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Previous: FIRST ALLIANCE MORTGAGE LOAN TRUST 1999-1, 8-K, 1999-12-28 |
Next: GREATER ATLANTIC FINANCIAL CORP, 10KSB, 1999-12-28 |
<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): NOVEMBER 30, 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 VIII 1999-1 Servicer Report for month ending
November 30, 1999, payment date December 13, 1999
Exhibit 99.2 DVI Receivables X 1999-2 Servicer Report for month ending
November 30, 1999, payment date December 13, 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: December 28, 1999 By: /s/ Steven R. Garfinkel
------------------------------
Steven R. Garfinkel
Executive Vice President and
Chief Financial Officer
2
<PAGE> 1
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 843,245.32
Available Funds:
Contract Payments due and received in this period 4,218,540.39
Contract Payments due in prior period(s) and received in this period 624,981.62
Contract Payments received in this period for next period 202,106.57
Sales, Use and Property Tax payments received 68,790.02
Prepayment Amounts related to early termination in this period 33,692.60
Servicer Advance 863,272.49
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 11,071.21
Interest earned on Collection Account 21,929.46
Interest earned on Affiliated Account 1,029.53
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
Maintenance, Late Charges and any other amounts 50,958.88
-------------
Total Available Funds 6,939,618.09
Less: Amounts to be Retained in Collection Account 693,066.49
-------------
AMOUNT TO BE DISTRIBUTED 6,246,551.60
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 624,981.62
3. To Noteholders (For Servicer Report immediately following the Final Additional Closing Date)
a) Class A1 Principal and Interest 3,660,194.86
a) Class A2 Principal (distributed after A1 Note matures) and Interest 195,000.00
a) Class A3 Principal (distributed after A2 Note mature) and Interest 325,520.00
a) Class A4 Principal (distributed after A3 Note matures) and Interest 219,862.50
a) Class A5 Principal (distributed after A4 Note mature) and Interest 234,054.83
b) Class B Principal and Interest 79,984.46
c) Class C Principal and Interest 161,709.12
d) Class D Principal and Interest 109,997.44
e) Class E Principal and Interest 149,297.13
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) 121,765.19
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 122,215.07
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 11,071.21
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 142,707.89
7. To Servicer, Servicing Fee and other Servicing Compensations 88,190.28
-------------
TOTAL FUNDS DISTRIBUTED 6,246,551.60
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 693,066.49
=============
II. RESERVE ACCOUNT
Beginning Balance $2,511,821.93
- Add Investment Earnings 11,071.21
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 11,071.21
-------------
End of period balance $2,511,821.93
=============
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. $2,511,821.93
=============
</TABLE>
<PAGE> 2
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
<TABLE>
<S> <C> <C>
III. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
Pool A 166,588,091.50
Pool B 40,346,368.61
----------------
206,934,460.11
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 854,918.34
Class A Monthly Interest - Pool B 207,054.72
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,666,674.16
Class A Monthly Principal - Pool B 905,984.97
----------------
3,572,659.13
Ending Principal Balance of the Class A Notes
Pool A 163,921,417.34
Pool B 39,440,383.64
---------------- -----------------
203,361,800.98
=================
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $221,020,000 Original Face $221,020,000 Balance Factor
$ 4.804873 $ 16.164416 92.010588%
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
IV. Class A Note Principal Balance
Beginning Principal Balance of the Class A Notes
Class A1 20,914,460.11
Class A2 40,000,000.00
Class A3 62,400,000.00
Class A4 41,000,000.00
Class A5 42,620,000.00
----------------
Class A Monthly Interest 206,934,460.11
Class A1 (Actual Number Days/360) 87,535.73
Class A2 195,000.00
Class A3 325,520.00
Class A4 219,862.50
Class A5 234,054.83
----------------
Class A Monthly Principal
Class A1 3,572,659.13
Class A2 0.00
Class A3 0.00
Class A4 0.00
Class A5 0.00
----------------
3,572,659.13
Ending Principal Balance of the Class A2 Notes
Class A1 17,341,800.98
Class A2 40,000,000.00
Class A3 62,400,000.00
Class A4 41,000,000.00
Class A5 42,620,000.00
---------------- -----------------
203,361,800.98
=================
</TABLE>
<TABLE>
<CAPTION>
Class A1
- --------------------------------------------------------------------------------
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $35,000,000 Original Face $35,000,000 Balance Factor
$ 2.50102 $ 102.07598 49.548003%
- --------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
<TABLE>
<S> <C> <C>
V. Class B Note Principal Balance
Beginning Principal Balance of the Class B Notes
Pool A 2,840,040.97
Pool B 687,837.30
----------------
3,527,878.27
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 15,359.89
Class B Monthly Interest - Pool B 3,720.05
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 45,459.84
Class B Monthly Principal - Pool B 15,444.68
----------------
60,904.52
Ending Principal Balance of the Class B Notes
Pool A 2,794,581.13
Pool B 672,392.62
---------------- ----------------
3,466,973.75
================
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $3,768,000 Original Face $3,768,000 Balance Factor
$ 5.063678 $ 16.163620 92.010981%
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VI. Class C Note Principal Balance
Beginning Principal Balance of the Class C Notes
Pool A 5,680,882.71
Pool B 1,375,873.87
----------------
7,056,756.58
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 32,120.66
Class C Monthly Interest - Pool B 7,779.42
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 90,919.68
Class C Monthly Principal - Pool B 30,889.36
----------------
121,809.04
Ending Principal Balance of the Class C Notes
Pool A 5,589,963.03
Pool B 1,344,984.51
---------------- ----------------
6,934,947.54
================
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $7,537,000 Original Face $7,537,000 Balance Factor
$ 5.293894 $ 16.161475 92.012041%
- --------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
<TABLE>
<S> <C> <C>
VII. Class D Note Principal Balance
Beginning Principal Balance of the Class D Notes
Pool A 3,786,721.31
Pool B 917,116.40
----------------
4,703,837.71
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 23,177.89
Class D Monthly Interest - Pool B 5,613.52
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 60,613.12
Class D Monthly Principal - Pool B 20,592.91
----------------
81,206.03
Ending Principal Balance of the Class D Notes
Pool A 3,726,108.19
Pool B 896,523.49
---------------- ----------------
4,622,631.68
================
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,024,000 Original Face $5,024,000 Balance Factor
$ 5.730774 $ 16.163621 92.010981%
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VIII. Class E Note Principal Balance
Beginning Principal Balance of the Class E Notes
Pool A 4,735,003.14
Pool B 1,146,794.01
---------------
5,881,797.15
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 38,471.90
Class E Monthly Interest - Pool B 9,317.70
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 75,766.40
Class E Monthly Principal - Pool B 25,741.13
---------------
101,507.53
Ending Principal Balance of the Class E Notes
Pool A 4,659,236.74
Pool B 1,121,052.88
--------------- ----------------
5,780,289.62
================
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,282,000 Original Face $6,282,000 Balance Factor
$ 7.607386 $ 16.158473 92.013525%
- --------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
<TABLE>
<S> <C> <C>
IX. Issuers Residual Principal Balance
Beginning Residual Principal Balance
Pool A 5,691,066.67
Pool B 1,378,282.33
---------------
7,069,349.00
Residual Interest - Pool A 99,567.01
Residual Interest - Pool B 22,198.18
Residual Principal - Pool A 91,222.74
Residual Principal - Pool B 30,992.33
---------------
122,215.07
Ending Residual Principal Balance
Pool A 5,599,843.93
Pool B 1,347,290.00
--------------- ----------------
6,947,133.93
================
X. Payment to Servicer
- Collection period Servicer Fee 88,190.28
- Servicer Advances reimbursement 624,981.62
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 142,707.89
----------------
Total amounts due to Servicer 855,879.79
================
</TABLE>
<PAGE> 6
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 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 189,321,806.32
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 3,030,655.93
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period ----------------
186,291,150.39
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,997,162.66
- Principal portion of Prepayment Amounts 33,493.27
- 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 3,030,655.93
===============
Pool B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 45,852,272.54
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,029,645.38
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period ----------------
44,822,627.16
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,029,645.38
- 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 1,029,645.38
===============
----------------
Aggregate Discounted Contract Balance at the end of the related Collection Period 231,113,777.55
================
</TABLE>
<PAGE> 7
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
XIII. Cumulative Detail of Substituted Contracts - Prepayments
<TABLE>
<CAPTION>
Pool A Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <C> <C> <C>
NONE
------------- -------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C>
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL A AT CLOSING DATE $201,135,070.09
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
<TABLE>
<CAPTION>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<S> <C>
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
</TABLE>
<TABLE>
<S> <C> <C>
Change in any of the above detail during the related Collection Period YES NO X
</TABLE>
<TABLE>
<CAPTION>
Pool B Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <C> <C> <C>
NONE
------------- -------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C>
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL B AT CLOSING DATE $50,047,123.17
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL UNLESS RATING AGENCY APPROVES) 0.00%
</TABLE>
* 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
<TABLE>
<S> <C>
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
</TABLE>
<TABLE>
<S> <C> <C>
Change in any of the above detail during the related Collection Period YES NO X
</TABLE>
<PAGE> 8
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
XIV. Cumulative Detail of Substituted Contracts - Non-Performing (Pool A) &
General Rights (Pool B)
<TABLE>
<CAPTION>
Pool A - Non-Performing
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <C> <C> <C>
None
------------- -------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C>
a) DISCOUNTED CONTRACT BALANCES OF ALL NON-PERFORMING CONTRACTS 0.00
b) ADCB OF POOL A AT CLOSING DATE $251,182,193.26
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<S> <C>
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
</TABLE>
<TABLE>
<S> <C> <C>
Change in any of the above detail during the related Collection Period YES NO X
</TABLE>
<TABLE>
<CAPTION>
Pool B - General Contract Substitution Rights Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <C> <C> <C>
None
------------- -------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C>
a) DISCOUNTED CONTRACT BALANCES OF ALL CONTRACTS SUBSTITUTED $0.00
b) ADCB OF POOL B AT CLOSING DATE $50,047,123.17
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
* 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
<TABLE>
<S> <C>
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
</TABLE>
<TABLE>
<S> <C> <C>
Change in any of the above detail during the related Collection Period YES NO X
</TABLE>
<PAGE> 9
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
XV. Pool Performance Measurements
<TABLE>
<CAPTION>
1. Aggregate Discounted Contract Balance
<S> <C> <C> <C>
Contracts Delinquent > 90 days Total Outstanding Contracts
This Month 7,573,510.23 This Month 231,113,777.55
1 Month Prior 5,716,866.36 1 Month Prior 235,174,078.86
2 Months Prior 1,723,905.24 2 Months Prior 240,086,830.27
Total 15,014,281.83 Total 706,374,686.68
a) 3 Month Average 5,004,760.61 b) 3 Month Average 235,458,228.89
c) a/b 2.13%
</TABLE>
<TABLE>
<S> <C> <C>
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
--------- ---------
</TABLE>
<TABLE>
<S> <C>
6. Aggregate Discounted Contract Balance at Closing Date Balance $ 251,182,193.26
----------------------
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT LEASE SUMMARY
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C> <C>
31 - 60 5,071,393.16 61
61 - 90 415,471.60 9
91 - 180 7,573,510.23 11
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
<PAGE> 1
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 607,644.78
Available Funds:
Contract Payments due and received in this period 3,290,654.58
Contract Payments due in prior period(s) and received in this period 413,967.00
Contract Payments received in this period for next period 141,524.75
Sales, Use and Property Tax, Maintenance, Late Charges 79,473.48
Prepayment Amounts related to early termination in this period 3,897,660.99
Servicer Advance 661,111.52
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 11,767.13
Interest earned on Collection Account 14,732.53
Interest earned on Affiliated Account 1,989.50
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 0.00
-------------
Total Available Funds 9,120,526.26
Less: Amounts to be Retained in Collection Account 392,225.43
-------------
AMOUNT TO BE DISTRIBUTED 8,728,300.83
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 413,967.00
3. To Noteholders (For Servicer Report immediately following the Final Additional
Closing Date)
a) Class A1 Principal and Interest 5,832,740.15
a) Class A2 Principal (distributed after A1 Note matures) and Interest 229,891.90
a) Class A3 Principal (distributed after A2 Note mature) and Interest 370,516.12
a) Class A4 Principal (distributed after A3 Note matures) and Interest 595,956.85
b) Class B Principal and Interest 121,443.65
c) Class C Principal and Interest 244,082.17
d) Class D Principal and Interest 166,148.70
e) Class E Principal and Interest 222,140.52
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) 129,191.60
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 194,175.60
c) Reserve Account Distribution (Provided no Restricting or Amortization Event
in effect) 11,767.13
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other
Amounts 96,195.51
7. To Servicer, Servicing Fee and other Servicing Compensations 100,083.93
-------------
TOTAL FUNDS DISTRIBUTED 8,728,300.83
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 392,225.43
=============
II. RESERVE ACCOUNT
Beginning Balance $2,702,437.25
- Add Investment Earnings 11,767.13
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 11,767.13
-------------
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 DECEMBER 13, 1999
III. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 183,597,749.62
Pool B 51,265,384.54
-----------------
234,863,134.16
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 1,042,260.49
Class A Monthly Interest - Pool B 291,026.92
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 4,808,483.22
Class A Monthly Principal - Pool B 887,334.39
-----------------
5,695,817.61
Ending Principal Balance of the Class A Notes
Pool A 178,789,266.40
Pool B 50,378,050.15
-----------------
----------------
229,167,316.55
================
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $237,814,000 Original Face $237,814,000 Balance Factor
<S> <C> <C> <C>
$ 5.606429 $ 23.950725 96.364098%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A 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
-----------------
Class A Monthly Interest 234,863,134.16
Class A1 (Actual Number Days/360) 136,922.54
Class A2 229,891.90
Class A3 370,516.12
Class A4 595,956.85
-----------------
Class A Monthly Principal
Class A1 5,695,817.61
Class A2 0.00
Class A3 0.00
Class A4 0.00
-----------------
5,695,817.61
Ending Principal Balance of the Class A2 Notes
Class A1 22,836,316.55
Class A2 42,182,000.00
Class A3 65,098,000.00
Class A4 99,051,000.00
-----------------
---------------
229,167,316.55
===============
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C>
$ 4.349094 $ 180.917245 72.535389%
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
V. CLASS B NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 3,129,782.22
Pool B 873,918.93
-------------
4,003,701.15
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 19,039.51
Class B Monthly Interest - Pool B 5,316.34
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 81,962.78
Class B Monthly Principal - Pool B 15,125.02
-------------
97,087.80
Ending Principal Balance of the Class B Notes
Pool A 3,047,819.44
Pool B 858,793.91
-------------
-------------
3,906,613.35
=============
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,054,000 Original Face $4,054,000 Balance Factor
<S> <C> <C> <C>
$ 6.007856 $ 23.948643 96.364414%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VI. CLASS C NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class C Notes
Pool A 6,258,783.44
Pool B 1,747,618.86
-------------
8,006,402.30
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 39,013.08
Class C Monthly Interest - Pool B 10,893.49
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 163,925.56
Class C Monthly Principal - Pool B 30,250.04
-------------
194,175.60
Ending Principal Balance of the Class C Notes
Pool A 6,094,857.88
Pool B 1,717,368.82
-------------
-------------
7,812,226.70
=============
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $8,107,000 Original Face $8,107,000 Balance Factor
<S> <C> <C> <C>
$ 6.155985 $ 23.951597 96.363966%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
VII. CLASS D NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 4,172,782.63
Pool B 1,165,152.24
-------------
5,337,934.87
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 28,687.88
Class D Monthly Interest - Pool B 8,010.42
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 109,283.71
Class D Monthly Principal - Pool B 20,166.69
-------------
129,450.40
Ending Principal Balance of the Class D Notes
Pool A 4,063,498.92
Pool B 1,144,985.55
-------------
------------
5,208,484.47
============
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,405,000 Original Face $5,405,000 Balance Factor
<S> <C> <C> <C>
$ 6.789695 $ 23.950120 96.364190%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VIII. CLASS E NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class E Notes
Pool A 5,215,783.03
Pool B 1,456,385.55
-------------
6,672,168.58
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 47,159.37
Class E Monthly Interest - Pool B 13,168.15
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 136,604.64
Class E Monthly Principal - Pool B 25,208.36
-------------
161,813.00
Ending Principal Balance of the Class E Notes
Pool A 5,079,178.39
Pool B 1,431,177.19
-------------
------------
6,510,355.58
============
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,756,000 Original Face $6,756,000 Balance Factor
<S> <C> <C> <C>
$ 8.929473 $ 23.951007 96.364055%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
<TABLE>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
Pool A 6,259,349.44
Pool B 1,747,777.56
-------------
8,007,127.00
Residual Interest - Pool A 101,075.31
Residual Interest - Pool B 28,116.29
Residual Principal - Pool A 163,925.56
Residual Principal - Pool B 30,250.04
-------------
194,175.60
Ending Residual Principal Balance
Pool A 6,095,423.88
Pool B 1,717,527.52
-------------
-------------
7,812,951.40
=============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 100,083.93
- Servicer Advances reimbursement 413,967.00
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 96,195.51
-------------
Total amounts due to Servicer 610,246.44
=============
</TABLE>
<PAGE> 6
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<CAPTION>
<S> <C> <C>
POOL A
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 208,634,230.38
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 5,464,185.48
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
--------------
ending of the related Collection Period 203,170,044.90
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,726,723.77
- Principal portion of Prepayment Amounts 3,737,461.71
- 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
=============
<CAPTION>
<S> <C> <C>
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 58,256,237.68
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,008,334.53
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
--------------
ending of the related Collection Period 57,247,903.15
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 843,764.00
- Principal portion of Prepayment Amounts 164,570.53
- 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 260,417,948.05
==============
</TABLE>
<PAGE> 7
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
XII. CUMULATIVE DETAIL OF DEFAULTED CONTRACTS*
<TABLE>
<CAPTION>
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%
</TABLE>
* 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.
<PAGE> 8
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE DECEMBER 13, 1999
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<TABLE>
<CAPTION>
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
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED
COLLECTION PERIOD
YES NO X
------- --------
</TABLE>
<TABLE>
<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
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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 DECEMBER 13, 1999
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) &
GENERAL RIGHTS (POOL B)
<TABLE>
<CAPTION>
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
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED
COLLECTION PERIOD
YES NO X
------ ------
</TABLE>
<TABLE>
<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
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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 DECEMBER 13, 1999
XV. POOL PERFORMANCE MEASUREMENTS
<TABLE>
<CAPTION>
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
<S> <C> <C> <C>
This Month 39,633.46 This Month 260,417,948.05
1 Month Prior 0.00 1 Month Prior 266,890,468.06
2 Months Prior 0.00 2 Months Prior 270,243,724.70
Total 39,633.46 Total 797,552,140.81
A) 3 Month Average 13,211.15 B) 3 Month Average 265,850,713.60
c) a/b 0.00%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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 $ -
------------------------
</TABLE>
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
<S> <C> <C> <C>
31 - 60 8,920,614.42 76
61 - 90 1,425,663.24 19
91 - 180 39,633.46 2
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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