Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|X| Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
For the quarterly period ended June 30, 2003
|_| Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
For the transition period from _______ to _______
Commission File Number 333-100452
ATEL Capital Equipment Fund X, LLC
(Exact name of registrant as specified in its charter)
California 68-0517690
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)
600 California Street, 6th Floor, San Francisco, California 94108-2733
(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 989-8800
Securities registered pursuant to section 12(b) of the Act: None
Securities registered pursuant to section 12(g) of the Act: None
Indicate by a check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No |_|
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes |_| No |X|
The number of Limited Liability Company Units outstanding as of June 30, 2003
was 1,295,969
DOCUMENTS INCORPORATED BY REFERENCE
None
1
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited).
2
ATEL CAPITAL EQUIPMENT FUND X, LLC
BALANCE SHEETS
JUNE 30, 2003 AND DECEMBER 31, 2002
(Unaudited)
ASSETS
2003 2002
Cash and cash equivalents $ 8,647,450 $ 600
Prepaid syndication costs 590,934 -
Investments in leases 2,263,774 -
------------------ ------------------
Total assets $11,502,158 $ 600
================== ==================
LIABILITIES AND MEMBERS' CAPITAL
Accounts payable:
Managing Member $ 215,990 $ -
Other 2,615 -
Unearned operating lease income 44,607 -
------------------ ------------------
Total liabilities 263,212 -
Members' capital 11,238,946 600
------------------ ------------------
Total liabilities and members' capital $11,502,158 $ 600
================== ==================
See accompanying notes.
3
ATEL CAPITAL EQUIPMENT FUND X, LLC
STATEMENTS OF OPERATIONS
SIX AND THREE MONTH PERIODS ENDED
JUNE 30, 2003
(Unaudited)
Revenues:
Leasing activities:
Operating leases $ 114,204
Interest 87
------------------
114,291
Expenses:
Depreciation and amortization 126,045
Professional fees 18,758
Postage 8,000
Asset management fees to Managing Member 6,031
Cost reimbursements to Managing Member 1,999
Other 21,144
------------------
181,977
------------------
Net loss $ (67,686)
==================
Net income (loss):
Managing member $ 2,794
Other members (70,480)
------------------
$ (67,686)
==================
Net loss per Limited Liability Company Unit ($0.115)
Weighted average number of Units outstanding 611,691
STATEMENT OF CHANGES IN MEMBERS' CAPITAL
SIX MONTH PERIOD ENDED
JUNE 30, 2003
(Unaudited)
Initial Member Managing
Units Amount Member Total
Balance December 31, 2002 50 $ 500 $ 100 $ 600
Capital contributions 1,295,919 12,959,190 - 12,959,190
Less selling commissions to affiliates - (1,166,327) - (1,166,327)
Other syndication costs to affiliates - (448,243) - (448,243)
Distributions to members - (35,694) (2,894) (38,588)
Net income (loss) - (70,480) 2,794 (67,686)
------------------ ------------------ ------------------ ------------------
Balance June 30, 2003 1,295,969 $11,238,946 $ - $11,238,946
================== ================== ================== ==================
See accompanying notes.
4
ATEL CAPITAL EQUIPMENT FUND X, LLC
STATEMENTS OF CASH FLOWS
SIX AND THREE MONTH PERIODS ENDED
JUNE 30, 2003
(Unaudited)
Operating activities:
Net loss $ (67,686)
Adjustments to reconcile net income to cash provided by
operating activities:
Depreciation and amortization 126,045
Changes in operating assets and liabilities:
Prepaid syndication costs (590,934)
Accounts payable, Managing Member 215,990
Accounts payable, other 2,615
Unearned operating lease income 44,607
------------------
Net cash used in operations (269,363)
------------------
Investing activities:
Purchases of equipment on operating leases (2,182,126)
Payments of initial direct costs to Managing Member (207,693)
------------------
Net cash used in investing activities (2,389,819)
------------------
Financing activities:
Capital contributions received 12,959,190
Payment of syndication costs to Managing Member (1,614,570)
Distributions to other members (35,694)
Distributions to Managing Member (2,894)
------------------
Net cash provided by financing activities 11,306,032
------------------
Net increase in cash and cash equivalents 8,646,850
Cash and cash equivalents at beginning of period 600
------------------
Cash and cash equivalents at end of period $ 8,647,450
==================
See accompanying notes.
5
ATEL CAPITAL EQUIPMENT FUND X, LLC
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
(Unaudited)
1. Summary of significant accounting policies:
Basis of presentation:
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with instructions to Form 10-Q and Article 10 of Regulation S-X. The
unaudited interim financial statements reflect all adjustments which are, in the
opinion of the Managing Member, necessary to a fair statement of financial
position and results of operations for the interim periods presented. All such
adjustments are of a normal recurring nature. These unaudited interim financial
statements should be read in conjunction with the financial statements and notes
thereto contained in the report on Form 10-K for the year ended December 31,
2002, filed with the Securities and Exchange Commission.
2. Organization and Limited Liability Company matters:
ATEL Capital Equipment Fund X, LLC (the Company) was formed under the laws of
the state of California on August 12, 2002 for the purpose of acquiring
equipment to engage in equipment leasing and sales activities. The Company shall
continue until December 31, 2021.
The Company, or the Managing Member on behalf of the Company, will incur costs
in connection with the organization, registration and issuance of the Limited
Liability Company Units (Units). The amount of such costs to be borne by the
Company is limited by certain provisions of the Company's Operating Agreement.
Upon the sale of the minimum amount of Units of Limited Liability Company
interest (Units) of $1,200,000 and the receipt of the proceeds thereof on April
9, 2003, the Company commenced operations.
ATEL Financial Services, LLC, an affiliated entity, acts as the Managing Member
of the Company.
3. Investment in leases:
The Company's investment in leases consists of the following:
Depreciation
Additions Expense or Net
to Operating Amortization of Balance
Lease Initial Direct June 30,
Assets Costs 2003
Net investment in operating leases $ 2,182,126 $ (120,351) $ 2,061,775
Initial direct costs 207,693 (5,694) 201,999
------------------ ------------------ ------------------
$ 2,389,819 $ (126,045) $ 2,263,774
================== ================== ==================
6
ATEL CAPITAL EQUIPMENT FUND X, LLC
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
(Unaudited)
3. Investment in leases (continued):
Operating leases:
Property on operating leases consists of the following:
Balance
Acquisitions June 30,
1st Quarter 2nd Quarter 2003
Mining $ - $ 2,000,000 $ 2,000,000
Manufacturing - 182,126 182,126
------------------ ------------------ ------------------
- 2,182,126 2,182,126
Less accumulated depreciation - (120,351) (120,351)
------------------ ------------------ ------------------
$ - $ 2,061,775 $ 2,061,775
================== ================== ==================
The average assumed residual values for assets on operating leases was 19% at
June 30, 2003.
All of the property on leases was acquired in 2003.
At June 30, 2003, the aggregate amounts of future minimum lease payments to be
received are as follows:
Year ending Operating
December 31, Leases
Six months ending December 31, 2003 $ 283,825
Year ending December 31, 2004 567,650
2005 493,525
------------------
$ 1,345,000
==================
7
ATEL CAPITAL EQUIPMENT FUND X, LLC
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003
(Unaudited)
4. Related party transactions:
The terms of the Limited Company Operating Agreement provide that the Managing
Member and/or affiliates are entitled to receive certain fees for equipment
acquisition, management and resale and for management of the Company.
The Limited Liability Company Operating Agreement allows for the reimbursement
of costs incurred by the Managing Member in providing services to the Company.
Services provided include Company accounting, investor relations, legal counsel
and lease and equipment documentation. The Managing Member is not reimbursed for
services where it is entitled to receive a separate fee as compensation for such
services, such as acquisition and management of equipment. Reimbursable costs
incurred by the Managing Member are allocated to the Company based upon actual
time incurred by employees working on Company business and an allocation of rent
and other costs based on utilization studies.
Substantially all employees of the Managing Member record time incurred in
performing services on behalf of all of the Companies serviced by the Managing
Member. The Managing Member believes that the costs reimbursed are the lower of
(i) actual costs incurred on behalf of the Company or (ii) the amount the
Company would be required to pay independent parties for comparable
administrative services in the same geographic location and are reimbursable in
accordance with the Limited Liability Company Operating Agreement.
The Managing Member and/or affiliates earned fees, commissions and
reimbursements, pursuant to the Limited Liability Company Agreement as follows:
Selling commissions (equal to 9% of the selling price of the
Limited Liability Company units, deducted from Other
Members' capital) $ 1,166,327
Reimbursement of other syndication costs to Managing Member 448,243
Asset management fees to Managing Member 6,031
Costs reimbursed to Managing Member 1,999
------------------
$ 1,622,600
==================
5. Members' capital:
As of June 30, 2003, 1,295,969 Units were issued and outstanding. The Company is
authorized to issue up to 15,000,050 Units.
The Company's Net Income, Net Losses, and Distributions as defined in the
Limited Liability Company Operating Agreement are to be allocated 92.5% to the
Members and 7.5% to the Managing Member.
6. Commitments:
As of June 30, 2003, the Company had outstanding commitments to purchase lease
equipment totaling approximately $655,000.
8
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Statements contained in this Item 2, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and elsewhere in this Form 10-Q,
which are not historical facts, may be forward-looking statements. Such
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Investors are cautioned not
to attribute undue certainty to these forward-looking statements, which speak
only as of the date of this Form 10-Q. We undertake no obligation to publicly
release any revisions to these forward-looking statements to reflect events or
circumstances after the date of this Form 10-Q or to reflect the occurrence of
unanticipated events, other than as required by law.
Capital Resources and Liquidity
During the second quarter of 2003, the Company's primary activities were raising
funds through its offering of Limited Liability Company Units (Units) and
engaging in equipment leasing activities. Through June 30, 2003, the Company had
received subscriptions for 1,295,969 Units ($12,959,690). As of June 30, 2003,
all of those Units were issued and outstanding.
During the funding period, the Company's primary source of liquidity is
subscription proceeds from the public offering of Units. The liquidity of the
Company will vary in the future, increasing to the extent cash flows from leases
exceed expenses, and decreasing as lease assets are acquired, as distributions
are made to the members and to the extent expenses exceed cash flows from
leases.
As another source of liquidity, the Company has contractual obligations with
lessees for fixed lease terms at fixed rental amounts. As the initial lease
terms expire the Company will re-lease or sell the equipment. The future
liquidity beyond the contractual minimum rentals will depend on the Managing
Member's success in re-leasing or selling the equipment as it comes off lease.
The Company anticipates reinvesting a portion of lease payments from owned
assets on lease in new leasing transactions. Such reinvestment will occur only
after the payment of all obligations, including debt service (both principal and
interest), the payment of management and acquisition fees to the Managing Member
and providing for cash distributions to the members.
The Company currently has available adequate reserves to meet contingencies, but
in the event those reserves were found to be inadequate, the Company would
likely be in a position to borrow against its current portfolio to meet such
requirements. The Managing Member envisions no such requirements for operating
purposes.
No commitments of capital have been or are expected to be made other than for
the acquisition of additional equipment. As of June 30, 2003, such commitments
totaled approximately $655,000.
If inflation in the general economy becomes significant, it may affect the
Company inasmuch as the residual (resale) values and rates on re-leases of the
Company's leased assets may increase as the costs of similar assets increase.
However, the Company's revenues from existing leases would not increase, as such
rates are generally fixed for the terms of the leases without adjustment for
inflation.
If interest rates increase significantly, the lease rates that the Company can
obtain on future leases will be expected to increase as the cost of capital is a
significant factor in the pricing of lease financing. Leases already in place,
for the most part, would not be affected by changes in interest rates.
Cash Flows
During the first half of 2003, the Company's primary source of liquidity was the
proceeds of its offering of Units.
In 2003, the primary source of cash from operations was rents from operating
leases.
In 2003, there were no sources of cash from investing activities. Uses of cash
for investing activities consisted of cash used to purchase operating lease
assets and payments of initial direct costs associated with the lease asset
purchases.
In 2003, the primary source of cash from financing activities was the proceeds
of the Company's public offering of Units of Limited Liability Company interest.
Financing uses of cash consisted of payments of syndication costs associated
with the offering and distributions to the members.
Results of operations
In 2003, operations resulted in a net loss of $67,686 for the six and three
month periods. The Company's primary source of revenues is from operating
leases. Depreciation is related to operating lease assets and thus, to operating
lease revenues. Operating lease revenues and depreciation expense are expected
to increase in future periods as acquisitions continue.
9
Asset management fees are based on the gross lease rents of the Company plus
proceeds from the sales of lease assets. Such fees are limited to certain
percentages of lease rents, distributions to members and certain other items. As
assets are acquired, lease rents are collected and distributions are made to the
members, these fees are expected to increase.
Results of operations in future periods are expected to vary considerably from
those of the first half of 2003 as the Company continues to acquire significant
amounts of lease assets.
Item 3. Quantitative and Qualitative Disclosures of Market Risk.
The Company, like most other companies, is exposed to certain market risks,
including primarily changes in interest rates. The Company believes its exposure
to other market risks, including foreign currency exchange rate risk, commodity
risk and equity price risk, are insignificant to both its financial position and
results of operations.
In general, the Company expects to manage its exposure to interest rate risk by
obtaining fixed rate debt. The fixed rate debt will be structured so as to match
the cash flows required to service the debt to the payment streams under fixed
rate lease receivables. The payments under the leases will bee assigned to the
lenders in satisfaction of the debt. Furthermore, the Managing Member has
historically been able to maintain a stable spread between its cost of funds and
lease yields in both periods of rising and falling interest rates. Nevertheless,
the Company expects to frequently fund leases with floating interest rate line
of credit and will, therefore, be exposed to interest rate risk until fixed rate
financing is arranged, or the floating interest rate line of credit is repaid.
As of June 30, 2003, there was no outstanding balance on the floating interest
rate line of credit.
Item 4. Controls and procedures.
Internal Controls
As of June 30, 2003, an evaluation was performed under the supervision and with
the participation of the Company's management, including the CEO and CFO of the
Managing Member, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures. Based on that evaluation, the
Company's management, including the CEO and CFO of the Managing Member,
concluded that the Company's disclosure controls and procedures were effective
as of June 30, 2003. There have been no significant changes in the Company's
internal controls or in other factors that could significantly affect internal
controls subsequent to June 30, 2003.
Changes in internal controls
There have been no significant changes in our internal controls or in other
factors that could significantly affect our disclosure controls and procedures
subsequent to the evaluation date, nor were there any significant deficiencies
or material weaknesses in our internal controls.
Evaluation of disclosure controls and procedures
Under the supervision and with the participation of our management, including
the CEO and CFO, an evaluation of the effectiveness of the design and operation
of the Company's disclosure controls and procedures, as defined in Rules
240.13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934 was
performed as of a date within ninety days before the filing date of this
quarterly report. Based upon this evaluation, the CEO and CFO of the Managing
Member concluded that, as of the evaluation date, our disclosure controls and
procedures were effective for the purposes of recording, processing, summarizing
and timely reporting information required to be disclosed by us in the reports
that we file under the Securities Exchange Act of 1934 and that such information
is accumulated and communicated to our management in order to allow timely
decisions regarding required disclosure.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Inapplicable.
Item 2. Changes In Securities.
Inapplicable.
Item 3. Defaults Upon Senior Securities.
Inapplicable.
Item 4. Submission Of Matters To A Vote Of Security Holders.
Inapplicable.
Item 5. Other Information.
10
Information provided pursuant to ss. 228.701 (Item 701(f))(formerly included in
Form SR):
(1) Effective date of the offering: March 12, 2003; File Number: 333-100452
(2) Offering commenced: March 12, 2003
(3) The offering did not terminate before any securities were sold.
(4) The offering has not been terminated prior to the sale of all of the
securities.
(5) The managing underwriter is ATEL Securities Corporation.
(6) The title of the registered class of securities is "Units of Limited
Liability Company interest."
(7) Aggregate amount and offering price of securities registered and sold as of
July 31, 2003:
Aggregate Aggregate
price of price of
offering offering
Amount amount Amount amount
Title of Security Registered registered sold sold
Limited Liability Company units 15,000,000 $150,000,000 1,866,448 $18,664,480
(8) Costs incurred for the issuers account in connection with the issuance and
distribution of the securities registered for each category listed below:
Direct or indirect payments to
directors, officers, general
partners of the issuer or their
associates; to persons owning
ten percent or more of any Direct or
class of equity securities of indirect
the issuer; and to affiliates of payments to
the issuer others Total
Underwriting discounts and
commissions $ 279,967 $ 1,399,836 $ 1,679,803
Other expenses - 1,119,869 1,119,869
------------------ ------------------ ------------------
Total expenses $ 279,967 $ 2,519,705 $ 2,799,672
================== ================== ==================
(9) Net offering proceeds to the issuer after the total expenses in item 8: $15,864,808
(10) The amount of net offering proceeds to the issuer used for each of the
purposes listed below:
Direct or indirect payments to
directors, officers, general
partners of the issuer or their
associates; to persons owning
ten percent or more of any Direct or
class of equity securities of indirect
the issuer; and to affiliates of payments to
the issuer others Total
Purchase and installation of
machinery and equipment $ 209,514 $15,561,971 $15,771,486
Working capital - 93,322 93,322
------------------ ------------------ ------------------
$ - $15,655,294 $15,864,808
================== ================== ==================
(11) The use of the proceeds in Item 10 does not represent a material change in
the uses of proceeds described in the prospectus.
11
Item 6. Exhibits And Reports On Form 8-K.
(a) Documents filed as a part of this report
1. Financial Statements
Included in Part I of this report:
Balance Sheets, June 30, 2003 and December 31, 2002.
Statements of operations for the six and three month periods
ended June 30, 2003.
Statement of changes in members' capital for the six month period
ended June 30, 2003.
Statements of cash flows for the six and three month periods
ended June 30, 2003.
Notes to the Financial Statements
2. Financial Statement Schedules
All other schedules for which provision is made in the applicable
accounting regulations of the Securities and Exchange Commission
are not required under the related instructions or are
inapplicable, and therefore have been omitted.
(b) Report on Form 8-K
None
12
CERTIFICATIONS
I, Paritosh K. Choksi, certify that:
1. I have reviewed this quarterly report on Form 10-Q of ATEL Capital Equipment
Fund X, LLC;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date: August 12, 2003
/s/ Dean L. Cash
- --------------------------
Paritosh K. Choksi
Principal Financial Officer of Registrant,
Executive Vice President of Managing Member
13
CERTIFICATIONS
I, Dean L. Cash, certify that:
1. I have reviewed this quarterly report on Form 10-Q of ATEL Capital Equipment
Fund X, LLC;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date: August 12, 2003
/s/ Dean L. Cash
- --------------------------
Dean L. Cash
President and Chief Executive Officer of
Managing Member
14
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly report on Form 10-Q of ATEL Capital Equipment
Fund X, LLC, (the "Company") for the period ended June 30, 2003 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), and
pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the
Sarbanes-Oxley Act of 2002, I, Dean L. Cash, Chief Executive Officer of ATEL
Financial Services, LLC, managing member of the Company, hereby certify that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.
Date: August 12, 2003
/s/ Dean L. Cash
- --------------------------
Dean L. Cash
President and Chief Executive
Officer of Managing Member
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly report on Form 10-Q of ATEL Capital Equipment
Fund X, LLC, (the "Company") for the period ended June 30, 2003 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), and
pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the
Sarbanes-Oxley Act of 2002, I, Paritosh K. Choksi, Chief Financial Officer of
ATEL Financial Services, LLC, managing member of the Company, hereby certify
that:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.
Date: August 12, 2003
/s/ Dean L. Cash
- --------------------------
Paritosh K. Choksi
Executive Vice President of Managing
Member, Principal Financial Officer of Registrant
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date:
August 12, 2003
ATEL CAPITAL EQUIPMENT FUND X, LLC
(Registrant)
By: ATEL Financial Corporation
Managing Member of Registrant
By: /s/ Dean L. Cash
---------------------
Dean L. Cash
President and Chief Executive Officer
of Managing Member
By: /s/ Paritosh K. Choksi
---------------------------------
Paritosh K. Choksi
Principal Financial Officer
of Registrant
By: /s/ Donald E. Carpenter
---------------------------------
Donald E. Carpenter
Principal Accounting
Officer of Registrant
16