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Previous: DVI RECEIVABLES CORP, 8-K, EX-99.1, 2000-06-26 |
Next: DVI RECEIVABLES CORP, 8-K, EX-99.3, 2000-06-26 |
<PAGE> 1
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 791,372.95
Available Funds:
Contract Payments due and received in this period 4,119,233.81
Contract Payments due in prior period(s) and received in this period 436,822.16
Contract Payments received in this period for next period 152,038.07
Sales, Use and Property Tax payments received 115,498.29
Prepayment Amounts related to early termination in this period 2,384,901.80
Servicer Advance 531,299.95
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 9,184.68
Interest earned on Collection Account 11,618.01
Interest earned on Affiliated Account 8,249.64
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 115,721.59
-------------
Total Available Funds 8,675,940.95
Less: Amounts to be Retained in Collection Account 733,038.40
-------------
AMOUNT TO BE DISTRIBUTED 7,942,902.55
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or
Servicer Advances 436,822.16
3. To Noteholders (For Servicer Report immediately following
the Final Additional Closing Date)
a) Class A1 Principal and Interest 3,811,730.46
a) Class A2 Principal (distributed after A1 Note matures) and
Interest 2,249,900.86
a) Class A3 Principal (distributed after A1 and A2 Notes mature) and
Interest 182,832.00
b) Class B Principal and Interest 143,511.69
c) Class C Principal and Interest 162,950.41
d) Class D Principal and Interest 166,423.35
e) Class E Principal and Interest 173,335.20
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) 51,595.29
b) Residual Principal (Provided no Restricting or Amortization
Event in effect) 235,435.83
c) Reserve Account Distribution (Provided no Restricting or Amortization
Event in effect) 9,184.68
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and
Any Other Amounts 251,087.53
7. To Servicer, Servicing Fee and other Servicing Compensations 68,093.09
-------------
TOTAL FUNDS DISTRIBUTED 7,942,902.55
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & 733,038.40
Restricting Event Funds (if any)} =============
II. RESERVE ACCOUNT
Beginning Balance $2,182,541.24
- Add Investment Earnings 9,184.68
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 9,184.68
-------------
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 SEPTEMBER 13, 1999
III. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 123,251,664.01
Pool B 35,631,838.04
------------------------------
158,883,502.05
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 582,547.07
Class A Monthly Interest - Pool B 168,413.34
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 4,009,839.75
Class A Monthly Principal - Pool B 1,483,663.16
------------------------------
5,493,502.91
Ending Principal Balance of the Class A Notes
Pool A 119,241,824.26
Pool B 34,148,174.88
------------------------------
---------------------------
153,389,999.14
===========================
</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
$ 3.932306 $ 28.766012 80.320675%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 3,793,502.05
Class A2 117,000,000.00
Class A3 38,090,000.00
------------------------------
158,883,502.05
Class A Monthly Interest
Class A1 (Actual Number Days/360) 18,228.41
Class A2 549,900.00
Class A3 182,832.00
Class A Monthly Principal
Class A1 3,793,502.05
Class A2 1,700,000.86
Class A3 0.00
------------------------------
5,493,502.91
Ending Principal Balance of the Class A2 Notes
Class A1 0.00
Class A2 115,299,999.14
Class A3 38,090,000.00
------------------------------ ---------------------------
153,389,999.14
===========================
</TABLE>
<PAGE> 3
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
V. CLASS B NOTE PRINCIPAL BALANCE
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,817,125.94
Pool B 814,422.67
-------------------------------
3,631,548.61
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 13,921.30
Class B Monthly Interest - Pool B 4,024.61
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 91,653.48
Class B Monthly Principal - Pool B 33,912.30
-------------------------------
125,565.78
Ending Principal Balance of the Class B Notes
Pool A 2,725,472.46
Pool B 780,510.37
-------------------------------
------------------------
3,505,982.83
========================
</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
$ 4.111320 $ 28.766502 80.320340%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VI. CLASS C NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class C Notes
Pool A 3,169,510.75
Pool B 916,311.44
-------------------------------
4,085,822.19
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 16,824.82
Class C Monthly Interest - Pool B 4,864.09
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 103,110.16
Class C Monthly Principal - Pool B 38,151.34
-------------------------------
141,261.50
Ending Principal Balance of the Class C Notes
Pool A 3,066,400.59
Pool B 878,160.10
-------------------------------
------------------------
3,944,560.69
========================
</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
$ 4.416434 $ 28.764568 80.321662%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
VII. CLASS D NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 3,169,510.75
Pool B 916,311.44
-------------------------------
4,085,822.19
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 19,518.90
Class D Monthly Interest - Pool B 5,642.95
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 103,110.16
Class D Monthly Principal - Pool B 38,151.34
-------------------------------
141,261.50
Ending Principal Balance of the Class D Notes
Pool A 3,066,400.59
Pool B 878,160.10
-------------------------------
--------------------------
3,944,560.69
==========================
</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
$ 5.123616 $ 28.764568 80.321662%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VIII. CLASS E NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class E Notes
Pool A 3,169,510.75
Pool B 916,311.44
-------------------------------
4,085,822.19
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 24,880.66
Class E Monthly Interest - Pool B 7,193.04
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 103,110.16
Class E Monthly Principal - Pool B 38,151.34
-------------------------------
141,261.50
Ending Principal Balance of the Class E Notes
Pool A 3,066,400.59
Pool B 878,160.10
-------------------------------
------------------------
3,944,560.69
========================
</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
$ 6.531051 $ 28.764568 80.321662%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
<TABLE>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
<S> <C> <C>
Pool A 5,282,025.03
Pool B 1,527,012.17
-----------------------
6,809,037.20
Residual Interest - Pool A 42,119.56
Residual Interest - Pool B 9,475.73
Residual Principal - Pool A 171,850.27
Residual Principal - Pool B 63,585.56
-----------------------
235,435.83
Ending Residual Principal Balance
Pool A 5,110,174.76
Pool B 1,463,426.61
-----------------------
--------------------------
6,573,601.37
==========================
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 68,093.09
- Servicer Advances reimbursement 436,822.16
- Tax, Maintenance, Late Charges, Bank Interest and
other amounts 251,087.53
--------------------------
Total amounts due to Servicer 756,002.78
==========================
</TABLE>
<PAGE> 6
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 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 140,859,347.27
Aggregate Discounted Contract Balance of Additional Contracts
acquired during Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 4,582,674.00
Aggregate Discounted Contract Balance, as defined in Indenture ---------------------------
Agreement, at the ending of the related Collection Period 136,276,673.27
===========================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,365,983.54
- Principal portion of Prepayment Amounts 2,216,690.46
- 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 4,582,674.00
==================
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture
Agreement, at the beginning of the related Collection Period 40,722,207.07
Aggregate Discounted Contract Balance of Additional Contracts
acquired during Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,695,615.04
Aggregate Discounted Contract Balance, as defined in Indenture
Agreement, at the ending of the related Collection Period
---------------------------
39,026,592.03
===========================
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,533,983.71
- Principal portion of Prepayment Amounts 161,631.33
- 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 1,695,615.04
==================
---------------------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 175,303,265.30
===========================
</TABLE>
<PAGE> 7
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<TABLE>
<CAPTION>
POOL A
<S> <C> <C> <C>
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 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
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
--- -----
<TABLE>
<CAPTION>
POOL B
<S> <C> <C> <C>
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 $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
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
---- ----
<PAGE> 8
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 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>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
-------------------------------------- -------------- --------------- -------------
None
------------ --------------
Totals: $0.00 $0.00
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%
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
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
--- -----
<TABLE>
<CAPTION>
POOL B - GENERAL CONTRACT SUBSTITUTION RIGHTS
<S> <C> <C> <C>
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 $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
</TABLE>
CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD
YES NO X
---- ----
<PAGE> 9
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE SEPTEMBER 13, 1999
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<CAPTION>
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
<S> <C> <C> <C>
This Month 4,594,677.25 This Month 175,303,265.30
1 Month Prior 6,779,696.29 1 Month Prior 181,581,554.34
2 Months Prior 4,136,334.97 2 Months Prior 186,307,081.50
Total 15,510,708.51 Total 543,191,901.14
a) 3 MONTH AVERAGE 5,170,236.17 b) 3 MONTH AVERAGE 181,063,967.05
c) a/b 2.86%
</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
--------- ---------
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 2,756,299.94 160
61 - 90 2,953,242.86 50
91 - 180 4,594,677.25 82
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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