|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: ALASKA PACIFIC BANCSHARES INC, SC 13G, 2000-03-24 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1999-4 TRUST, 10-K, 2000-03-24 |
<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): FEBRUARY 29, 2000
-----------------------
DVI RECEIVABLES CORP. VIII
------------------------------------------------------
(Exact name of registrant as specified in its charter)
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)
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 January 31, 2000, payment date March 13, 2000
Exhibit 99.2 DVI Receivables X 1999-2 Servicer Report for month ending
January 31, 2000, payment date March 13, 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: March 24, 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 MARCH 13, 2000
<TABLE>
I. RECONCILIATION OF COLLECTION ACCOUNT:
<S> <C>
End of Period Collection Account Balance as of Prior Payment Date: 649,402.21
Available Funds:
Contract Payments due and received in this period 4,452,388.71
Contract Payments due in prior period(s) and received in this period 386,331.04
Contract Payments received in this period for next period 350,500.43
Sales, Use and Property Tax payments received 64,156.62
Prepayment Amounts related to early termination in this period 31,111.03
Servicer Advance 639,856.92
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 11,178.69
Interest earned on Collection Account 24,422.70
Interest earned on Affiliated Account 930.74
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 30,163.70
-------------
Total Available Funds 6,640,442.79
Less: Amounts to be Retained in Collection Account 789,663.41
-------------
AMOUNT TO BE DISTRIBUTED 5,850,779.38
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 386,331.04
3. To Noteholders (For Servicer Report immediately following the Final Additional Closing Date)
a) Class A1 Principal and Interest 3,571,155.68
a) Class A2 Principal (distributed after A1 Note matures) and Interest 195,000.00
a) Class A3 Principal (distributed after A2 Note mature) and Interest 325,520.00
a) Class A4 Principal (distributed after A3 Note matures) and Interest 219,862.50
a) Class A5 Principal (distributed after A4 Note mature) and Interest 234,054.83
b) Class B Principal and Interest 78,205.92
c) Class C Principal and Interest 158,047.23
d) Class D Principal and Interest 107,423.55
e) Class E Principal and Interest 145,367.82
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) 95,137.38
b) Residual Principal (Provided no Restricting or
Amortization Event in effect) 120,959.33
c) Reserve Account Distribution (Provided no
Restricting or Amortization Event in effect) 11,178.69
6. To Servicer, Tax, Maintenance, Late Charges and Bank
Interest Earned and Any Other Amounts 119,673.76
7. To Servicer, Servicing Fee and other Servicing Compensations 82,861.65
-------------
TOTAL FUNDS DISTRIBUTED 5,850,779.38
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance &
Restricting Event Funds (if any)} 789,663.41
=============
II. RESERVE ACCOUNT
Beginning Balance $2,511,821.93
- Add Investment Earnings 11,178.69
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 11,178.69
-------------
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 MARCH 13, 2000
<TABLE>
III. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
<S> <C> <C>
Pool A 158,119,444.03
Pool B 36,311,922.70
-----------------
194,431,366.73
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 821,081.99
Class A Monthly Interest - Pool B 188,560.41
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,666,084.23
Class A Monthly Principal - Pool B 869,866.38
-----------------
3,535,950.61
Ending Principal Balance of the Class A Notes
Pool A 155,453,359.80
Pool B 35,442,056.32
-----------------
---------------
190,895,416.12
===============
</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> <C>
$ 4.568104 $ 15.998329 86.370200%
</TABLE>
<TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 8,411,366.73
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 194,431,366.73
Class A1 (Actual Number Days/360) 35,205.07
Class A2 195,000.00
Class A3 325,520.00
Class A4 219,862.50
Class A5 234,054.83
---------------
Class A Monthly Principal
Class A1 3,535,950.61
Class A2 0.00
Class A3 0.00
Class A4 0.00
Class A5 0.00
---------------
3,535,950.61
Ending Principal Balance of the Class A2 Notes
Class A1 4,875,416.12
Class A2 40,000,000.00
Class A3 62,400,000.00
Class A4 41,000,000.00
Class A5 42,620,000.00
---------------
--------------
190,895,416.12
==============
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C>
$ 1.00586 $ 101.02716 13.929760%
</TABLE>
<PAGE> 3
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
V. CLASS B NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class B Notes
<S> <C> <C>
Pool A 2,695,672.62
Pool B 619,060.52
--------------
3,314,733.14
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 14,579.10
Class B Monthly Interest - Pool B 3,348.09
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 45,449.78
Class B Monthly Principal - Pool B 14,828.95
--------------
60,278.73
Ending Principal Balance of the Class B Notes
Pool A 2,650,222.84
Pool B 604,231.57
--------------
------------
3,254,454.41
============
</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> <C>
$ 4.757747 $ 15.997540 86.370871%
</TABLE>
<TABLE>
VI. CLASS C NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class C Notes
<S> <C> <C>
Pool A 5,392,146.01
Pool B 1,238,320.31
---------------
6,630,466.32
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 30,488.09
Class C Monthly Interest - Pool B 7,001.67
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 90,899.56
Class C Monthly Principal - Pool B 29,657.91
---------------
120,557.47
Ending Principal Balance of the Class C Notes
Pool A 5,301,246.45
Pool B 1,208,662.40
---------------
----------------
6,509,908.85
================
</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> <C>
$ 4.974096 $ 15.995419 86.372679%
</TABLE>
<PAGE> 4
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
VII. CLASS D NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class D Notes
<S> <C> <C>
Pool A 3,594,230.18
Pool B 825,414.02
-----------------
4,419,644.20
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 21,999.68
Class D Monthly Interest - Pool B 5,052.22
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 60,599.71
Class D Monthly Principal - Pool B 19,771.94
-----------------
80,371.65
Ending Principal Balance of the Class D Notes
Pool A 3,533,630.47
Pool B 805,642.08
-----------------
------------------
4,339,272.55
==================
</TABLE>
<TABLE>
<CAPTION>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,024,000 Original Face $5,024,000 Balance Factor
<S> <C> <C>
$ 5.384534 $ 15.997542 86.370871%
</TABLE>
<TABLE>
VIII. CLASS E NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class E Notes
<S> <C> <C>
Pool A 4,494,389.22
Pool B 1,032,166.05
---------------
5,526,555.27
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 36,516.91
Class E Monthly Interest - Pool B 8,386.35
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 75,749.64
Class E Monthly Principal - Pool B 24,714.92
---------------
100,464.56
Ending Principal Balance of the Class E Notes
Pool A 4,418,639.58
Pool B 1,007,451.13
---------------
-----------------
5,426,090.71
=================
</TABLE>
<TABLE>
<CAPTION>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,282,000 Original Face $6,282,000 Balance Factor
<S> <C> <C> <C>
$ 7.147924 $ 15.992448 86.375210%
</TABLE>
<PAGE> 5
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
<S> <C> <C>
Pool A 5,401,367.52
Pool B 1,240,270.25
--------------
6,641,637.77
Residual Interest - Pool A 77,370.35
Residual Interest - Pool B 17,767.03
Residual Principal - Pool A 91,202.56
Residual Principal - Pool B 29,756.77
--------------
120,959.33
Ending Residual Principal Balance
Pool A 5,310,164.96
Pool B 1,210,513.48
--------------
----------------
6,520,678.44
================
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 82,861.65
- Servicer Advances reimbursement 386,331.04
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 119,673.76
----------------
Total amounts due to Servicer 588,866.45
================
</TABLE>
<PAGE> 6
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
POOL A
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
<S> <C> <C>
beginning of the related Collection Period 179,697,249.62
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 3,029,985.50
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
---------------
ending of the related Collection Period 176,667,264.12
===============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,999,058.52
- Principal portion of Prepayment Amounts 30,926.98
- 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 3,029,985.50
===============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 41,267,153.87
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 988,596.85
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
---------------
ending of the related Collection Period 40,278,557.02
===============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 988,596.85
- 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 988,596.85
===============
---------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 216,945,821.14
===============
</TABLE>
<PAGE> 7
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<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>
2199-001 Regional Radiology, LLC $1,112,975.58 1881-001 $2,435,321.88
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 $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%
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>
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>
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>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES___ NO X
<PAGE> 8
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 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>
408-502 Western Kentucky Diagnostic $495,646.95 277-103 $2,561,363.27
1042-501 Pinnacle Imaging, Inc. $1,631,421.93 1513-002 $953,250.10
2375-001 Tuscarawas Ambulatory $1,286,730.05 1725-002 $588,254.35
1097-506 Advanced Healthcare Resources $675,567.93
Cash $13,500.87
------------- ---------------
Totals: $4,102,867.73 $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%
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>
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>
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
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
<PAGE> 9
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<CAPTION>
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
<S> <C> <C> <C>
This Month 3,805,302.90 This Month 216,945,821.14
1 Month Prior 1,179,412.46 1 Month Prior 220,964,403.49
2 Months Prior 5,174,379.50 2 Months Prior 227,179,034.96
Total 10,159,094.86 Total 665,089,259.59
A) 3 MONTH AVERAGE 3,386,364.95 B) 3 MONTH AVERAGE 221,696,419.86
c) a/b 1.53%
</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 $ 251,182,193.26
</TABLE>
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C> <C>
31 - 60 5,300,867.19 48
61 - 90 2,779,449.91 17
91 - 180 3,805,302.90 18
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
<PAGE> 1
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
<CAPTION>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 420,668.74
Available Funds:
Contract Payments due and received in this period 4,631,937.20
Contract Payments due in prior period(s) and received in this period 512,099.33
Contract Payments received in this period for next period 564,241.42
Sales, Use and Property Tax, Maintenance, Late Charges 139,820.63
Prepayment Amounts related to early termination in this period 52,680.25
Servicer Advance 414,640.95
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 12,015.18
Interest earned on Collection Account 19,371.27
Interest earned on Affiliated Account 2,256.72
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 6,769,731.69
Less: Amounts to be Retained in Collection Account 884,400.77
============
AMOUNT TO BE DISTRIBUTED 5,885,330.92
============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 512,099.33
3. To Noteholders (For Servicer Report immediately following the
Final Additional Closing Date)
a) Class A1 Principal and Interest 3,205,157.05
a) Class A2 Principal (distributed after A1 Note matures) and Interest 229,891.90
a) Class A3 Principal (distributed after A2 Note mature) and Interest 370,516.12
a) Class A4 Principal (distributed after A3 Note matures) and Interest 595,956.85
b) Class B Principal and Interest 76,408.20
c) Class C Principal and Interest 153,953.56
d) Class D Principal and Interest 105,898.37
e) Class E Principal and Interest 146,132.92
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) 114,133.05
b) Residual Principal (Provided no Restricting or Amortization
Event in effect) 106,445.31
c) Reserve Account Distribution (Provided no Restricting or
Amortization Event in effect) 12,015.18
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest
Earned and Any Other Amounts 161,448.62
7. To Servicer, Servicing Fee and other Servicing Compensations 95,274.46
============
TOTAL FUNDS DISTRIBUTED 5,885,330.92
============
============
End of Period Collection Account Balance {Includes Payments in Advance & Restricting
Event Funds (if any)} 884,400.77
============
II. RESERVE ACCOUNT
Beginning Balance $2,702,437.25
- Add Investment Earnings 12,015.18
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 12,015.18
=============
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 MARCH 13, 2000
III. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
Beginning Principal Balance of the Class A Notes
<S> <C> <C>
Pool A 174,846,768.51
Pool B 48,730,150.65
--------------
223,576,919.16
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 1,000,331.64
Class A Monthly Interest - Pool B 278,794.48
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,292,669.61
Class A Monthly Principal - Pool B 829,726.19
--------------
3,122,395.80
Ending Principal Balance of the Class A Notes
Pool A 172,554,098.90
Pool B 47,900,424.46
-------------- --------------
220,454,523.36
==============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $237,814,000 Original Face $237,814,000 Balance Factor
$ 5.378683 $ 13.129571 92.700398%
</TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 17,245,919.16
Class A2 42,182,000.00
Class A3 65,098,000.00
Class A4 99,051,000.00
--------------
Class A Monthly Interest 223,576,919.16
Class A1 (Actual Number Days/360) 82,761.25
Class A2 229,891.90
Class A3 370,516.12
Class A4 595,956.85
--------------
Class A Monthly Principal
Class A1 3,122,395.80
Class A2 0.00
Class A3 0.00
Class A4 0.00
--------------
3,122,395.80
Ending Principal Balance of the Class A2 Notes
Class A1 14,123,523.36
Class A2 42,182,000.00
Class A3 65,098,000.00
Class A4 99,051,000.00
-------------- --------------
220,454,523.36
==============
</TABLE>
<TABLE>
<CAPTION>
Class A1
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $31,483,000 Original Face $31,483,000 Balance Factor
$ 2.628760 $ 99.177200 44.860793%
</TABLE>
<PAGE> 3
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
<CAPTION>
V. CLASS B NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,980,617.77
Pool B 830,704.71
------------
3,811,322.48
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 18,132.09
Class B Monthly Interest - Pool B 5,053.45
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 39,079.60
Class B Monthly Principal - Pool B 14,143.06
------------
53,222.66
Ending Principal Balance of the Class B Notes
Pool A 2,941,538.17
Pool B 816,561.65
------------ ------------
3,758,099.82
============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,054,000 Original Face $4,054,000 Balance Factor
$ 5.719176 $ 13.128431 92.701032%
</TABLE>
<TABLE>
<CAPTION>
VI. CLASS C NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class C Notes
Pool A 5,960,454.54
Pool B 1,661,190.43
------------
7,621,644.97
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 37,153.50
Class C Monthly Interest - Pool B 10,354.75
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 78,159.19
Class C Monthly Principal - Pool B 28,286.12
------------
106,445.31
Ending Principal Balance of the Class C Notes
Pool A 5,882,295.35
Pool B 1,632,904.31
------------ ------------
7,515,199.66
============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $8,107,000 Original Face $8,107,000 Balance Factor
$ 5.860152 $ 13.130049 92.700131%
</TABLE>
<PAGE> 4
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
<CAPTION>
VII. CLASS D NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,973,896.70
Pool B 1,107,533.29
------------
5,081,429.99
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 27,320.54
Class D Monthly Interest - Pool B 7,614.29
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 52,106.13
Class D Monthly Principal - Pool B 18,857.41
------------
70,963.54
Ending Principal Balance of the Class D Notes
Pool A 3,921,790.57
Pool B 1,088,675.88
------------ ------------
5,010,466.45
============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,405,000 Original Face $5,405,000 Balance Factor
$ 6.463428 $ 13.129240 92.700582%
</TABLE>
<TABLE>
<CAPTION>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 4,967,175.61
Pool B 1,384,361.86
------------
6,351,537.47
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 44,911.55
Class E Monthly Interest - Pool B 12,516.94
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 65,132.66
Class E Monthly Principal - Pool B 23,571.77
------------
88,704.43
Ending Principal Balance of the Class E Notes
Pool A 4,902,042.95
Pool B 1,360,790.09
------------ ------------
6,262,833.04
============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,756,000 Original Face $6,756,000 Balance Factor
$ 8.500369 $ 13.129726 92.700311%
</TABLE>
<PAGE> 5
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
<TABLE>
<CAPTION>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
<S> <C> <C>
Beginning Residual Principal Balance
Pool A 5,961,020.54
Pool B 1,661,349.13
------------
7,622,369.67
Residual Interest - Pool A 89,567.05
Residual Interest - Pool B 24,566.00
Residual Principal - Pool A 78,159.19
Residual Principal - Pool B 28,286.12
------------
106,445.31
Ending Residual Principal Balance
Pool A 5,882,861.35
Pool B 1,633,063.01
============ ------------
7,515,924.36
============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 95,274.46
- Servicer Advances reimbursement 512,099.33
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 161,448.62
------------
Total amounts due to Servicer 768,822.41
============
</TABLE>
<PAGE> 6
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
XI. Aggregate Discounted Contract Balance
<TABLE>
<CAPTION>
POOL A
<S> <C> <C>
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 198,689,933.66
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,605,306.38
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period
--------------
196,084,627.28
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,538,363.26
- Principal portion of Prepayment Amounts 66,943.12
- 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 55,375,290.07
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 942,870.66
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period
--------------
54,432,419.41
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 942,870.66
- 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 0.00
==============
--------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 250,517,046.69
==============
</TABLE>
<PAGE> 7
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
XII. CUMULATIVE DETAIL OF DEFAULTED CONTRACTS*
<TABLE>
<CAPTION>
<S> <C> <C>
POOL A
Discounted
Lease # Lessee Name Present Value Residual Value
- ---------------------------------- ---------------- ----------------
NONE $0.00
----------------- ----------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
POOL B
Discounted
Lease # Lessee Name Present Value Residual Value
- ---------------------------------- ---------------- ----------------
NONE $0.00
----------------- ----------------
Totals: $0.00 $0.00
</TABLE>
a) DISCOUNTED CONTRACT BALANCES OF ALL DEFAULTED CONTRACTS 0
b) ADCB AT CLOSING DATE 0
c) (CANNOT EXCEED 6% OVER THE LIFE OF THE POOL) 0%
* ANY CONTRACT PAYMENT (OR PORTION THEREOF) DELINQUENT > 180 DAYS,
THE SERVICER HAS DECLINED TO ADVANCE, OR THE OBLIGOR HAS REJECTED THE
CONTRACT/LEASE IN BANKRUPTCY PROCEEDING.
<PAGE> 8
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<TABLE>
<CAPTION>
POOL A
<S> <C> <C> <C>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
- ---------------------------------- ---------------- --------------------- ----------------
NONE
----------------- ----------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
<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>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<CAPTION>
<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) greater than (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>
<S> <C> <C> <C>
POOL B Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
- ---------------------------------- ---------------- --------------------- ----------------
NONE
----------------- ----------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
<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 UNLESS RATING AGENCY APPROVES) 0.00%
</TABLE>
* ANY CONTRACT DELINQUENT greater than 60 DAYS OR HAS DEFAULTED (greater
than 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) greater than (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 MARCH 13, 2000
XIV.CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) &
GENERAL RIGHTS (POOL B)
<TABLE>
<CAPTION>
POOL A - NON-PERFORMING
<S> <C> <C> <C>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
- ---------------------------------- ---------------- --------------------- ----------------
NONE
----------------- ----------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
<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) greater than (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
<S> <C> <C> <C>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
- ---------------------------------- ---------------- --------------------- ----------------
NONE
----------------- ----------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
<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 greater than 60 DAYS OR HAS DEFAULTED (greater
than 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) greater than (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> 10
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE MARCH 13, 2000
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<CAPTION>
CONTRACTS DELINQUENT greater than 90 DAYS TOTAL OUTSTANDING CONTRACTS
<S> <C> <C> <C>
This Month 641,144.30 This Month 250,517,046.69
1 Month Prior 669,376.71 1 Month Prior 254,065,223.73
2 Months Prior 339,342.95 2 Months Prior 257,463,977.99
Total 1,649,863.96 Total 762,046,248.41
a) 3 MONTH AVERAGE 549,954.65 b) 3 MONTH AVERAGE 254,015,416.14
c) a/b 0.22%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
2. Does a Delinquency Condition Exist (1c greater than 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 greater than 8% ? Yes No X
----------- ----------
B. Bankruptcy, insolvency, reorganization; default/violation
of any covenant or obligation not remedied within 90 days? Yes No X
----------- ----------
C. As of any Determination date, the sum of all defaulted
contracts since the Closing date exceeds 6% of the ADCB on
the Closing Date? Yes No X
----------- ----------
</TABLE>
6. Aggregate Discounted Contract Balance at Closing Date Balance $ -
--------
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C>
31 - 60 8,056,565.96 63
61 - 90 1,239,989.00 16
91 - 180 641,144.30 23
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
|
|