||||||||||||
E.I.duPont de Nemours & Company | Okuma Lathe | Jul-00 | 324,805 | 72 | FP | |||||||||||||
Emery Worldwide Airlines, Inc. | MD Cargo Aircraft | Nov-99 | 5,725,300 | 1 | OL | |||||||||||||
Emery Worldwide Airlines, Inc. | Used McDonnell Douglas DC8-71F Cargo Aircraft | Jul-00 | 14,123,602 | 54 | OL | |||||||||||||
Finnair OYJ | 7 | McDonnell Douglas Passenger Aircraft | Dec-99 | 15,448,037 | 26.54 | % | 50 | OL | ||||||||||
General Electric Company | 8 | Lathes, Machining Centers | Oct-00 | 4,843,887 | 84 | FP | ||||||||||||
General Electric Company | 8 | Turning Lathes | Jul-00 | 2,747,940 | 84 | FP | ||||||||||||
General Electric Company | 8 | Milling Machine | Dec-99 to Feb-00 | 1,140,264 | 84 | FP | ||||||||||||
General Electric Company | 8 | Grinding Machine | Dec-99 to Mar-00 | 1,060,293 | 84 | FP | ||||||||||||
General Electric Company | 8 | Turbolisk | Dec-00 | 999,775 | 84 | FP | ||||||||||||
General Electric Company | 8 | Vertical Machining Centers | Apr-00 | 788,675 | 84 | FP | ||||||||||||
General Electric Company | 8 | Machining Center | Feb-01 | 733,600 | 84 | FP | ||||||||||||
General Electric Company | 8 | Vertical Machining Center | Mar-01 | 709,545 | 84 | OL | ||||||||||||
General Electric Company | 8 | Grinding Machines | Aug-00 | 660,444 | 84 | FP | ||||||||||||
General Electric Company | 8 | Monarch Machining Center | Sep-00 | 644,886 | 84 | FP | ||||||||||||
General Electric Company | 8 | Machine Tools | Jun-01 | 643,106 | 84 | FP | ||||||||||||
General Electric Company | 8 | VTX Machining Centers | Oct-99 to Dec-99 | 626,699 | 84 | HP/FP | ||||||||||||
General Electric Company | 8 | Rebuilt Producto Drilling Machine | Dec-00 | 593,500 | 84 | FP | ||||||||||||
General Electric Company | 8 | Rebuilt Omni-Mill | Jun-01 | 563,939 | 84 | FP | ||||||||||||
General Electric Company | 8 | Deckel Maho DMU Machine | May-99 | 546,500 | 84 | OL | ||||||||||||
General Electric Company | 8 | Grinding Machine | Jan-00 | 510,756 | 84 | FP | ||||||||||||
General Electric Company | 8 | Fadal Machining Centers | Jun-00 | 483,900 | 84 | FP | ||||||||||||
General Electric Company | 8 | Rebuilt CNC Lathe | Aug-00 | 476,458 | 84 | OL | ||||||||||||
General Electric Company | 8 | CNC Grinding Machine | Oct-00 | 363,400 | 84 | FP | ||||||||||||
General Electric Company | 8 | LeBlond Lathe | Jan-00 | 352,350 | 84 | HP | ||||||||||||
General Electric Company | 8 | Machine Center | Mar-99 | 352,000 | 84 | OL | ||||||||||||
General Electric Company | 8 | Grit Blast System | Jul-00 | 351,536 | 84 | FP | ||||||||||||
General Electric Company | 8 | Grinding Machine | Jun-00 | 330,222 | 84 | FP | ||||||||||||
General Electric Company | 8 | Rebuilt Bullard VTL | Feb-01 | 299,706 | 84 | FP | ||||||||||||
General Electric Company | 8 | Radio Graphic Inspection Facility | Sep-99 | 219,377 | 84 | FP | ||||||||||||
General Electric Company | 8 | Rebuilt Vacuum Blazing Machine | Mar-00 to Apr-00 | 213,820 | 84 | FP | ||||||||||||
General Electric Company | 8 | Used Forging Machine | Jan-00 | 177,410 | 84 | FP | ||||||||||||
General Electric Company | 8 | Forklifts | Aug-00 | 128,976 | 36 - 60 | OL/FP | ||||||||||||
General Electric Company | 8 | VTX Machining Centers | May-99 | 124,172 | 84 | OL | ||||||||||||
General Electric Company | 8 | Data Visualization System | May-00 | 101,374 | 84 | FP | ||||||||||||
General Electric Company | 8 | Laser Engraving System | May-00 | 80,159 | 84 | FP | ||||||||||||
General Electric Company | 8 | Air Flow Tester | Nov-99 | 61,960 | 60 | FP | ||||||||||||
General Electric Company | 8 | Power Trak | Jan-00 | 39,975 | 60 | OL | ||||||||||||
General Electric Company | 8 | Pinstamp Marking System | May-00 | 39,115 | 84 | FP | ||||||||||||
General Electric Company | 8 | Film Processor | Oct-99 | 35,000 | 84 | FP | ||||||||||||
General Electric Company | 8 | Equipment Add-On | Aug-00 | 23,530 | 69 - 81 | FP | ||||||||||||
General Electric Company | 8 | Add-on Equipment | Oct-00 | 18,000 | 80 | FP | ||||||||||||
General Electric Company | 8 | Radio Graphic Inspection Facility Upgrade | Jan-00 | 6,500 | 80 | FP | ||||||||||||
General Electric Company | 8 | Add-on Equipment | Sep-01 | 7,660 | 60 | FP | ||||||||||||
General Electric Company | 9 | Injection Molding Machine | Oct-00 | 1,305,371 | 36 | OL | ||||||||||||
General Electric Company | 9 | Prism Extruders | Nov-00 to Jul-01 | 668,252 | 60 | FP | ||||||||||||
General Electric Company | 9 | Extruder Systems | May-99 | 281,595 | 60 | OL | ||||||||||||
Georgia Gulf Corporation | Quad Hopper Cars | Sep-99 | 1,416,678 | 58 | OL | |||||||||||||
Great American Management Services, Inc. | Rail Boxcars | Oct-99 | 3,627,223 | 30 | OL | |||||||||||||
IMC-Agrico Company | 10 | Storage Facility | Jun-00 | 6,712,090 | 78 | OL | ||||||||||||
Ingersoll International, Inc. | Vertical Machine Centers | Oct-00 | 540,794 | 84 | FP | |||||||||||||
Ispat Inland Inc. | Coil Carriers | May-00 | 867,000 | 60 | OL | |||||||||||||
Lafarge Gypsum, a division of Lafarge Corporation | 24 | Forklifts | Oct-00 | 766,805 | 36 | OL | ||||||||||||
Lafarge Gypsum, a division of Lafarge Corporation | 24 | Forklift Trucks | Feb-01 | 702,312 | 36 | OL | ||||||||||||
Lafarge Gypsum, a division of Lafarge Corporation | 24 | Wheel Loader | Jan-01 | 317,111 | 60 | OL | ||||||||||||
Minteq International, Inc. | Laser Profiling System | Nov-99 | 303,211 | 36 | HP |
A-16
Table of Contents
Lease | ||||||||||||||||||
Commence | Acquisition | Percent | Lease | Type | ||||||||||||||
Lessee | Notes | Equipment Type | Date(s) (1) | Cost (2) | Leverage (3) | Term (4) | (5) | |||||||||||
National Gypsum Company | CAT Loaders / Dozers | Oct-00 | 1,147,259 | 36 | OL | |||||||||||||
National Gypsum Company | CAT Loader | Jan-01 | 437,732 | 60 | OL | |||||||||||||
National Steel Corporation | CAT Loaders | Jan-00 | 1,135,900 | 36 | OL | |||||||||||||
NVR, INC. | Home Manufacturing Equipment | Aug-99 | 193,414 | 84 | FP | |||||||||||||
Omnicom Group, Inc. | 11 | Office Automation | Oct-98 | 1,749,913 | 36 | HP | ||||||||||||
Omnicom Group, Inc. | 11 | Office Furniture | Oct-98 | 321,976 | 60 | FP | ||||||||||||
Overnite Transportation Company | Conventional Tractors | Jan-00 | 7,061,889 | 48 | OL | |||||||||||||
Overnite Transportation Company | Conventional Tractors | Jul-00 | 3,103,308 | 48 | OL | |||||||||||||
Overnite Transportation Company | Tractors and Trailers | Oct-00 | 2,921,394 | 48 | OL | |||||||||||||
Overnite Transportation Company | Conventional Tractors | Apr-99 | 2,080,400 | 48 | OL | |||||||||||||
Overnite Transportation Company | Trailers | Jul-00 | 2,054,380 | 96 | FP | |||||||||||||
Overnite Transportation Company | Conventional Tractors | Oct-99 | 1,104,976 | 48 | OL | |||||||||||||
Seamex International Ltd. | 12, 13 | Anchor Handler Tug Supply Vessel | Dec-98 | 3,952,500 | 44 | OL | ||||||||||||
Sebastiani Vineyards, Inc. | Bottle Filler | Jan-00 | 365,913 | 84 | FP | |||||||||||||
Sematech, Inc. | Manufacturing Equipment | Apr-00 | 1,230,000 | 36 | OL | |||||||||||||
Seven Hills Paperboard, LLC | Neles Control Systems | Jan-01 | 1,178,588 | 60 | OL | |||||||||||||
Signature Flight Support Corporation | Refueler Truck | Jan-00 | 290,000 | 60 | FP | |||||||||||||
Solectron Corporation | Chip Placers | Dec-99 | 15,366,268 | 48 | OL | |||||||||||||
Solectron Corporation | Chip Placers | Sep-99 | 1,496,388 | 48 | OL | |||||||||||||
Solectron Corporation | Fuji QP Module | Jun-00 | 92,228 | 45 | OL | |||||||||||||
Southwest Airlines Company | 14 | Boeing 737 Aircraft | Mar-99 | 3,238,500 | 50 | OL | ||||||||||||
Staples, Inc. | Point of Sale Equipment | Jan-99 | 2,410,939 | 60 | FP | |||||||||||||
Staples, Inc. | Point of Sale Equipment | Apr-99 | 681,910 | 60 | FP | |||||||||||||
Staples, Inc. | Point of Sale Equipment | Sep-99 | 511,079 | 60 | OL | |||||||||||||
Staples, Inc. | Point of Sale Equipment | May-99 | 204,571 | 60 | FP | |||||||||||||
Staples, Inc. | Forklifts | May-99 | 101,480 | 48 | OL | |||||||||||||
Staples, Inc. | Material Handling Equipment | Oct-99 | 68,030 | 48 | OL | |||||||||||||
Stewart & Stevenson Services, Inc. | Gas Compressors | Jul-99 | 6,272,782 | 78 | HP | |||||||||||||
Stewart & Stevenson Services, Inc. | Gas Compressors | Oct-99 | 4,508,796 | 84 | HP | |||||||||||||
Sysco Food Services Albany | Tractors | Sep-00 | 965,311 | 84 | FP | |||||||||||||
Sysco Food Services Albany | Refrigerated Trailers | Jun-00 | 760,188 | 96 | FP | |||||||||||||
Sysco Food Services Albany | Refrigerated Trailers | Sep-99 | 519,620 | 96 | FP | |||||||||||||
Sysco Food Services Albany | Refrigerated Trailers | Feb-00 | 220,012 | 96 | FP | |||||||||||||
TASC, Inc. | Office Automation | Oct-99 | 675,132 | 36 | FP | |||||||||||||
TASC, Inc. | Office Automation | Jul-99 | 494,787 | 36 | FP | |||||||||||||
Transamerica Leasing Inc. | 15 | Intermodal Containers | Dec-98 | 21,250,000 | 120 | FP | ||||||||||||
Union Pacific Railroad Company | Covered Hopper Cars | Feb-00 | 16,523,854 | 24 | OL | |||||||||||||
Union Pacific Railroad Company | Fixed-end Gondola Railcars | Dec-99 | 5,021,142 | 72 | OL | |||||||||||||
Universal City Development Partners | Point of Sale Equipment | Apr-99 | 668,474 | 60 | FP | |||||||||||||
Universal City Florida Hotel Venture | Hotel Laundry Equipment | Sep-99 | 3,882,463 | 84 | FP | |||||||||||||
Universal City Florida Hotel Venture | Laundry Equipment | Mar-01 | 174,207 | 66 | FP | |||||||||||||
Universal City Florida Hotel Venture | Laundry Equipment | Aug-02 | 293,570 | 67 | FP | |||||||||||||
Universal City Florida Partners | Office Automation Equipment | Jul-99 | 487,909 | 36 | HP | |||||||||||||
Universal City Florida Partners | Office Automation Equipment | Jul-00 | 282,109 | 36 | HP | |||||||||||||
Universal City Florida Partners | Office Automation Equipment | Oct-99 | 248,838 | 36 | HP | |||||||||||||
Universal City Florida Partners | Office Automation Equipment | Apr-00 | 134,872 | 36 | HP | |||||||||||||
Universal City Florida Partners | Office Automation Equipment | Jan-00 | 117,555 | 36 | HP | |||||||||||||
Whirlpool Corporation | Hydraulic Traveling Gantry Crane | Jan-99 | 72,763 | 60 | OL | |||||||||||||
Williams Distributed Power Services, Inc. | 16 | Micro Turbine Systems | Oct-00 | 1,230,020 | 60 | OL | ||||||||||||
Williams Distributed Power Services, Inc. | 16 | Micro Turbine Systems | Jan-00 | 1,056,690 | 60 | OL | ||||||||||||
Williams Distributed Power Services, Inc. | 16 | Micro Turbine Systems | Apr-00 | 865,522 | 60 | OL | ||||||||||||
Williams Distributed Power Services, Inc. | 16 | Micro Turbine Systems | Apr-01 | 215,895 | 60 | OL | ||||||||||||
Xerox Corporation | Material Handling Equipment | Dec-98 to Mar-99 | 378,964 | 44 | OL | |||||||||||||
Xerox Corporation | Material Handling Equipment | Dec-99 | 108,572 | 44 | OL | |||||||||||||
Xerox Corporation | Material Handling Equipment | Sep-99 | 47,858 | 44 | OL | |||||||||||||
Xerox Corporation | Material Handling Equipment | Nov-99 | 47,232 | 44 | OL | |||||||||||||
ATEL Capital Equipment Fund VIII total: | $ | 249,040,775 | ||||||||||||||||
ATEL Capital Equipment Fund IX | ||||||||||||||||||
3M Company | Laser Machine | Sep-05 | $ | 495,000 | 60 | OL | ||||||||||||
Arbinet-Thexchange, Inc. | Storage Array System | Jul-03 | 495,474 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Hardware | Jun-04 | 171,041 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Office Furniture | Aug-04 | 74,243 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Hardware & Phone System | Jul-04 | 73,396 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Software | Jan-04 | 44,138 | 24 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Software Licenses | Jan-04 | 42,943 | 24 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Software | Nov-04 | 6,377 | 24 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Hardware | Nov-04 | 53,313 | 36 | FP | |||||||||||||
ARYx Therapeutics | Testing & Lab Equipment | Mar-03 | 174,668 | 24 | HP | |||||||||||||
ARYx Therapeutics, Inc. | Computer Equipment | Jul-04 | 115,279 | 24 | FP | |||||||||||||
Aspen Aerogels, Inc. | Manufacturing Equipment | Nov-04 | 583,333 | 36 | FP | |||||||||||||
Ball Corporation | Bulk Boxes & Pallets | Aug-03 | 1,049,039 | 71 | FP | |||||||||||||
Basin Electric Power Cooperative | 17 | Walking Drag Line | Jul-00 | 6,786,284 | 72 | OL | ||||||||||||
Basin Electric Power Cooperative | 17 | Walking Drag Line | Jan-01 | 4,529,113 | 66 | OL | ||||||||||||
Bayer Corporation | Lab Equipment | Jul-04 | 333,370 | 36 | OL | |||||||||||||
Bayer Corporation | Lab Equipment | Nov-04 | 249,995 | 48 | OL | |||||||||||||
Bayer Corporation | Material Handling | Dec-04 | 63,556 | 60 | FP | |||||||||||||
Bayer Corporation | Backhoe | Aug-04 | 28,500 | 36 | OL | |||||||||||||
Bayer Corporation | Lab Equipment | Oct-04 | 19,900 | 24 | OL | |||||||||||||
Bayer Corporation | Material Handling | Jan-05 | 10,354 | 36 | HP | |||||||||||||
Boingo Wireless, Inc. | Computer Equipment | Sep-04 | 102,518 | 30 | FP | |||||||||||||
Boingo Wireless, Inc. | Computer Equipment | Dec-04 | 17,953 | 27 | FP | |||||||||||||
Cargill, Incorporated | Covered Hopper Cars | Mar-05 | 5,991,497 | 61 | OL | |||||||||||||
Cedar Point Communications, Inc. | Computer Equipment | Aug-04 | 185,618 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Funiture | Feb-05 | 125,000 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Furniture | Sep-04 | 73,112 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Funiture | Jan-05 | 69,717 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Funiture | Nov-04 | 46,554 | 36 | FP | |||||||||||||
Colowyo Coal Company L.P. | 1985 Walking Electric Dragline | Apr-03 | 3,791,357 | 32 | OL | |||||||||||||
CVS Pharmacy, Inc. | 18 | Phone System | Jan-02 | 326,231 | 60 | FP | ||||||||||||
CVS Pharmacy, Inc. | 18 | Material Handling | Jul-01 | 207,486 | 60 | FP | ||||||||||||
CVS Pharmacy, Inc. | 18 | Printing / Graphic Arts | Jan-02 | 196,345 | 60 | OL | ||||||||||||
CVS Pharmacy, Inc. | 18 | Phone System | Oct-01 | 72,808 | 60 | FP |
A-17
Table of Contents
Lease | ||||||||||||||||||
Commence | Acquisition | Percent | Lease | Type | ||||||||||||||
Lessee | Notes | Equipment Type | Date(s) (1) | Cost (2) | Leverage (3) | Term (4) | (5) | |||||||||||
DaimlerChrysler Corporation | Material Handling Equipment | Jan-05 | 432,740 | 36 | OL | |||||||||||||
DaimlerChrysler Corporation | Forklifts | Mar-05 | 142,913 | 36 | OL | |||||||||||||
Dorado Network Systems Corporation | Computer Equipment | Jul-04 | 89,066 | 18 | FP | |||||||||||||
Dorado Network Systems Corporation | Office Furniture | Sep-04 | 87,430 | 18 | FP | |||||||||||||
Dorado Network Systems Corporation | Computer Equip & Office Furniture | Jan-05 | 62,910 | 18 | FP | |||||||||||||
Dorado Network Systems Corporation | Computer Equipment | Aug-04 | 48,084 | 18 | FP | |||||||||||||
East Midlands Ambulance Service NHS | Ambulance & Emergency Vehicles | Feb-05 | 4,379,075 | 60 | HP | |||||||||||||
Trust East Midlands Ambulance Service NHS | Patient Transport Vehicles | Jul-05 | 197,604 | 60 | HP | |||||||||||||
Ford Trust Motor Company | Material Handling Equipment | Mar-04 to Mar-05 | 9,997,538 | 36-60 | FP, HP | |||||||||||||
Ford Motor Company | Material Handling Equipment | Aug-03 | 2,878,521 | 30-58 | OL, HP, FP | |||||||||||||
Ford Motor Company | Batteries and Fork Lifts | Oct-03 | 120,901 | 34-60 | OL, HP, FP | |||||||||||||
General Electric Company | 8 | Grinders | Sep-05 | 2,739,297 | 84 | OL | ||||||||||||
General Electric Company | 8 | Lathes | Apr-02 | 2,240,326 | 84 | OL | ||||||||||||
General Electric Company | 8 | Toshulin Powerturn Machine | Aug-02 | 1,895,000 | 84 | OL | ||||||||||||
General Electric Company | 8 | Remfg Bullard Mill Machine | Dec-03 to Aug-03 | 1,513,926 | 84 | FP | ||||||||||||
General Electric Company | 8 | Rosler Vertical Spindle | Sep-03 | 753,516 | 84 | FP | ||||||||||||
General Electric Company | 8 | Mazak Horizontal Nc Lathe | Dec-02 | 746,775 | 84 | FP | ||||||||||||
General Electric Company | 8 | Blohm Cnc Grinding Machine | Aug-03 | 599,000 | 84 | FP | ||||||||||||
General Electric Company | 8 | Grinder | Mar-01 | 561,697 | 84 | FP | ||||||||||||
General Electric Company | 8 | Sputtering Machine | Sep-05 | 506,871 | 84 | FP | ||||||||||||
General Electric Company | 8 | Remfg Sundstrand Omnimill | Mar-03 | 461,179 | 84 | FP | ||||||||||||
General Electric Company | 8 | Sundstrand Omnimill | Jul-02 | 461,179 | 84 | OL | ||||||||||||
General Electric Company | 8 | Tube Benders | Feb-03 | 343,738 | 84 | FP | ||||||||||||
General Electric Company | 9 | Crane | Feb-02 | 282,050 | 60 | OL | ||||||||||||
General Electric Company | 8 | Argon Atomsphere Furnaces | Apr-05 | 278,120 | 84 | FP | ||||||||||||
General Electric Company | 9 | Molding Machine | Dec-00 | 260,000 | 36 | OL | ||||||||||||
General Electric Company | 8 | Projection Welder | Oct-02 | 251,100 | 84 | FP | ||||||||||||
General Electric Company | 19 | Drilling Machine | Jul-02 | 234,000 | 60 | FP | ||||||||||||
General Electric Company | 8 | Wire EDM | Jul-02 | 172,392 | 84 | OL | ||||||||||||
General Electric Company | 9 | Molding Machine | Apr-01 | 168,012 | 60 | FP | ||||||||||||
General Electric Company | 8 | Electrolytic Cutoff Machine | Nov-02 | 119,935 | 84 | FP | ||||||||||||
General Motors Corporation | Material Handling | Mar-02 | 2,910,436 | 26-70 | FP | |||||||||||||
Graham Offshore, LLC | 20 | Crew and Supply Boats | Jan-02 | 9,500,000 | 60 | OL | ||||||||||||
Helijet International Inc. | Helicopters | Apr-04 | 2,680,000 | 60 | OL | |||||||||||||
InSite One, Inc. | Computer Equipment | Aug-04 | 375,000 | 24 | FP | |||||||||||||
International Business Machines Corporation | Scanning Laser System | Apr-05 | 227,141 | 48 | OL | |||||||||||||
International Paper Company | Material Handling & Loaders | Oct-05 | 731,499 | 36-60 | OL,HP | |||||||||||||
International Paper Company | Material Handling & Loaders | Sep-05 | 448,021 | 48-60 | OL,HP | |||||||||||||
International Paper Company | Loader, Forklifts | May-05 | 365,814 | 36 | OL | |||||||||||||
International Paper Company | Wheel Loader | Aug-05 | 260,650 | 48 | OL | |||||||||||||
International Paper Company | Wheel Loader | Aug-05 | 189,300 | 60 | OL | |||||||||||||
International Paper Company | Tractor | Apr-05 | 184,461 | 72 | HP | |||||||||||||
International Paper Company | Loader | Sep-05 | 132,188 | 36 | OL | |||||||||||||
International Paper Company | Material Handling Equipment | Nov-05 | 86,750 | 60 | FP | |||||||||||||
International Paper Company | Forklift | Jul-05 | 57,975 | 36 | OL | |||||||||||||
Johnson Technology, Inc. | 21 | EDM Speed Drillers | Apr-02 | 1,221,500 | 84 | FP | ||||||||||||
Johnson Technology, Inc. | 21 | EDM Speed Drillers | May-02 | 716,000 | 84 | FP | ||||||||||||
Johnson Technology, Inc. | 21 | EDM Machines | Sep-02 | 261,710 | 84 | FP | ||||||||||||
Johnson Technology, Inc. | 21 | Material Handling | Feb-02 | 14,700 | 84 | FP | ||||||||||||
Johnson Technology, Inc. | Edm Speed Driller | Oct-02 | 358,000 | 84 | FP | |||||||||||||
Lightship Holding, Inc. & Lightship Telecom, LLC | Telecommunications, Office Furniture | Jul-04 | 375,000 | 24 | FP | |||||||||||||
Mastec North America, Inc. | Various Construction Equipment | Jan-03 | 2,392,924 | 60 | HP | |||||||||||||
Mastec North America, Inc. | Kubota Excavators W/Bucket | Apr-03 | 238,320 | 36 | OL | |||||||||||||
Mastec North America, Inc. | 2001 Manitowoc 28-Ton Boom Truck | Apr-03 | 125,000 | 36 | OL | |||||||||||||
Mead Westvaco Corporation | Lumber Milling Equipment | Oct-05 | 3,630,208 | 60-84 | HP | |||||||||||||
Meadwestvaco Corporation | Forklifts | Jul-05 | 432,363 | 36 | OL | |||||||||||||
Meadwestvaco Corporation | Forklifts | May-05 | 259,866 | 36 | OL | |||||||||||||
Meadwestvaco Corporation | Lift Trucks | Aug-05 | 197,721 | 48 | OL | |||||||||||||
Meadwestvaco Corporation | Forklift, Dump Truck | May-05 | 143,472 | 36-48 | OL | |||||||||||||
Meadwestvaco Corporation | Material Handling | Jan-05 | 1,019,671 | 36 | OL | |||||||||||||
Memgen Corporation | Computer, Software & Lab Equip | Sep-03 | 350,000 | 24 | FP | |||||||||||||
Miasole | Lab Equipment | Jan-05 | 25,692 | 18 | FP | |||||||||||||
National Gypsum Company | CAT Equipment | Jul-02 | 1,382,558 | 60 | HP | |||||||||||||
National Gypsum Company | Roll Crusher | Jul-02 | 884,757 | 60 | HP | |||||||||||||
National Gypsum Company | CAT Equipment | Jul-01 | 853,074 | 60 | OL | |||||||||||||
National Gypsum Company | Tractor | Apr-01 | 662,273 | 60 | OL | |||||||||||||
National Gypsum Company | Wheel loader and tractor | Jan-02 | 383,208 | 48-60 | OL | |||||||||||||
National Gypsum Company | CAT Equipment | Oct-01 | 207,266 | 60 | OL | |||||||||||||
National Gypsum Company | Freightliner Tractor | Nov-02 | 69,909 | 56 | HP | |||||||||||||
National Gypsum Company | Dump trailer | Sep-02 | 24,959 | 60 | HP | |||||||||||||
National Gypsum Company | CAT Equipment | Aug-02 | 8,375 | 47 | OL | |||||||||||||
NBC Universal, Inc. | Electronic Editing System | Jan-05 | 2,124,286 | 36 | HP | |||||||||||||
NBC Universal, Inc. | Electronic Editing System | Jul-05 | 1,113,255 | 36 | HP | |||||||||||||
NBC Universal, Inc. | Electronic Editing System | Nov-04 | 905,598 | 24 | OL | |||||||||||||
NBC Universal, Inc. | Electronic Editing System | Jan-05 | 803,590 | 24 | OL | |||||||||||||
NBC Universal, Inc. | Electronic Editing System | Dec-04 | 256,945 | 24 | OL | |||||||||||||
NBC Universal, Inc. | Computer Equipment | Mar-05 | 174,660 | 22 | OL | |||||||||||||
NBC Universal, Inc. | Computer Equipment | Feb-05 | 80,921 | 35 | HP | |||||||||||||
NBC Universal, Inc. | Computer Equipment | Jun-05 | 46,410 | 31 | HP | |||||||||||||
New NGC, Inc. | Freightliner Tractors | Jul-05 | 159,528 | 72 | FP | |||||||||||||
New NGC, Inc. dba National Gypsum Company | Cat Tractor, Grader, Excavator | Nov-04 | 1,067,525 | 60-84 | FP,OL | |||||||||||||
New NGC, Inc. dba National Gypsum Company | Wheel Loader | Jul-03 | 827,415 | 60 | HP | |||||||||||||
New NGC, Inc. dba National Gypsum Company | Cat Tractor | Dec-04 | 477,297 | 48 | OL | |||||||||||||
New NGC, Inc. dba National Gypsum Company | Caterpillar Quarry Truck | Jul-04 | 417,280 | 60 | OL | |||||||||||||
New NGC, Inc. dba National Gypsum Company | Freightliner Tractor | Aug-04 | 79,328 | 72 | FP | |||||||||||||
New NGC, Inc. dba National Gypsum Company | Freightliner Tractor | Sep-04 | 79,328 | 72 | FP | |||||||||||||
Nortel Networks, Inc. | Office Furniture | Mar-01 | 1,065,692 | 83 | �� | FP | ||||||||||||
On24, Inc. | Computer Equipment | Jan-05 | 130,409 | 36 | FP | |||||||||||||
On24, Inc. | Computer Equipment | Sep-04 | 53,317 | 36 | FP | |||||||||||||
Overnite Transportation Company | Over-the-road Tractors | Jul-04 | 3,081,360 | 60 | OL | |||||||||||||
Peabody Holding Company | Joy Mining Equipment | Oct-02 | 5,083,396 | 60 | FP | |||||||||||||
Peabody Holding Company, Inc. | Joy Continuous Miner & Haulers | Oct-02 | 28,039 | 60 | FP | |||||||||||||
Photuris, Inc. | Testing & Office Equip, Furniture | Mar-01 | 1,000,000 | 36 | FP |
A-18
Table of Contents
Lease | ||||||||||||||||||
Commence | Acquisition | Percent | Lease | Type | ||||||||||||||
Lessee | Notes | Equipment Type | Date(s) (1) | Cost (2) | Leverage (3) | Term (4) | (5) | |||||||||||
Proficient Networks, Inc. | 22 | Computer Equipment | Apr-03 to Aug-03 | 121,141 | 24 | FP | ||||||||||||
Quick Study Radiology, Inc. | Computer Related Equipment | Apr-03 | 20,920 | 26 | FO | |||||||||||||
Rubicon Technology, Inc. | Lapping & Polishing Machine | Sep-03 | 300,000 | 18 | FP | |||||||||||||
Rubicon Technology, Inc. | Surface Analyzer | Dec-03 | 200,000 | 24 | FP | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts and Pallet Truck | Aug-05 | 586,487 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | Sep-04 | 161,260 | 36 | FP | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | Jan-05 | 154,267 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Material Handling | Jul-05 | 135,330 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | Apr-05 | 130,103 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | May-05 | 107,723 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | Jun-04 | 104,683 | 29-36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | Mar-05 | 65,978 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Material Handling | Jun-05 | 47,552 | 36-60 | OL,FP | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklift | Sep-05 | 41,403 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | May-04 | 40,183 | 36 | OL | |||||||||||||
Ryder Integrated Logistics, Inc. | Forklifts | Aug-04 | 34,144 | 36 | OL | |||||||||||||
Ryder Truck Rental, Inc. | Forklifts | Sep-04 | 34,762 | 60 | OL | |||||||||||||
Sea Mar Management | Offshore Supply Vessel | Jan-05 | 250,000 | 36 | FP | |||||||||||||
SEACOR Marine Inc. | 20 | Supply boat | Jan-02 | 1,700,000 | 60 | OL | ||||||||||||
Seven Hills Paperboard, Llc | Wheel Loader & Forklifts | Oct-03 | 136,355 | 36 | HP | |||||||||||||
Silicon Access Networks, Inc. | Testing & Computer Equipment | Apr-02 | 883,623 | 24 | FP | |||||||||||||
Silicon Access Networks, Inc. | Computer Peripherals | Aug-01 | 114,304 | 30 | FP | |||||||||||||
Silverpop Systems, Inc. | Networking & Computer Equipment | Sep-04 | 116,986 | 24 | FP | |||||||||||||
Silverpop Systems, Inc. | Networking & Computer Equip | Nov-04 | 62,109 | 24 | FP | |||||||||||||
Sony Pictures Entertainment, Inc. | Digital recorders | Nov-01 | 762,524 | 36 | FP | |||||||||||||
StarCite, Inc. | Working Capital Loan | Jul-04 | 175,000 | 24 | FP | |||||||||||||
Sussex Ambulance Service NHS Trust | Ambulance & Emergency Vehicles | Dec-04 | 1,164,625 | 60 | HP | |||||||||||||
Sussex Ambulance Service NHS Trust | Ambulance & Emergency Vehicles | Jan-05 | 554,563 | 60 | HP | |||||||||||||
The Sabine Mining Company | Draglines | Nov-04 | 12,650,961 | 62 | OL | |||||||||||||
U.S. Telepacific Corp. | Networking Equipment | Oct-03 | 599,272 | 18 | FP | |||||||||||||
U.S. Telepacific Corp. | Titan System Materials | Sep-03 | 345,944 | 18 | FP | |||||||||||||
U.S. Telepacific Corp. | Networking Equipment and Office Furniture | Oct-03 | 54,784 | 18 | FP | |||||||||||||
Visteon Corporation | Bulk Storage Silos | Jan-04 | 410,250 | 60 | HP | |||||||||||||
Whirlpool Corporation | Material Handling Equipment | Jan-04 to Mar-05 | 3,174,157 | 36-60 | OL, HP, FP | |||||||||||||
Williams Distributed Power Services, Inc. | 16 | Micro Turbine Systems | Apr-01 | 717,356 | 60 | OL | ||||||||||||
Zeevo, Inc. | Testing & Computer Equipment | Nov-01 | 99,421 | 24 | FP | |||||||||||||
Zeevo, Inc. | Testing & Lab Equipment | Feb-02 | 96,457 | 24 | FP | |||||||||||||
Zeevo, Inc. | Computer Peripherals | Sep-01 | 69,443 | 24 | FP | |||||||||||||
Zeevo, Inc. | Testing & Lab Equipment | Jan-02 | 53,583 | 24 | FP | |||||||||||||
Zeevo, Inc. | Testing & Computer Equipment | Apr-02 | 51,525 | 24 | FP | |||||||||||||
ATEL Capital Equipment Fund IX total: | $ | 139,602,925 | ||||||||||||||||
ATEL Capital Equipment Fund X | ||||||||||||||||||
Alveolus, Inc. | Senior Term Loan | Sep-05 | $ | 250,000 | 36 | FP | ||||||||||||
Alveolus, Inc. | Senior Term Loan | Oct-05 | 125,000 | 36 | FP | |||||||||||||
Arbinet-thexchange | Telecom Switch | Aug-03 | 654,526 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Hardware | Jun-04 | 171,041 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Office Furniture | Aug-04 | 74,243 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Hardware and Phone | Jul-04 | 73,396 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | System Computer Hardware | Nov-04 | 53,313 | 36 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Software | Sep-04 | 44,138 | 24 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Software Licenses | Jan-04 | 42,943 | 24 | FP | |||||||||||||
Arsenal Digital Solutions Worldwide, Inc. | Computer Software | Nov-04 | 6,377 | 24 | FP | |||||||||||||
ARYx Therapeutics | Testing equipment | Apr-03 | 182,125 | 30 | FP | |||||||||||||
ARYx Therapeutics | Computer Equipment | Jul-04 | 115,279 | 24 | FP | |||||||||||||
Aspen Aerogels, Inc. | Manufacturing Equipment | Nov-04 | 583,333 | 36 | FP | |||||||||||||
Ball Corporation | Bulk boxes, Pallets & Tiers | Sep-03 | 2,793,225 | 59 | FP | |||||||||||||
Ball Corporation | Bulk boxes, Pallets & Tiers | Oct-03 | 631,118 | 60 | FP | |||||||||||||
Ball Corporation | Bulk boxes, Pallets & Tiers | Nov-03 | 408,800 | 60 | FP | |||||||||||||
Bedfordshire and Hertfordshire and Paramedic Service NHS Trust | Ambulance & Emergency Vehicles | Jun-05 | 2,763,106 | 60 | HP | |||||||||||||
Boingo Wireless, Inc. | Computer Equipment | Sep-04 | 102,518 | 30 | FP | |||||||||||||
Boingo Wireless, Inc. | Computer Equipment | Jul-05 | 33,005 | 20 | FP | |||||||||||||
Boingo Wireless, Inc. | Computer Equipment | Dec-04 | 17,953 | 27 | FP | |||||||||||||
Cargill, Incorporated | Covered Hopper Cars | Mar-05 | 5,991,497 | 61 | OL | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Funiture | Jun-05 | 188,859 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equipment | Aug-04 | 185,618 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Funiture | Feb-05 | 125,000 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equipment and Office Furniture | Sep-04 | 73,112 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Funiture | Jan-05 | 69,717 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer & Lab Equipment | Sep-05 | 61,141 | 36 | FP | |||||||||||||
Cedar Point Communications, Inc. | Computer Equip & Office Funiture | Nov-04 | 46,554 | 36 | FP | |||||||||||||
Chelsio Communications, Inc. | Computer Equipment | Nov-05 | 27,600 | 24 | FP | |||||||||||||
Colowyo Coal Company L.P. | Walking Drag Line | Apr-03 | 2,000,000 | 32 | OL | |||||||||||||
Daimler Chrysler Corporation | Materials Handling | Oct-04 | 2,363,882 | 60 | FP | |||||||||||||
Dorado Network Systems Corporation | Computer Equipment | Jul-04 | 89,066 | 18 | FP | |||||||||||||
Dorado Network Systems Corporation | Office Furniture | Jun-04 | 87,430 | 18 | FP | |||||||||||||
Dorado Network Systems Corporation | Computer Equip & Office Furniture | Jan-05 | 62,910 | 18 | FP | |||||||||||||
Dorado Network Systems Corporation | Computer Equipment | Aug-04 | 48,084 | 18 | FP | |||||||||||||
Evil Twin Studios, Inc. | Computer Equip & Office Furniture | Aug-05 | 25,373 | 24 | FP | |||||||||||||
Evil Twin Studios, Inc. | Computer & Office Equipment | Oct-05 | 6,549 | 24 | FP | |||||||||||||
Ford Motor Company | Material Handling | Mar-05 | 816,888 | 36-60 | FP,HP | |||||||||||||
Ford Motor Company | Material Handling | Jan-05 | 635,834 | 36-60 | FP,HP | |||||||||||||
Ford Motor Company | Material Handling | Feb-05 | 119,461 | 36 | FP,HP | |||||||||||||
General Electric Company / GE Aircraft Engines | Machine Tools | Dec-03 | 6,088,818 | 62-75 | OL, HP | |||||||||||||
Helijet International, Inc. | Helicopters | Apr-04 | 2,680,000 | 60 | OL | |||||||||||||
International Paper Company | Material Handling | May-05 | 1,836,972 | 48-72 | HP,OL |
A-19
Table of Contents
Lease | ||||||||||||||||||
Commence | Acquisition | Percent | Lease | Type | ||||||||||||||
Lessee | Notes | Equipment Type | Date(s) (1) | Cost (2) | Leverage (3) | Term (4) | (5) | |||||||||||
International Paper Company | PMC Cup Machines | Dec-05 | 1,713,600 | 96 | FP | |||||||||||||
International Paper Company | Material Handling Equipment | Jul-05 | 800,567 | 36 - 60 | OL | |||||||||||||
International Paper Company | PMC Cup Machine | Jul-05 | 773,857 | 96 | FP | |||||||||||||
International Paper Company | Material Handling & Loaders | Oct-05 | 652,330 | 60 - 72 | FP,HP | |||||||||||||
International Paper Company | Dozer | Apr-04 | 593,560 | 60 | OL | |||||||||||||
International Paper Company | Wheel Loader, Cat Dozer | Jul-05 | 378,380 | 60 - 72 | HP,OL | |||||||||||||
International Paper Company | Material Handling Equipment | Nov-05 | 323,997 | 60 | HP | |||||||||||||
International Paper Company | Loaders, Material Handling Equip | Aug-05 | 304,404 | 60 - 72 | FP,HP | |||||||||||||
International Paper Company | Lift Trucks, Loader | Jun-04 to Aug-04 | 267,750 | 36 - 60 | HP | |||||||||||||
International Paper Company | Loader, Carrier | Jun-04 | 233,840 | 60 | HP | |||||||||||||
International Paper Company | Deck Crane | Sep-05 | 89,200 | 72 | HP | |||||||||||||
International Paper Company | Washer System | Oct-04 | 26,170 | 48 | FP | |||||||||||||
Kaiser Foundation Hospitals | Information Storage Equipment | Oct-03 | 538,742 | 36 | HP | |||||||||||||
Kaiser Foundation Hospitals | Information Storage Equipment | Nov-03 | 291,390 | 36 | HP | |||||||||||||
Kaiser Foundation Hospitals | Information Storage Equipment | Dec-03 | 110,814 | 34 | HP | |||||||||||||
Kaiser Foundation Hospitals | Information Storage Equipment | Jan-04 | 105,488 | 34 | HP | |||||||||||||
Kaiser Foundation Hospitals | Information Stroage Upgrade | Jun-04 | 33,288 | 29 | HP | |||||||||||||
Kent Ambulance NHS Trust | Ambulance & Emergency Vehicles | Sep-05 | 393,156 | 60 | HP | |||||||||||||
Lafarge North America, Inc. | Forklifts | Jul-04 | 1,091,782 | 36 | OL | |||||||||||||
Lafarge North America, Inc. | Forklifts | Apr-04 | 836,266 | 36 | OL | |||||||||||||
Lafarge North America, Inc. | Forklifts | Apr-05 | 292,968 | 36 | OL | |||||||||||||
Lafarge North America, Inc. | Railcar Mover | Oct-05 | 171,137 | 60 | HP | |||||||||||||
Lightship Holding, Inc. & Lightship | Telecommunications & Office | Jul-04 | 375,000 | 24 | FP | |||||||||||||
Telecom, LLC | Furniture | |||||||||||||||||
Meadwestvaco Corporation | Lumber Milling Equipment | Oct-05 | 4,479,872 | 60 - 84 | HP | |||||||||||||
Meadwestvaco Corporation | Wheel Loader | May-05 | 169,850 | 48 | OL | |||||||||||||
Miasole | Lab & Computer Equipment | Apr-05 | 106,561 | 18 | FP | |||||||||||||
Miasole | Lab Equipment | Jan-05 | 25,692 | 18 | FP | |||||||||||||
New NGC, Inc. dba National Gypsum Company | Cat Tractor & Shovel | Apr-04 | 1,371,097 | 42 - 66 | OL | |||||||||||||
On24, Inc. | Computer Equipment | Jan-05 | 130,409 | 36 | FP | |||||||||||||
On24, Inc. | Computer & Network Equipment | Aug-05 | 127,908 | 36 | FP | |||||||||||||
On24, Inc. | Computer Equipment | Apr-05 | 70,523 | 36 | FP | |||||||||||||
On24, Inc. | Computer Equipment | Sep-04 | 53,317 | 36 | FP | |||||||||||||
OpenPages, Inc. | Computer & Office Equipment | Apr-05 | 290,010 | 36 | FP | |||||||||||||
OpenPages, Inc. | Computer & Office Equip, Furniture | Sep-05 | 174,651 | 36 | FP | |||||||||||||
Overnite Transportation Company | Over-the-road Tractors | Nov-04 | 3,835,450 | 60 | OL | |||||||||||||
Overnite Transportation Company | Over-the-road Tractors | May-04 | 1,543,420 | 60 | OL | |||||||||||||
Overnite Transportation Company | Over-the-road Tractors | Apr-04 | 848,881 | 60 | OL | |||||||||||||
Overnite Transportation Company | Over-the-road Tractors | Jul-05 | 239,082 | 60 | OL | |||||||||||||
Oxfordshire Ambulance Service NHS | Patient Transport Vehicles | May-05 | 419,180 | 60 | FP | |||||||||||||
Oxfordshire Ambulance Service NHS | Ambulance & Emergency Vehicles | Apr-05 | 387,153 | 60 | FP | |||||||||||||
Renal Solutions, Inc. | Senior Term Loan | Aug-05 | 500,000 | 36 | FP | |||||||||||||
Silverpop Systems, Inc. | Networking & Computer Equipment | Sep-04 | 116,986.00 | 24 | FP | |||||||||||||
Silverpop Systems, Inc. | Networking & Computer Equip | Nov-04 | 62,109.00 | 24 | FP | |||||||||||||
Starcite, Inc. | Working Capital Loan | Jul-04 | 175,000 | 24 | NR | |||||||||||||
Sussex Ambulance Service NHS Trust | Ambulance & Emergency Vehicles | Dec-04 | 1,164,624.79 | 60 | HP | |||||||||||||
Sussex Ambulance Service NHS Trust | Ambulance & Emergency Vehicles | Jan-05 | 554,562.80 | 60 | HP | |||||||||||||
Technorati, Inc. | Computer Equip & Office Furniture | Oct-05 | 150,000.00 | 36 | FP | |||||||||||||
The Sabine Mining Company | Draglines | Nov-04 | 12,650,961.00 | 62 | OL | |||||||||||||
Washington Group International, Inc. | Mining Equipment | Oct-05 | 4,846,808.00 | 60 - 84 | FP | |||||||||||||
ATEL Capital Equipment Fund X total: | $ | 77,647,597 | ||||||||||||||||
TOTAL OF ALL FUNDS: | $ | 466,291,298 | ||||||||||||||||
A-20
Table of Contents
(1) | In many cases, a Lease transaction is funded over a period of time according to the Lessee’s requirements. Therefore “Commencement Date(s)” expressed as a range represents multiple commencement dates occurring or anticipated under the same Lease line. | |
(2) | “Acquisition Cost” includes either amounts committed to Lessees for funding by the program, or the actual Equipment acquisition cost, less any Acquisition Fees. All figures are rounded. | |
(3) | “Percent Leverage” represents the percent ratio of the original principal amount of the debt acquired or assumed by the program, to the Acquisition Cost of the Equipment. The Equipment may be “leveraged” (where a portion of the Equipment Acquisition Cost is financed using non-recourse debt financing) at the time of, or subsequent to, the acquisition of the Equipment by the program. Therefore, actual leverage ratios may be more or less than indicated due to the timing of the acquisition of the Equipment in relation to the amortization of the principal amounts of the debt. | |
(4) | “Lease Term” is expressed in terms of months, although the actual Lease Term may be expressed as monthly, quarterly, semiannual or annual. | |
(5) | A designation of “FP” indicates that the aggregate rents to be received during the Term equal or exceed the Acquisition Price of the Equipment. A designation of “HP” indicates that the aggregate rents to be received during the Term equal or exceed 90% of the Acquisition Price of the Equipment. A designation of “OL” indicates that the aggregate rents to be received during the Term are less than 90% of the Acquisition Price of the Equipment. A designation of “NR” indicates that the transaction is a note receivable. | |
(6) | A division of Waban, Inc. | |
(7) | Aircraft is based out of the Republic of Finland. | |
(8) | Lessee is General Electric Company, by its division GE Aircraft Engines. | |
(9) | Lessee is General Electric Company, by its division GE Plastics. | |
(10) | Asset is held in a trust. A 20% beneficial interest in the trust is held by Fund 7, with the remaining 80% beneficial interest in the trust held by Fund 8. | |
(11) | Guaranteed by Omnicom Group, Inc. Actual lessees are various subsidiaries of Omnicom Group Inc.: The DDB Needham Worldwide Communications Group Inc.; Griffin Bacal Inc.; DDB Needham Chicago, Inc.; DDB Needham Dallas, Inc.; PGC Advertising, Inc.; The Focus Agency, LP.; Elgin DDB Inc.; Group Management Services and TLP, Inc. | |
(12) | Asset is held by a special purpose entity. Acquisition cost represents 51% of the total cost. The remaining 49% is owned by an unaffiliated program but continues to be managed by an affiliate. | |
(13) | Guaranteed 40% by Seacor Smit, Inc. and 60% by Transportacion Maritima Mexicana. | |
(14) | Asset is held in a trust. A majority beneficial interest in the trust is held by the program, with the remaining beneficial interest in the trust held by an unaffiliated program managed by an affiliate. | |
(15) | Assets are on short-term sub-leases with various sub-lessees. | |
(16) | Guaranteed by Williams Companies, Inc. | |
(17) | Asset held in a trust with Bank of New York as Trustee. Two distinct beneficial interests in the trust estate, representing an aggregate 42.5% interest of the total trust estate, purchased in two separate transactions. The remaining 57.5% of the trust estate is owned by an unaffiliated institutional investor. Trustee may only act upon unanimous instructions of all beneficial owners in the trust estate. | |
(18) | Guaranteed by CVS Corporation. | |
(19) | Lessee is acting through its division, GE Engine Services, Inc. | |
(20) | Guaranteed by SEACOR Smit Inc. Graham Offshore LLC changed from Graham Offshore, Inc on December 31, 2003. Seacor Marine LLC changed from Seacor Marine, Inc. on December 31, 2003. | |
(21) | Guaranteed by General Electric Company acting through its division GE Aircraft Engines operating division. | |
(22) | Merged with and now named Infiniroute Networks as of April 2004. | |
(23) | Lessee filed for protection under Chapter 11 of the U.S. Bankruptcy Act. All original lease payments were made. The lease was assumed by Vanguard Car Rental on November 11, 2003. | |
(24) | Name changed to LaFarge North America, Inc. |
A-21
Table of Contents
Number | Exhibits | |
23.2 | Consent of Ernst & Young [To be provided by amendment] | |
24.1 | Powers of Attorney are set forth in this Part II of the initial Registration Statement on Form S-1 |
II-1
Table of Contents
ATEL CAPITAL EQUIPMENT FUND XI, LLC | ||||||||
By: | ATEL Financial Services, LLC | |||||||
a California limited liability company, | ||||||||
Manager | ||||||||
By: | ATEL Leasing Corporation, Manager | |||||||
By: | DEAN L. CASH * | |||||||
Dean L. Cash | ||||||||
President |
Signature | Capacity | Date | ||
DEAN L. CASH * | Principal executive | March 9, 2006 | ||
Dean L. Cash | officer of Registrant; chief executive officer and director of ATEL Leasing Corporation, Manager of ATEL Financial Services, LLC, Manager of Registrant | |||
/s/ PARITOSH CHOKSI | Principal financial | March 9, 2006 | ||
Paritosh Choksi | officer and principal accounting officer of Registrant; principal financial officer and principal accounting officer, Director and Executive Vice President of ATEL Leasing Corporation, Manager of ATEL Financial Services, LLC, Manager of Registrant |
* | /s/ PARITOSH CHOKSI | |||
Paritosh Choksi, as attorney in fact |
II-2
Table of Contents
Exhibit | Sequentially | |||
Number | Exhibit | Numbered Page | ||
23.2 | Consent of Ernst & Young [To be provided by amendment] | |||
24.1 | Powers of Attorney are set forth in Part II of the initial Registration Statement on Form S-1 | |||