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Previous: NATIONSLINK FUNDING CORP 1999-LTL-1 COMMER LOAN PAS THR CER, 8-K, 1999-11-24 |
Next: NTL INC/NY/, 8-K, 1999-11-24 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): OCTOBER 31, 1999
-------------------------
DVI RECEIVABLES CORP. VIII
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
DELAWARE 333-74901 25-1824148
-------------------------------- ------------------------ ----------------------
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
</TABLE>
500 HYDE PARK
DOYLESTOWN, PENNSYLVANIA 18901
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 345-6600
-----------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
1
<PAGE> 2
Item 7. Financial Statements and Exhibits
Exhibit 99.1 DVI Receivables X 1999-2 Servicer Report for month ending
October 31, 1999, payment date November 15, 1999
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 hereunto duly authorized.
DVI Receivables Corp. VIII
--------------------------
(Registrant)
Dated: November 24, 1999 By: /s/ Steven R. Garfinkel
--------------------------
Steven R. Garfinkel
Executive Vice President and
Chief Financial Officer
2
<PAGE> 1
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
- ------------------------------------------
End of Period Collection Account Balance as of Prior Payment Date: 718,736.70
Available Funds:
Contract Payments due and received in this period 3,057,200.96
Contract Payments due in prior period(s) and received in this period 351,807.42
Contract Payments received in this period for next period 153,924.04
Sales, Use and Property Tax, Maintenance, Late Charges 147,042.39
Prepayment Amounts related to early termination in this period 246,989.75
Servicer Advance 746,186.23
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 1,162.80
Interest earned on Collection Account 8,572.16
Interest earned on Affiliated Account 398.10
Proceeds from repurchase of Contracts per Contribution and
Servicing Agreement Section 5.03 0.00
Amounts paid per Contribution and Servicing Agreement Section 7.01
(Substituted contract < Predecessor contract) 0.00
Amounts paid under insurance policies 0.00
Any other amounts 40,100.14
-----------------
Total Available Funds 5,472,120.69
Less: Amounts to be Retained in Collection Account 607,644.78
-----------------
AMOUNT TO BE DISTRIBUTED 4,864,475.91
=================
DISTRIBUTION OF FUNDS:
---------------------
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 351,807.42
3. To Noteholders (For Servicer Report immediately following
the Final Additional Closing Date)
a) Class A1 Principal and Interest 3,042,595.06
a) Class A2 Principal (distributed after A1 Note
matures) and Interest 130,272.08
a) Class A3 Principal (distributed after A2 Note
mature) and Interest 209,959.14
a) Class A4 Principal (distributed after A3 Note
matures) and Interest 337,708.88
b) Class B Principal and Interest 64,273.89
c) Class C Principal and Interest 129,233.43
d) Class D Principal and Interest 88,122.10
e) Class E Principal and Interest 118,446.54
4. To Reserve Account for Requirement per Indenture Agreement Section 3.08 0.00
5. To Issuer - Residual Principal and Interest and Reserve Account Distribution
a) Residual Interest (Provided no Restricting or Amortization
Event in effect) 32,942.82
b) Residual Principal (Provided no Restricting or Amortization
Event in effect) 100,597.70
c) Reserve Account Distribution (Provided no Restricting or
Amortization Event in effect) 1,162.80
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned
and Any Other Amounts 156,012.65
7. To Servicer, Servicing Fee and other Servicing Compensations 101,341.40
-----------------
TOTAL FUNDS DISTRIBUTED 4,864,475.91
=================
-----------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting
Event Funds (if any)} 607,644.78
=================
II. RESERVE ACCOUNT
- ----------------------
Beginning Balance $ 2,702,437.25
- Add Investment Earnings 1,162.80
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 1,162.80
-----------------
End of period balance $ 2,702,437.25
=================
Reserve Account Requirement (Lesser of: (i) Initial Reserve Account Required Amount, or
(ii) Sum of Class A, Class B, Class C, Class D, and Class E Note Balances $ 2,702,437.25
=================
</TABLE>
<PAGE> 2
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<S> <C> <C>
III. CLASS A NOTE PRINCIPAL BALANCE
- -------------------------------------
Beginning Principal Balance of the Class A Notes
Pool A 185,733,791.88
Pool B 52,080,208.12
-----------------
237,814,000.00
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 601,115.16
Class A Monthly Interest - Pool B 168,554.16
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,136,042.26
Class A Monthly Principal - Pool B 814,823.58
-----------------
2,950,865.84
Ending Principal Balance of the Class A Notes
Pool A 183,597,749.62
Pool B 51,265,384.54
-----------------
----------------
234,863,134.16
================
- ----------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $237,814,000 Original Face $237,814,000 Balance Factor
$ 3.236434 $ 12.408293 9875.917100%
- ----------------------------------------------------------------------------------------
IV. CLASS A NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class A Notes
Class A1 31,483,000.00
Class A2 42,182,000.00
Class A3 65,098,000.00
Class A4 99,051,000.00
-----------------
Class A Monthly Interest 237,814,000.00
Class A1 (Actual Number Days/360) 91,729.22
Class A2 130,272.08
Class A3 209,959.14
Class A4 337,708.88
-----------------
Class A Monthly Principal
Class A1 2,950,865.84
Class A2 0.00
Class A3 0.00
Class A4 0.00
-----------------
2,950,865.84
Ending Principal Balance of the Class A2 Notes
Class A1 28,532,134.16
Class A2 42,182,000.00
Class A3 65,098,000.00
Class A4 99,051,000.00
-----------------
----------------
234,863,134.16
================
Class A1
- --------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $31,483,000 Original Face $31,483,000 Balance Factor
$ 2.913611 $ 93.728864 9062.711400%
- --------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<S> <C> <C>
V. CLASS B NOTE PRINCIPAL BALANCE
- -----------------------------------
Beginning Principal Balance of the Class B Notes
Pool A 3,166,192.03
Pool B 887,807.97
-----------------
4,054,000.00
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 10,914.57
Class B Monthly Interest - Pool B 3,060.47
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 36,409.81
Class B Monthly Principal - Pool B 13,889.04
-----------------
50,298.85
Ending Principal Balance of the Class B Notes
Pool A 3,129,782.22
Pool B 873,918.93
----------------- ----------------
4,003,701.15
================
-----------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,054,000 Original Face $4,054,000 Balance Factor
$ 3.447222 $ 12.407215 9875.927800%
-----------------------------------------------------------------------------------
VI. CLASS C NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class C Notes
Pool A 6,331,603.06
Pool B 1,775,396.94
-----------------
8,107,000.00
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 22,364.63
Class C Monthly Interest - Pool B 6,271.10
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 72,819.62
Class C Monthly Principal - Pool B 27,778.08
-----------------
100,597.70
Ending Principal Balance of the Class C Notes
Pool A 6,258,783.44
Pool B 1,747,618.86
----------------- ----------------
8,006,402.30
================
-------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $8,107,000 Original Face $8,107,000 Balance Factor
$ 3.532223 $ 12.408746 9875.912500%
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<S> <C> <C>
VII. CLASS D NOTE PRINCIPAL BALANCE
- -------------------------------------
Beginning Principal Balance of the Class D Notes
Pool A 4,221,329.04
Pool B 1,183,670.96
-----------------
5,405,000.00
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 16,445.59
Class D Monthly Interest - Pool B 4,611.38
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 48,546.41
Class D Monthly Principal - Pool B 18,518.72
-----------------
67,065.13
Ending Principal Balance of the Class D Notes
Pool A 4,172,782.63
Pool B 1,165,152.24
-----------------
------------------
5,337,934.87
==================
----------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,405,000 Original Face $5,405,000 Balance Factor
$ 3.895832 $ 12.407980 9875.920200%
----------------------------------------------------------------------------------
VIII. CLASS E NOTE PRINCIPAL BALANCE
- --------------------------------------
Beginning Principal Balance of the Class E Notes
Pool A 5,276,466.05
Pool B 1,479,533.95
-----------------
6,756,000.00
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 27,034.56
Class E Monthly Interest - Pool B 7,580.56
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 60,683.02
Class E Monthly Principal - Pool B 23,148.40
-----------------
83,831.42
Ending Principal Balance of the Class E Notes
Pool A 5,215,783.03
Pool B 1,456,385.55
----------------- ------------------
6,672,168.58
==================
----------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,756,000 Original Face $6,756,000 Balance Factor
$ 5.123612 $ 12.408440 9875.915600%
----------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
- ----------------------------------------
Beginning Residual Principal Balance
Pool A 6,332,169.06
Pool B 1,775,555.64
---------------------
8,107,724.70
Residual Interest - Pool A 23,514.81
Residual Interest - Pool B 9,428.01
Residual Principal - Pool A 72,819.62
Residual Principal - Pool B 27,778.08
---------------------
100,597.70
Ending Residual Principal Balance
Pool A 6,259,349.44
Pool B 1,747,777.56
--------------------- ------------------
8,007,127.00
==================
X. PAYMENT TO SERVICER
- ------------------------
- Collection period Servicer Fee 101,341.40
- Servicer Advances reimbursement 351,807.42
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 156,012.65
------------------
Total amounts due to Servicer 609,161.47
==================
</TABLE>
<PAGE> 6
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<S> <C> <C>
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
POOL A
Aggregate Discounted Contract Balance, as defined in
Indenture Agreement, at the beginning of the
related Collection Period 211,061,551.13
Aggregate Discounted Contract Balance of Additional
Contracts acquired during Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,427,320.75
Aggregate Discounted Contract Balance, as defined in
Indenture Agreement, at the ending of the related ------------------
Collection Period 208,634,230.38
==================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,171,334.18
- Principal portion of Prepayment Amounts 255,986.57
- Principal portion of Contracts repurchased under Indenture
Agreement Section 4.02 0.00
- Aggregate Discounted Contract Balance of Contracts that have
become Defaulted Contracts during the Collection Period 0.00
- Aggregate Discounted Contract Balance of Substitute Contracts
added during Collection Period 0.00
- Aggregate Discounted Contract Balance of Predecessor Contracts
withdrawn during Collection Period 0.00
--------------
Total Decline in Aggregate Discounted Contract Balance 0.00
==============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement,
at the beginning of the related Collection Period 59,182,173.57
Aggregate Discounted Contract Balance of Additional Contracts acquired
during Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 925,935.89
Aggregate Discounted Contract Balance, as defined in Indenture ------------------
Agreement, at the ending of the related Collection Period 58,256,237.68
==================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 925,935.89
- Principal portion of Prepayment Amounts 0.00
- Principal portion of Contracts repurchased under Indenture
Agreement Section 4.02 0.00
- Aggregate Discounted Contract Balance of Contracts that have
become Defaulted Contracts during the Collection Period 0.00
- Aggregate Discounted Contract Balance of Substitute Contracts
added during Collection Period 0.00
- Aggregate Discounted Contract Balance of Predecessor Contracts withdrawn
during Collection Period 0.00
--------------
Total Decline in Aggregate Discounted Contract Balance 0.00
==============
------------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 0.00
==================
</TABLE>
<PAGE> 7
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<CAPTION>
XII. CUMULATIVE DETAIL OF DEFAULTED CONTRACTS*
POOL A
Discounted Residual
Lease # Lessee Name Present Value Value
----------------------------------------- ------------------------------ ------------------------------------
<S> <C> <C>
None $0.00
-------------------------------- ------------------------------------
Totals: $0.00 $0.00
<CAPTION>
POOL B
Discounted Residual
Lease # Lessee Name Present Value Value
----------------------------------------- -------------------------------- ------------------------------------
<S> <C> <C>
None $0.00
-------------------------------- ------------------------------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL DEFAULTED CONTRACTS 0
b) ADCB AT CLOSING DATE 0
c) (CANNOT EXCEED 6% OVER THE LIFE OF THE POOL) 0%
* ANY CONTRACT PAYMENT (OR PORTION THEREOF) DELINQUENT > 180 DAYS,
THE SERVICER HAS DECLINED TO ADVANCE,
OR THE OBLIGOR HAS REJECTED THE CONTRACT/LEASE IN BANKRUPTCY PROCEEDING.
</TABLE>
<PAGE> 8
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<CAPTION>
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
POOL A Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------------------------------------------------- ------------------- ------------------ --------------------
<S> <C> <C> <C>
NONE
------------------- --------------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL A AT CLOSING DATE $0.00
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
------- ---------
<CAPTION>
POOL B Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------------------------------------------------- -------------------- ------------------ --------------------
<S> <C> <C> <C>
NONE
-------------------- --------------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL B AT CLOSING DATE $0.00
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL UNLESS RATING AGENCY APPROVES) 0.00%
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (>180 DAYS), THE SERVICER HAS FAILED
TO ADVANCE, OR A BANKRUPTCY PETITION HAS BEEN FILED
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
---------- -----------
</TABLE>
<PAGE> 9
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
<CAPTION>
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) & GENERAL RIGHTS (POOL B)
POOL A - NON-PERFORMING Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------------------------------------------------ ------------------------- ----------------- ------------------
<S> <C> <C> <C>
None
------------------------- ------------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL NON-PERFORMING CONTRACTS 0.00
b) ADCB OF POOL A AT CLOSING DATE $0.00
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
-------- --------
<CAPTION>
POOL B - GENERAL CONTRACT SUBSTITUTION RIGHTS Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
- -------------------------------------------------------- ----------------- ----------------- -----------------
<S> <C> <C> <C>
None
----------------- -----------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL CONTRACTS SUBSTITUTED $0.00
b) ADCB OF POOL B AT CLOSING DATE $0.00
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (> 180 DAYS), THE
SERVICER HAS DECLINED TO ADVANCE OR A BANKRUPTCY PETITION HAS BEEN
FILED.
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
--------- ----------
</TABLE>
<PAGE> 10
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 15, 1999
<TABLE>
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
<S> <C> <C> <C>
This Month 0.00 This Month 266,890,468.06
1 Month Prior 0.00 1 Month Prior 270,243,724.70
2 Months Prior 0.00 2 Months Prior 0.00
Total 0.00 Total 537,134,192.76
a) 3 MONTH AVERAGE 0.00 b) 3 MONTH AVERAGE 179,044,730.92
c) a/b 0.00%
2. Does a Delinquency Condition Exist (1c > 6% )?
Yes No X
------------- ----------------
3. Restricting Event Check
A. A Delinquency Condition exists for current period? Yes No X
------------- ----------------
B. An Indenture Event of Default has occurred and is then continuing? Yes No X
------------- ----------------
4. Has a Servicer Event of Default occurred? Yes No X
------------- ----------------
5. Amortization Event Check
A. Is 1c > 8% ? Yes No X
------------- ----------------
B. Bankruptcy, insolvency, reorganization; default/violation of any
covenant or obligation not remedied within 90 days? Yes No X
------------- ----------------
C. As of any Determination date, the sum of all defaulted contracts
since the Closing date exceeds 6% of the ADCB on the Closing Date? Yes No X
------------- ----------------
6. AGGREGATE DISCOUNTED CONTRACT BALANCE AT CLOSING DATE Balance $ -
---------------------
<CAPTION>
DELINQUENT LEASE SUMMARY
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C> <C>
31 - 60 3,576,124.43 71
61 - 90 559,475.99 13
91 - 180 - 0
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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