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Previous: DVI RECEIVABLES CORP VIII, 8-K, EX-99.1, 2000-08-25 |
Next: DVI RECEIVABLES CORP VIII, 8-K, EX-99.3, 2000-08-25 |
<PAGE> 1
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 2000
I. RECONCILIATION OF COLLECTION ACCOUNT:
<TABLE>
<S> <C>
End of Period Collection Account Balance as of Prior Payment Date: 623,550.38
Available Funds:
Contract Payments due and received in this period 5,001,534.67
Contract Payments due in prior period(s) and received in this period 461,824.12
Contract Payments received in this period for next period 156,422.35
Sales, Use and Property Tax, Maintenance, Late Charges 118,828.30
Prepayment Amounts related to early termination in this period 1,384,183.37
Servicer Advance 417,465.02
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 14,631.43
Interest earned on Collection Account 24,037.29
Interest earned on Affiliated Account 1,514.06
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 8,203,990.99
Less: Amounts to be Retained in Collection Account 622,230.77
--------------
AMOUNT TO BE DISTRIBUTED 7,581,760.22
==============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 461,824.12
3. To Noteholders (For Servicer Report immediately following the Final Additional Closing Date)
a) Class A1 Principal and Interest 0.00
a) Class A2 Principal (distributed after A1 Note matures) and Interest 5,016,341.63
a) Class A3 Principal (distributed after A2 Note matures) and Interest 370,516.11
a) Class A4 Principal (distributed after A3 Note matures) and Interest 595,956.85
b) Class B Principal and Interest 102,974.45
c) Class C Principal and Interest 206,993.11
d) Class D Principal and Interest 140,993.03
e) Class E Principal and Interest 188,882.52
4. To Reserve Account for Requirement per Indenture Agreement Section 3.08 0.00
5. To Issuer - Residual Principal and Interest and Reserve Account Distribution
a) Residual Interest (Provided no Restricting or Amortization Event in effect) 87,390.77
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 163,346.98
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 14,631.43
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 144,379.65
7. To Servicer, Servicing Fee and other Servicing Compensations 87,529.57
--------------
TOTAL FUNDS DISTRIBUTED 7,581,760.22
==============
--------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 622,230.77
==============
</TABLE>
II. RESERVE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance $ 2,702,437.25
- Add Investment Earnings 14,631.43
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 14,631.43
--------------
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 AUGUST 14, 2000
III. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 161,249,695.32
Pool B 44,152,549.20
----------------
205,402,244.52
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 935,224.78
Class A Monthly Interest - Pool B 256,078.36
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 3,728,071.51
Class A Monthly Principal - Pool B 1,063,439.94
----------------
4,791,511.45
Ending Principal Balance of the Class A Notes
Pool A 157,521,623.81
Pool B 43,089,109.26
----------------
----------------
200,610,733.07
================
----------------------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $237,814,000 Original Face $237,814,000 Balance Factor
$ 5.009390 $ 20.148147 84.356149%
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 0.00
Class A2 41,253,244.52
Class A3 65,098,000.00
Class A4 99,051,000.00
----------------
Class A Monthly Interest 205,402,244.52
Class A1 (Actual Number Days/360) 0.00
Class A2 224,830.18
Class A3 370,516.11
Class A4 595,956.85
----------------
Class A Monthly Principal
Class A1 0.00
Class A2 4,791,511.45
Class A3 0.00
Class A4 0.00
----------------
4,791,511.45
Ending Principal Balance of the Class A Notes
Class A1 0.00
Class A2 36,461,733.07
Class A3 65,098,000.00
Class A4 99,051,000.00
----------------
----------------
200,610,733.07
================
Class A2
----------------------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $42,182,000 Original Face $42,182,000 Balance Factor
$ 5.330003 $ 113.591377 86.439081%
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 2000
V. CLASS B NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,748,849.48
Pool B 752,677.42
--------------
3,501,526.90
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 16,722.17
Class B Monthly Interest - Pool B 4,578.79
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 63,546.67
Class B Monthly Principal - Pool B 18,126.82
--------------
81,673.49
Ending Principal Balance of the Class B Notes
Pool A 2,685,302.81
Pool B 734,550.60
--------------
==============
3,419,853.41
==============
-------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,054,000 Original Face $4,054,000 Balance Factor
$ 5.254307 $ 20.146396 84.357509%
-------------------------------------------------------------------------------------------------------
</TABLE>
VI. CLASS C NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class C Notes
Pool A 5,496,917.95
Pool B 1,505,135.84
--------------
7,002,053.79
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 34,264.12
Class C Monthly Interest - Pool B 9,382.01
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 127,093.35
Class C Monthly Principal - Pool B 36,253.63
--------------
163,346.98
Ending Principal Balance of the Class C Notes
Pool A 5,369,824.60
Pool B 1,468,882.21
--------------
==============
6,838,706.81
==============
-------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $8,107,000 Original Face $8,107,000 Balance Factor
$ 5.383758 $ 20.148881 84.355579%
-------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 2000
VII. CLASS D NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,664,872.30
Pool B 1,003,496.90
--------------
4,668,369.20
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 25,196.00
Class D Monthly Interest - Pool B 6,899.04
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 84,728.90
Class D Monthly Principal - Pool B 24,169.09
--------------
108,897.99
Ending Principal Balance of the Class D Notes
Pool A 3,580,143.40
Pool B 979,327.81
--------------
==============
4,559,471.21
==============
---------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,405,000 Original Face $5,405,000 Balance Factor
$ 5.938028 $ 20.147639 84.356544%
---------------------------------------------------------------------------------------------------------
</TABLE>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 4,580,895.13
Pool B 1,254,316.36
--------------
5,835,211.49
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 41,418.93
Class E Monthly Interest - Pool B 11,341.11
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 105,911.12
Class E Monthly Principal - Pool B 30,211.36
--------------
136,122.48
Ending Principal Balance of the Class E Notes
Pool A 4,474,984.01
Pool B 1,224,105.00
--------------
==============
5,699,089.01
==============
---------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,756,000 Original Face $6,756,000 Balance Factor
7.809361 $ 20.148384 84.355965%
---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 2000
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Residual Principal Balance
Pool A 5,497,483.95
Pool B 1,505,294.54
--------------
7,002,778.49
Residual Interest - Pool A 68,605.60
Residual Interest - Pool B 18,785.17
Residual Principal - Pool A 127,093.35
Residual Principal - Pool B 36,253.63
--------------
163,346.98
Ending Residual Principal Balance
Pool A 5,370,390.60
Pool B 1,469,040.91
--------------
--------------
6,839,431.51
==============
</TABLE>
X. PAYMENT TO SERVICER
<TABLE>
<S> <C> <C>
- Collection period Servicer Fee 87,529.57
- Servicer Advances reimbursement 461,824.12
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 144,379.65
--------------
Total amounts due to Servicer 693,733.34
==============
</TABLE>
<PAGE> 6
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 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 183,238,714.12
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 4,236,444.90
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ----------------
ending of the related Collection Period 179,002,269.22
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 3,028,070.10
- Principal portion of Prepayment Amounts 1,208,374.80
- 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 4,236,444.90
==============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 50,173,470.24
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,208,454.48
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ----------------
ending of the related Collection Period 48,965,015.76
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,041,578.24
- Principal portion of Prepayment Amounts 166,876.24
- 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 1,208,454.48
==============
----------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 227,967,284.98
================
</TABLE>
<PAGE> 7
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 2000
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<TABLE>
<CAPTION>
POOL A Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------------------------------------------------- --------------- -------------- ------------------
<S> <C> <C> <C> <C>
NONE
--------------- ------------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL A AT CLOSING DATE $211,061,551.13
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<S> <C>
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per Contribution & Servicing Agreement Section 7.02 $0.00
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
----- -----
<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
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL B AT CLOSING DATE $59,182,173.57
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL UNLESS
RATING AGENCY APPROVES) 0.00%
</TABLE>
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (>180 DAYS), THE
SERVICER HAS FAILED TO ADVANCE, OR A BANKRUPTCY PETITION HAS BEEN FILED
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<S> <C>
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per Contribution & Servicing Agreement Section 7.02 $0.00
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
----- -----
<PAGE> 8
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 2000
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) &
GENERAL RIGHTS (POOL B)
<TABLE>
<CAPTION>
POOL A - NON-PERFORMING Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
-------------------------------------------------------- ---------------- -------------- -----------------
<S> <C> <C> <C> <C>
None
---------------- -----------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL NON-PERFORMING CONTRACTS 0.00
b) ADCB OF POOL A AT CLOSING DATE $211,061,551.13
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<S> <C>
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per Contribution & Servicing Agreement Section 7.02 $0.00
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
----- -----
<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
a) DISCOUNTED CONTRACT BALANCES OF ALL CONTRACTS SUBSTITUTED $0.00
b) ADCB OF POOL B AT CLOSING DATE $59,182,173.57
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (> 180 DAYS), THE
SERVICER HAS DECLINED TO ADVANCE OR A BANKRUPTCY PETITION HAS BEEN FILED.
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<S> <C>
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per Contribution & Servicing Agreement Section 7.02 $0.00
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
----- -----
<PAGE> 9
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE AUGUST 14, 2000
XV. POOL PERFORMANCE MEASUREMENTS
<TABLE>
<CAPTION>
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<S> <C> <C> <C>
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
This Month 653,418.41 This Month 227,967,284.98
1 Month Prior 1,095,970.61 1 Month Prior 233,412,184.36
2 Months Prior 1,250,202.28 2 Months Prior 238,008,142.74
Total 2,999,591.30 Total 699,387,612.08
a) 3 MONTH AVERAGE 999,863.77 b) 3 MONTH AVERAGE 233,129,204.03
c) a/b 0.43%
</TABLE>
<TABLE>
<S> <C> <C>
2. Does a Delinquency Condition Exist (1c > 6% )?
Yes No X
----------------- -----------------
3. Restricting Event Check
A. A Delinquency Condition exists for current period? Yes No X
----------------- -----------------
B. An Indenture Event of Default has occurred and is then continuing? Yes No X
----------------- -----------------
4. Has a Servicer Event of Default occurred? Yes No X
----------------- -----------------
5. Amortization Event Check
A. Is 1c > 8% ? Yes No X
----------------- -----------------
B. Bankruptcy, insolvency, reorganization; default/violation of any covenant
or obligation not remedied within 90 days? Yes No X
----------------- -----------------
C. As of any Determination date, the sum of all defaulted contracts since the
Closing date exceeds 6% of the ADCB on the Closing Date? Yes No X
----------------- -----------------
6. Aggregate Discounted Contract Balance at Closing Date Balance $270,243,724.70
-----------------
</TABLE>
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C>
31 - 60 13,578,544.63 44
61 - 90 2,017,435.37 9
91 - 180 653,418.41 11
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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