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Exhibit 21.1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: September 1, 2000 - September 30, 2000
SETTLEMENT DATE: 16-Oct-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"). .................................................................................. $ 121,041,507.50
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(b.) Contract Principal Balance of all Collections
allocable to Contracts ...................................................... $ 7,683,681.16
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(c.) Contract Principal Balance of Charged-Off
Contracts ................................................................... $ 682,355.97
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(d.) Total decline in Principal Balance .................................................................. $ 8,366,037.13
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(e.) Ending Aggregate Contract Principal Balance
of all Contracts as of this Settlement Date ......................................................... $ 112,675,470.37
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BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT
ON THE RELATED PAYMENT DATE
(f.) Class A Principal Balance as of this
Settlement Date ..................................................................................... $ 99,514,894.76
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(Class A Note Factor) ............................. 0.3004677
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(g1.) Class A-1 Principal Balance (Note Factor) ......... 0.0000000 - ........................
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(g2.) Class A-2 Principal Balance (Note Factor) ........ 0.1595521 $ 30,314,894.76 ........................
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(g3.) Class A-3 Principal Balance (Note Factor) ........ 1.0000000 $ 23,300,000.00 ........................
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(g4.) Class A-4 Principal Balance (Note Factor) ........ 1.0000000 $ 45,900,000.00 ........................
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(h.) Class B Principal Balance as of this
Settlement Date ................................... $ 3,635,564.97
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(Class B Note Factor) ............................. 0.1919720
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(i.) Class C Principal Balance as of this
Settlement Date ..................................................................................... $ -
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(Class C Note Factor) ............................. 0.0000000
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(l.) Class D Principal Balance as of this
Settlement Date ..................................................................................... $ 9,525,010.64
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(Class D Note Factor) ............................. 0.6349878
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II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR")
of all Contracts as of the related
Calculation Date .................................................................................... $ 121,283,615.02
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(b1.) % of CBR 31 days or more delinquent as of the
related Calculation Date ............................................................................ 6.70%
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(b2.) Preceeding Month %: ............................... Aug-00 ....................................... 6.48%
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(b3.) 2nd Preceeding Month %: ........................... Jul-00 ....................................... 7.15%
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(b4.) Three month rolling average % of CBR 31 days
or more delinquent .................................................................................. 6.78%
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(c.) Does the three month rolling average % of CBR
which are 31 days or more delinquent
exceed 10.5% ? Y or N .............................................................................. NO
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(Amortization Period Only)
(d) Cumulative Net Loss Percentage as of the
related Collection Period ........................................................................... 2.80%
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[*The Cumulative Net Loss Percentage includes
an adjustment of $134,000 for prior periods
under allocation of Recoveries.]
Does the Cumulative Net Loss Percentage exceed
(d1.) 4.0 % from the Beginning Period to and
including 12th Collection Period ? Y or N .......................................................... N/A
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(d2.) 5.5 % from 13th Collection Period to and
including 24th Collection Period ? Y or N ........................................................... NO
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(d3.) 7.0 % 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
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(e2.) Preceeding Month: ................................. Aug-00 > 100% (YES/NO) ......................... YES
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(e3.) 2nd Preceeding Month: ............................. Jul-00 > 100% (YES/NO) ......................... YES
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(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 ............................................................... $ 9,588,989.84
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(1) On the Payment Date which is also
the Amortization Date and each
Payment Date thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances .................................................... -
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(b.) To the Servicer, if ABS is not the Servicer,
Servicing Fee and Ancillary Servicing Income,
if any ..............................................................................................
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To Series 1998-1 Noteholders:
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(c.) To Class A, the total Class A Note Interest
and Class A Overdue Interest for the
related period ...................................................................................... $ 526,739.13
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Interest on Class A-1 Notes ............. $ -
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Interest on Class A-2 Notes ............. $ 182,863.30
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Interest on Class A-3 Notes ............. $ 115,140.83
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Interest on Class A-4 Notes ............. $ 228,735.00
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(d.) Interest on Class B Notes for the related period .................................................... $ 23,448.01
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(e.) Interest on Class C Notes for the related period .................................................... $ -
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(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and
Class A Overdue Principal, if any ................................................................... 7,388,878.00
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Principal Payment to Class A-1
Noteholders ....................................................... N/A
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Principal Payment to Class A-2
Noteholders ....................................................... $ 7,388,878.00
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Principal Payment to Class A-3
Noteholders ....................................................... N/A
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Principal Payment to Class A-4
Noteholders ....................................................... N/A
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To Class B for Principal Payment and Overdue
Principal, if any ................................................................................... 977,159.13
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To Class C for Principal Payment and Overdue
Principal, if any ................................................................................... --
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(g) Overdue Principal (included in the Principal
Payments per above, if any):
To Class A, total for Overdue Principal ..................................... N/A
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Overdue Principal to Class A-1 .......... N/A
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Overdue Principal to Class A-2 .......... N/A
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Overdue Principal to Class A-3 .......... N/A
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Overdue Principal to Class A-4 .......... N/A
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To Class B for Overdue Principal ............................................ N/A
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To Class C for Overdue Principal ............................................ N/A
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(h1.) Until the Reserve Account Funding Date:
To the Reserve Account, the amount equal
to the Servicing Fee otherwise payable to ABS ....................................................... N/A
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(h2.) After the Reserve Account Funding Date:
To the Servicer, ABS, the Servicing Fee
plus Ancillary Servicing Income, if any ............................................................. 100,867.92
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(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
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(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
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(j2.) (B) the aggregate amount of Residual
Receipts included in Available Funds ........................................ N/A
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(j3.) To be deposited to the Residual Account ............................................................. N/A
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(k.) To Class D Noteholders for Principal Payment ........................................................ -
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(l.) To Class D Noteholders for Overdue Principal,
if any .............................................................................................. N/A
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(3) To ABS, the Servicing Fee
previously due, but deposited
to the Reserve Account ............................................................... $ -
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(4) To the Trustee to Fund the
Servicer Conversion
Expense Account ......................................................................
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(5) To the Series Obligors, as
holders of the Residual Interest,
any Available Funds remaining on
deposit in the Facility Account ...................................................... $ 571,897.64
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the
beginning of the related Collection Period .......................................................... 2,119,850.56
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(b.) Servicer Advances reimbursed during the
related Collection Period ........................................................................... 53,249.59
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(c.) Amount of unreimbursed Servicer Advances to
be reimbursed on the Settlement Date ................................................................ -
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(d.) Servicer Advances made during the related
Collection Period ................................................................................... 53,933.56
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(e.) Aggregate amount of Servicer Advances at the
end of the Collection Period ........................................................................ $ 2,120,534.53
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the
related Collection Period ........................................................................... $ 3,624,286.15
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(b.) Amounts used to cover shortfalls, if any,
for the related Collection Period ................................................................... $ -
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(c.) Amounts transferred from the Facility Account,
if applicable ....................................................................................... $ -
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(d.) Interest earned on Reserve Balance .................................................................. $ 19,465.06
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(e.) Reserve Account Ending Balance before
calculating Required Reserve Amount ................................................................. $ 3,643,751.21
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(f.) Required Reserve Amount needed as of the
related Collection Period ........................................................................... $ 3,600,000.00
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(g1.) If (f) is greater than (e), then amount of
shortfall .......................................................................................... 0.00
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(g2.) If (e) is greater than (f), then excess amount
to be transferred to the Series Obligors ............................................................ 43,751.21
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(h.) Amounts on deposit as of this Settlement
Date (e minus g2) ................................................................................... $ 3,600,000.00
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VI. RESIDUAL ACCOUNT
(a.) Amount on deposit at the beginning of the
related Collection Period ........................................................................... 0.00
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(b.) Amounts transferred from the Facility Account ....................................................... 0.00
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(c.) Amounts used to cover shortfalls for
the related Collection Period ....................................................................... 0.00
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(d.) Amount on deposit as of this Settlement Date ........................................................ 0.00
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VII. ADDITIONAL PROPERTY FUNDING ACCOUNT
(a.) Amount on deposit at the beginning of the
related Collection Period ............................................................................ 0.00
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(b.) Amounts transferred from the Facility Account ........................................................ 0.00
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(c.) Amounts transferred to the Series Obligors ........................................................... 0.00
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(d.) Amount on deposit as of this Settlement Date ......................................................... 0.00
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VIII. ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments ................................................................. $ 1,895,475.13
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(b.) Amount of Advance Payments collected during
the related Collection Period ........................................................................ $ 1,142,530.13
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(c.) Investment earnings for the related
Collection Period .................................................................................... $ 12,400.06
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(d.) Amount of Advance Payments withdrawn for
deposit into Facility Account ........................................................................ $ 1,404,096.89
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(e.) Ending aggregate Advance Payments $ 1,646,308.43
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
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TITLE: SR VP
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DATE: 10/11/00
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