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Previous: DVI RECEIVABLES CORP, 8-K, 2000-08-03 |
Next: INTERSTATE NATIONAL DEALER SERVICES INC, SC 13G, 2000-08-03 |
<PAGE> 1
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 2000
<TABLE>
<CAPTION>
I. RECONCILIATION OF COLLECTION ACCOUNT:
<S> <C>
End of Period Collection Account Balance as of Prior Payment Date: 563,635.04
Available Funds:
Contract Payments due and received in this period 3,429,300.69
Contract Payments due in prior period(s) and received in this period 204,035.06
Contract Payments received in this period for next period 167,308.27
Sales, Use and Property Tax payments received 181,253.15
Prepayment Amounts related to early termination in this period 2,311,422.42
Servicer Advance 421,184.01
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 11,311.31
Interest earned on Collection Account 16,809.97
Interest earned on Affiliated Account 9,836.84
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 0.00
------------
Total Available Funds 7,316,096.76
Less: Amounts to be Retained in Collection Account 500,561.91
============
AMOUNT TO BE DISTRIBUTED 6,815,534.85
============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 204,035.06
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 5,345,357.69
a) Class A3 Principal (distributed after A1 and A2 Notes mature) and Interest 182,832.00
b) Class B Principal and Interest 126,907.57
c) Class C Principal and Interest 143,859.00
d) Class D Principal and Interest 146,377.33
e) Class E Principal and Interest 151,389.30
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) 32,637.59
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 213,552.96
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 11,311.31
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 207,899.96
7. To Servicer, Servicing Fee and other Servicing Compensations 49,375.08
------------
TOTAL FUNDS DISTRIBUTED 6,815,534.85
============
------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 500,561.91
============
II. RESERVE ACCOUNT
Beginning Balance $2,182,541.24
- Add Investment Earnings 11,311.31
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 11,311.31
------------
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 JULY 11, 2000
<TABLE>
<CAPTION>
III. CLASS A NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 94,157,522.37
Pool B 21,050,623.57
-------------
115,208,145.94
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 445,653.39
Class A Monthly Interest - Pool B 99,633.90
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 3,948,016.96
Class A Monthly Principal - Pool B 1,034,885.44
-------------
4,982,902.40
Ending Principal Balance of the Class A Notes
Pool A 90,209,505.41
Pool B 20,015,738.13
------------- --------------
110,225,243.54
==============
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<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
$ 2.855326 $ 26.092319 57.718013%
-------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
IV. CLASS A NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class A
Notes
Class A1 0.00
Class A2 77,118,145.94
Class A3 38,090,000.00
--------------
115,208,145.94
Class A Monthly Interest
Class A1 (Actual Number Days/360) 0.00
Class A2 362,455.29
Class A3 182,832.00
Class A Monthly
Principal
Class A1 0.00
Class A2 4,982,902.40
Class A3 0.00
--------------
4,982,902.40
Ending Principal Balance of the Class A2 Notes
Class A1 0.00
Class A2 72,135,243.54
Class A3 38,090,000.00
--------------
--------------
110,225,243.54
==============
</TABLE>
<PAGE> 3
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 2000
<TABLE>
<CAPTION>
V. CLASS B NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,152,117.00
Pool B 481,137.76
------------
2,633,254.76
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 10,635.04
Class B Monthly Interest - Pool B 2,377.62
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 90,240.39
Class B Monthly Principal - Pool B 23,654.52
------------
113,894.91
Ending Principal Balance of the Class B Notes
Pool A 2,061,876.61
Pool B 457,483.24
------------ ------------
2,519,359.85
============
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<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
$ 2.981136 $ 26.092763 57.717293%
-------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VI. CLASS C NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class C Notes
Pool A 2,421,375.67
Pool B 541,365.94
------------
2,962,741.61
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 12,853.47
Class C Monthly Interest - Pool B 2,873.75
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 101,520.44
Class C Monthly Principal - Pool B 26,611.34
------------
128,131.78
Ending Principal Balance of the Class C Notes
Pool A 2,319,855.23
Pool B 514,754.60
------------ ------------
2,834,609.83
============
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<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
$ 3.202477 $ 26.091011 57.720134%
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 2000
<TABLE>
<CAPTION>
VII. CLASS D NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 2,421,375.67
Pool B 541,365.94
------------
2,962,741.61
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 14,911.64
Class D Monthly Interest - Pool B 3,333.91
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 101,520.44
Class D Monthly Principal - Pool B 26,611.34
------------
128,131.78
Ending Principal Balance of the Class D Notes
Pool A 2,319,855.23
Pool B 514,754.60
------------ ------------
2,834,609.83
============
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<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
$ 3.715275 $ 26.091011 57.720134%
-------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 2,421,375.67
Pool B 541,365.94
------------
2,962,741.61
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 19,007.80
Class E Monthly Interest - Pool B 4,249.72
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 101,520.44
Class E Monthly Principal - Pool B 26,611.34
------------
128,131.78
Ending Principal Balance of the Class E Notes
Pool A 2,319,855.23
Pool B 514,754.60
------------ ------------
2,834,609.83
============
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<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
$ 4.735845 $ 26.091011 57.720134%
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 2000
<TABLE>
<CAPTION>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
<S> <C> <C>
Beginning Residual Principal Balance
Pool A 4,035,133.24
Pool B 902,102.98
------------
4,937,236.22
Residual Interest - Pool A 26,146.47
Residual Interest - Pool B 6,491.12
Residual Principal - Pool A 169,200.73
Residual Principal - Pool B 44,352.23
------------
213,552.96
Ending Residual Principal Balance
Pool A 3,865,932.51
Pool B 857,750.75
------------ ------------
4,723,683.26
============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 49,375.08
- Servicer Advances reimbursement 204,035.06
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 207,899.96
------------
Total amounts due to Servicer 461,310.10
============
</TABLE>
<PAGE> 6
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 2000
<TABLE>
<CAPTION>
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
<S> <C> <C>
POOL A
Aggregate Discounted Contract Balance, as defined in Indenture Agreement,
at the beginning of the related Collection Period 107,608,899.68
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 4,512,019.38
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the --------------
ending of the related Collection Period 103,096,880.30
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,290,938.39
- Principal portion of Prepayment Amounts 2,221,080.99
- 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 4,512,019.38
=============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 24,057,961.97
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,182,726.22
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the --------------
ending of the related Collection Period 22,875,235.75
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,099,835.33
- Principal portion of Prepayment Amounts 82,890.89
- 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 1,182,726.22
============
--------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 125,972,116.05
==============
</TABLE>
<PAGE> 7
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 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> <C>
NONE
--------------- ---------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C> <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%
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> <C>
NONE
--------------- ---------------
Totals: $0.00 $0.00
</TABLE>
<TABLE>
<S> <C> <C> <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
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 BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 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> <C>
1097-507 ADVANCED HEALTHCARE RESOURCES $159,644.40 1778-001 $48,984.23
1238-501 WILLIAM F SKINNER, M.D. $174,282.67 1777-001 $325,671.26
1505-005 NYDIC MEDICAL VENTURES VII, LLC $171,682.66 1855-001 $153,223.12
2488-001 HYDRO-TOUCH INC. $110,973.88 1949-001 $94,307.11
CASH $5,602.11
----------- ---------------
Totals: $622,185.72 $622,185.72
a) DISCOUNTED CONTRACT BALANCES OF ALL NON-PERFORMING CONTRACTS 622,185.72
b) ADCB OF POOL A AT CLOSING DATE $161,410,790.25
c) (CANNOT EXCEED 10% OVER THE LIFE OF THE POOL) 0.39%
</TABLE>
<TABLE>
<CAPTION>
DATA FOR CURRENT REPORTING PERIOD SUBSTITUTIONS
<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>
POOL B - GENERAL CONTRACT SUBSTITUTION RIGHTS 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> <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%
* 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 BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JULY 11, 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 1,883,206.48 This Month 125,972,116.05
1 Month Prior 4,228,713.62 1 Month Prior 131,666,861.65
2 Months Prior 5,380,603.24 2 Months Prior 137,051,752.32
Total 11,492,523.34 Total 394,690,730.02
a) 3 MONTH AVERAGE 3,830,841.11 b) 3 MONTH AVERAGE 131,563,576.67
c) a/b 2.91%
</TABLE>
<TABLE>
<S> <C> <C> <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 $ 218,254,123.54
</TABLE>
DELINQUENT LEASE SUMMARY
<TABLE>
<CAPTION>
Days Past Due Current Pool Balance # Leases
------------- -------------------- --------
<S> <C> <C> <C>
31 - 60 4,957,564.07 61
61 - 90 218,314.00 21
91 - 180 1,883,206.48 48
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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