EX-99.1 3 y83562bexv99w1.txt SERVICER REPORT EXHIBIT 99.1 DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 I. RECONCILIATION OF COLLECTION ACCOUNT: End of Period Collection Account Balance as of Prior Payment Date: 215,260.34 Available Funds: Contract Payments due and received in this period 1,380,516.73 Contract Payments due in prior period(s) and received in this period 289,369.12 Contract Payments received in this period for next period 72,161.71 Sales, Use and Property Tax payments received 93,778.86 Prepayment Amounts related to early termination in this period 45,148.14 Servicer Advance 138,950.60 Proceeds received from recoveries on previously Defaulted Contracts 0.00 Transfer from Reserve Account 2,210.41 Interest earned on Collection Account 1,321.56 Interest earned on Affiliated Account 77.82 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 2,238,795.29 Less: Amounts to be Retained in Collection Account 252,537.09 ------------ AMOUNT TO BE DISTRIBUTED 1,986,258.20 ============ DISTRIBUTION OF FUNDS: 1. To Trustee - Fees 0.00 2. To Servicer, any unreimbursed Nonrecoverable Advances or Servicer Advances 289,369.12 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 0.00 a) Class A3 Principal (distributed after A1 and A2 Notes mature) and Interest 1,391,335.79 b) Class B Principal and Interest 31,855.60 c) Class C Principal and Interest 35,996.54 d) Class D Principal and Interest 36,361.35 e) Class E Principal and Interest 37,087.37 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) 3,517.55 b) Residual Principal (Provided no Restricting or Amortization Event in effect) 56,197.23 c) Reserve Account Distribution (Provided no Restricting or Amortization Event in effect) 2,210.41 6. To Servicer, Tax, Maintenance, Late Charges and Bank Interest Earned and Any Other Amounts 95,178.24 7. To Servicer, Servicing Fee and other Servicing Compensations 7,149.00 ------------ TOTAL FUNDS DISTRIBUTED 1,986,258.20 ============ End of Period Collection Account Balance {Includes Payments in Advance & Restricting Event Funds (if any)} 252,537.09 ============

II RESERVE ACCOUNT Beginning Balance $2,182,541.24 - Add Investment Earnings 2,210.41 - Add Transfer from Certificate Account (To Satisfy Reserve Account Requirement) 0.00 - Less Distribution to Certificate Account 2,210.41 ------------- 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 =============

DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 III. CLASS A NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class A Notes Pool A 14,645,987.42 Pool B 2,034,654.02 ------------- 16,680,641.44 Class A Overdue Interest, if any 0.00 Class A Monthly Interest - Pool A 70,300.74 Class A Monthly Interest - Pool B 9,766.34 Class A Overdue Principal, if any 0.00 Class A Monthly Principal - Pool A 1,074,157.55 Class A Monthly Principal - Pool B 237,111.16 ------------- 1,311,268.71 Ending Principal Balance of the Class A Notes Pool A 13,571,829.87 Pool B 1,797,542.86 ------------- ------------- 15,369,372.73 =============

IV. CLASS A NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class A Notes Class A1 0.00 Class A2 0.00 Class A3 16,680,641.44 ------------- 16,680,641.44 Class A Monthly Interest Class A1 (Actual Number Days/360) 0.00 Class A2 0.00 Class A3 80,067.08 Class A Monthly Principal Class A1 0.00 Class A2 0.00 Class A3 1,311,268.71 ------------- 1,311,268.71 Ending Principal Balance of the Class A Notes Class A1 0.00 Class A2 0.00 Class A3 15,369,372.73 ------------- ------------- 15,369,372.73 =============

DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 V. CLASS B NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class B Notes Pool A 334,710.49 Pool B 46,487.04 ---------- 381,197.53 Class B Overdue Interest, if any 0.00 Class B Monthly Interest - Pool A 1,654.03 Class B Monthly Interest - Pool B 229.72 Class B Overdue Principal, if any 0.00 Class B Monthly Principal - Pool A 24,552.17 Class B Monthly Principal - Pool B 5,419.68 ---------- 29,971.85 Ending Principal Balance of the Class B Notes Pool A 310,158.32 Pool B 41,067.36 ---------- ---------- 351,225.68 ==========

VI. CLASS C NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class C Notes Pool A 376,793.32 Pool B 52,383.89 ---------- 429,177.21 Class C Overdue Interest, if any 0.00 Class C Monthly Interest - Pool A 2,000.14 Class C Monthly Interest - Pool B 278.07 Class C Overdue Principal, if any 0.00 Class C Monthly Principal - Pool A 27,621.19 Class C Monthly Principal - Pool B 6,097.14 ---------- 33,718.33 Ending Principal Balance of the Class C Notes Pool A 349,172.13 Pool B 46,286.75 ---------- ---------- 395,458.88 ==========

DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 VII. CLASS D NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class D Notes Pool A 376,793.32 Pool B 52,383.89 ---------- 429,177.21 Class D Overdue Interest, if any 0.00 Class D Monthly Interest - Pool A 2,320.42 Class D Monthly Interest - Pool B 322.60 Class D Overdue Principal, if any 0.00 Class D Monthly Principal - Pool A 27,621.19 Class D Monthly Principal - Pool B 6,097.14 ---------- 33,718.33 Ending Principal Balance of the Class D Notes Pool A 349,172.13 Pool B 46,286.75 ---------- ---------- 395,458.88 ==========

VIII. CLASS E NOTE PRINCIPAL BALANCE Beginning Principal Balance of the Class E Notes Pool A 376,793.32 Pool B 52,383.89 ----------- 429,177.21 Class E Overdue Interest, if any 0.00 Class E Monthly Interest - Pool A 2,957.83 Class E Monthly Interest - Pool B 411.21 Class E Overdue Principal, if any 0.00 Class E Monthly Principal - Pool A 27,621.19 Class E Monthly Principal - Pool B 6,097.14 ---------- 33,718.33 Ending Principal Balance of the Class E Notes Pool A 349,172.13 Pool B 46,286.75 ---------- ---------- 395,458.88 ==========

DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 IX. ISSUERS RESIDUAL PRINCIPAL BALANCE Beginning Residual Principal Balance Pool A 627,496.02 Pool B 87,132.84 ---------- 714,628.86 Residual Interest - Pool A 3,088.72 Residual Interest - Pool B 428.83 Residual Principal - Pool A 46,035.32 Residual Principal - Pool B 10,161.91 ---------- 56,197.23 Ending Residual Principal Balance Pool A 581,460.70 Pool B 76,970.93 ---------- ---------- 658,431.63 ==========

X. PAYMENT TO SERVICER - Collection period Servicer Fee 7,149.00 - Servicer Advances reimbursement 289,369.12 - Tax, Maintenance, Late Charges, Bank Interest and other amounts 95,178.24 ---------- Total amounts due to Servicer 391,696.36 ==========

DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 XI. AGGREGATE DISCOUNTED CONTRACT BALANCE POOL A Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the beginning of the related Collection Period 16,738,574.04 Aggregate Discounted Contract Balance of Additional Contracts acquired during Collection Period 0.00 Decline in Aggregate Discounted Contract Balance 1,227,608.63 ------------- Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ending of the related Collection Period 15,510,965.41 ============= Components of Decline in Aggregate Discounted Contract Balance: - Principal portion of Contract Payments and Servicer Advances 1,187,111.90 - Principal portion of Prepayment Amounts 40,496.73 - 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 1,227,608.63 ============ POOL B Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the beginning of the related Collection Period 2,325,425.31 Aggregate Discounted Contract Balance of Additional Contracts acquired during Collection Period 0.00 Decline in Aggregate Discounted Contract Balance 270,984.18 ------------- Aggregate Discounted Contract Balance, as defined in Indenture Agreement, at the ending of the related Collection Period 2,054,441.13 ============= Components of Decline in Aggregate Discounted Contract Balance: - Principal portion of Contract Payments and Servicer Advances 266,570.47 - Principal portion of Prepayment Amounts 4,413.71 - 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 270,984.18 ============ ------------- AGGREGATE DISCOUNTED CONTRACT BALANCE AT THE END OF THE RELATED COLLECTION PERIOD 17,565,406.54 =============

DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 XIII. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - PREPAYMENTS POOL A

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 POOL B

* 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 DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 XIV. CUMULATIVE DETAIL OF SUBSTITUTED CONTRACTS - NON-PERFORMING (POOL A) & GENERAL RIGHTS (POOL B) POOL A - NON-PERFORMING

CHANGE IN ANY OF THE ABOVE DETAIL DURING THE RELATED COLLECTION PERIOD YES_____ NO X POOL B - GENERAL CONTRACT SUBSTITUTION RIGHTS

* 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 DVI BUSINESS TRUST 1998-2 SERVICER REPORT FOR THE PAYMENT DATE FEBRUARY 11, 2003 XV. POOL PERFORMANCE MEASUREMENTS 1. AGGREGATE DISCOUNTED CONTRACT BALANCE

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

DELINQUENT LEASE SUMMARY

Approved By: Mathew E. Goldenberg Vice President Structured Finance and Securitization

DVI RECEIVABLES CORP 8-K