EX-99.3 5 y90580exv99w3.txt SERVICER REPORT: DVI RECEIVABLES X . . . EXHIBIT 99.3 DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 I. RECONCILIATION OF COLLECTION ACCOUNT: End of Period Collection Account Balance as of Prior Payment Date: 405,915.83 Available Funds: Contract Payments due and received in this period 1,989,721.22 Contract Payments due in prior period(s) and received in this period 102,014.29 Contract Payments received in this period for next period 79,651.65 Sales, Use and Property Tax, Maintenance, Late Charges 51,170.03 Prepayment Amounts related to early termination in this period 0.00 Servicer Advance 664,075.44 Proceeds received from recoveries on previously Defaulted Contracts 0.00 Transfer from Reserve Account 12,315.43 Interest earned on Collection Account 3,064.20 Interest earned on SPG Account 524.48 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 3,308,452.57 Less: Amounts to be Retained in Collection Account 371,505.44 ------------- AMOUNT TO BE DISTRIBUTED 2,936,947.13 ============= DISTRIBUTION OF FUNDS: 1. To Trustee - Fees 0.00 2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 114,329.72 3. To Noteholders (For Servicer Report immediately following the Final Additional Closing Date) a) Class A1 Principal and Interest 0.00 a) Class A2 Principal (distributed after A1 Note matures) and Interest 0.00 a) Class A3 Principal (distributed after A2 Note matures) and Interest 0.00 a) Class A4 Principal (distributed after A3 Note matures) and Interest 2,413,331.22 b) Class B Principal and Interest 41,191.83 c) Class C Principal and Interest 82,617.66 d) Class D Principal and Interest 55,765.41 e) Class E Principal and Interest 72,595.28 4. To Reserve Account for Requirement per Indenture Agreement Section 3.08 10,369.04 5. To Issuer - Residual Principal and Interest and Reserve Account Distribution a) Residual Interest (Provided no Restricting or Amortization Event in effect) 8,083.33 b) Residual Principal (Provided no Restricting or Amortization Event in effect) 63,899.67 c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 0.00 6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 54,758.71 7. To Servicer, Servicing Fee and other Servicing Compensations 20,005.26 ------------- TOTAL FUNDS DISTRIBUTED 2,936,947.13 ============= ------------- End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 371,505.44 ============= II. RESERVE ACCOUNT Beginning Balance $2,702,437.25 - Add Investment Earnings 1,946.39 - Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 10,369.04 - Less Distribution to Certificate Account 12,315.43 ------------- End of period balance $2,702,437.25 ============= Reserve Account Requirement (Lesser of: (i) Initial Reserve Account Required Amount, or (ii) Sum of Class A, Class B, Class C, Class D, and Class E Note Balances $2,702,437.25 =============

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 III.CLASS A NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class A Notes Pool A 39,098,049.26 Pool B 7,859,936.86 ------------- Class A Overdue Interest, if any 0.00 46,957,986.12 Class A Monthly Interest - Pool A 235,239.93 Class A Monthly Interest - Pool B 47,290.62 Class A Overdue Principal, if any 12,784.31 Class A Monthly Principal - Pool A 1,658,437.73 Class A Monthly Principal - Pool B 472,362.94 Excess (Shortfall) cash to Principal Reserve Account Distribution 0.00 Cash Shortfall due to Residual funds erroneously received in August (12,784.31) 2,130,800.67 ------------- Ending Principal B Pool A 37,441,466.50 Pool B 7,385,718.95 ------------- ------------- 44,827,185.45 =============

---------------------------------------------------------------------------------------------------- Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal Original Face $237,814,000 Original Face $237,814,000 Balance Factor $ 1.188032 $ 9.013704 18.849683% ----------------------------------------------------------------------------------------------------

IV. CLASS A NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class A Notes Class A1 0.00 Class A2 0.00 Class A3 0.00 Class A4 46,957,986.12 ------------- Class A Monthly Interest 46,957,986.12 Class A1 (Actual Number Days/360) 0.00 Class A2 0.00 Class A3 0.00 Class A4 282,530.55 -------------- Class A Monthly Principal Class A1 0.00 Class A2 0.00 Class A3 0.00 Class A4 2,130,800.67 -------------- 2,130,800.67 Ending Principal Balance of the Class A Notes Class A1 0.00 Class A2 0.00 Class A3 0.00 Class A4 44,827,185.45 -------------- ------------- 44,827,185.45 ============= Class A4

---------------------------------------------------------------------------------------------------- Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal Original Face $99,051,000 Original Face $99,051,000 Balance Factor $ 2.852375 $ 21.512157 45.256671% ----------------------------------------------------------------------------------------------------

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 V. CLASS B NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class B Notes Pool A 666,719.18 Pool B 134,053.33 ---------- 800,772.51 Class B Overdue Interest, if any 0.00 Class B Monthly Interest - Pool A 4,055.88 Class B Monthly Interest - Pool B 815.49 Class B Overdue Principal, if any 217.92 Class B Monthly Principal - Pool A 28,268.82 Class B Monthly Principal - Pool B 8,051.64 Cash Shortfall due to Residual funds erroneously received in August (217.92) 36,320.46 ---------- Ending Principal Balance of the Class B Notes Pool A 638,450.36 Pool B 126,001.69 ---------- ------------ 764,452.05 ============

---------------------------------------------------------------------------------------------------- Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal Original Face $4,054,000 Original Face $4,054,000 Balance Factor $ 1.201621 $ 8.959166 18.856735% ----------------------------------------------------------------------------------------------------

VI. CLASS C NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class C Notes Pool A 1,332,657.29 Pool B 267,887.71 ------------ 1,600,545.00 Class C Overdue Interest, if any 0.00 Class C Monthly Interest - Pool A 8,306.90 Class C Monthly Interest - Pool B 1,669.83 Class C Overdue Principal, if any 435.83 Class C Monthly Principal - Pool A 56,537.65 Class C Monthly Principal - Pool B 16,103.28 Cash Shortfall due to Residual funds erroneously received in August (435.83) 72,640.93 ------------- Ending Principal Balance of the Class C Notes Pool A 1,276,119.64 Pool B 251,784.43 ------------ ------------- 1,527,904.07 =============

---------------------------------------------------------------------------------------------------- Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal Original Face $8,107,000 Original Face $8,107,000 Balance Factor $ 1.230632 $ 8.960273 18.846726% ----------------------------------------------------------------------------------------------------

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 VII. CLASS D NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class D Notes Pool A 888,698.51 Pool B 178,664.83 ---------- 1,067,363.34 Class D Overdue Interest, if any 0.00 Class D Monthly Interest - Pool A 6,109.80 Class D Monthly Interest - Pool B 1,228.32 Class D Overdue Principal, if any 290.55 Class D Monthly Principal - Pool A 37,691.76 Class D Monthly Principal - Pool B 10,735.53 Cash Shortfall due to Residual funds erroneously received in August (290.55) 48,427.29 ---------- Ending Principal Balance of the Class D Notes Pool A 851,006.75 Pool B 167,929.30 ---------- ------------- 1,018,936.05 =============

---------------------------------------------------------------------------------------------------- Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal Original Face $5,405,000 Original Face $5,405,000 Balance Factor $ 1.357654 $ 8.959721 18.851731% ----------------------------------------------------------------------------------------------------

VIII. CLASS E NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class E Notes Pool A 1,110,677.96 Pool B 223,276.23 ------------ 1,333,954.19 Class E Overdue Interest, if any 0.00 Class E Monthly Interest - Pool A 10,042.38 Class E Monthly Interest - Pool B 2,018.79 Class E Overdue Principal, if any 363.19 Class E Monthly Principal - Pool A 47,114.71 Class E Monthly Principal - Pool B 13,419.40 Cash Shortfall due to Residual funds erroneously received in August (363.19) 60,534.11 ------------ Ending Principal Balance of the Class E Notes Pool A 1,063,563.25 Pool B 209,856.83 ------------ ------------ 1,273,420.08 ============

---------------------------------------------------------------------------------------------------- Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal Original Face $6,756,000 Original Face $6,756,000 Balance Factor $ 1.785253 $ 8.960052 18.848728% ----------------------------------------------------------------------------------------------------

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 IX. ISSUERS RESIDUAL PRINCIPAL BALANCE Beginning Residual Principal Balance Pool A 1,333,223.29 Pool B 268,046.41 ------------ 1,601,269.70 Residual Interest - Pool A 8,083.33 Residual Interest - Pool B 0.00 Residual Principal - Pool A 56,600.89 Residual Principal - Pool B 16,475.85 ------------- 73,076.74 Ending Residual Principal Balance Pool A 1,276,622.40 Pool B 251,570.56 ------------ ------------ 1,528,192.96 ============ X. PAYMENT TO SERVICER - Collection period Servicer Fee 20,005.26 - Servicer Advances reimbursement 114,329.72 - Tax, Maintenance, Late Charges, Bank Interest and other amounts 54,758.71 ------------ Total amounts due to Servicer 189,093.69 ============

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 XI. AGGREGATE DISCOUNTED CONTRACT BALANCE POOL A Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the beginning of the related Collection Period 44,430,025.43 Aggregate Discounted Contract Balance of Additional Contracts acquired during Collection Period 0.00 Decline in Aggregate Discounted Contract Balance 1,886,696.25 Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ------------- ending of the related Collection Period 42,543,329.18 ============= Components of Decline in Aggregate Discounted Contract Balance: - Principal portion of Contract Payments and Servicer Advances 1,884,588.33 - 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 2,107.92 - 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 1,886,696.25 ============= POOL B Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the beginning of the related Collection Period 8,931,865.34 Aggregate Discounted Contract Balance of Additional Contracts acquired during Collection Period 0.00 Decline in Aggregate Discounted Contract Balance 549,195.77 Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ------------- ending of the related Collection Period 8,382,669.57 ============= Components of Decline in Aggregate Discounted Contract Balance: - Principal portion of Contract Payments and Servicer Advances 536,776.07 - 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 12,419.70 - 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 549,195.77 ============= ------------- AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 50,925,998.75 =============

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 XII. CUMULATIVE DETAIL OF DEFAULTED CONTRACTS* POOL A Discounted Discounted Lease # Present Value Lease # Present Value ------- ------------- --------- ------------- #*9900321-401 (08/03) 2,363.82 $0.00 --------- Totals: $2,363.82 POOL B Discounted Discounted Lease # Present Value Lease # Present Value ------------- ------------- ---------- ------------- #863-507 (08/03) 13,927.42 $0.00 ---------- Totals: $13,927.42 a) DISCOUNTED CONTRACT BALANCES OF ALL DEFAULTED CONTRACTS $16,291.24 b) ADCB AT CLOSING DATE 270,243,724.70 c) (CANNOT EXCEED 6% OVER THE LIFE OF THE POOL) 0.01%

* ANY CONTRACT PAYMENT (OR PORTION THEREOF) DELINQUENT > 180 DAYS, ** THE SERVICER HAS DECLINED TO ADVANCE ON THE GROUNDS THAT IT IS A NONRECOVERABLE ADVANCE # NONRECOVERABLE DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS Pool A
Predecessor Discounted Predecessor Discounted Lease # Lessee Name Present Value Lease # Present Value ------- ------------- --------------- ----------- ---------------- 3024 003 1,289,111.68 1667-003 1,466,069.44 CASH 176,955.76 1743 004 1,539,883.34 2425-001 1,890,612.33 3221-001 1,496,892.51 2427-001 1,194,070.97 3303 001 1,181,820.77 917-503 644,152.99 3323 003 1,162,123.59 1004-503 77,559.49 1048-501 896,884.04 1049-504 644,152.99 1050-504 85,901.56 -------------- ----------------- Totals: $6,846,789.65 $6,899,403.81 (a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $6,899,403.81 (b) ADCB OF POOL A AT CLOSING DATE $211,061,551.13 (c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 3.27%
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 --- ------

Pool B
Predecessor Discounted Predecessor Discounted Lease # Lessee Name Present Value Lease # Present Value ------- ------------- --------------- ----------- ---------------- NONE -------------- ----------------- Totals: $0.00 $0.00 (a) DISCOUNTED CONTRACT BALANCES OF ALL PREPAID CONTRACTS $0.00 (b) ADCB OF POOL B AT CLOSING DATE $59,182,173.57 (c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL UNLESS RATING AGENCY APPROVES) 0.00% *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) > (c), 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 --- ------

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) & GENERAL RIGHTS (POOL B) Pool A - Non-Performing
Predecessor Discounted Predecessor Discounted Lease # Lessee Name Present Value Lease # Present Value ------- ------------- --------------- ----------- ---------------- 2841-001 $1,121,500.51 2207-001 $551,274.29 2004383-1 $512,828.61 2207-002 $1,160,782.50 2005209-2 $252,655.70 2207-003 $181,136.33 Cash $6,208.31 2875-007 $1,629,015.55 2337-001 $1,215,773.70 3024-003 $1,495,882.60 4283-401 $286,487.54 2314-002 $1,209,395.06 3718-005 $1,711,481.42 1969-003 $1,251,411.72 1954-002 $221,077.49 1954-003 $74,796.06 1095-501 $209,827.19 -------------- ----------------- Totals: $6,729,572.70 $6,361,961.88 (a) DISCOUNTED CONTRACT BALANCES OF ALL NON-PERFORMING CONTRACTS 6,361,961.88 (b) ADCB OF POOL A AT CLOSING DATE $211,061,551.13 (c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 3.01%
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 --- ------

Pool B - General Contract Substitution Rights
Predecessor Discounted Predecessor Discounted Lease # Lessee Name Present Value Lease # Present Value ------- ------------- --------------- ----------- ---------------- NONE -------------- ----------------- Totals: $0.00 $0.00 (a) DISCOUNTED CONTRACT BALANCES OF ALL CONTRACTS SUBSTITUTED $0.00 (b) ADCB OF POOL B AT CLOSING DATE $59,182,173.57 (c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.00% *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 --- ------

DVI RECEIVABLES X 1999-2 SERVICER REPORT FOR THE PAYMENT DATE SEPTEMBER 15, 2003 XV. POOL PERFORMANCE MEASUREMENTS 1. Aggregate Discounted Contract Balance Contracts Delinquent > 90 days Total Outstanding Contracts This month 1,065,896.61 This Month 50,925,998.75 1 Month Prior 585,498.04 1 Month Prior 53,361,890.77 2 Months Prior 479,129.40 2 Months Prior 58,675,631.01 Total 2,130,523.85 Total 160,963,520.53 a) 3 Month Average 710,174.62 b) 3 Month Average 53,654,506.84 c) a/b 1.32% 2. Does Delinquency Condition Exist (1c > 6%)? Yes No X ---------------- -------------- 3. Restarting 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 ---------------- -------------- 4. Has a Servicer Event of Default occurred? Yes No ---------------- -------------- 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 ---------------- -------------- C. As of any Determination date, the sum of all defaulted contracts since the Closing date exceeds 6% of the ADCB on the Closing Date? Yes No X ---------------- -------------- 6. Aggregate Discounted Contract Balance at Closing Date Balance $270,243,724.70 --------------- Aggregate Discounted Contract Balances (A.D.C.B.) of contracts listed as more than:

TOTAL % OF TOTAL A.D.C.B. A.D.C.B. A.D.C.B. -------- -------- ---------- 30 Days Overdue 6,008,929.69 50,925,998.75 11.799% 60 Days Overdue 1,609,132.28 50,925,998.75 3.160% 90 Days Overdue 529,192.82 50,925,998.75 1.039% 120 Days Overdue 536,703.49 50,925,998.75 1.054% 150 Days Overdue 0.00 50,925,998.75 0.000% 180 Days Overdue 0.00 50,925,998.75 0.000%
DVI RECEIVABLES X 1999-2 FUNDS TRANSFER FOR THE PAYMENT DATE SEPTEMBER 15, 2003 Please transfer the following funds from DVI Collection A # 33-37592-0 To the Distribution Account 2,204,925.77 ------------ Please transfer the following funds from DVI Collection B # 33-37592-1 631,022.97 ------------ To the Distribution Account Please transfer the following funds from SPG Collection A # 33-37592-2 100,998.39 ------------ To the Distribution Account