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Previous: DVI RECEIVABLES CORP, 8-K, EX-99.5, 2000-06-26 |
Next: DVI RECEIVABLES CORP, 8-K, EX-99.7, 2000-06-26 |
<PAGE> 1
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JANUARY 11, 2000
<TABLE>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 670,160.18
Available Funds:
Contract Payments due and received in this period 3,744,736.56
Contract Payments due in prior period(s) and received in this period 511,909.76
Contract Payments received in this period for next period 203,181.43
Sales, Use and Property Tax payments received 198,083.97
Prepayment Amounts related to early termination in this period 149,894.83
Servicer Advance 620,953.19
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 10,137.63
Interest earned on Collection Account 13,275.35
Interest earned on Affiliated Account 8,467.02
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 [less than] Predecessor contract) 0.00
Amounts paid under insurance policies 0.00
Maintenance, Late Charges and any other amounts 0.00
-------------
Total Available Funds 6,130,799.92
Less: Amounts to be Retained in Collection Account 656,860.72
-------------
AMOUNT TO BE DISTRIBUTED 5,473,939.20
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 511,909.76
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 3,877,057.93
a) Class A3 Principal (distributed after A1 and A2 Notes mature) and Interest 182,832.00
b) Class B Principal and Interest 93,468.04
c) Class C Principal and Interest 106,447.09
d) Class D Principal and Interest 109,446.68
e) Class E Principal and Interest 115,416.16
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) 42,396.42
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 146,191.56
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 10,137.63
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 219,826.34
7. To Servicer, Servicing Fee and other Servicing Compensations 58,809.69
-------------
TOTAL FUNDS DISTRIBUTED 5,473,939.30
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 656,860.62
=============
II. RESERVE ACCOUNT
Beginning Balance $2,182,541.24
- Add Investment Earnings 10,137.63
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 10,137.63
-------------
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 JANUARY 11, 2000
III. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Pool A 107,910,636.90
Pool B 29,311,611.63
--------------
137,222,248.53
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 510,175.37
Class A Monthly Interest - Pool B 138,578.20
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,087,341.51
Class A Monthly Principal - Pool B 1,323,794.85
--------------
3,411,136.36
Ending Principal Balance of the Class A Notes
Pool A 105,823,295.39
Pool B 27,987,816.78
-------------- --------------
133,811,112.17
==============
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $190,972,000 Original Face $190,972,000 Balance Factor
<S> <C> <C>
$ 3.397114 $ 17.861971 70.068446%
--------------------------------------------------------------------------------
</TABLE>
IV. CLASS A NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class A Notes
Class A1 0.00
Class A2 99,132,248.53
Class A3 38,090,000.00
--------------
137,222,248.53
Class A Monthly Interest
Class A1 (Actual Number Days/360) 0.00
Class A2 465,921.57
Class A3 182,832.00
Class A Monthly Principal
Class A1 0.00
Class A2 3,411,136.36
Class A3 0.00
--------------
3,411,136.36
Ending Principal Balance of the Class A2 Notes
Class A1 0.00
Class A2 95,721,112.17
Class A3 38,090,000.00
-------------- --------------
133,811,112.17
==============
</TABLE>
<PAGE> 3
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JANUARY 11, 2000
V. CLASS B NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class B Notes
Pool A 2,466,473.89
Pool B 669,960.35
------------
3,136,434.24
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 12,188.49
Class B Monthly Interest - Pool B 3,310.72
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 47,710.66
Class B Monthly Principal - Pool B 30,258.17
------------
77,968.83
Ending Principal Balance of the Class B Notes
Pool A 2,418,763.23
Pool B 639,702.18
------------ ------------
3,058,465.41
============
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,365,000 Original Face $4,365,000 Balance Factor
<S> <C> <C>
$ 3.550793 $ 17.862275 70.067936%
--------------------------------------------------------------------------------
</TABLE>
VI. CLASS C NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class C Notes
Pool A 2,775,027.20
Pool B 753,791.34
------------
3,528,818.54
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 14,730.77
Class C Monthly Interest - Pool B 4,001.38
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 53,674.50
Class C Monthly Principal - Pool B 34,040.44
------------
87,714.94
Ending Principal Balance of the Class C Notes
Pool A 2,721,352.70
Pool B 719,750.90
------------ ------------
3,441,103.60
============
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,910,955 Original Face $4,910,955 Balance Factor
<S> <C> <C>
$ 3.814360 $ 17.861076 70.069948%
--------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JANUARY 11, 2000
VII. CLASS D NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class D Notes
Pool A 2,775,027.20
Pool B 753,791.34
------------
3,528,818.54
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 17,089.54
Class D Monthly Interest - Pool B 4,642.10
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 53,674.50
Class D Monthly Principal - Pool B 34,040.44
------------
87,714.94
Ending Principal Balance of the Class D Notes
Pool A 2,721,352.70
Pool B 719,750.90
------------ ------------
3,441,103.60
============
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,910,955 Original Face $4,910,955 Balance Factor
<S> <C> <C>
$ 4.425135 $ 17.861076 70.069948%
--------------------------------------------------------------------------------
</TABLE>
VIII. CLASS E NOTE PRINCIPAL BALANCE
<TABLE>
<S> <C> <C>
Beginning Principal Balance of the Class E Notes
Pool A 2,775,027.20
Pool B 753,791.34
------------
3,528,818.54
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 21,783.96
Class E Monthly Interest - Pool B 5,917.26
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 53,674.50
Class E Monthly Principal - Pool B 34,040.44
------------
87,714.94
Ending Principal Balance of the Class E Notes
Pool A 2,721,352.70
Pool B 719,750.90
------------ ------------
3,441,103.60
============
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Interest Paid Per $1,000 Principal Paid Per $1,000 Ending Principal
Original Face $4,910,955 Original Face $4,910,955 Balance Factor
<S> <C> <C>
$ 5.640699 $ 17.861076 70.069948%
--------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JANUARY 11, 2000
<TABLE>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
Pool A 4,624,552.44
Pool B 1,256,145.33
------------
5,880,697.77
Residual Interest - Pool A 31,111.60
Residual Interest - Pool B 11,284.82
Residual Principal - Pool A 89,457.49
Residual Principal - Pool B 56,734.07
------------
146,191.56
Ending Residual Principal Balance
Pool A 4,535,094.95
Pool B 1,199,411.26
------------ ------------
5,734,506.21
============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 58,809.69
- Servicer Advances reimbursement 511,909.76
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 219,826.34
------------
Total amounts due to Servicer 790,545.79
============
</TABLE>
<PAGE> 6
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JANUARY 11, 2000
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 123,326,744.86
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,385,533.15
--------------
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period 120,941,211.71
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,335,312.33
- Principal portion of Prepayment Amounts 50,220.82
- 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 2,385,533.15
==============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 33,499,091.18
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,512,908.41
--------------
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period 31,986,182.77
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 1,397,945.05
- Principal portion of Prepayment Amounts 114,963.36
- 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 1,512,908.41
==============
--------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 152,927,394.48
==============
</TABLE>
<PAGE> 7
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE JANUARY 11, 2000
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) [greater than] (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 [greater than] 60 DAYS OR HAS DEFAULTED
([greater than] 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) [greater than] (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 JANUARY 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>
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) [greater than] (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 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 [greater than] 60 DAYS OR HAS DEFAULTED
([greater than] 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) [greater than] (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 JANUARY 11, 2000
XV. POOL PERFORMANCE MEASUREMENTS
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
<TABLE>
<CAPTION>
CONTRACTS DELINQUENT [greater than] 90 DAYS TOTAL OUTSTANDING CONTRACTS
<S> <C> <C> <C>
This Month 1,885,271.11 This Month 152,927,394.48
1 Month Prior 1,186,547.24 1 Month Prior 156,825,836.04
2 Months Prior 512,453.99 2 Months Prior 160,759,075.71
Total 3,584,272.34 Total 470,512,306.23
a) 3 MONTH AVERAGE 1,194,757.45 b) 3 MONTH AVERAGE 156,837,435.41
c) a/b 0.76%
</TABLE>
<TABLE>
<S> <C> <C>
2. Does a Delinquency Condition Exist (1c [greater than] 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 [greater than] 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>
31 - 60 6,902,169.49 195
61 - 90 2,618,571.91 58
91 - 180 1,885,271.11 87
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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