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Previous: DVI RECEIVABLES CORP, 8-K, 2000-12-01 |
Next: STRONG INTERNATIONAL INCOME FUNDS INC, 497, 2000-12-01 |
<PAGE> 1
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 13, 2000
<TABLE>
<CAPTION>
<S> <C>
I. RECONCILIATION OF COLLECTION ACCOUNT:
End of Period Collection Account Balance as of Prior Payment Date: 280,231.07
Available Funds:
Contract Payments due and received in this period 3,430,063.81
Contract Payments due in prior period(s) and received in this period 436,185.28
Contract Payments received in this period for next period 229,618.20
Sales, Use and Property Tax payments received 183,904.14
Prepayment Amounts related to early termination in this period 577,238.99
Servicer Advance 252,436.69
Proceeds received from recoveries on previously Defaulted Contracts 0.00
Transfer from Reserve Account 11,832.35
Interest earned on Collection Account 14,984.58
Interest earned on Affiliated Account 11,215.46
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 5,427,710.57
Less: Amounts to be Retained in Collection Account 457,203.25
-------------
AMOUNT TO BE DISTRIBUTED 4,970,507.32
=============
DISTRIBUTION OF FUNDS:
1. To Trustee - Fees 0.00
2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 436,185.28
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 3,528,787.41
a) Class A3 Principal (distributed after A1 and A2 Notes mature) and Interest 182,832.00
b) Class B Principal and Interest 85,288.68
c) Class C Principal and Interest 96,871.68
d) Class D Principal and Interest 99,005.04
e) Class E Principal and Interest 103,250.84
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) 35,275.50
b) Residual Principal (Provided no Restricting or Amortization Event in effect) 139,247.70
c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 11,832.35
6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 210,104.18
7. To Servicer, Servicing Fee and other Servicing Compensations 41,826.66
-------------
TOTAL FUNDS DISTRIBUTED 4,970,507.32
=============
-------------
End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event
Funds (if any)} 457,203.25
=============
II. RESERVE ACCOUNT
Beginning Balance $2,182,541.24
- Add Investment Earnings 11,832.35
- Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00
- Less Distribution to Certificate Account 11,832.35
-------------
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 NOVEMBER 13, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
III. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
Pool A 80,387,514.47
Pool B 17,207,656.13
-------------
97,595,170.60
Class A Overdue Interest, if any 0.00
Class A Monthly Interest - Pool A 380,958.73
Class A Monthly Interest - Pool B 81,547.57
Class A Overdue Principal, if any 0.00
Class A Monthly Principal - Pool A 2,361,603.09
Class A Monthly Principal - Pool B 887,510.02
--------------
3,249,113.11
Ending Principal Balance of the Class A Notes
Pool A 78,025,911.38
Pool B 16,320,146.11
-------------
--------------
94,346,057.49
==============
</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>
$ 2.421854 $ 17.013558 49.403084%
--------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
IV. CLASS A NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class A Notes
Class A1 0.00
Class A2 59,505,170.60
Class A3 38,090,000.00
-------------
97,595,170.60
Class A Monthly Interest
Class A1 (Actual Number Days/360) 0.00
Class A2 279,674.30
Class A3 182,832.00
Class A Monthly Principal
Class A1 0.00
Class A2 3,249,113.11
Class A3 0.00
-------------
3,249,113.11
Ending Principal Balance of the Class A Notes
Class A1 0.00
Class A2 56,256,057.49
Class A3 38,090,000.00
------------- -------------
94,346,057.49
=============
</TABLE>
<PAGE> 3
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 13, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
V. CLASS B NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class B Notes
Pool A 1,837,373.96
Pool B 393,298.51
--------------
2,230,672.47
Class B Overdue Interest, if any 0.00
Class B Monthly Interest - Pool A 9,079.69
Class B Monthly Interest - Pool B 1,943.55
Class B Overdue Principal, if any 0.00
Class B Monthly Principal - Pool A 53,979.50
Class B Monthly Principal - Pool B 20,285.94
--------------
74,265.44
Ending Principal Balance of the Class B Notes
Pool A 1,783,394.46
Pool B 373,012.57
-------------- ------------
2,156,407.03
============
</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>
$ 2.525370 $ 17.013847 49.402223%
----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
VI. CLASS C NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class C Notes
Pool A 2,067,289.74
Pool B 442,546.78
--------------
2,509,836.52
Class C Overdue Interest, if any 0.00
Class C Monthly Interest - Pool A 10,973.86
Class C Monthly Interest - Pool B 2,349.19
Class C Overdue Principal, if any 0.00
Class C Monthly Principal - Pool A 60,726.94
Class C Monthly Principal - Pool B 22,821.69
--------------
83,548.63
Ending Principal Balance of the Class C Notes
Pool A 2,006,562.80
Pool B 419,725.09
-------------- ------------
2,426,287.89
============
</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>
$ 2.712924 $ 17.012705 49.405623%
-----------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 13, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
VII. CLASS D NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class D Notes
Pool A 2,067,289.74
Pool B 442,546.78
-------------
2,509,836.52
Class D Overdue Interest, if any 0.00
Class D Monthly Interest - Pool A 12,731.06
Class D Monthly Interest - Pool B 2,725.35
Class D Overdue Principal, if any 0.00
Class D Monthly Principal - Pool A 60,726.94
Class D Monthly Principal - Pool B 22,821.69
-------------
83,548.63
Ending Principal Balance of the Class D Notes
Pool A 2,006,562.80
Pool B 419,725.09
------------- ------------
2,426,287.89
============
</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>
$ 3.147333 $ 17.012705 49.405623%
-----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
VIII. CLASS E NOTE PRINCIPAL BALANCE
Beginning Principal Balance of the Class E Notes
Pool A 2,067,289.74
Pool B 442,546.78
-------------
2,509,836.52
Class E Overdue Interest, if any 0.00
Class E Monthly Interest - Pool A 16,228.22
Class E Monthly Interest - Pool B 3,473.99
Class E Overdue Principal, if any 0.00
Class E Monthly Principal - Pool A 60,726.94
Class E Monthly Principal - Pool B 22,821.69
-------------
83,548.63
Ending Principal Balance of the Class E Notes
Pool A 2,006,562.80
Pool B 419,725.09
------------- ------------
2,426,287.89
============
</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>
$ 4.011890 $ 17.012705 49.405623%
-----------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 13, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
IX. ISSUERS RESIDUAL PRINCIPAL BALANCE
Beginning Residual Principal Balance
Pool A 3,444,990.05
Pool B 737,404.39
-------------
4,182,394.44
Residual Interest - Pool A 21,842.75
Residual Interest - Pool B 13,432.75
Residual Principal - Pool A 101,211.56
Residual Principal - Pool B 38,036.14
-------------
139,247.70
Ending Residual Principal Balance
Pool A 3,343,778.49
Pool B 699,368.25
------------- -------------
4,043,146.74
=============
X. PAYMENT TO SERVICER
- Collection period Servicer Fee 41,826.66
- Servicer Advances reimbursement 436,185.28
- Tax, Maintenance, Late Charges, Bank Interest and other amounts 210,104.18
-------------
Total amounts due to Servicer 688,116.12
=============
</TABLE>
<PAGE> 6
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 13, 2000
<TABLE>
<CAPTION>
<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 91,871,747.82
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 2,698,974.96
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period --------------
89,172,772.86
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 2,190,576.46
- Principal portion of Prepayment Amounts 508,398.50
- 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 2,698,974.96
=============
POOL B
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
beginning of the related Collection Period 19,665,999.17
Aggregate Discounted Contract Balance of Additional Contracts acquired during
Collection Period 0.00
Decline in Aggregate Discounted Contract Balance 1,014,297.17
Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the
ending of the related Collection Period --------------
18,651,702.00
==============
Components of Decline in Aggregate Discounted Contract Balance:
- Principal portion of Contract Payments and Servicer Advances 947,438.71
- Principal portion of Prepayment Amounts 66,858.46
- 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 1,014,297.17
============= --------------
AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 107,824,474.86
==============
</TABLE>
<PAGE> 7
DVI BUSINESS TRUST 1998-2
SERVICER REPORT
FOR THE PAYMENT DATE NOVEMBER 13, 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>
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
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>
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
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 NOVEMBER 13, 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%
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 - 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
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 NOVEMBER 13, 2000
XV. POOL PERFORMANCE MEASUREMENTS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1. AGGREGATE DISCOUNTED CONTRACT BALANCE
CONTRACTS DELINQUENT > 90 DAYS TOTAL OUTSTANDING CONTRACTS
This Month 688,477.78 This Month 107,824,474.86
1 Month Prior 810,619.38 1 Month Prior 111,537,746.99
2 Months Prior 1,064,698.60 2 Months Prior 114,974,963.20
Total 2,563,795.76 Total 334,337,185.05
a) 3 MONTH AVERAGE 854,598.59 b) 3 MONTH AVERAGE 111,445,728.35
c) a/b 0.77%
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>
31 - 60 5,476,782.21 58
61 - 90 44,696.80 11
91 - 180 688,477.78 21
</TABLE>
Approved By:
Lisa J. Cruikshank
Vice President
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