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Previous: DVI RECEIVABLES CORP, 8-K, EX-99.2, 2000-06-26 |
Next: DVI RECEIVABLES CORP, 8-K, EX-99.4, 2000-06-26 |
<PAGE> 1
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 12, 1999
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 733,038.40
Available Funds:
Contract Payments due and received in this period 3,944,480.75
Contract Payments due in prior period(s) and received in this period 294,983.93
Contract Payments received in this period for next period 173,258.43
Sales, Use and Property Tax payments received 161,565.93
Prepayment Amounts related to early termination in this period 3,123,048.62
Servicer Advance 588,440.45
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 9,130.79
Interest earned on Collection Account 13,037.59
Interest earned on Affiliated Account 8,429.36
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 9,049,414.25
Less: Amounts to be Retained in Collection Account 673,322.61
-------------
AMOUNT TO BE DISTRIBUTED 8,376,091.64
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 294,983.93
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 6,633,209.20
a) Class A3 Principal (distributed after A1 and A2 Notes mature) and Interest 182,832.00
b) Class B Principal and Interest 156,555.09
c) Class C Principal and Interest 177,572.46
d) Class D Principal and Interest 180,925.33
e) Class E Principal and Interest 187,598.21
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) 43,457.35
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 261,055.68
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 9,130.79
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 183,032.88
7. To Servicer, Servicing Fee and other Servicing Compensations 65,738.72
-------------
TOTAL FUNDS DISTRIBUTED 8,376,091.64
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any) 673,322.61
=============
II. RESERVE ACCOUNT
Beginning Balance $2,182,541.24
- Add Investment Earnings 9,130.79
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 9,130.79
-------------
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 OCTOBER 12, 1999
<TABLE>
<S> <C> <C>
III. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
Pool A 119,241,824.26
Pool B 34,148,174.88
--------------
153,389,999.14
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 563,397.60
Class A Monthly Interest - Pool B 161,344.39
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 4,343,865.37
Class A Monthly Principal - Pool B 1,747,433.84
--------------
6,091,299.21
Ending Principal Balance of the Class A Notes
Pool A 114,897,958.89
Pool B 32,400,741.04
-------------- --------------
147,298,699.93
==============
</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
$ 3.795017 $ 31.896295 77.131045%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
IV. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
Class A1 0.00
Class A2 115,299,999.14
Class A3 38,090,000.00
--------------
153,389,999.14
Class A Monthly Interest
Class A1 (Actual Number Days/360) 0.00
Class A2 541,909.99
Class A3 182,832.00
Class A Monthly Principal
Class A1 0.00
Class A2 6,091,299.21
Class A3 0.00
--------------
6,091,299.21
Ending Principal Balance of the Class A2 Notes
Class A1 0.00
Class A2 109,208,699.93
Class A3 38,090,000.00
-------------- --------------
147,298,699.93
==============
</TABLE>
<PAGE> 3
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 12, 1999
<TABLE>
<S> <C> <C>
V. CLASS B NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class B Notes
Pool A 2,725,472.46
Pool B 780,510.37
------------
3,505,982.83
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 13,468.38
Class B Monthly Interest - Pool B 3,857.02
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 99,288.35
Class B Monthly Principal - Pool B 39,941.34
------------
139,229.69
Ending Principal Balance of the Class B Notes
Pool A 2,626,184.11
Pool B 740,569.03
------------ ------------
3,366,753.14
============
</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
$ 3.969164 $ 31.896836 77.130656%
----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VI. CLASS C NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class C Notes
Pool A 3,066,400.59
Pool B 878,160.10
------------
3,944,560.69
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 16,277.48
Class C Monthly Interest - Pool B 4,661.57
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 111,699.40
Class C Monthly Principal - Pool B 44,934.01
------------
156,633.41
Ending Principal Balance of the Class C Notes
Pool A 2,954,701.19
Pool B 833,226.09
------------ -------------
3,787,927.28
=============
</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
$ 4.263743 $ 31.894695 77.132193%
----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 12, 1999
<TABLE>
<S> <C> <C>
VII. CLASS D NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class D Notes
Pool A 3,066,400.59
Pool B 878,160.10
-------------
3,944,560.69
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 18,883.92
Class D Monthly Interest - Pool B 5,408.00
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 111,699.40
Class D Monthly Principal - Pool B 44,934.01
-------------
156,633.41
Ending Principal Balance of the Class D Notes
Pool A 2,954,701.19
Pool B 833,226.09
------------- ------------
3,787,927.28
============
</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
$ 4.946476 $ 31.894695 77.132193%
----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
VIII. CLASS E NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class E Notes
Pool A 3,066,400.59
Pool B 878,160.10
------------
3,944,560.69
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 24,071.24
Class E Monthly Interest - Pool B 6,893.56
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 111,699.40
Class E Monthly Principal - Pool B 44,934.01
------------
156,633.41
Ending Principal Balance of the Class E Notes
Pool A 2,954,701.19
Pool B 833,226.09
------------ ------------
3,787,927.28
============
</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
$ 6.305250 $ 31.894695 77.132193%
----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 12, 1999
<TABLE>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
Pool A 5,110,174.76
Pool B 1,463,426.61
------------
6,573,601.37
Residual Interest - Pool A 34,094.27
Residual Interest - Pool B 9,363.08
Residual Principal - Pool A 186,165.66
Residual Principal - Pool B 74,890.02
------------
261,055.68
Ending Residual Principal Balance
Pool A 4,924,009.10
Pool B 1,388,536.59
------------ ------------
6,312,545.69
============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 65,738.72
- Servicer Advances reimbursement 294,983.93
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 183,032.88
------------
Total amounts due to Servicer 543,755.53
============
</TABLE>
<PAGE> 6
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 12, 1999
<TABLE>
<S> <C> <C>
XI. AGGREGATE DISCOUNTED CONTRACT BALANCE
POOL A
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 136,276,673.27
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 4,964,417.57
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period --------------
131,312,255.70
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,326,311.06
- Principal portion of Prepayment Amounts 2,638,106.51
- 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 4,964,417.57
============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 39,026,592.03
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,997,067.24
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period --------------
37,029,524.79
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,508,352.89
- Principal portion of Prepayment Amounts 488,714.35
- 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 1,997,067.24
============
--------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 168,341,780.49
==============
</TABLE>
<PAGE> 7
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE OCTOBER 12, 1999
XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS
<TABLE>
<CAPTION>
POOL A Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
----------------------- ------------- ----------- ---------------
<S> <C> <C> <C>
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 Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
----------------------- ------------- ----------- ---------------
<S> <C> <C> <C>
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 OCTOBER 12, 1999
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>
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>
POOL B - GENERAL CONTRACT SUBSTITUTION RIGHTS
<CAPTION>
Predecessor
Discounted Predecessor Discounted
Lease # Lessee Name Present Value Lease # Present Value
----------------------- ------------- ----------- --------------
<S> <C> <C> <C>
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 OCTOBER 12, 1999
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<S> <C> <C> <C>
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
This Month 4,176,934.44 This Month 168,341,780.49
1 Month Prior 4,594,677.25 1 Month Prior 175,303,265.30
2 Months Prior 6,779,696.29 2 Months Prior 181,581,554.34
Total 15,551,307.98 Total 525,226,600.13
a) 3 MONTH AVERAGE 5,183,769.33 b) 3 MONTH AVERAGE 175,075,533.38
c) a/b 2.96%
</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
--------- ---------
</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>
31 - 60 2,926,560.93 176
61 - 90 528,853.09 59
91 - 180 4,176,934.44 86
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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