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Previous: FT361, 487, 1999-09-30 |
Next: CENTERPRISE ADVISORS INC, POS AM, 1999-09-30 |
<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): JULY 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)
500 HYDE PARK
DOYLESTOWN, PENNSYLVANIA 18901
- ------------------------ ------------------
(Address of principal executive offices) (Zip Code)
</TABLE>
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 Servicer Report for month ending July 31, 1999, payment date
August 13, 1999
Exhibit 99.2 Servicer Report for month ending August 31, 1999, payment
date September 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: September 30, 1999 By: /s/ Lisa J. Cruikshank
-----------------------
Lisa J. Cruikshank
Vice President
2
<PAGE> 1
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
I. RECONCILIATION OF COLLECTION ACCOUNT:
- -------------------------------------------
<S> <C>
End of Period Collection Account Balance as of Prior Payment Date: 831,938.35
Available Funds:
Contract Payments due and received in this period 4,118,574.91
Contract Payments due in prior period(s) and received in this period 241,800.88
Contract Payments received in this period for next period 297,921.38
Sales, Use and Property Tax payments received 63,540.00
Prepayment Amounts related to early termination in this period 44,299.21
Servicer Advance 489,268.10
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 1,354.19
Interest earned on Collection Account 11,789.72
Interest earned on Affiliated Account 418.88
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 41,322.97
--------------
Total Available Funds 6,142,228.59
Less: Amounts to be Retained in Collection Account 832,944.77
--------------
AMOUNT TO BE DISTRIBUTED 5,309,283.82
==============
DISTRIBUTION OF FUNDS:
----------------------
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 241,800.88
3. To Noteholders (For Servicer Report immediately following the Final Additional Closing Date)
a) Class A1 Principal and Interest 3,168,468.74
a) Class A2 Principal (distributed after A1 Note matures) and Interest 104,000.00
a) Class A3 Principal (distributed after A2 Note mature) and Interest 173,610.66
a) Class A4 Principal (distributed after A3 Note matures) and Interest 117,260.00
a) Class A5 Principal (distributed after A4 Note mature) and Interest 124,829.25
b) Class B Principal and Interest 63,366.53
c) Class C Principal and Interest 127,724.10
d) Class D Principal and Interest 86,397.81
e) Class E Principal and Interest 114,718.55
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) 669,142.37
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 105,345.85
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 1,354.19
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 117,071.57
7. To Servicer, Servicing Fee and other Servicing Compensations 94,193.32
--------------
TOTAL FUNDS DISTRIBUTED 5,309,283.82
==============
--------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 832,944.77
==============
II. RESERVE ACCOUNT
- ----------------------
Beginning Balance $2,511,821.93
- Add Investment Earnings 1,354.19
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 1,354.19
--------------
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 AUGUST 13, 1999
<TABLE>
<CAPTION>
III. CLASS A NOTE PRINCIPAL BALANCE
- -------------------------------------
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 176,982,582.31
Pool B 44,037,417.69
-------------------
221,020,000.00
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 487,370.74
Class A Monthly Interest - Pool B 121,269.28
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,226,734.51
Class A Monthly Principal - Pool B 852,794.12
-------------------
3,079,528.63
Ending Principal Balance of the Class A Notes
Pool A 174,755,847.80
Pool B 43,184,623.57
------------------- ----------------
217,940,471.37
================
- ------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $221,020,000 Original Face $221,020,000 Balance Factor
$ 2.75 $ 13.93 98.606674%
- ------------------------------------------------------------------------------
IV. CLASS A NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class A Notes
Class A1 35,000,000.00
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 221,020,000.00
Class A1 (Actual Number Days/360) 88,940.11
Class A2 104,000.00
Class A3 173,610.66
Class A4 117,260.00
Class A5 124,829.25
-------------------
Class A Monthly Principal
Class A1 3,079,528.63
Class A2 0.00
Class A3 0.00
Class A4 0.00
Class A5 0.00
-------------------
3,079,528.63
Ending Principal Balance of the Class A2 Notes
Class A1 31,920,471.37
Class A2 40,000,000.00
Class A3 62,400,000.00
Class A4 41,000,000.00
Class A5 42,620,000.00
------------------- ----------------
217,940,471.37
================
Class A1
- ------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $35,000,000 Original Face $35,000,000 Balance Factor
$ 2.54 $ 87.99 91.201347%
- ------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
V. CLASS B NOTE PRINCIPAL BALANCE
- -----------------------------------
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 3,017,239.93
Pool B 750,760.07
-------------------
3,768,000.00
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 8,703.06
Class B Monthly Interest - Pool B 2,165.53
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 37,960.02
Class B Monthly Principal - Pool B 14,537.92
-------------------
52,497.94
Ending Principal Balance of the Class B Notes
Pool A 2,979,279.91
Pool B 736,222.15
------------------- ------------------
3,715,502.06
==================
--------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $3,768,000 Original Face $3,768,000 Balance Factor
$ 2.88 $ 13.93 98.606743%
--------------------------------------------------------------------------
VI. CLASS C NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class C Notes
Pool A 6,035,280.62
Pool B 1,501,719.38
-------------------
7,537,000.00
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 18,199.72
Class C Monthly Interest - Pool B 4,528.52
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 75,920.03
Class C Monthly Principal - Pool B 29,075.83
-------------------
104,995.86
Ending Principal Balance of the Class C Notes
Pool A 5,959,360.59
Pool B 1,472,643.55
------------------- ------------------
7,432,004.14
==================
--------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $7,537,000 Original Face $7,537,000 Balance Factor
$ 3.02 $ 13.93 98.606928%
--------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
VII. CLASS D NOTE PRINCIPAL BALANCE
- -------------------------------------
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 4,022,986.58
Pool B 1,001,013.42
-------------------
5,024,000.00
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 13,132.82
Class D Monthly Interest - Pool B 3,267.75
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 50,613.35
Class D Monthly Principal - Pool B 19,383.89
-------------------
69,997.24
Ending Principal Balance of the Class D Notes
Pool A 3,972,373.23
Pool B 981,629.53
------------------- ------------------
4,954,002.76
==================
-----------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,024,000 Original Face $5,024,000 Balance Factor
$ 3.26 $ 13.93 98.606743%
-----------------------------------------------------------------------
VIII. CLASS E NOTE PRINCIPAL BALANCE
- --------------------------------------
Beginning Principal Balance of the Class E Notes
Pool A 5,030,334.73
Pool B 1,251,665.27
-------------------
6,282,000.00
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 21,798.12
Class E Monthly Interest - Pool B 5,423.88
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 63,266.69
Class E Monthly Principal - Pool B 24,229.86
-------------------
87,496.55
Ending Principal Balance of the Class E Notes
Pool A 4,967,068.04
Pool B 1,227,435.41
------------------- ------------------
6,194,503.45
==================
-----------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,282,000 Original Face $6,282,000 Balance Factor
$ 4.33 $ 13.93 98.607186%
-----------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
- ----------------------------------------
<S> <C> <C>
Beginning Residual Principal Balance
Pool A 6,046,645.92
Pool B 1,504,547.33
--------------
7,551,193.25
Residual Interest - Pool A 0.00
Residual Interest - Pool B 142,420.13
Residual Principal - Pool A 76,173.10
Residual Principal - Pool B 29,172.75
--------------
105,345.85
Ending Residual Principal Balance
Pool A 5,970,472.82
Pool B 1,475,374.58
-------------- ----------------
7,445,847.40
================
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 94,193.32
- Servicer Advances reimbursement 241,800.88
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 117,071.57
----------------
Total amounts due to Servicer 453,065.77
================
</TABLE>
<PAGE> 6
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
POOL A
<S> <C> <C>
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 201,135,070.13
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,530,667.70
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ---------------
ending of the related Collection Period 198,604,402.43
===============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,476,830.16
- Principal portion of Prepayment Amounts 53,837.54
- 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 2,530,667.70
===============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 50,047,123.16
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 969,194.37
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ----------------
ending of the related Collection Period 49,077,928.79
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 969,194.37
- 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 969,194.37
===============
----------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 247,682,331.22
================
</TABLE>
<PAGE> 7
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<S> <C> <C> <C>
POOL A Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
-------------------------------------------- ---------------------- --------------- ------------------
NONE
----------------- -----------------------
Totals: $0.00 $0.00
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%
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
----------------------------------------------- ---------------------- --------------- -------------------
NONE
---------------- -----------------------
Totals: $0.00 $0.00
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%
* 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> 8
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) & GENERAL RIGHTS (POOL B)
<S> <C> <C> <C>
POOL A - NON-PERFORMING Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
---------------------------------------------- ------------------- ----------------- --------------------
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 $251,182,193.26
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
-------------------------------------------------- ------------------- ----------------- ------------------
None
----------------- --------------------
Totals: $0.00 $0.00
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%
* 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> 9
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 13, 1999
<TABLE>
<CAPTION>
XV. POOL PERFORMANCE MEASUREMENTS
- ------------------------------------
1. Aggregate Discounted Contract Balance
<S> <C> <C> <C>
Contracts Delinquent > 90 days Total Outstanding Contracts
This Month 7,802.18 This Month 247,682,331.22
1 Month Prior 0.00 1 Month Prior 0.00
2 Months Prior 0.00 2 Months Prior 0.00
Total 7,802.18 Total 247,682,331.22
a) 3 Month Average 2,600.73 b) 3 Month Average 82,560,777.07
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 $ 251,182,193.26
--------------------------------
<CAPTION>
DELINQUENT LEASE SUMMARY
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C> <C>
31 - 60 6,816,772.76 55
61 - 90 46,543.92 7
91 - 180 7,802.18 1
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
<PAGE> 1
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
I. RECONCILIATION OF COLLECTION ACCOUNT:
- --------------------------------------------
<S> <C>
End of Period Collection Account Balance as of Prior Payment Date: 832,944.77
Available Funds:
Contract Payments due and received in this period 4,095,642.38
Contract Payments due in prior period(s) and received in this period 294,017.68
Contract Payments received in this period for next period 332,209.03
Sales, Use and Property Tax payments received 65,234.46
Prepayment Amounts related to early termination in this period 0.00
Servicer Advance 822,419.74
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 10,776.55
Interest earned on Collection Account 18,484.10
Interest earned on Affiliated Account 1,086.69
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 30,553.14
------------------
Total Available Funds 6,503,368.54
Less: Amounts to be Retained in Collection Account 917,930.48
------------------
AMOUNT TO BE DISTRIBUTED 5,585,438.06
==================
DISTRIBUTION OF FUNDS:
----------------------
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 294,017.68
3. To Noteholders (For Servicer Report immediately following the Final Additional Closing Date)
a) Class A1 Principal and Interest 3,376,475.21
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 234,054.84
b) Class B Principal and Interest 75,133.21
c) Class C Principal and Interest 152,098.85
d) Class D Principal and Interest 103,707.33
e) Class E Principal and Interest 142,061.23
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) 138,047.41
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 110,443.99
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 10,776.55
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 115,358.39
7. To Servicer, Servicing Fee and other Servicing Compensations 92,880.87
------------------
TOTAL FUNDS DISTRIBUTED 5,585,438.06
==================
------------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds
(if any)} 917,930.48
==================
II. RESERVE ACCOUNT
- ----------------------
Beginning Balance $2,511,821.93
- Add Investment Earnings 10,776.55
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 10,776.55
------------------
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 SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
III. CLASS A NOTE PRINCIPAL BALANCE
- -------------------------------------
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 174,755,847.80
Pool B 43,184,623.57
-------------------
217,940,471.37
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 899,959.51
Class A Monthly Interest - Pool B 222,392.64
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,373,198.66
Class A Monthly Principal - Pool B 855,361.74
-------------------
3,228,560.40
Ending Principal Balance of the Class A Notes
Pool A 172,382,649.14
Pool B 42,329,261.83
------------------- -----------------
214,711,910.97
=================
- ------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $221,020,000 Original Face $221,020,000 Balance Factor
$ 5.08 $ 14.61 97.145919%
- ------------------------------------------------------------------------------
IV. CLASS A NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class A Notes
Class A1 31,920,471.37
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 217,940,471.37
Class A1 (Actual Number Days/360) 147,914.81
Class A2 195,000.00
Class A3 325,520.00
Class A4 219,862.50
Class A5 234,054.84
-------------------
Class A Monthly Principal
Class A1 3,228,560.40
Class A2 0.00
Class A3 0.00
Class A4 0.00
Class A5 0.00
-------------------
3,228,560.40
Ending Principal Balance of the Class A2 Notes
Class A1 28,691,910.97
Class A2 40,000,000.00
Class A3 62,400,000.00
Class A4 41,000,000.00
Class A5 42,620,000.00
------------------- -----------------
214,711,910.97
=================
Class A1
- ------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $35,000,000 Original Face $35,000,000 Balance Factor
$ 4.23 $ 92.24 81.976888%
- ------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
V. CLASS B NOTE PRINCIPAL BALANCE
- -----------------------------------
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,979,279.91
Pool B 736,222.15
-------------------
3,715,502.06
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 16,112.94
Class B Monthly Interest - Pool B 3,981.73
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 40,456.85
Class B Monthly Principal - Pool B 14,581.69
-------------------
55,038.54
Ending Principal Balance of the Class B Notes
Pool A 2,938,823.06
Pool B 721,640.46
------------------- ------------------
3,660,463.52
==================
-------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $3,768,000 Original Face $3,768,000 Balance Factor
$ 5.33 $ 14.61 97.146059%
-------------------------------------------------------------------------
VI. CLASS C NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class C Notes
Pool A 5,959,360.59
Pool B 1,472,643.55
-------------------
7,432,004.14
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 33,695.22
Class C Monthly Interest - Pool B 8,326.57
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 80,913.69
Class C Monthly Principal - Pool B 29,163.37
-------------------
110,077.06
Ending Principal Balance of the Class C Notes
Pool A 5,878,446.90
Pool B 1,443,480.18
------------------- ------------------
7,321,927.08
==================
--------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $7,537,000 Original Face $7,537,000 Balance Factor
$ 5.58 $ 14.60 97.146439%
--------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
VII. CLASS D NOTE PRINCIPAL BALANCE
- -------------------------------------
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,972,373.23
Pool B 981,629.53
-------------------
4,954,002.76
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 24,314.23
Class D Monthly Interest - Pool B 6,008.39
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 53,942.46
Class D Monthly Principal - Pool B 19,442.25
-------------------
73,384.71
Ending Principal Balance of the Class D Notes
Pool A 3,918,430.77
Pool B 962,187.28
------------------- ------------------
4,880,618.05
==================
--------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,024,000 Original Face $5,024,000 Balance Factor
$ 6.04 $ 14.61 97.146060%
--------------------------------------------------------------------------
VIII. CLASS E NOTE PRINCIPAL BALANCE
- --------------------------------------
Beginning Principal Balance of the Class E Notes
Pool A 4,967,068.04
Pool B 1,227,435.41
-------------------
6,194,503.45
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 40,357.43
Class E Monthly Interest - Pool B 9,972.91
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 67,428.08
Class E Monthly Principal - Pool B 24,302.81
-------------------
91,730.89
Ending Principal Balance of the Class E Notes
Pool A 4,899,639.96
Pool B 1,203,132.60
------------------- ------------------
6,102,772.56
==================
--------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,282,000 Original Face $6,282,000 Balance Factor
$ 8.01 $ 14.60 97.146968%
--------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
- ----------------------------------------
Beginning Residual Principal Balance
Pool A 5,970,472.82
Pool B 1,475,374.58
--------------
7,445,847.40
Residual Interest - Pool A 109,152.84
Residual Interest - Pool B 28,894.57
Residual Principal - Pool A 81,183.41
Residual Principal - Pool B 29,260.58
--------------
110,443.99
Ending Residual Principal Balance
Pool A 5,889,289.41
Pool B 1,446,114.00
-------------- ----------------
7,335,403.41
================
X. PAYMENT TO SERVICER
- ------------------------
- Collection period Servicer Fee 92,880.87
- Servicer Advances reimbursement 294,017.68
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 115,358.39
----------------
Total amounts due to Servicer 502,256.94
================
</TABLE>
<PAGE> 6
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
- -------------------------------------------
POOL A
<S> <C> <C>
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 198,604,402.43
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,697,123.15
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ----------------
ending of the related Collection Period 195,907,279.28
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,697,123.15
- 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 2,697,123.15
===============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 49,077,928.79
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 972,112.44
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ----------------
ending of the related Collection Period 48,105,816.35
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 972,112.44
- 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 972,112.44
===============
----------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 244,013,095.63
================
</TABLE>
<PAGE> 7
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
POOL A Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
----------------------------------------------- ----------------- --------------- ---------------------
NONE
<S> <C> <C> <C>
--------------- ------------------
Totals: $0.00 $0.00
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%
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
------------------------------------------- ---------------------- --------------- --------------------
NONE
<S> <C> <C> <C>
-------------------- -------------------
Totals: $0.00 $0.00
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%
* 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> 8
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 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 $251,182,193.26
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 $50,047,123.17
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> 9
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C>
XV. POOL PERFORMANCE MEASUREMENTS
- ------------------------------------
1. Aggregate Discounted Contract Balance
Contracts Delinquent > 90 days Total Outstanding Contracts
This Month 39,843.65 This Month 244,013,095.63
1 Month Prior 7,802.18 1 Month Prior 247,682,331.22
2 Months Prior 0.00 2 Months Prior 0.00
Total 47,645.83 Total 491,695,426.85
a) 3 Month Average 15,881.94 b) 3 Month Average 163,898,475.62
c) a/b 0.01%
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 $ 251,182,193.26
--------------------------------
<CAPTION>
DELINQUENT LEASE SUMMARY
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
31 - 60 12,836,431.68 47
61 - 90 1,842,150.93 14
91 - 180 39,843.65 5
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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