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Previous: DVI RECEIVABLES CORP VIII, 424B3, 1999-10-19 |
Next: AURIC ENTERPRISES INC, 10QSB, 1999-10-19 |
<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): SEPTEMBER 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)
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 September 30, 1999, payment date
October 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: October 19, 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 OCTOBER 13, 1999
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
- -------------------------------------------
End of Period Collection Account Balance as of Prior Payment Date: 917,930.48
Available Funds:
Contract Payments due and received in this period 4,198,813.22
Contract Payments due in prior period(s) and received in this period 636,270.28
Contract Payments received in this period for next period 328,293.07
Sales, Use and Property Tax payments received 61,205.30
Prepayment Amounts related to early termination in this period 264,043.02
Servicer Advance 617,776.27
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 10,539.12
Interest earned on Collection Account 17,952.06
Interest earned on Affiliated Account 840.94
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 44,961.30
------------
Total Available Funds 7,098,625.06
Less: Amounts to be Retained in Collection Account 948,408.94
------------
AMOUNT TO BE DISTRIBUTED 6,150,216.12
============
DISTRIBUTION OF FUNDS:
----------------------
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 636,270.28
3. To Noteholders (For Servicer Report immediately following the Final Additional Closing Date)
a) Class A1 Principal and Interest 3,583,386.18
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 78,690.98
c) Class C Principal and Interest 159,187.36
d) Class D Principal and Interest 108,398.76
e) Class E Principal and Interest 147,741.65
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) 116,919.35
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 118,180.59
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 10,539.12
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 124,959.60
7. To Servicer, Servicing Fee and other Servicing Compensations 91,504.91
------------
TOTAL FUNDS DISTRIBUTED 6,150,216.12
============
------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 948,408.94
============
II. RESERVE ACCOUNT
- ----------------------
Beginning Balance $2,511,821.93
- Add Investment Earnings 10,539.12
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 10,539.12
-------------
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 OCTOBER 13, 1999
<TABLE>
<S> <C> <C>
III. CLASS A NOTE PRINCIPAL BALANCE
- -------------------------------------
Beginning Principal Balance of the Class A Notes
Pool A 172,382,649.14
Pool B 42,329,261.83
---------------
214,711,910.97
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 885,632.06
Class A Monthly Interest - Pool B 217,470.57
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,676,634.69
Class A Monthly Principal - Pool B 778,086.20
---------------
3,454,720.89
Ending Principal Balance of the Class A Notes
Pool A 169,706,014.45
Pool B 41,551,175.63
---------------
---------------
211,257,190.08
===============
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $221,020,000 Original Face $221,020,000 Balance Factor
<S> <C> <C>
$ 4.99 $ 15.63 95.582839%
- ---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
IV. CLASS A NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class A 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
---------------
Class A Monthly Interest 214,711,910.97
Class A1 (Actual Number Days/360) 128,665.29
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 3,454,720.89
Class A2 0.00
Class A3 0.00
Class A4 0.00
Class A5 0.00
---------------
3,454,720.89
Ending Principal Balance of the Class A2 Notes
Class A1 25,237,190.08
Class A2 40,000,000.00
Class A3 62,400,000.00
Class A4 41,000,000.00
Class A5 42,620,000.00
---------------
--------------
211,257,190.08
==============
Class A1
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $35,000,000 Original Face $35,000,000 Balance Factor
<S> <C> <C>
$ 3.68 $ 98.71 72.106257%
- -----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 13, 1999
<TABLE>
<S> <C>
V. CLASS B NOTE PRINCIPAL BALANCE
- -----------------------------------
Beginning Principal Balance of the Class B Notes
Pool A 2,938,823.06
Pool B 721,640.46
------------
3,660,463.52
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 15,894.13
Class B Monthly Interest - Pool B 3,902.87
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 45,629.64
Class B Monthly Principal - Pool B 13,264.34
------------
Ending Principal Balance of the Class B Notes 58,893.98
Pool A 2,893,193.42
Pool B 708,376.12
------------ ------------
3,601,569.54
============
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $3,768,000 Original Face $3,768,000 Balance Factor
<S> <C> <C>
$ 5.25 $ 15.63 95.583056%
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VI. CLASS C NOTE PRINCIPAL BALANCE
- ------------------------------------
Beginning Principal Balance of the Class C Notes
Pool A 5,878,446.90
Pool B 1,443,480.18
------------
7,321,927.08
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 33,237.72
Class C Monthly Interest - Pool B 8,161.68
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 91,259.28
Class C Monthly Principal - Pool B 26,528.68
-------------
117,787.96
Ending Principal Balance of the Class C Notes
Pool A 5,787,187.62
Pool B 1,416,951.50
------------- ------------
7,204,139.12
============
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $7,537,000 Original Face $7,537,000 Balance Factor
<S> <C> <C>
$ 5.49 $ 15.63 95.583642%
- --------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 13, 1999
<TABLE>
<S> <C> <C>
VII. CLASS D NOTE PRINCIPAL BALANCE
- -------------------------------------
Beginning Principal Balance of the Class D Notes
Pool A 3,918,430.77
Pool B 962,187.28
----------------
4,880,618.05
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 23,984.06
Class D Monthly Interest - Pool B 5,889.39
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 60,839.52
Class D Monthly Principal - Pool B 17,685.79
----------------
78,525.31
Ending Principal Balance of the Class D Notes
Pool A 3,857,591.25
Pool B 944,501.49
---------------- --------------
4,802,092.74
==============
-----------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,024,000 Original Face $5,024,000 Balance Factor
$ 5.95 $ 15.63 95.583056%
-----------------------------------------------------------------------------------------
VIII. CLASS E NOTE PRINCIPAL BALANCE
- --------------------------------------
Beginning Principal Balance of the Class E Notes
Pool A 4,899,639.96
Pool B 1,203,132.60
----------------
6,102,772.56
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 39,809.57
Class E Monthly Interest - Pool B 9,775.45
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 76,049.40
Class E Monthly Principal - Pool B 22,107.23
----------------
98,156.63
Ending Principal Balance of the Class E Notes
Pool A 4,823,590.56
Pool B 1,181,025.37
---------------- --------------
6,004,615.93
==============
-----------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,282,000 Original Face $6,282,000 Balance Factor
$ 7.89 $ 15.63 95.584462%
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 13, 1999
<TABLE>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
- ----------------------------------------
Beginning Residual Principal Balance
Pool A 5,889,289.41
Pool B 1,446,114.00
----------------
7,335,403.41
Residual Interest - Pool A 93,869.40
Residual Interest - Pool B 23,049.95
Residual Principal - Pool A 91,563.48
Residual Principal - Pool B 26,617.11
----------------
118,180.59
Ending Residual Principal Balance
Pool A 5,797,725.93
Pool B 1,419,496.89
---------------- --------------
7,217,222.82
==============
X. PAYMENT TO SERVICER
- ------------------------
- Collection period Servicer Fee 91,504.91
- Servicer Advances reimbursement 636,270.28
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 124,959.60
--------------
Total amounts due to Servicer 852,734.79
==============
</TABLE>
<PAGE> 6
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 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 195,907,279.28
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 3,041,976.02
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period 192,865,303.26
--------------
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,779,274.33
- Principal portion of Prepayment Amounts 262,701.69
- 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 3,041,976.02
================
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 48,105,816.35
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 884,289.34
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the --------------
ending of the related Collection Period 47,221,527.01
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 884,289.34
- 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 884,289.34
================
--------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 240,086,830.27
==============
</TABLE>
<PAGE> 7
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 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>
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
</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>
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
</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 OCTOBER 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>
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
</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>
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.
</TABLE>
<TABLE>
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>
<PAGE> 9
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 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 1,723,905.24 This Month 240,086,830.27
1 Month Prior 39,843.65 1 Month Prior 244,013,095.63
2 Months Prior 7,802.18 2 Months Prior 247,682,331.22
Total 1,771,551.07 Total 731,782,257.12
a) 3 Month Average 590,517.02 b) 3 Month Average 243,927,419.04
c) a/b 0.24%
</TABLE>
<TABLE>
<S> <C> <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 $ 251,182,193.26
----------------------
</TABLE>
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C>
31 - 60 7,812,248.15 58
61 - 90 4,363,057.68 11
91 - 180 1,723,905.24 11
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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