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Previous: TXON INTERNATIONAL DEVELOPMENT CORP, 10QSB, 2000-04-19 |
Next: NORTHERN CROSS INVESTMENTS LTD, 13F-HR/A, 2000-04-19 |
<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): MARCH 31, 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 March 31, 2000, payment date April 13, 2000
Exhibit 99.2 DVI Receivables X 1999-2 Servicer Report for month ending
March 31, 2000, payment date April 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: April 18, 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 APRIL 13, 2000
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 789,663.41
Available Funds:
Contract Payments due and received in this period 4,634,259.49
Contract Payments due in prior period(s) and received in this period 603,835.29
Contract Payments received in this period for next period 238,799.76
Sales, Use and Property Tax payments received 65,377.32
Prepayment Amounts related to early termination in this period 70,282.57
Servicer Advance 307,489.63
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 11,951.11
Interest earned on Collection Account 22,673.15
Interest earned on Affiliated Account 1,197.69
Proceeds from repurchase of Contracts per Contribution and
Servicing Agreement Section 5.03 0.00
Amounts paid per Contribution and Servicing Agreement Section 7.01
(Substituted contract < Predecessor contract) 0.00
Amounts paid under insurance policies 0.00
Maintenance, Late Charges and any other amounts 106,015.85
-------------
Total Available Funds 6,851,545.27
Less: Amounts to be Retained in Collection Account 756,252.10
-------------
AMOUNT TO BE DISTRIBUTED 6,095,293.17
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 603,835.29
3. To Noteholders (For Servicer Report immediately following the Final Additional
Closing Date)
a) Class A1 Principal and Interest 3,469,258.43
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 76,357.85
c) Class C Principal and Interest 154,321.46
d) Class D Principal and Interest 104,902.19
e) Class E Principal and Interest 142,014.78
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) 163,690.98
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 117,905.06
c) Reserve Account Distribution (Provided no Restricting or Amortization
Event in effect) 11,951.11
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any
Other Amounts 195,264.01
7. To Servicer, Servicing Fee and other Servicing Compensations 81,354.68
-------------
TOTAL FUNDS DISTRIBUTED 6,095,293.17
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event
Funds (if any)} 756,252.10
=============
II. RESERVE ACCOUNT
Beginning Balance $2,511,821.93
- Add Investment Earnings 11,951.11
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 11,951.11
-------------
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 APRIL 13, 2000
<TABLE>
III. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
<S> <C> <C>
Pool A 155,453,359.80
Pool B 35,442,056.32
---------------
190,895,416.12
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 811,918.66
Class A Monthly Interest - Pool B 185,110.64
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,680,708.25
Class A Monthly Principal - Pool B 765,958.21
---------------
3,446,666.46
Ending Principal Balance of the Class A Notes
Pool A 152,772,651.55
Pool B 34,676,098.11
---------------
187,448,749.66
==============
</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>
$ 4.511037 $ 15.594365 84.810764%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
<S> <C> <C>
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
----------------
Class A Monthly Interest 190,895,416.12
Class A1 (Actual Number Days/360) 22,591.97
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 3,446,666.46
Class A2 0.00
Class A3 0.00
Class A4 0.00
Class A5 0.00
----------------
3,446,666.46
Ending Principal Balance of the Class A2 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
----------------
--------------
187,448,749.66
==============
</TABLE>
Class A1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $35,000,000 Original Face $35,000,000 Balance Factor
<S> <C> <C>
$ 0.64548 $ 98.47618 4.082142%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 2000
<TABLE>
V. CLASS B NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class B Notes
<S> <C> <C>
Pool A 2,650,222.84
Pool B 604,231.57
------------
3,254,454.41
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 14,333.29
Class B Monthly Interest - Pool B 3,267.89
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 45,699.08
Class B Monthly Principal - Pool B 13,057.59
------------
58,756.67
Ending Principal Balance of the Class B Notes
Pool A 2,604,523.76
Pool B 591,173.98
------------
------------
3,195,697.74
============
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
<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
$ 4.671226 $ 15.593596 84.811511%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
VI. CLASS C NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class C Notes
<S> <C> <C>
Pool A 5,301,246.45
Pool B 1,208,662.40
------------
6,509,908.85
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 29,974.13
Class C Monthly Interest - Pool B 6,833.98
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 91,398.17
Class C Monthly Principal - Pool B 26,115.18
------------
117,513.35
Ending Principal Balance of the Class C Notes
Pool A 5,209,848.28
Pool B 1,182,547.22
------------
------------
6,392,395.50
============
</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>
$ 4.883655 $ 15.591528 84.813527%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 2000
<TABLE>
VII. CLASS D NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class D Notes
<S> <C> <C>
Pool A 3,533,630.47
Pool B 805,642.08
------------
4,339,272.55
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 21,628.76
Class D Monthly Interest - Pool B 4,931.20
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 60,932.11
Class D Monthly Principal - Pool B 17,410.12
------------
78,342.23
Ending Principal Balance of the Class D Notes
Pool A 3,472,698.36
Pool B 788,231.96
------------
------------
4,260,930.32
============
</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>
$ 5.286616 $ 15.593597 84.811511%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
VIII. CLASS E NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class E Notes
<S> <C> <C>
Pool A 4,418,639.58
Pool B 1,007,451.13
------------
5,426,090.71
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 35,901.45
Class E Monthly Interest - Pool B 8,185.54
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 76,165.14
Class E Monthly Principal - Pool B 21,762.65
------------
97,927.79
Ending Principal Balance of the Class E Notes
Pool A 4,342,474.44
Pool B 985,688.48
------------
------------
5,328,162.92
============
</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>
$ 7.017986 $ 15.588633 84.816347%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 2000
<TABLE>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
<S> <C> <C>
Pool A 5,310,164.96
Pool B 1,210,513.48
------------
6,520,678.44
Residual Interest - Pool A 147,417.67
Residual Interest - Pool B 16,273.31
Residual Principal - Pool A 91,702.83
Residual Principal - Pool B 26,202.23
------------
117,905.06
Ending Residual Principal Balance
Pool A 5,218,462.13
Pool B 1,184,311.25
------------
------------
6,402,773.38
============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 81,354.68
- Servicer Advances reimbursement 603,835.29
- Tax, Maintenance, Late Charges,
Bank Interest and other amounts 195,264.01
------------
Total amounts due to Servicer 880,453.98
============
</TABLE>
<PAGE> 6
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 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 176,667,264.12
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 3,046,605.58
==============
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period 173,620,658.54
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,976,738.80
- Principal portion of Prepayment Amounts 69,866.78
- 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 3,046,605.58
=============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 40,278,557.02
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 870,505.98
--------------
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period 39,408,051.04
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 870,505.98
- 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 870,505.98
=============
--------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 213,028,709.58
==============
</TABLE>
<PAGE> 7
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 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>
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
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>
NONE
-------------- ---------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL B AT CLOSING DATE $ 50,047,123.17
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL UNLESS
RATING AGENCY APPROVES) 0.00%
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (>180
DAYS), THE SERVICER HAS FAILED TO ADVANCE, OR A
BANKRUPTCY PETITION HAS BEEN FILED
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
</TABLE>
<PAGE> 8
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 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
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>
None
------------------------- ----------------------
Totals: $0.00 $0.00
a) DISCOUNTED CONTRACT BALANCES OF ALL CONTRACTS SUBSTITUTED $0.00
b) ADCB OF POOL B AT CLOSING DATE $50,047,123.17
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
* ANY CONTRACT DELINQUENT > 60 DAYS OR HAS DEFAULTED (> 180 DAYS),
THE SERVICER HAS DECLINED TO ADVANCE OR A BANKRUPTCY PETITION HAS
BEEN FILED.
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per Contribution &
Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
------ ------
</TABLE>
<PAGE> 9
DVI RECEIVABLES VIII 1999-1
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 2000
XV. POOL PERFORMANCE MEASUREMENTS
<TABLE>
<CAPTION>
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<S> <C> <C>
CONTRACTS DELINQUENT > 90 DAYS
This Month 4,954,632.17
1 Month Prior 3,805,302.90
2 Months Prior 1,179,412.46
Total 9,939,347.53
a) 3 MONTH AVERAGE 3,313,115.84
TOTAL OUTSTANDING CONTRACTS
This Month 213,028,709.58
1 Month Prior 216,945,821.14
2 Months Prior 220,964,403.49
Total 650,938,934.21
b) 3 MONTH AVERAGE 216,979,644.74
c) a/b 1.53%
2. Does a Delinquency Condition Exist (1c > 6% )?
Yes No X
---------- ---------
3. Restricting Event Check
A. A Delinquency Condition exists for current period? Yes No X
---------- ---------
B. An Indenture Event of Default has occurred and is then continuing? Yes No X
---------- ---------
4. Has a Servicer Event of Default occurred? Yes No X
---------- ---------
5. Amortization Event Check
A. Is 1c > 8% ? Yes No X
---------- ---------
B. Bankruptcy, insolvency, reorganization; default/violation of any covenant
or obligation not remedied within 90 days? Yes No X
---------- ---------
C. As of any Determination date, the sum of all defaulted contracts since the
Closing date exceeds 6% of the ADCB on the Closing Date? Yes No X
---------- ---------
6. Aggregate Discounted Contract Balance at Closing Date Balance $ 251,182,193.26
----------------------------------
</TABLE>
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C>
31 - 60 3,706,877.88 28
61 - 90 926,733.81 6
91 - 180 4,954,632.17 23
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
<PAGE> 1
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 884,400.77
Available Funds:
Contract Payments due and received in this period 4,539,637.96
Contract Payments due in prior period(s) and received in this period 481,613.39
Contract Payments received in this period for next period 215,578.46
Sales, Use and Property Tax, Maintenance, Late Charges 127,802.21
Prepayment Amounts related to early termination in this period 296,228.28
Servicer Advance 319,336.27
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 12,858.09
Interest earned on Collection Account 22,487.93
Interest earned on Affiliated Account 1,876.29
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 Less Than Predecessor contract) 0.00
Amounts paid under insurance policies 0.00
Any other amounts 0.00
---------------
Total Available Funds 6,901,819.65
Less: Amounts to be Retained in Collection Account 716,220.95
--------------
AMOUNT TO BE DISTRIBUTED 6,185,598.70
===============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 481,613.39
3. To Noteholders (For Servicer Report immediately following the Final
Additional Closing Date)
a) Class A1 Principal and Interest 3,383,975.23
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 370,516.11
a) Class A4 Principal (distributed after A3 Note matures) and Interest 595,956.85
b) Class B Principal and Interest 79,264.10
c) Class C Principal and Interest 159,649.39
d) Class D Principal and Interest 109,650.05
e) Class E Principal and Interest 150,630.31
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) 252,678.31
b) Residual Principal (Provided no Restricting or Amortization Event in
effect) 112,804.64
c) Reserve Account Distribution (Provided no Restricting or Amortization
Event in effect) 12,858.09
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any
Other Amounts 152,166.43
7. To Servicer, Servicing Fee and other Servicing Compensations 93,943.90
--------------
TOTAL FUNDS DISTRIBUTED 6,185,598.70
==============
--------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds
(if any)} 716,220.95
==============
II. RESERVE ACCOUNT
Beginning Balance $2,702,437.25
- Add Investment Earnings 12,858.09
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 12,858.09
--------------
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 APRIL 13, 1999
<TABLE>
<S> <C> <C>
III. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
Pool A 172,554,098.90
Pool B 47,900,424.46
--------------
220,454,523.36
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 995,152.90
Class A Monthly Interest - Pool B 276,251.02
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,317,330.93
Class A Monthly Principal - Pool B 991,605.24
--------------
3,308,936.17
Ending Principal Balance of the Class A Notes
Pool A 170,236,767.97
Pool B 46,908,819.22
-------------- --------------
217,145,587.19
==============
- ---------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $237,814,000 Original Face $237,814,000 Balance Factor
$ 5.346211 $ 13.913967 91.309001%
- ---------------------------------------------------------------------------
IV. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A 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
--------------
Class A Monthly Interest 220,454,523.36
Class A1 (Actual Number Days/360) 75,039.06
Class A2 229,891.90
Class A3 370,516.11
Class A4 595,956.85
--------------
Class A Monthly Principal
Class A1 3,308,936.17
Class A2 0.00
Class A3 0.00
Class A4 0.00
--------------
3,308,936.17
Ending Principal Balance of the Class A2 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
-------------- --------------
217,145,587.19
==============
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
$ 2.383479 $ 105.102315 34.350561%
- ---------------------------------------------------------------------------
</TABLE>
<PAGE> 3
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
<TABLE>
<S> <C> <C>
V. CLASS B NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class B Notes
Pool A 2,941,538.17
Pool B 816,561.65
------------
3,758,099.82
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 17,894.36
Class B Monthly Interest - Pool B 4,967.42
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 39,499.96
Class B Monthly Principal - Pool B 16,902.36
------------
56,402.32
Ending Principal Balance of the Class B Notes
Pool A 2,902,038.21
Pool B 799,659.29
------------ ------------
3,701,697.50
============
------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,054,000 Original Face $4,054,000 Balance Factor
$ 5.639314 $ 13.912758 91.309756%
------------------------------------------------------------------------------
VI. CLASS C NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class C Notes
Pool A 5,882,295.35
Pool B 1,632,904.31
------------
7,515,199.66
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 36,666.31
Class C Monthly Interest - Pool B 10,178.44
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 78,999.92
Class C Monthly Principal - Pool B 33,804.72
------------
112,804.64
Ending Principal Balance of the Class C Notes
Pool A 5,803,295.43
Pool B 1,599,099.59
------------ ------------
7,402,395.02
============
------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $8,107,000 Original Face $8,107,000 Balance Factor
$ 5.778309 $ 13.914474 91.308684%
------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
VII. CLASS D NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,921,790.57
Pool B 1,088,675.88
------------
5,010,466.45
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 26,962.31
Class D Monthly Interest - Pool B 7,484.65
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 52,666.61
Class D Monthly Principal - Pool B 22,536.48
------------
75,203.09
Ending Principal Balance of the Class D Notes
Pool A 3,869,123.96
Pool B 1,066,139.40
------------
=============
4,935,263.36
=============
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $5,405,000 Original Face $5,405,000 Balance Factor
<S> <C> <C>
$ 6.373166 $ 13.913615 91.309220%
- -------------------------------------------------------------------------------
</TABLE>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 4,902,042.95
Pool B 1,360,790.09
------------
6,262,833.04
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 44,322.64
Class E Monthly Interest - Pool B 12,303.81
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 65,833.26
Class E Monthly Principal - Pool B 28,170.60
------------
94,003.86
Ending Principal Balance of the Class E Notes
Pool A 4,836,209.69
Pool B 1,332,619.49
-------------
==============
6,168,829.18
==============
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $6,756,000 Original Face $6,756,000 Balance Factor
<S> <C> <C>
$ 8.381653 $ 13.914130 91.308898%
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
<TABLE>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
<S> <C> <C>
Beginning Residual Principal Balance
Pool A 5,882,861.35
Pool B 1,633,063.01
------------
7,515,924.36
Residual Interest - Pool A 230,734.07
Residual Interest - Pool B 21,944.24
Residual Principal - Pool A 78,999.92
Residual Principal - Pool B 33,804.72
------------
112,804.64
Ending Residual Principal Balance
Pool A 5,803,861.43
Pool B 1,599,258.29
------------
-------------
7,403,119.72
=============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 93,943.90
- Servicer Advances reimbursement 481,613.39
- Tax, Maintenance, Late Charges, Bank Interest
and other amounts 152,166.43
=============
Total amounts due to Servicer 727,723.72
=============
</TABLE>
<PAGE> 6
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
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 196,084,627.28
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,633,330.60
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period ================
193,451,296.68
================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,475,175.74
- Principal portion of Prepayment Amounts 158,154.86
- 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 54,432,419.41
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,126,824.14
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period ==============
53,305,595.27
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 989,341.08
- Principal portion of Prepayment Amounts 137,483.06
- 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 246,756,891.95
==============
</TABLE>
<PAGE> 7
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
XII. CUMULATIVE DETAIL OF DEFAULTED CONTRACTS*
<TABLE>
<CAPTION>
POOL A
Discounted Residual
Lease # Lessee Name Present Value Value
------------------------------- ------------- -------------
<S> <C> <C>
None $0.00
------------- -------------
Totals: $0.00 $0.00
POOL B
Discounted Residual
Lease # Lessee Name Present Value 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 APRIL 13, 1999
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
POOL A
<TABLE>
<CAPTION>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <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>
POOL B
<TABLE>
<CAPTION>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <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> 9
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) &
GENERAL RIGHTS (POOL B)
POOL A - NON-PERFORMING
<TABLE>
<CAPTION>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <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>
POOL B - GENERAL CONTRACT SUBSTITUTION RIGHTS
<TABLE>
<CAPTION>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
------- ----------- ------------- ------- -------------
<S> <C> <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> 10
DVI RECEIVABLES X 1999-2
SERVICER REPORT
FOR THE PAYMENT DATE APRIL 13, 1999
XV. POOL PERFORMANCE MEASUREMENTS
<TABLE>
<CAPTION>
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<S> <C>
CONTRACTS DELINQUENT > 90 DAYS
This Month 1,413,437.58
1 Month Prior 641,144.30
2 Months Prior 669,376.71
Total 2,723,958.59
a) 3 MONTH AVERAGE 907,986.20
TOTAL OUTSTANDING CONTRACTS
This Month 246,756,891.95
1 Month Prior 250,517,046.69
2 Months Prior 254,065,223.73
Total 751,339,162.37
b) 3 MONTH AVERAGE 250,446,387.46
c) a/b 0.36%
</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
--- ---
</TABLE>
<TABLE>
<S> <C> <C>
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 3,881,125.39 30
61 - 90 171,193.12 12
91 - 180 1,413,437.58 21
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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