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Previous: NUCENTRIX BROADBAND NETWORKS INC, 8-K, 1999-06-22 |
Next: SUPERGEN INC, SC 13D/A, 1999-06-22 |
<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): MAY 31, 1999
DVI RECEIVABLES CORP.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
DELAWARE 333-68043 33-0608442
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
500 HYDE PARK
DOYLESTOWN, PENNSYLVANIA
(Address of principal executive 18901
offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (215) 345-6600
(Former name or former address, if changed since last report.)
1
<PAGE> 2
Item 7. Financial Statements and Exhibits
Exhibit 99.1 Servicer Report for month ending May 31, 1999, payment date
June 11, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DVI Delaware Trust 1998-2
(Registrant)
By: DVI Receivables Corp.
Owner of Trust
Dated: June 22, 1999 By: /s/ Steven Garfinkel
------------------------------
Steven Garfinkel
Executive Vice President and
Chief Financial Officer
2
<PAGE> 1
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
I. RECONCILIATION OF COLLECTION ACCOUNT:
<TABLE>
<S> <C>
End of Period Collection Account Balance as of Prior Payment Date: 864,198.65
Available Funds:
Contract Payments due and received in this period 4,153,928.30
Contract Payments due in prior period(s) and received in this period 389,047.72
Contract Payments received in this period for next period 89,960.38
Sales, Use and Property Tax payments received 108,087.61
Prepayment Amounts related to early termination in this period 456,202.30
Servicer Advance 729,915.21
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 8,734.78
Interest earned on Collection Account 12,000.93
Interest earned on Affiliated Account 7,555.31
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 164,047.79
-------------
Total Available Funds 6,983,678.98
Less: Amounts to be Retained in Collection Account 673,920.63
-------------
AMOUNT TO BE DISTRIBUTED 6,309,758.35
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 389,047.72
3. To Noteholders (For Servicer Report immediately following the Final Additional
Closing Date)
a) Class A1 Principal and Interest 4,083,169.54
a) Class A2 Principal (distributed after A1 Note matures) and Interest 549,900.00
a) Class A3 Principal (distributed after A1 and A2 Notes mature) and Interest 182,832.00
b) Class B Principal and Interest 111,007.90
c) Class C Principal and Interest 126,503.06
d) Class D Principal and Interest 130,252.81
e) Class E Principal and Interest 137,715.56
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) 53,573.60
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 171,809.17
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 8,734.78
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 291,691.64
7. To Servicer, Servicing Fee and other Servicing Compensations 73,520.57
-------------
TOTAL FUNDS DISTRIBUTED 6,309,758.35
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event
Funds (if any)} 673,920.63
=============
II. RESERVE ACCOUNT
Beginning Balance $2,182,541.24
- Add Investment Earnings 8,734.78
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 8,734.78
-------------
End of period balance $2,182,541.24
=============
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 $2,182,541.24
=============
</TABLE>
<PAGE> 2
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
III. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 130,826,921.74
Pool B 40,720,735.95
---------------
171,547,657.69
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 615,456.19
Class A Monthly Interest - Pool B 191,564.77
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,267,953.72
Class A Monthly Principal - Pool B 1,740,926.86
---------------
4,008,880.58
Ending Principal Balance of the Class A Notes
Pool A 128,558,968.02
Pool B 38,979,809.09
---------------
---------------
167,538,777.11
===============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $190,972,000 Original Face $190,972,000 Balance Factor
$ 4.225860 $ 20.991981 87.729498%
</TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 16,457,657.69
Class A2 117,000,000.00
Class A3 38,090,000.00
---------------
171,547,657.69
Class A Monthly Interest
Class A1 (Actual Number Days/360) 74,288.96
Class A2 549,900.00
Class A3 182,832.00
Class A Monthly Principal
Class A1 4,008,880.58
Class A2 0.00
Class A3 0.00
---------------
4,008,880.58
Ending Principal Balance of the Class A2 Notes
Class A1 12,448,777.11
Class A2 117,000,000.00
Class A3 38,090,000.00
---------------
---------------
167,538,777.11
===============
</TABLE>
<PAGE> 3
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
V. CLASS B NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,990,274.69
Pool B 930,740.34
-------------
3,921,015.03
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 14,776.94
Class B Monthly Interest - Pool B 4,599.41
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 51,838.94
Class B Monthly Principal - Pool B 39,792.61
-------------
91,631.55
Ending Principal Balance of the Class B Notes
Pool A 2,938,435.75
Pool B 890,947.73
-------------
-------------
3,829,383.48
=============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,365,000 Original Face $ 4,365,000 Balance Factor
$ 4.439026 $ 20.992337 87.729289%
</TABLE>
VI. CLASS C NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class C Notes
Pool A 3,364,303.09
Pool B 1,047,168.82
-------------
4,411,471.91
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 17,858.84
Class C Monthly Interest - Pool B 5,558.72
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 58,318.81
Class C Monthly Principal - Pool B 44,766.69
-------------
103,085.50
Ending Principal Balance of the Class C Notes
Pool A 3,305,984.28
Pool B 1,002,402.13
-------------
-------------
4,308,386.41
=============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,910,955 Original Face $ 4,910,955 Balance Factor
$ 4.768433 $ 20.990927 87.730114%
</TABLE>
<PAGE> 4
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
VII. CLASS D NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,364,303.09
Pool B 1,047,168.82
-------------
4,411,471.91
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 20,718.50
Class D Monthly Interest - Pool B 6,448.81
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 58,318.81
Class D Monthly Principal - Pool B 44,766.69
-------------
103,085.50
Ending Principal Balance of the Class D Notes
Pool A 3,305,984.28
Pool B 1,002,402.13
-------------
-------------
4,308,386.41
=============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,910,955 Original Face $ 4,910,955 Balance Factor
$ 5.531981 $ 20.990927 87.730114%
</TABLE>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 3,364,303.09
Pool B 1,047,168.82
--------------
4,411,471.91
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 26,409.78
Class E Monthly Interest - Pool B 8,220.28
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 58,318.81
Class E Monthly Principal - Pool B 44,766.69
-------------
103,085.50
Ending Principal Balance of the Class E Notes
Pool A 3,305,984.28
Pool B 1,002,402.13
-------------
-------------
4,308,386.41
=============
</TABLE>
<TABLE>
<S> <C> <C>
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,910,955 Original Face $ 4,910,955 Balance Factor
$ 7.051594 $ 20.990927 87.730114%
</TABLE>
<PAGE> 5
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
<TABLE>
<CAPTION>
Beginning Residual Principal Balance
<S> <C> <C>
Pool A 5,606,678.94
Pool B 1,745,107.79
------------
7,351,786.73
Residual Interest - Pool A 40,085.78
Residual Interest - Pool B 13,487.82
Residual Principal - Pool A 97,198.02
Residual Principal - Pool B 74,611.15
------------
171,809.17
Ending Residual Principal Balance
Pool A 5,509,480.92
Pool B 1,670,496.64
------------
-------------
7,179,977.56
=============
</TABLE>
X. PAYMENT TO SERVICER
<TABLE>
<CAPTION>
<S> <C>
- Collection period Servicer Fee 73,520.57
- Servicer Advances reimbursement 389,047.72
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 291,691.64
--------------
Total amounts due to Servicer 754,259.93
==============
</TABLE>
<PAGE> 6
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
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 149,516,784.67
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,591,947.10
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the --------------
ending of the related Collection Period 146,924,837.57
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,375,318.29
- Principal portion of Prepayment Amounts 216,628.81
- 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 2,591,947.10
==============
</TABLE>
POOL B
<TABLE>
<CAPTION>
<S> <C> <C>
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 46,538,090.39
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,989,630.70
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period --------------
44,548,459.69
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,728,056.70
- Principal portion of Prepayment Amounts 261,574.00
- 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 1,989,630.70
==============
--------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 191,473,297.26
==============
</TABLE>
<PAGE> 7
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
<TABLE>
<CAPTION>
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<S> <C> <C>
POOL A <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 $161,410,790.25
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<S> <C> <C>
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
-------------- --------
</TABLE>
POOL B
<TABLE>
<CAPTION>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
----------------------------------------- --------------------- ------------------ ---------------------
<S> <C> <C> <C> <C>
NONE
--------------------- ---------------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C>
a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00
b) ADCB OF POOL B AT CLOSING DATE $56,843,333.29
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
</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
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
-------------- --------
</TABLE>
<PAGE> 8
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS -
NON-PERFORMING (POOL A) & GENERAL RIGHTS (POOL B)
<TABLE>
<CAPTION>
POOL A - NON-PERFORMING
<S> <C> <C> <C> <C>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
----------------------------------------- --------------------- ------------------ ---------------------
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 $161,410,790.25
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00%
</TABLE>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<TABLE>
<S> <C> <C>
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
-------------- --------
</TABLE>
<TABLE>
<CAPTION>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
----------------------------------------- --------------------- ------------------ ---------------------
<S> <C> <C> <C> <C>
NONE
--------------------- ---------------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C>
a) DISCOUNTED CONTRACT BALANCES OF ALL CONTRACTS SUBSTITUTED $0.00
b) ADCB OF POOL B AT CLOSING DATE $56,843,333.29
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> <C>
a) Total discounted Contract Balance of Predecessor Receivables $0.00
b) Total discounted Contract Balance of Substitute Receivables $0.00
c) If (a) > (b), amount to be deposited in Collection Account per
Contribution & Servicing Agreement Section 7.02 $0.00
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES NO X
-------------- --------
</TABLE>
<PAGE> 9
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JUNE 11, 1999
XV. POOL PERFORMANCE MEASUREMENTS
<TABLE>
<CAPTION>
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<S> <C> <C> <C>
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
This Month 4,406,538.63 This Month 191,473,297.26
1 Month Prior 4,642,862.57 1 Month Prior 196,054,875.06
2 Months Prior 2,266,917.61 2 Months Prior 200,933,136.69
Total 11,316,318.81 Total 588,461,309.01
a) 3 MONTH AVERAGE 3,772,106.27 b) 3 MONTH AVERAGE 196,153,769.67
c) a/b 1.92%
</TABLE>
<TABLE>
<S> <C> <C>
2. 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>
6. Aggregate Discounted Contract Balance at Closing Date Balance $ 218,254,123.54
----------------
</TABLE>
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
<S> <C> <C> <C>
31 - 60 3,962,071.01 180
61 - 90 4,745,935.32 59
91 - 180 4,406,538.63 93
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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