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Previous: NETWORK ACCESS SOLUTIONS CORP, DEF 14A, 2000-05-19 |
Next: GTC TELECOM CORP, S-8, 2000-05-19 |
<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): APRIL 30, 2000
--------------
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 DVI Receivables VIII 1999-1 Servicer Report for month
ending April 30, 2000, payment date May 15, 2000
Exhibit 99.2 DVI Receivables X 1999-2 Servicer Report for month ending
April 30, 2000, payment date May 15, 2000
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: May 19, 2000 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 MAY 15, 2000
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 756,252.10
Available Funds:
Contract Payments due and received in this period 4,385,857.83
Contract Payments due in prior period(s) and received in this period 373,293.19
Contract Payments received in this period for next period 82,332.55
Sales, Use and Property Tax payments received 53,012.75
Prepayment Amounts related to early termination in this period 723,402.23
Servicer Advance 554,116.57
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 12,149.91
Interest earned on Collection Account 23,181.06
Interest earned on Affiliated Account 1,004.95
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 32,935.66
----------------
Total Available Funds 6,997,538.80
Less: Amounts to be Retained in Collection Account 510,590.91
----------------
AMOUNT TO BE DISTRIBUTED 6,486,947.89
================
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or
Servicer Advances 373,293.19
3. To Noteholders (For Servicer Report immediately following the
Final Additional Closing Date)
a) Class A1 Principal and Interest 1,435,583.84
a) Class A2 Principal (distributed after A1 Note matures)
and Interest 2,932,688.92
a) Class A3 Principal (distributed after A2 Note matures)
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 matures)
and Interest 234,054.84
b) Class B Principal and Interest 88,310.31
c) Class C Principal and Interest 178,197.49
d) Class D Principal and Interest 120,783.00
e) Class E Principal and Interest 161,669.50
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) 72,286.87
b) Residual Principal (Provided no Restricting or Amortization Event
in effect) 142,527.33
c) Reserve Account Distribution (Provided no Restricting or
Amortization Event in effect) 12,149.91
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and
Any Other Amounts 110,134.42
7. To Servicer, Servicing Fee and other Servicing Compensations 79,885.77
----------------
TOTAL FUNDS DISTRIBUTED 6,486,947.89
================
----------------
End of Period Collection Account Balance {Includes Payments in Advance &
Restricting Event Funds (if any)} 510,590.91
================
II. RESERVE ACCOUNT
Beginning Balance $2,511,821.93
- Add Investment Earnings 12,149.91
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 12,149.91
----------------
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 MAY 15, 2000
<TABLE>
<S> <C> <C>
III. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
Pool A 152,772,651.55
Pool B 34,676,098.11
------------------------------
187,448,749.66
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 799,746.32
Class A Monthly Interest - Pool B 181,525.20
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,921,733.11
Class A Monthly Principal - Pool B 1,244,705.47
------------------------------
4,166,438.58
Ending Principal Balance of the Class A Notes
Pool A 149,850,918.44
Pool B 33,431,392.64
------------------------------ ---------------------------
183,282,311.08
===========================
</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
$ 4.439741 $ 18.850957 82.925668%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 1,428,749.66
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 187,448,749.66
Class A1 (Actual Number Days/360) 6,834.18
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 1,428,749.66
Class A2 2,737,688.92
Class A3 0.00
Class A4 0.00
Class A5 0.00
------------------------------
4,166,438.58
Ending Principal Balance of the Class A2 Notes
Class A1 0.00
Class A2 37,262,311.08
Class A3 62,400,000.00
Class A4 41,000,000.00
Class A5 42,620,000.00
------------------------------
---------------------------
183,282,311.08
===========================
</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
$ 0.19526 $ 40.82142 0.000000%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 2000
V. CLASS B NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,604,523.76
Pool B 591,173.98
-------------------------------
3,195,697.74
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 14,086.13
Class B Monthly Interest - Pool B 3,197.27
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 49,807.93
Class B Monthly Principal - Pool B 21,218.98
-------------------------------
71,026.91
Ending Principal Balance of the Class B Notes
Pool A 2,554,715.83
Pool B 569,955.00
-------------------------------
------------------------------
3,124,670.83
==============================
</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
$ 4.586890 $ 18.850029 82.926508%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
VI. CLASS C NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class C Notes
Pool A 5,209,848.28
Pool B 1,182,547.22
-------------------------------
6,392,395.50
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 29,457.35
Class C Monthly Interest - Pool B 6,686.32
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 99,615.86
Class C Monthly Principal - Pool B 42,437.96
-------------------------------
142,053.82
Ending Principal Balance of the Class C Notes
Pool A 5,110,232.42
Pool B 1,140,109.26
-------------------------------
------------------------------
6,250,341.68
==============================
</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
$ 4.795498 $ 18.847528 82.928774%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 2000
VII. CLASS D NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,472,698.36
Pool B 788,231.96
-------------------------------
4,260,930.32
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 21,255.81
Class D Monthly Interest - Pool B 4,824.64
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 66,410.57
Class D Monthly Principal - Pool B 28,291.98
-------------------------------
94,702.55
Ending Principal Balance of the Class D Notes
Pool A 3,406,287.79
Pool B 759,939.98
-------------------------------
------------------------------
4,166,227.77
==============================
</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
$ 5.191172 $ 18.850030 82.926508%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 4,342,474.44
Pool B 985,688.48
-------------------------------
5,328,162.92
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 35,282.60
Class E Monthly Interest - Pool B 8,008.72
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 83,013.21
Class E Monthly Principal - Pool B 35,364.97
-------------------------------
118,378.18
Ending Principal Balance of the Class E Notes
Pool A 4,259,461.23
Pool B 950,323.51
-------------------------------
------------------------------
5,209,784.74
==============================
</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
$ 6.891328 $ 18.844027 82.931944%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 2000
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Residual Principal Balance
Pool A 5,218,462.13
Pool B 1,184,311.25
-----------------------
6,402,773.38
Residual Interest - Pool A 56,780.05
Residual Interest - Pool B 15,506.82
Residual Principal - Pool A 99,947.91
Residual Principal - Pool B 42,579.42
-----------------------
142,527.33
Ending Residual Principal Balance
Pool A 5,118,514.22
Pool B 1,141,731.83
-----------------------
==========================
6,260,246.05
==========================
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 79,885.77
- Servicer Advances reimbursement 373,293.19
- Tax, Maintenance, Late Charges, Bank Interest and
other amounts 110,134.42
--------------------------
Total amounts due to Servicer 563,313.38
==========================
</TABLE>
<PAGE> 6
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 2000
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<S> <C> <C>
POOL A
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 173,620,658.54
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 3,320,528.59
---------------
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period 170,300,129.95
===============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 3,153,627.75
- Principal portion of Prepayment Amounts 166,900.84
- 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 3,320,528.59
=============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 39,408,051.04
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,414,598.79
---------------
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period 37,993,452.25
===============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 862,377.08
- Principal portion of Prepayment Amounts 552,221.71
- 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 1,414,598.79
=============
---------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 208,293,582.20
===============
</TABLE>
<PAGE> 7
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 2000
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<TABLE>
<CAPTION>
POOL A
Discounted
Lease # Lessee Name Present Value
--------------------------------------------------- -------------------------------
<S> <C> <C>
2199-001 Regional Radiology, LLC $1,112,975.58
1231-041 Radnet Management, Inc. $953,502.31
1560-013 Drew Medical inc $342,866.78
Cash $25,977.21
-------------------------------
Totals: $2,435,321.88
</TABLE>
<TABLE>
<CAPTION>
Predecessor
Predecessor Discounted
Lease # Present Value
--------------------- ---------------------------------
<S> <C>
1881-001 $2,435,321.88
---------------------------------
$2,435,321.88
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $2,435,321.88
b) ADCB OF POOL A AT CLOSING DATE $201,135,070.09
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 1.21%
</TABLE>
<TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<S> <C> <C> <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
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> <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%
</TABLE>
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (>180 DAYS),
THE SERVICER HAS FAILED TO ADVANCE, OR A BANKRUPTCY PETITION HAS
BEEN FILED
<TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<S> <C> <C> <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
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 MAY 15, 2000
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING
(POOL A) & GENERAL RIGHTS (POOL B)
<TABLE>
<CAPTION>
POOL A - NON-PERFORMING
Discounted
Lease # Lessee Name Present Value
---------------------------------------------- ---------------------------
<S> <C> <C> <C>
408-502 Western Kentucky Diagnostic $495,646.95
1042-501 Pinnacle Imaging, Inc. $1,631,421.93
2375-001 Tuscarawas Ambulatory $1,286,730.05
1097-506 Advanced Healthcare Resources $675,567.93
Cash $13,500.87
---------------------------
Totals: $4,102,867.73
</TABLE>
<TABLE>
<CAPTION>
Predecessor
Predecessor Discounted
Lease # Present Value
----------- ----------------------------
<S> <C>
277-103 $2,561,363.27
1513-002 $953,250.10
1725-002 $588,254.35
----------------------------
$4,102,867.72
a) DISCOUNTED CONTRACT BALANCES
OF ALL NON-PERFORMING CONTRACTS 4,102,867.72
b) ADCB OF POOL A AT CLOSING DATE $251,182,193.26
c) (CANNOT EXCEED 10% OVER THE LIFE OF
THE POOL) 1.63%
</TABLE>
<TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<S> <C> <C> <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
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> <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%
</TABLE>
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (> 180 DAYS), THE SERVICER
HAS DECLINED TO ADVANCE OR A BANKRUPTCY PETITION HAS BEEN FILED.
<TABLE>
<S> <C> <C> <C>
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
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<CAPTION>
CONTRACTS DELINQUENT > 90 DAYS
<S> <C>
This Month 3,925,585.25
1 Month Prior 4,954,632.17
2 Months Prior 3,805,302.90
Total 12,685,520.32
</TABLE>
<TABLE>
<CAPTION>
TOTAL OUTSTANDING CONTRACTS
<S> <C>
This Month 208,293,582.20
1 Month Prior 213,028,709.58
2 Months Prior 216,945,821.14
Total 638,268,112.92
</TABLE>
A) 3 MONTH AVERAGE 4,228,506.77
B) 3 MONTH AVERAGE 212,756,037.64
c) a/b 1.99%
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
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
<S> <C> <C>
31 - 60 2,292,985.48 27
61 - 90 2,769,021.81 10
91 - 180 3,925,585.25 17
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
<PAGE> 1
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
<TABLE>
<CAPTION>
I. RECONCILIATION OF COLLECTION ACCOUNT:
<S> <C>
End of Period Collection Account Balance as of Prior Payment Date: 716,220.95
Available Funds:
Contract Payments due and received in this period 4,516,598.80
Contract Payments due in prior period(s) and received in this period 382,826.77
Contract Payments received in this period for next period 122,505.70
Sales, Use and Property Tax, Maintenance, Late Charges 95,127.93
Prepayment Amounts related to early termination in this period 144,640.20
Servicer Advance 618,387.26
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 13,072.04
Interest earned on Collection Account 22,396.42
Interest earned on Affiliated Account 1,609.37
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 6,633,385.44
Less: Amounts to be Retained in Collection Account 482,364.42
------------
AMOUNT TO BE DISTRIBUTED 6,151,021.02
============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 382,826.77
3. To Noteholders (For Servicer Report immediately following the Final
Additional Closing Date)
a) Class A1 Principal and Interest 3,608,605.36
a) Class A2 Principal (distributed after A1 Note matures) and Interest 229,891.90
a) Class A3 Principal (distributed after A2 Note matures) 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 83,017.97
c) Class C Principal and Interest 167,140.23
d) Class D Principal and Interest 114,595.70
e) Class E Principal and Interest 156,608.70
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) 96,123.18
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 120,998.64
c) Reserve Account Distribution (Provided no Restricting or
Amortization Event in effect) 13,072.04
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned
and Any Other Amounts 119,133.72
7. To Servicer, Servicing Fee and other Servicing Compensations 92,533.84
-------------
TOTAL FUNDS DISTRIBUTED 6,151,021.02
=============
End of Period Collection Account Balance {Includes Payments in Advance & Restricting -------------
Event Funds (if any)} 482,364.42
=============
II. RESERVE ACCOUNT
Beginning Balance $2,702,437.25
- Add Investment Earnings 13,072.04
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 13,072.04
-------------
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 MAY 15, 1999
<TABLE>
<CAPTION>
III. CLASS A NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 170,236,767.97
Pool B 46,908,819.22
--------------
217,145,587.19
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 984,419.60
Class A Monthly Interest - Pool B 271,257.27
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,634,637.52
Class A Monthly Principal - Pool B 914,655.84
--------------
3,549,293.36
Ending Principal Balance of the Class A Notes
Pool A 167,602,130.45
Pool B 45,994,163.38
-------------- --------------
213,596,293.83
==============
</TABLE>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $237,814,000 Original Face $237,814,000 Balance Factor
$ 5.280080 $ 14.924661 89.816535%
<TABLE>
<CAPTION>
IV. CLASS A NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 10,814,587.19
Class A2 42,182,000.00
Class A3 65,098,000.00
Class A4 99,051,000.00
-------------
Class A Monthly Interest 217,145,587.19
Class A1 (Actual Number Days/360) 59,312.00
Class A2 229,891.90
Class A3 370,516.11
Class A4 595,956.85
-------------
Class A Monthly Principal
Class A1 3,549,293.36
Class A2 0.00
Class A3 0.00
Class A4 0.00
-------------
3,549,293.36
Ending Principal Balance of the Class A2 Notes
Class A1 7,265,293.83
Class A2 42,182,000.00
Class A3 65,098,000.00
Class A4 99,051,000.00
------------- --------------
213,596,293.83
==============
</TABLE>
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
$ 1.883937 $ 112.736822 23.076879%
<PAGE> 3
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
<TABLE>
<CAPTION>
V. CLASS B NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,902,038.21
Pool B 799,659.29
------------
3,701,697.50
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 17,654.07
Class B Monthly Interest - Pool B 4,864.59
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 44,908.59
Class B Monthly Principal - Pool B 15,590.72
------------
60,499.31
Ending Principal Balance of the Class B Notes
Pool A 2,857,129.62
Pool B 784,068.57
------------ ------------
3,641,198.19
============
</TABLE>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,054,000 Original Face $4,054,000 Balance Factor
$ 5.554677 $ 14.923362 89.817420%
<TABLE>
<CAPTION>
VI. CLASS C NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class C Notes
Pool A 5,803,295.43
Pool B 1,599,099.59
------------
7,402,395.02
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 36,173.87
Class C Monthly Interest - Pool B 9,967.72
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 89,817.19
Class C Monthly Principal - Pool B 31,181.45
------------
120,998.64
Ending Principal Balance of the Class C Notes
Pool A 5,713,478.24
Pool B 1,567,918.14
------------ ------------
7,281,396.38
============
</TABLE>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $8,107,000 Original Face $8,107,000 Balance Factor
$ 5.691574 $ 14.925205 89.816164%
<PAGE> 4
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
<TABLE>
<CAPTION>
VII. CLASS D NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,869,123.96
Pool B 1,066,139.40
------------
4,935,263.36
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 26,600.23
Class D Monthly Interest - Pool B 7,329.71
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 59,878.13
Class D Monthly Principal - Pool B 20,787.63
------------
80,665.76
Ending Principal Balance of the Class D Notes
Pool A 3,809,245.83
Pool B 1,045,351.77
------------ ------------
4,854,597.60
============
</TABLE>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,405,000 Original Face $5,405,000 Balance Factor
$ 6.277510 $ 14.924285 89.816792%
<TABLE>
<CAPTION>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 4,836,209.69
Pool B 1,332,619.49
------------
6,168,829.18
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 43,727.40
Class E Monthly Interest - Pool B 12,049.10
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 74,847.66
Class E Monthly Principal - Pool B 25,984.54
------------
100,832.20
Ending Principal Balance of the Class E Notes
Pool A 4,761,362.03
Pool B 1,306,634.95
------------ ------------
6,067,996.98
============
</TABLE>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,756,000 Original Face $6,756,000 Balance Factor
$ 8.255847 $ 14.924837 89.816415%
<PAGE> 5
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
<TABLE>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
Pool A 5,803,861.43
Pool B 1,599,258.29
------------
7,403,119.72
Residual Interest - Pool A 75,358.15
Residual Interest - Pool B 20,765.03
Residual Principal - Pool A 89,817.19
Residual Principal - Pool B 31,181.45
------------
120,998.64
Ending Residual Principal Balance
Pool A 5,714,044.24
Pool B 1,568,076.84
------------ ------------
7,282,121.08
============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 92,533.84
- Servicer Advances reimbursement 382,826.77
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 119,133.72
------------
Total amounts due to Servicer 594,494.33
============
</TABLE>
<PAGE> 6
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
<TABLE>
<S> <C> <C>
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
POOL A
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 193,451,296.68
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,993,906.28
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
--------------
ending of the related Collection Period 190,457,390.40
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,925,978.24
- Principal portion of Prepayment Amounts 67,928.04
- Principal portion of Contracts repurchased under Indenture Agreement Section 4.02 0.00
- Aggregate Discounted Contract Balance of Contracts that have become Defaulted
Contracts during the Collection Period 0.00
- Aggregate Discounted Contract Balance of Substitute Contracts added during
Collection Period 0.00
- Aggregate Discounted Contract Balance of Predecessor Contracts withdrawn
during Collection Period 0.00
------------
Total Decline in Aggregate Discounted Contract Balance 0.00
============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 53,305,595.27
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,039,381.63
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
--------------
ending of the related Collection Period 52,266,213.64
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 963,602.86
- Principal portion of Prepayment Amounts 75,778.77
- 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 242,723,604.04
==============
</TABLE>
<PAGE> 7
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
<TABLE>
<CAPTION>
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
POOL A Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------------------------------ -------------------------------- --------------- ---------------------------
<S> <C> <C> <C> <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 $0.00
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 $0.00
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
<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>
<PAGE> 8
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
<TABLE>
<CAPTION>
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) & GENERAL RIGHTS (POOL B)
POOL A - NON-PERFORMING Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------------------------------ ---------------------------- --------------- ---------------------------
<S> <C> <C> <C> <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 $0.00
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 - 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 $0.00
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.
<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>
<PAGE> 9
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MAY 15, 1999
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<S> <C> <C> <C>
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
This Month 1,335,354.18 This Month 242,723,604.04
1 Month Prior 1,413,437.58 1 Month Prior 246,756,891.95
2 Months Prior 641,144.30 2 Months Prior 250,517,046.69
Total 3,389,936.06 Total 739,997,542.68
a) 3 MONTH AVERAGE 1,129,978.69 b) 3 MONTH AVERAGE 246,665,847.56
c) a/b 0.46%
</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 Yes No X
occurred?
---- ----
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 6,171,901.48 42
61 - 90 28,304.71 2
91 - 180 1,335,354.18 20
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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