  We present X-ray observations of the high-inclination low-mass X-ray binary
system X2127+119 (AC211) in the globular cluster M15 (NGC 7078). The
observations consist of data acquired in 1996 with the RXTE satellite and in
1995 with the ASCA satellite. Also, the MPC1 data from the 1988 GINGA
observations were de-archived and re-analysed. The phase-folded 2-10 keV
hardness ratios from all three missions differ significantly indicating that
the system can exhibit different spectral behaviours. We find that the X-ray
eclipse profiles can be described relatively well using a simple model where
the secondary star passes in front of a large X-ray emitting region. For this
we require a mass ratio (q=M1/M2) of about one. The radius of this X-ray
emitting region is ~0.8 RL1 and its vertical extent 60 degrees above the
orbital plane. We suggest that if this X-ray emitting region were an optically
thick corona, it would explain various puzzling aspects of this system. We also
show that the X-ray dip observed at phases around 0.65 does not conform with
the idea that the dip is caused by vertically extended material associated with
the stream/disc impact region, but that it could be due to structure in the
inner parts of the disc.
