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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q



|x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|- | ----------------------------------------------------------------------------------------

For the quarterly period ended September 30, 2010



| ̈ | 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 000-23842

ATEL Cash Distribution Fund V, L.P.

(Exact name of registrant as specified in its charter)



|                                                               |  |                                       
|-------------------------------------------------------------- |  | --------------------------------------
|California                                                     |  | 94-3165807                            
|(State or other jurisdiction of
Incorporation or organization) |  | (I. R. S. Employer 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: Limited Partnership Units

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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   ̈    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See definition of accelerated filer, large accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.



|                           |  |                      |  |                          |  |                             
|-------------------------- |  | -------------------- |  | ------------------------ |  | ----------------------------
|Large accelerated filer   ̈ |  | Accelerated filer   ̈ |  | Non-accelerated filer   ̈ |  | Smaller reporting company  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).    Yes   ̈    No  x

The number of Limited Partnership Units outstanding as of October 31, 2010 was 12,471,600.

DOCUMENTS INCORPORATED BY REFERENCE

None.









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Table of Contents

ATEL CASH DISTRIBUTION FUND V, L.P.

Index



|         |  |                                                                                                                                  |  |  |    | 
|-------- |  | -------------------------------------------------------------------------------------------------------------------------------- |  |  | -- | 
|Part I.  |  | Financial Information                                                                                                            |  |  | 3  | 
|         |  |                                                                                                                                 
|Item 1.  |  | Financial Statements (Unaudited)                                                                                                 |  |  | 3  | 
|         |  |                                                                                                                                 
|         |  | Balance Sheets, September 30, 2010 and December 31, 2009                                                                         |  |  | 3  | 
|         |  |                                                                                                                                 
|         |  | Statements of Operations for the three and nine months ended September 30, 2010 and 2009                                         |  |  | 4  | 
|         |  |                                                                                                                                 
|         |  | Statements of Changes in Partners Capital for the year ended December 31, 2009 and for the nine months ended September 30, 2010 |  |  | 5  | 
|         |  |                                                                                                                                 
|         |  | Statements of Cash Flows for the three and nine months ended September 30, 2010 and 2009                                         |  |  | 6  | 
|         |  |                                                                                                                                 
|         |  | Notes to the Financial Statements                                                                                                |  |  | 7  | 
|         |  |                                                                                                                                 
|Item 2.  |  | Managements Discussion and Analysis of Financial Condition and Results of Operations                                            |  |  | 14 | 
|         |  |                                                                                                                                 
|Item 4.  |  | Controls and Procedures                                                                                                          |  |  | 17 | 
|         |  |                                                                                                                                 
|Part II. |  | Other Information                                                                                                                |  |  | 18 | 
|         |  |                                                                                                                                 
|Item 1.  |  | Legal Proceedings                                                                                                                |  |  | 18 | 
|         |  |                                                                                                                                 
|Item 2.  |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                      |  |  | 18 | 
|         |  |                                                                                                                                 
|Item 3.  |  | Defaults Upon Senior Securities                                                                                                  |  |  | 18 | 
|         |  |                                                                                                                                 
|Item 4.  |  | [Reserved]                                                                                                                       |  |  | 18 | 
|         |  |                                                                                                                                 
|Item 5.  |  | Other Information                                                                                                                |  |  | 18 | 
|         |  |                                                                                                                                 
|Item 6.  |  | Exhibits                                                                                                                         |  |  | 18 | 



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PART I. FINANCIAL INFORMATION



|Item 1. | Financial Statements (Unaudited).
|------- | ---------------------------------

ATEL CASH DISTRIBUTION FUND V, L.P.

BALANCE
SHEETS

SEPTEMBER 30, 2010 AND DECEMBER 31, 2009

(In Thousands)

(Unaudited)



|                                                                                                                                       |  |                   |       |  |                  |   |       | 
|-------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------- | ----- |  | ---------------- | - | ----- | 
|                                                                                                                                       |  | September 30,2010 |       |  | December 31,2009 |  
|ASSETS                                                                                                                                 |  |                   |       |  |                  |   |       | 
|Cash and cash equivalents                                                                                                              |  | $                 | 1,188 |  |                  | $ | 592   | 
|Accounts receivable                                                                                                                    |  |                   | 94    |  |                  |   | 61    | 
|Prepaid expenses                                                                                                                       |  |                   | 6     |  |                  |   | 5     | 
|Investments in equipment and leases, net of accumulated depreciation of $16,422 at September 30, 2010 and $15,715 at
December 31, 2009 |  |                   | 3,845 |  |                  |   | 4,610 | 
|                                                                                                                                       |  |                   |       |  |                  |   |       | 
|Total assets                                                                                                                           |  | $                 | 5,133 |  |                  | $ | 5,268 | 
|                                                                                                                                       |  |                   |       |  |                  |   |       | 
|LIABILITIES AND PARTNERS CAPITAL                                                                                                      |  |                   |       |  |                  |   |       | 
|Accounts payable and accrued liabilities:                                                                                              |  |                   |       |  |                  |   |       | 
|General Partner                                                                                                                        |  | $                 | 27    |  |                  | $ | 71    | 
|Other                                                                                                                                  |  |                   | 141   |  |                  |   | 204   | 
|Accrued interest payable                                                                                                               |  |                   |      |  |                  |   | 1     | 
|Non-recourse debt                                                                                                                      |  |                   |      |  |                  |   | 344   | 
|Unearned operating lease income                                                                                                        |  |                   | 103   |  |                  |   | 102   | 
|                                                                                                                                       |  |                   |       |  |                  |   |       | 
|Total liabilities                                                                                                                      |  |                   | 271   |  |                  |   | 722   | 
|                                                                                                                                       |  |                   |       |  |                  |   |       | 
|Commitments and contingencies                                                                                                          |  |                   |       |  |                  |   |       | 
|Partners capital:                                                                                                                     |  |                   |       |  |                  |   |       | 
|General Partner                                                                                                                        |  |                   | 199   |  |                  |   | 199   | 
|Limited Partners                                                                                                                       |  |                   | 4,663 |  |                  |   | 4,347 | 
|                                                                                                                                       |  |                   |       |  |                  |   |       | 
|Total Partners capital                                                                                                                |  |                   | 4,862 |  |                  |   | 4,546 | 
|                                                                                                                                       |  |                   |       |  |                  |   |       | 
|Total liabilities and Partners capital                                                                                                |  | $                 | 5,133 |  |                  | $ | 5,268 | 
|                                                                                                                                       |  |                   |       |  |                  |   |       | 

See accompanying notes.



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ATEL CASH DISTRIBUTION FUND V, L.P.

STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2010 AND 2009

(In Thousands Except for Units and Per Unit Data)

(Unaudited)



|                                                           |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|---------------------------------------------------------- |  | ------------------------------- | ---------- |  | ------------------------------ | - | ---------- | ---- |  | - | ---------- |  |  | - | ---------- | -
|                                                           |  | Three months endedSeptember 30, |            |  | Nine months endedSeptember 30, |  
|                                                           |  | 2010                            |            |  | 2009                           |   |            | 2010 |  |   | 2009       | 
|Revenues:                                                  |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Leasing activities:                                        |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Operating leases                                           |  | $                               | 621        |  |                                | $ | 662        |      |  | $ | 1,924      |  |  | $ | 2,014      |  
|Gain on sales of assets                                    |  |                                 | 8          |  |                                |   | 10         |      |  |   | 20         |  |  |   | 64         |  
|Other                                                      |  |                                 | 2          |  |                                |   | 1          |      |  |   | 3          |  |  |   | 1          |  
|                                                           |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Total revenues                                             |  |                                 | 631        |  |                                |   | 673        |      |  |   | 1,947      |  |  |   | 2,079      |  
|                                                           |  |                                 |            | 
|Expenses:                                                  |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Depreciation of operating lease assets                     |  |                                 | 205        |  |                                |   | 331        |      |  |   | 763        |  |  |   | 1,053      |  
|Cost reimbursements to General Partner                     |  |                                 | 74         |  |                                |   | 163        |      |  |   | 222        |  |  |   | 461        |  
|Professional fees                                          |  |                                 | 3          |  |                                |   | 6          |      |  |   | 35         |  |  |   | 36         |  
|Railcar maintenance                                        |  |                                 | 100        |  |                                |   | 119        |      |  |   | 347        |  |  |   | 339        |  
|Interest expense                                           |  |                                 |           |  |                                |   | 8          |      |  |   | 3          |  |  |   | 31         |  
|Equipment and incentive management fees to General Partner |  |                                 | 18         |  |                                |   | 20         |      |  |   | 56         |  |  |   | 61         |  
|Other management fees                                      |  |                                 | 21         |  |                                |   | 18         |      |  |   | 64         |  |  |   | 61         |  
|Outside services                                           |  |                                 | 16         |  |                                |   | 4          |      |  |   | 56         |  |  |   | 50         |  
|Other                                                      |  |                                 | 23         |  |                                |   | 28         |      |  |   | 85         |  |  |   | 54         |  
|                                                           |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Total expenses                                             |  |                                 | 460        |  |                                |   | 697        |      |  |   | 1,631      |  |  |   | 2,146      |  
|                                                           |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Net income (loss)                                          |  | $                               | 171        |  |                                | $ | (24        | )    |  | $ | 316        |  |  | $ | (67        | )
|                                                           |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Net income (loss):                                         |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|General Partner                                            |  | $                               |           |  |                                | $ |           |      |  | $ |           |  |  | $ |           |  
|Limited Partners                                           |  |                                 | 171        |  |                                |   | (24        | )    |  |   | 316        |  |  |   | (67        | )
|                                                           |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|                                                           |  | $                               | 171        |  |                                | $ | (24        | )    |  | $ | 316        |  |  | $ | (67        | )
|                                                           |  |                                 |            |  |                                |   |            |      |  |   |            |  |  |   |            |  
|Net income (loss) per Limited Partnership Unit             |  | $                               | 0.01       |  |                                | $ | 0.00       |      |  | $ | 0.02       |  |  | $ | (0.01      | )
|Weighted average number of Units outstanding               |  |                                 | 12,471,600 |  |                                |   | 12,471,600 |      |  |   | 12,471,600 |  |  |   | 12,471,600 |  

See accompanying
notes.



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ATEL CASH DISTRIBUTION FUND V, L.P.

STATEMENTS OF CHANGES IN PARTNERS CAPITAL

FOR THE YEAR ENDED
DECEMBER 31, 2009

AND FOR THE

NINE MONTHS ENDED

SEPTEMBER 30, 2010

(In Thousands Except for Units and Per Unit Data)

(Unaudited)



|                                                   |  |                  |            |  |         |   |       |         |  |   |       |  |  |   |       |  
|-------------------------------------------------- |  | ---------------- | ---------- |  | ------- | - | ----- | ------- |  | - | ----- |  |  | - | ----- | -
|                                                   |  | Limited Partners |            |  | General |   |       |         | 
|                                                   |  | Units            |            |  | Amount  |   |       | Partner |  |   | Total | 
|Balance December 31, 2008                          |  |                  | 12,471,600 |  |         | $ | 5,159 |         |  | $ | 199   |  |  | $ | 5,358 |  
|Distributions to Limited Partners ($0.05 per Unit) |  |                  |           |  |         |   | (624  | )       |  |   |      |  |  |   | (624  | )
|Net loss                                           |  |                  |           |  |         |   | (188  | )       |  |   |      |  |  |   | (188  | )
|                                                   |  |                  |            |  |         |   |       |         |  |   |       |  |  |   |       |  
|Balance December 31, 2009                          |  |                  | 12,471,600 |  |         |   | 4,347 |         |  |   | 199   |  |  |   | 4,546 |  
|Net income                                         |  |                  |           |  |         |   | 316   |         |  |   |      |  |  |   | 316   |  
|                                                   |  |                  |            |  |         |   |       |         |  |   |       |  |  |   |       |  
|Balance September 30, 2010                         |  |                  | 12,471,600 |  |         | $ | 4,663 |         |  | $ | 199   |  |  | $ | 4,862 |  
|                                                   |  |                  |            |  |         |   |       |         |  |   |       |  |  |   |       |  

See accompanying notes.



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ATEL CASH DISTRIBUTION FUND V, L.P.

STATEMENTS OF CASH FLOWS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2010 AND 2009

(In Thousands)

(Unaudited)



|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|----------------------------------------------------------------------------------- |  | ------------------------------- | ----- | - | ------------------------------ | - | ----- | ---- |  | - | ----- | - |  | - | ----- | -
|                                                                                    |  | Three months endedSeptember 30, |       |   | Nine months endedSeptember 30, |  
|                                                                                    |  | 2010                            |       |   | 2009                           |   |       | 2010 |  |   | 2009  |  
|Operating activities:                                                               |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Net income (loss)                                                                   |  | $                               | 171   |   |                                | $ | (24   | )    |  | $ | 316   |   |  | $ | (67   | )
|Adjustment to reconcile net income (loss) to cash provided by operating activities: |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Depreciation of operating lease assets                                              |  |                                 | 205   |   |                                |   | 331   |      |  |   | 763   |   |  |   | 1,053 |  
|Gain on sales of assets                                                             |  |                                 | (8    | ) |                                |   | (10   | )    |  |   | (20   | ) |  |   | (64   | )
|Provision for doubtful accounts                                                     |  |                                 |      |   |                                |   | 13    |      |  |   |      |   |  |   | 5     |  
|Changes in operating assets and liabilities:                                        |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Accounts receivable                                                                 |  |                                 | 12    |   |                                |   | 20    |      |  |   | (33   | ) |  |   | 40    |  
|Prepaid expenses                                                                    |  |                                 | (5    | ) |                                |   | (6    | )    |  |   | (1    | ) |  |   | (3    | )
|Accounts payable and accruals:                                                      |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|General Partner                                                                     |  |                                 | (3    | ) |                                |   | 10    |      |  |   | (44   | ) |  |   | (4    | )
|Affiliates                                                                          |  |                                 |      |   |                                |   | 1     |      |  |   |      |   |  |   | 1     |  
|Other                                                                               |  |                                 | (54   | ) |                                |   | (1    | )    |  |   | (63   | ) |  |   | 1     |  
|Accrued interest payable                                                            |  |                                 |      |   |                                |   | (1    | )    |  |   | (1    | ) |  |   | (3    | )
|Unearned operating lease income                                                     |  |                                 | 5     |   |                                |   | (3    | )    |  |   | 1     |   |  |   | (3    | )
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Net cash provided by operating activities                                           |  |                                 | 323   |   |                                |   | 330   |      |  |   | 918   |   |  |   | 956   |  
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Investing activities:                                                               |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Proceeds from sales of lease assets                                                 |  |                                 | 11    |   |                                |   | 14    |      |  |   | 28    |   |  |   | 94    |  
|Improvements of equipment on operating leases                                       |  |                                 | (6    | ) |                                |   |      |      |  |   | (6    | ) |  |   |      |  
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Net cash provided by investing activities                                           |  |                                 | 5     |   |                                |   | 14    |      |  |   | 22    |   |  |   | 94    |  
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Financing activities:                                                               |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Repayments of non-recourse debt                                                     |  |                                 |      |   |                                |   | (201  | )    |  |   | (344  | ) |  |   | (595  | )
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Net cash used in financing activities                                               |  |                                 |      |   |                                |   | (201  | )    |  |   | (344  | ) |  |   | (595  | )
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Net increase in cash and cash equivalents                                           |  |                                 | 328   |   |                                |   | 143   |      |  |   | 596   |   |  |   | 455   |  
|Cash and cash equivalents at beginning of period                                    |  |                                 | 860   |   |                                |   | 987   |      |  |   | 592   |   |  |   | 675   |  
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Cash and cash equivalents at end of period                                          |  | $                               | 1,188 |   |                                | $ | 1,130 |      |  | $ | 1,188 |   |  | $ | 1,130 |  
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Supplemental disclosures of cash flow information:                                  |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Cash paid during the period for taxes                                               |  | $                               |      |   |                                | $ |      |      |  | $ | 5     |   |  | $ | 5     |  
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  
|Cash paid during the period for interest                                            |  | $                               |      |   |                                | $ | 9     |      |  | $ | 4     |   |  | $ | 33    |  
|                                                                                    |  |                                 |       |   |                                |   |       |      |  |   |       |   |  |   |       |  

See accompanying notes.



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ATEL CASH DISTRIBUTION FUND V, L.P.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Organization and partnership matters:

ATEL Cash Distribution Fund V, L.P. (the Partnership or the Fund) was formed under the laws of the State of California in
September 1992. The Partnership was formed for the purpose of engaging in the sale of limited partnership investment units and acquiring equipment to engage in equipment leasing and sales activities. The Partnership may continue until
December 31, 2013. The General Partner of the Partnership is ATEL Financial Services, LLC (AFS), a California limited liability company. Prior to converting to a limited liability company structure, AFS was formerly known as ATEL
Financial Corporation.

The Partnership conducted a public offering of 12,500,000 Limited Partnership Units (Units) at a price of
$10 per Unit. On March 19, 1993, subscriptions for the minimum number of Units, 120,000, or $1.2 million, had been received. On that date, the Partnership commenced operations in its primary business (acquiring equipment to engage in equipment
leasing and sales activities). As of November 15, 1994, the Partnership had received and accepted subscriptions for 12,500,000, or $125 million in addition to the Initial Limited Partners Units and the offering was terminated. As of
September 30, 2010, 12,471,600 Units were issued and outstanding.

The Partnerships principal objectives have been to invest in a
diversified portfolio of equipment that (i) preserves, protects and returns the Partnerships invested capital; (ii) generates distributions to the partners of cash from operations and cash from sales or refinancing, with any balance
remaining after certain minimum distributions to be used to purchase additional equipment during the reinvestment period (Reinvestment Period) (defined as six full years following the year the offering was terminated), which ended
December 31, 2000; and (iii) provides additional distributions following the Reinvestment Period and until all equipment has been sold. The Partnership is governed by its Limited Partnership Agreement (Partnership Agreement).

Pursuant to the Partnership Agreement, AFS receives compensation and reimbursements for services rendered on behalf of the Partnership (Note
4). The Partnership is required to maintain reasonable cash reserves for working capital, the repurchase of Units and contingencies. The repurchase of Units is solely at the discretion of AFS.

As of September 30, 2010, the Partnership is in the liquidation phase of its life cycle as defined in the Partnership Agreement and is making
distributions on an annual basis or at the discretion of the General Partner.

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, 2009, filed with the Securities and Exchange Commission.

2. Summary of significant accounting policies:

Basis of presentation:

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States
(GAAP) for interim financial information and with the instructions to Form 10-Q as mandated by the Securities and Exchange Commission. The unaudited interim financial statements reflect all adjustments which are, in the opinion of the
General Partner, necessary for a fair statement of financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. Operating results for the three and nine months ended
September 30, 2010 are not necessarily indicative of the results to be expected for the full year.

Certain prior period amounts have
been reclassified to conform to the current period presentation. These reclassifications had no effect on equity or net income.

Footnote and
tabular amounts are presented in thousands, except as to Units and per Unit data.



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ATEL CASH DISTRIBUTION FUND V, L.P.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

2. Summary of significant accounting policies (continued):



In preparing the accompanying unaudited financial statements, the General Partner has reviewed events
that have occurred after September 30, 2010, up until the issuance of the financial statements. No events were noted which would require disclosure in the footnotes to the financial statements.

Use of estimates:

The preparation of
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimates primarily relate to the determination of residual values at the end of the lease term, expected future
cash flows used for impairment analysis purposes, and determination of the allowance for doubtful accounts.

Segment reporting:

The Partnership is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance.
Accordingly, the Partnership operates in one reportable operating segment in the United States.

Certain of the Partnerships lessee
customers may have international operations. In these instances, the Partnership is aware that certain equipment, primarily rail and transportation, may periodically exit the country. However, these lessee customers are based in the United States,
and it is impractical for the Partnership to track, on an asset-by-asset, day-by-day basis, where these assets are deployed.

The primary
geographic regions in which the Partnership sought leasing opportunities were North America and Europe. Currently, 100% of the Partnerships operating revenues are from customers domiciled in North America.

Per Unit data:

Net income (loss) and
distributions per Unit are based upon the weighted average number of Limited Partners Units outstanding during the period.

Recent
accounting pronouncements:

In January 2010, the FASB issued ASU No. 2010-06, Improving Disclosure about Fair Value
Measurement (ASU 2010-06). ASU 2010-06 requires additional disclosures related to recurring or nonrecurring fair-value measurements including significant transfers into and out of Level 1 and Level 2 fair-value measurements, and
information on purchases, sales, issuances, and settlements in a rollforward reconciliation of Level 3 fair-value measurements. Except for the Level 3 reconciliation disclosures, which will be effective for fiscal years beginning after
December 15, 2010, the guidance became effective for the Partnership beginning January 1, 2010 and was adopted during the first quarter of 2010 with no impact on the Partnerships financial position, results of operations or cash
flows.



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ATEL CASH DISTRIBUTION FUND V, L.P.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)





3. Investment in equipment and
leases, net:

The Partnerships investments in equipment and leases consist of the following (in thousands):



|                                                                                                                           |  |                         |       |  |                                           |   |      |                                                          |  |   |                          |   |  |   |       | 
|-------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ----- |  | ----------------------------------------- | - | ---- | -------------------------------------------------------- |  | - | ------------------------ | - |  | - | ----- | 
|                                                                                                                           |  | BalanceDecember 31,2009 |       |  | Reclassifications&Additions
/Dispositions |   |      | Depreciation/AmortizationExpense orAmortization ofLeases |  |   | BalanceSeptember 30,2010 |  
|Net investment in operating leases                                                                                         |  | $                       | 4,307 |  |                                           | $ | 301  |                                                          |  | $ | (763                     | ) |  | $ | 3,845 | 
|Assets held for sale or lease, net of accumulated depreciation of $0 at September 30, 2010 and $1,037 at December 31,
2009 |  |                         | 303   |  |                                           |   | (303 | )                                                        |  |   |                         |   |  |   |      | 
|                                                                                                                           |  |                         |       |  |                                           |   |      |                                                          |  |   |                          |   |  |   |       | 
|Total                                                                                                                      |  | $                       | 4,610 |  |                                           | $ | (2   | )                                                        |  | $ | (763                     | ) |  | $ | 3,845 | 
|                                                                                                                           |  |                         |       |  |                                           |   |      |                                                          |  |   |                          |   |  |   |       | 

Impairment of investments in leases and assets held for sale or lease:

Management periodically reviews the carrying values of its assets on leases and assets held for sale or lease. As a result of these reviews, management
determined that no impairment losses existed in the three and nine months ended September 30, 2010 and 2009. Depreciation expense on property subject to operating leases and property held for lease or sale was $205 thousand and $331 thousand
for the respective three months ended September 30, 2010 and 2009, and was $763 thousand and $1.1 million for the respective nine months ended September 30, 2010 and 2009.

All of the leased property was acquired in the years 1993 through 2004.

Operating leases:

Equipment on operating leases consists of the following (in thousands):



|                              |  |                         |         |   |           |   |      |                                  |  |   |                          |   |  |   |         |  
|----------------------------- |  | ----------------------- | ------- | - | --------- | - | ---- | -------------------------------- |  | - | ------------------------ | - |  | - | ------- | -
|                              |  | BalanceDecember 31,2009 |         |   | Additions |   |      | Reclassificationsor Dispositions |  |   | BalanceSeptember 30,2010 |  
|Transportation, rail          |  | $                       | 18,488  |   |           | $ | 6    |                                  |  | $ | 1,339                    |   |  | $ | 19,833  |  
|Containers                    |  |                         | 497     |   |           |   |     |                                  |  |   | (63                      | ) |  |   | 434     |  
|                              |  |                         |         |   |           |   |      |                                  |  |   |                          |   |  |   |         |  
|                              |  |                         | 18,985  |   |           |   | 6    |                                  |  |   | 1,276                    |   |  |   | 20,267  |  
|Less accumulated depreciation |  |                         | (14,678 | ) |           |   | (763 | )                                |  |   | (981                     | ) |  |   | (16,422 | )
|                              |  |                         |         |   |           |   |      |                                  |  |   |                          |   |  |   |         |  
|Total                         |  | $                       | 4,307   |   |           | $ | (757 | )                                |  | $ | 295                      |   |  | $ | 3,845   |  
|                              |  |                         |         |   |           |   |      |                                  |  |   |                          |   |  |   |         |  

The average estimated residual value for assets on operating leases was 15% and 18% of the assets original cost at
September 30, 2010 and December 31, 2009, respectively.

At September 30, 2010, the aggregate amounts of future minimum lease
payments under operating leases are as follows (in thousands):



|                                      |  |  |  |                 |       | 
|------------------------------------- |  |  |  | --------------- | ----- | 
|                                      |  |  |  | OperatingLeases |      
|Three months ending December 31, 2010 |  |  |  | $               | 280   | 
|Year ending December 31, 2011         |  |  |  |                 | 707   | 
|2012                                  |  |  |  |                 | 191   | 
|2013                                  |  |  |  |                 | 36    | 
|2014                                  |  |  |  |                 | 36    | 
|2015                                  |  |  |  |                 | 36    | 
|Thereafter                            |  |  |  |                 | 141   | 
|                                      |  |  |  |                 |       | 
|                                      |  |  |  | $               | 1,427 | 
|                                      |  |  |  |                 |       | 



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##### Table of Contents

ATEL CASH DISTRIBUTION FUND V, L.P.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

3. Investment in equipment and leases, net (continued):





As indicated in Note 1, the
Partnership is scheduled to terminate no later than December 31, 2013. In the event that any assets remain at such date, the Fund will venture to dispose of such assets in an orderly manner within a reasonable timeframe.

The Partnership utilizes a straight-line depreciation method for equipment in all of the categories currently in its portfolio of lease transactions. The
useful lives for investment in leases by category are as follows (in years):



|                     |  |             |         | 
|-------------------- |  | ----------- | ------- | 
|Equipment category   |  | Useful Life |        
|Transportation, rail |  |             | 30 - 35 | 
|Containers           |  |             | 7 - 10  | 

4. Related party transactions:

The terms of the Partnership Agreement provide that AFS and/or affiliates are entitled to receive certain fees for equipment acquisition,
management and resale and for management of the Partnership.

The Partnership Agreement allows for the reimbursement of costs incurred by AFS
in providing administrative services to the Partnership. Administrative services provided include Partnership accounting, investor relations, legal counsel and lease and equipment documentation. AFS is not reimbursed for services whereby it is
entitled to receive a separate fee as compensation for such services, such as acquisition and disposition of equipment.

Each of ATEL Leasing
Corporation (ALC) and AFS is a wholly-owned subsidiary of ATEL Capital Group and performs services for the Partnership. Acquisition services, equipment management, lease administration and asset disposition services are performed by ALC;
investor relations, communications and general administrative services are performed by AFS.

Cost reimbursements to the General Partner are
based on its costs incurred in performing administrative services for the Partnership. These costs are allocated to each managed entity based on certain criteria such as total assets, number of investors or contributed capital based upon the type of
cost incurred.

Incentive management fees are computed as 5% of distributions of cash from operations, as defined in the Partnership Agreement
and equipment management fees are computed as 5% of gross revenues from operating leases, as defined in the Partnership Agreement plus 2% of gross revenues from full payout leases, as defined in the Partnership Agreement.

During the three and nine months ended September 30, 2010 and 2009, AFS and/or affiliates earned fees, commissions and reimbursements pursuant to
the Partnership Agreement as follows (in thousands):



|                                                           |  |                    |    |  |                   |   |     |      |  |   |      |  |  |   |     | 
|---------------------------------------------------------- |  | ------------------ | -- |  | ----------------- | - | --- | ---- |  | - | ---- |  |  | - | --- | 
|                                                           |  | Three Months Ended |    |  | Nine Months Ended |  
|                                                           |  | September 30,      |    |  | September 30,     |  
|                                                           |  | 2010               |    |  | 2009              |   |     | 2010 |  |   | 2009 | 
|Cost reimbursements to General Partner                     |  | $                  | 74 |  |                   | $ | 163 |      |  | $ | 222  |  |  | $ | 461 | 
|Equipment and incentive management fees to General Partner |  |                    | 18 |  |                   |   | 20  |      |  |   | 56   |  |  |   | 61  | 
|                                                           |  |                    |    |  |                   |   |     |      |  |   |      |  |  |   |     | 
|                                                           |  | $                  | 92 |  |                   | $ | 183 |      |  | $ | 278  |  |  | $ | 522 | 
|                                                           |  |                    |    |  |                   |   |     |      |  |   |      |  |  |   |     | 

5. Non-recourse debt:

Non-recourse debt consisted of a note payable to a financial institution. The note was due in monthly installments. Interest on the note was at a fixed rate of 5.0%. The note was secured by assignments of
lease payments and pledges of assets; and matured and was settled on May 1, 2010.



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ATEL CASH DISTRIBUTION FUND V, L.P.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)





6. Guarantees:

The Partnership enters into contracts that contain a variety of indemnifications. The Partnerships maximum exposure under these arrangements is
unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The General Partner knows of no facts or circumstances that would make the Partnerships contractual commitments outside standard mutual covenants
applicable to commercial transactions between businesses. Accordingly, the Partnership believes that these indemnification obligations are made in the ordinary course of business as part of standard commercial and industry practice, and that any
potential liability under the Partnerships similar commitments is remote. Should any such indemnification obligation become payable, the Partnership would separately record and/or disclose such liability in accordance with GAAP.

7. Partners capital:

As of
September 30, 2010 and December 31, 2009, 12,471,600 Units were issued and outstanding (including the 50 Units issued to the Initial Limited Partners).

The Partnership has the right, exercisable at the General Partners discretion, but not the obligation, to repurchase Units of a Unit holder who ceases to be a U.S. Citizen, for a price equal to 100%
of the holders capital account. The Partnership is otherwise permitted, but not required, to repurchase Units upon a holders request. The repurchase of Fund units is made in accordance with Section 13 of the Amended and Restated
Agreement of Limited Partnership. The repurchase would be at the discretion of the General Partner on terms it determines to be appropriate under given circumstances, in the event that the General Partner deems such repurchase to be in the best
interest of the Partnership; provided, the Partnership is never required to repurchase any Units. Upon the repurchase of any Units by the Fund, the tendered Units are cancelled. Units repurchased in prior periods were repurchased at amounts
representing the original investment less cumulative distributions made to the unit-holder with respect to the Units. All Units repurchased during a quarter are deemed to be repurchased effective the last day of the preceding quarter, and are not
deemed to be outstanding during, or entitled to allocations of net income, net loss or distributions for the quarter in which such repurchase occurs.

As defined in the Limited Partnership Agreement, the Partnerships Net Income, Net Losses, and Tax Credits are to be allocated 99% to the Limited Partners and 1% to AFS. The Limited Partnership
Agreement allows the Partnership to make an allocation of income to AFS in order to maintain the capital account of AFS at zero. There were no such allocations made during the respective three- and nine-month periods ended September 30, 2010
and 2009.

As defined in the Limited Partnership Agreement, available Cash from Operations and Cash from Sales and Refinancing are to be
distributed as follows:

First, 5% of Distributions of Cash from Operations to AFS as Incentive Management Fee;

Second, the balance to the Limited Partners until the Limited Partners have received Aggregate Distributions in an amount equal to their Original
Invested Capital, as defined, plus a 10% per annum cumulative (compounded daily) return on their Adjusted Invested Capital;

Third, AFS will receive as Incentive Management Compensation, the following:



| | (A) | 10% of remaining Cash from Operations and
| | --- | -----------------------------------------



| | (B) | 15% of remaining Cash from Sales or Refinancing; and
| | --- | ----------------------------------------------------

Fourth, the balance to the Limited Partners.

There were no distributions paid to the
Limited Partners during the three and nine months ended September 30, 2010 and 2009.



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ATEL CASH DISTRIBUTION FUND V, L.P.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)





8. Fair value measurements:

Fair value measurements and disclosures are based on a fair value hierarchy as determined by significant inputs used to measure fair
value. The three levels of inputs within the fair value hierarchy are defined as follows:

Level 1  Quoted prices in active markets
for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, generally on
a national exchange.

Level 2  Quoted prices for similar instruments in active markets, quoted prices for identical or similar
instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market.

Level 3  Valuation is modeled using significant inputs that are unobservable in the market. These unobservable inputs reflect the
Partnerships own estimates of assumptions that market participants would use in pricing the asset or liability.

At September 30,
2010 and December 31, 2009, the Partnership had no assets or liabilities that require measurement at fair value on a recurring or non-recurring basis.

The following disclosure of the estimated fair value of financial instruments is made in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards
Codification. Fair value estimates, methods and assumptions, set forth below for the Partnerships financial instruments, are made solely to comply with the requirements of the Financial Instruments Topic and should be read in conjunction with
the Partnerships financial statements and related notes.

The Partnership has determined the estimated fair value amounts by using
market information and valuation methodologies that it considers appropriate and consistent with the fair value accounting guidance. Considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the
estimates presented herein are not necessarily indicative of the amounts the Partnership could realize or has realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect
on the estimated fair value amounts.

Cash and cash equivalents:

The recorded amounts of the Partnerships cash and cash equivalents approximate fair value because of the liquidity and short-term maturity of these instruments.

Non-recourse debt:

The fair value of
the Partnerships non-recourse debt is estimated using discounted cash flow analyses, based upon the current market borrowing rates for similar types of borrowing arrangements.

Limitations:

The fair value estimates presented herein were based on pertinent information
available to the Partnership as of September 30, 2010 and December 31, 2009. Although the Partnership is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively
revalued for purposes of these financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein.



12



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ATEL CASH DISTRIBUTION FUND V, L.P.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

8. Fair value measurements (continued):





The following table presents
estimated fair values of the Partnerships financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at September 30, 2010 and December 31, 2009 (in
thousands):



|                          |  |                    |       |  |                     |   |       |                |  |   |                     |  |  |   |     | 
|------------------------- |  | ------------------ | ----- |  | ------------------- | - | ----- | -------------- |  | - | ------------------- |  |  | - | --- | 
|                          |  | September 30, 2010 |       |  | December 31, 2009   |  
|                          |  | CarryingAmount     |       |  | EstimatedFair Value |   |       | CarryingAmount |  |   | EstimatedFair Value | 
|Financial assets:         |  |                    |       |  |                     |   |       |                |  |   |                     |  |  |   |     | 
|Cash and cash equivalents |  | $                  | 1,188 |  |                     | $ | 1,188 |                |  | $ | 592                 |  |  | $ | 592 | 
|                          |  |                    |       | 
|Financial liabilities:    |  |                    |       |  |                     |   |       |                |  |   |                     |  |  |   |     | 
|Non-recourse debt         |  |                    |      |  |                     |   |      |                |  |   | 344                 |  |  |   | 348 | 



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##### Table of Contents



|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,
(MD&A) 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. In particular, the economic recession and changes in general economic conditions, including, fluctuations in demand for equipment, lease rates, and interest rates, may result in delays in leasing, re-leasing, and disposition of equipment,
and reduced returns on invested capital. The Partnerships performance is subject to risks relating to lessee defaults and the creditworthiness of its lessees. The Partnerships performance is also subject to risks relating to the value of
its equipment at the end of its leases, which may be affected by the condition of the equipment, technological obsolescence and the markets for new and used equipment at the end of lease terms. 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.

Overview

ATEL Cash Distribution Fund V, L.P. (the Partnership) is a California partnership that was formed in September 1992 for the purpose of
engaging in the sale of limited liability investment units and acquiring equipment to generate revenues from equipment leasing and sales activities, primarily in the United States. The General Partner of the Partnership is ATEL Financial Services,
LLC (AFS), a California limited liability company.

The Partnership conducted a public offering of 12,500,000 Limited Partnership
Units (Units), at a price of $10 per Unit. The offering was terminated in November 1994. During early 1995, the Partnership completed its initial acquisition stage with the investment of the net proceeds from the public offering of
Units. Subsequently, throughout the reinvestment period (Reinvestment Period) (defined as six full years following the year the offering was terminated), the Partnership reinvested cash flow in excess of certain amounts required to be
distributed to the Limited Partners and/or utilized its credit facilities to acquire additional equipment.

The Partnership may continue until
December 31, 2013. However, pursuant to the guidelines of the Limited Partnership Agreement (Partnership Agreement), the Partnership began to liquidate its assets and distribute the proceeds thereof after the end of the Reinvestment
Period which ended in December 2000.

As of September 30, 2010, the Partnership remains in its liquidation phase. Accordingly, assets
that mature will be returned to inventory and most likely will be subsequently sold, which will result in decreasing revenue as earning assets decrease. The Partnership continues to generally make distributions on an annual basis or at the
discretion of the General Partner.

Results of Operations

The three months ended September 30, 2010 versus the three months ended September 30, 2009

The Partnership had net income totaling $171 thousand for the third quarter of 2010 compared to a net loss of $24 thousand for the prior year period. The results for the third quarter of 2010 reflect a
decrease in total operating expenses offset, in part, by a reduction in revenues when compared to the same period of 2009.

Revenues

Total revenues for the third quarter of 2010 decreased by $42 thousand, or 6%, as compared to the prior year period. The decrease was
mainly due to a $41 thousand period over period decline in operating lease revenues resulting from a lower negotiated rate on a lease that renewed in 2009 and, albeit reduced, the continued sales of lease assets.

Expenses

Total expenses for the third
quarter of 2010 decreased by $237 thousand, or 34%, as compared to the prior year period. The net reduction in expenses was primarily a result of decreases in depreciation expense, costs reimbursed to AFS and railcar maintenance expense totaling
$126 thousand, $89 thousand and $19 thousand, respectively.



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##### Table of Contents



The period over period decrease in
depreciation expense was largely a result of asset dispositions combined with an increase in the number of assets that were fully depreciated during the period. The decline in costs reimbursed to AFS was mainly due to lower administrative costs
allocated to the Fund to better align costs with the Partnerships dwindling operations; and the decrease in railcar maintenance expense was primarily attributable to a period over period decline in leased railcar activity.

The nine months ended September 30, 2010 versus the nine months ended September 30, 2009

The Partnership had net income totaling $316 thousand for the nine months ended September 30, 2010 compared to a net loss of $67 thousand for the
prior year period. The results for the first nine months of 2010 reflect a decrease in total operating expenses offset, in part, by a reduction in revenues when compared to the same period of 2009.

Revenues

Total revenues for the first
nine months of 2010 decreased by $132 thousand, or 6%, as compared to the prior year period. The decrease was mostly comprised of a $90 thousand period over period decline in operating lease revenues and a $44 thousand reduction in gain on sales of
lease assets.

Operating lease revenues decreased mainly due to a lower negotiated rate on a lease that renewed in 2009 and, albeit reduced,
the continued sales of lease assets. Gains on sales of lease assets declined as fewer containers and no railcars were sold in the first nine months of 2010.

Expenses

Total expenses for the first nine months of 2010 decreased by $515 thousand, or
24%, as compared to the prior year period. The net reduction in expenses was primarily a result of decreases in depreciation expense, costs reimbursed to AFS and interest expense offset, in part, by an increase in other expense.

The period over period decrease in depreciation expense totaled $290 thousand, or 28%, and was largely a result of asset dispositions combined with an
increase in the number of assets that were fully depreciated during the period. The reduction in costs reimbursed to AFS totaled $239 thousand, or 52%, and was mainly due to lower administrative costs allocated to the Fund to better align costs with
the Partnerships dwindling operations. Interest expense declined by $28 thousand, or 90%, as the Partnerships non-recourse debt matured and was fully settled on May 1, 2010.

Partially offsetting the aforementioned decreases in expenses was an increase in other expense totaling $31 thousand. The increase in other expense was largely due to increased printing and postage costs
related to investor communications.

Capital Resources and Liquidity

The liquidity of the Partnership varies, increasing to the extent cash flows from leases and proceeds from lease asset sales exceed expenses and decreasing as distributions are made to the partners and to
the extent expenses exceed cash flows from leases and proceeds from asset sales.

The primary source of liquidity for the Partnership has been
its cash flow from leasing activities. As the initial lease terms have expired, the Partnership ventured to re-lease or sell the equipment. Future liquidity will depend on the Partnerships success in remarketing or selling the equipment as it
comes off rental.

The changes in the Partnerships cash flow for the three and nine months ended September 30, 2010 as compared to
the three and nine months ended September 30, 2009 are as follows:

The three months ended September 30, 2010 versus the three
months ended September 30, 2009



| |  |  | Operating Activities
| | - |  | --------------------

Cash provided by operating activities decreased by $7 thousand, or 2%, for the third quarter of 2010 as compared to the prior year period. The net decrease in cash flow was mainly attributable to an
unfavorable year over year three-month change in accounts payable offset, in part, by an increase in net operating results, as adjusted for non-cash revenue and expense items such as gains on sales of assets and depreciation expense.



15



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##### Table of Contents



The change in accounts
payable reduced cash flow by $67 thousand and was primarily due to the application of a prior period customer overpayment, which was held in suspense, to its open receivable balances.

Partially offsetting the aforementioned decrease in cash flow was a $58 thousand increase in cash resulting from the period over period
growth in net operating results, as adjusted for non-cash items. The improved results were largely due to reductions in certain operating expenses partially offset by a smaller decline in operating lease revenues.



| |  |  | Investing Activities
| | - |  | --------------------

Cash provided by investing activities for the third quarter of 2010 decreased by $9 thousand when compared to the prior year period. The decrease in cash flow was a result of a $6 thousand increase in
capitalized improvements on certain operating leases and a $3 thousand period over period decrease in proceeds from the sale of containers.



| |  |  | Financing Activities
| | - |  | --------------------

Net cash used in financing activities decreased by $201 thousand, or 100%, for the third quarter of 2010, as compared to the prior year period, as the Partnerships non-recourse debt was paid-off
during the second quarter of 2010.

The nine months ended September 30, 2010 versus the nine months ended September 30, 2009



| |  |  | Operating Activities
| | - |  | --------------------

Cash provided by operating activities decreased by $38 thousand, or 4%, for the first nine months of 2010 as compared to the prior year period. The net decrease in cash flow was mainly attributable to an
unfavorable year over year nine-month change in both accounts payable and accounts receivable offset, in part, by an increase in net operating results, as adjusted for non-cash revenue and expense items such as gains on sales of assets and
depreciation expense.

The change in accounts payable reduced cash flow by $105 thousand and was primarily due to the
application of a prior period customer overpayment, which was held in suspense, to its open receivable balances; and the higher total amount of prior year accruals paid during the first nine months of 2010 versus 2009. Such accruals were primarily
related to costs reimbursed to the General Partner. Likewise, the change in accounts receivable reduced cash flow by $73 thousand and was largely attributable to an increase in accrued billings during the first nine months of 2010 as compared to the
prior year period.

Partially offsetting the aforementioned decreases in cash flow was a $132 thousand improvement in cash flow
resulting from an increase in net operating results, as adjusted for non-cash items. The increase was largely due to reductions in certain operating expenses partially offset by a smaller decline in operating lease revenues.



| |  |  | Investing Activities
| | - |  | --------------------

Cash provided by investing activities for the first nine months of 2010 declined by $72 thousand, or 77%, when compared to the prior year period, primarily due to a $66 thousand decrease in proceeds from
sales of lease assets, which declined on lower volume of equipment sold during the first nine months of 2010 as compared to the same period in 2009.



| |  |  | Financing Activities
| | - |  | --------------------

Net cash used in financing activities for the first nine months of 2010 decreased by $251 thousand, or 42%, as compared to the prior year period, as the Partnerships non-recourse debt was paid-off
during the second quarter of 2010.

In a normal economy, if inflation in the general economy becomes significant, it may affect the
Partnership in as much as the residual (resale) values of the Partnerships leased assets may increase as the costs of similar assets increase. However, the Partnerships revenues from existing leases would not increase as such rates are
generally fixed for the terms of the leases without adjustment for inflation. In addition, if interest rates increase significantly under such circumstances, the lease rates that the Partnership 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. Conversely, should interest rates remain low or decrease, the rates that the Partnership can obtain on renewals, or future lease or financing transactions
will be expected to remain constant or decline. Leases already in place, for the most part, would not be affected by changes in interest rates.



16



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The Partnership currently has
available adequate reserves to meet its immediate cash requirements and those of the next twelve months, but in the event those reserves were found to be inadequate, the Partnership would likely be in a position to borrow against its current
portfolio to meet such requirements. AFS envisions no such requirements for operating purposes. As of May 1, 2010, the Partnership has repaid all of its debt obligations.

The Partnership commenced periodic distributions, based on cash flows from operations, beginning with the second quarter of 1993. At September 30, 2010, the Partnership had no commitments to purchase
leased assets and pursuant to the Partnership Agreement, the Partnership will no longer purchase any new leased assets.

Critical
Accounting Policies and Estimates

The preparation of financial statements in accordance with accounting principles generally accepted
in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. On an on-going basis, the Partnership evaluates its estimates, which are based upon historical experiences, market trends and financial forecasts, and upon various other
assumptions that management believes to be reasonable under the circumstances and at that certain point in time. Actual results may differ, significantly at times, from these estimates under different assumptions or conditions.

The Partnerships critical accounting policies are described in its Annual Report on Form 10-K for the year ended December 31, 2009. There have
been no material changes to the Partnerships critical accounting policies since December 31, 2009.



|Item 4. | Controls and Procedures.
|------- | ------------------------

Evaluation of disclosure controls and procedures

The Partnerships General Partners President and Chief Executive Officer, and Executive Vice President and Chief Financial Officer and Chief Operating Officer (Management),
evaluated the effectiveness of the Partnerships disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Based on the evaluation of the Partnerships disclosure
controls and procedures, Management concluded that as of the end of the period covered by this report, the design and operation of these disclosure controls and procedures were effective.

The Partnership does not control the financial reporting process, and is solely dependent on the Management of the General Partner, which is responsible for providing the Partnership with financial
statements in accordance with generally accepted accounting principles in the United States. The General Partners disclosure controls and procedures, as applicable to the Partnership, were effective to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Changes in internal control

There were no changes in the General Partners
internal control over financial reporting, as it is applicable to the Partnership, during the quarter ended September 30, 2010 that have materially affected, or are reasonably likely to materially affect, the General Partners internal
control over financial reporting, as it is applicable to the Partnership.



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PART II. OTHER INFORMATION



|Item 1. | Legal Proceedings.
|------- | ------------------

In the
ordinary course of conducting business, there may be certain claims, suits, and complaints filed against the Partnership. In the opinion of management, the outcome of such matters, if any, will not have a material impact on the Partnerships
financial position or results of operations.



|Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds.
|------- | ------------------------------------------------------------

None.



|Item 3. | Defaults Upon Senior Securities.
|------- | --------------------------------

None.



|Item 4. | [Reserved].
|------- | -----------



|Item 5. | Other Information.
|------- | ------------------

None.



|Item 6. | Exhibits.
|------- | ---------

Documents filed as a
part of this report:



| | 1. | 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 not applicable, and therefore have been omitted.



| | 2. | Other Exhibits
| | -- | --------------

31.1    Rule 13a-14(a)/ 15d-14(a) Certification of Dean L. Cash

31.2    Rule 13a-14(a)/ 15d-14(a) Certification of Paritosh K. Choksi

32.1    Certification Pursuant to 18 U.S.C. section 1350 of Dean L. Cash

32.2    Certification Pursuant to 18 U.S.C. section 1350 of Paritosh K. Choksi



18



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##### Table of Contents



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: November 12, 2010



|    |  |                               |  |                                                  |  |                                                                                                                                   
|--- |  | ----------------------------- |  | ------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------
|    |  |                               |  | ATEL Cash Distribution Fund V, L.P. (Registrant)
|    |  |                               | 
|By: |  | ATEL Financial Services, LLC  |  |                                                  |  |                                                                                                                                   
|    |  | General Partner of Registrant |  |                                                  |  |                                                                                                                                   
|    |  |                               |  | By:                                              |  | /s/ Dean L. Cash                                                                                                                  
|    |  |                               |  |                                                  |  | Dean L. Cash,                                                                                                                     
|    |  |                               |  |                                                  |  | President and Chief Executive Officer of ATEL Financial Services, LLC (General Partner)                                           
|    |  |                               | 
|    |  |                               |  | By:                                              |  | /s/ Paritosh K. Choksi                                                                                                            
|    |  |                               |  |                                                  |  | Paritosh K. Choksi,                                                                                                               
|    |  |                               |  |                                                  |  | Executive Vice President and Chief Financial Officer and Chief Operating Officer of ATEL Financial Services, LLC (General Partner)
|    |  |                               | 
|    |  |                               |  | By:                                              |  | /s/ Samuel Schussler                                                                                                              
|    |  |                               |  |                                                  |  | Samuel Schussler,                                                                                                                 
|    |  |                               |  |                                                  |  | Vice President and Chief Accounting Officer of ATEL Financial Services, LLC (General Partner)                                     



19