1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: August 1, 2000 - August 31, 2000
--------------------------------
SETTLEMENT DATE: 15-Sep-00
---------
A. SERIES INFORMATION
ADVANTA LEASING RECEIVABLES CORP. IV AND
ADVANTA LEASING RECEIVABLES CORP. V
EQUIPMENT RECEIVABLES ASSET-BACKED NOTES,
SERIES 1998-1
I. SERIES INFORMATION INCLUDING PLEDGED PROPERTY CONVEYED
(a.) Beginning Aggregate Contract Principal Balance ("ACPB") $ 129,931,402.63
----------------
(b.) Contract Principal Balance of all Collections allocable to Contracts $ 8,301,415.60
---------------
(c.) Contract Principal Balance of Charged-Off Contracts $ 588,479.53
---------------
(d.) Total decline in Principal Balance $ 8,889,895.13
----------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts as of this
Settlement Date $ 121,041,507.50
----------------
BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED PAYMENT DATE
(f.) Class A Principal Balance as of this Settlement Date $ 106,903,772.76
----------------
(Class A Note Factor) 0.3227771
----------
(g1.) Class A-1 Principal Balance (Note Factor) 0.0000000 --
--------- ---------------
(g2.) Class A-2 Principal Balance (Note Factor) 0.1984409 $ 37,703,772.76
--------- ---------------
(g3.) Class A-3 Principal Balance (Note Factor) 1.0000000 $ 23,300,000.00
--------- ---------------
(g4.) Class A-4 Principal Balance (Note Factor) 1.0000000 $ 45,900,000.00
--------- ---------------
(h.) Class B Principal Balance as of this Settlement Date $ 4,612,724.10
----------------
(Class B Note Factor) 0.2435698
----------
(i.) Class C Principal Balance as of this Settlement Date $ --
----------------
(Class C Note Factor) 0.0000000
---------
(l.) Class D Principal Balance as of this Settlement Date $ 9,525,010.64
----------------
(Class D Note Factor) 0.6349878
---------
II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as of the
related Calculation Date $ 130,180,096.40
----------------
(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date 6.48%
----------------
(b2.) Preceeding Month %: Jul-00 7.15%
--------- ----------------
(b3.) 2nd Preceeding Month %: Jun-00 7.50%
--------- ----------------
(b4.) Three month rolling average % of CBR 31 days or more delinquent 7.04%
----------------
(c.) Does the three month rolling average % of CBR which are 31 days or more
delinquent exceed 105% ? Y or N NO
----------------
(Amortization Period Only)
(d) Cumulative Net Loss Percentage as of the related Collection Period 2.75%
----------------
Does the Cumulative Net Loss Percentage exceed
(d1.) 40 % from the Beginning Period to and including 12th Collection Period ?
Y or N N/A
----------------
(d2.) 55 % from 13th Collection Period to and including 24th Collection Period ?
Y or N NO
----------------
(d3.) 70 % from 25th Collection Period and thereafter ? Y or N N/A
----------------
(If Yes to e1 or e2 or e3, then a Residual Event occurs)
(e1.) Residual Realization for the related Collection Period > 100% (YES/NO) YES
----------------
(e2.) Preceeding Month: Jul-00>100%(YES/NO) YES
--------- ----------------
(e3.) 2nd Preceeding Month: Jun-00>100%(YES/NO) YES
--------- ----------------
(e4.) Three month rolling average Residual Realization Ratio > 100% (YES/NO) YES
----------------
(If less than 100%, then a Residual Event Occurs)
III. FLOW OF FUNDS
The amount of available funds on deposit in the Series 1998-1 Facility
Account $ 10,775,013.06
----------------
(1) On the Payment Date which is also the Amortization Date and each Payment
Date thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances 155,999.55
----------------
(b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary
Servicing Income, if any
----------------
To Series 1998-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and Class A Overdue Interest
for the related period $ 564,819.14
----------------
Interest on Class A-1 Notes $ --
---------------
Page 1 of 3
2
Interest on Class A-2 Notes $ 220,943.31
---------------
Interest on Class A-3 Notes $ 115,140.83
---------------
Interest on Class A-4 Notes $ 228,735.00
---------------
(d.) Interest on Class B Notes for the related period $ 28,726.27
----------------
(e.) Interest on Class C Notes for the related period $ --
----------------
(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue Principal, if
any 7,851,549.01
----------------
Principal Payment to Class A-1 Noteholders N/A
---------------
Principal Payment to Class A-2 Noteholders $ 7,851,549.01
---------------
Principal Payment to Class A-3 Noteholders N/A
---------------
Principal Payment to Class A-4 Noteholders N/A
---------------
To Class B for Principal Payment and Overdue Principal, if any 1,038,346.12
----------------
To Class C for Principal Payment and Overdue Principal, if any --
----------------
(g.) Overdue Principal (included in the Principal Payments per above, if any):
To Class A, total for Overdue Principal N/A
---------------
Overdue Principal to Class A-1 N/A
--------------
Overdue Principal to Class A-2 N/A
--------------
Overdue Principal to Class A-3 N/A
--------------
Overdue Principal to Class A-4 N/A
--------------
To Class B for Overdue Principal N/A
---------------
To Class C for Overdue Principal N/A
---------------
(h1.) Until the Reserve Account Funding Date:
To the Reserve Account, the amount equal to the Servicing Fee otherwise
payable to ABS N/A
----------------
(h2.) After the Reserve Account Funding Date:
To the Servicer, ABS, the Servicing Fee plus Ancillary Servicing Income,
if any 108,276.17
----------------
(i.) To the Reserve Account, the amount needed to increase the amount on
deposit in the Reserve Account to the Required Reserve Amount for such
Payment Date N/A
----------------
(j.) Upon the occurrence of a Residual Event the lesser of:
(j1.) (A) the Available Funds remaining on deposit in the Facility Account and N/A
---------------
(j2.) (B) the aggregate amount of Residual Receipts included in Available Funds N/A
---------------
(j3.) To be deposited to the Residual Account N/A
----------------
(k.) To Class D Noteholders for Principal Payment --
----------------
(l.) To Class D Noteholders for Overdue Principal, if any N/A
----------------
(3) To ABS, the Servicing Fee previously due, but deposited to the Reserve
Account $ --
----------------
(4) To the Trustee to Fund the Servicer Conversion Expense Account
----------------
(5) To the Series Obligors, as holders of the Residual Interest, any Available
Funds remaining on deposit in the Facility Account $ 1,027,296.80
----------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the related
Collection Period 2,345,853.46
----------------
(b.) Servicer Advances reimbursed during the related Collection Period 70,003.35
----------------
(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date 155,999.55
----------------
(d.) Servicer Advances made during the related Collection Period
----------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period $ 2,119,850.56
----------------
V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period $ 3,913,207.74
----------------
(b.) Amounts used to cover shortfalls, if any, for the related Collection
Period $ --
----------------
(c.) Amounts transferred from the Facility Account, if applicable $ --
----------------
(d.) Interest earned on Reserve Balance $ 21,537.22
----------------
(e.) Reserve Account Ending Balance before calculating Required Reserve Amount $ 3,934,744.96
----------------
----------------
(f.) Required Reserve Amount needed as of the related Collection Period $ 3,624,286.15
----------------
(g1.) If (f) is greater than (e), then amount of shortfall 0.00
----------------
(g2.) If (e) is greater than (f), then excess amount to be transferred to the
Series Obligors 310,458.81
----------------
(h.) Amounts on deposit as of this Settlement Date (e minus g2) $ 3,624,286.15
----------------
VI. RESIDUAL ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period 0.00
----------------
(b.) Amounts transferred from the Facility Account 0.00
----------------
(c.) Amounts used to cover shortfalls for the related Collection Period 0.00
----------------
(d.) Amount on deposit as of this Settlement Date 0.00
----------------
Page 2 of 3
3
VII. ADDITIONAL PROPERTY FUNDING ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period 0.00
----------------
(b.) Amounts transferred from the Facility Account 0.00
----------------
(c.) Amounts transferred to the Series Obligors 0.00
----------------
(d.) Amount on deposit as of this Settlement Date 0.00
----------------
VIII. ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments $ 2,003,566.51
----------------
(b.) Amount of Advance Payments collected during the related Collection Period $ 1,378,898.97
----------------
(c.) Investment earnings for the related Collection Period $ 13,681.00
----------------
(d.) Amount of Advance Payments withdrawn for deposit into Facility Account $ 1,500,671.35
----------------
(e.) Ending aggregate Advance Payments $ 1,895,475.13
----------------
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
TITLE: SR VP
DATE: 09/12/00
Page 3 of 3