Cash-strapped medical finance company DVI Inc. missed the coupon payments on five of its nine outstanding equipment lease securitizations last Friday and breached three servicing covenants, trustee U.S. Bank announced to bondholders. If the company does not rectify its breaches within 30 days, 56 classes of DVI Receivables X through XIV will default. Additionally, DVI reported a miscalculation of the aggregate discount contract balance for its August payment, thus coming up short.

With respect to its September 2003 payment, DVI failed to make servicer advances, failed to provide the monthly servicer report (due out last Thursday) and failed to pay certain taxes applicable to its contracts or equipment, according to the notification disseminated to ABS holders.

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