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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: February 1, 2001 - February 28, 2001
SETTLEMENT DATE: 15-Mar-01
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") $ 83,608,249.47
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(b.) Contract Principal Balance of all Collections allocable to Contracts $ 5,945,243.25
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(c.) Contract Principal Balance of Charged-Off Contracts $ 325,695.31
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(d.) Total decline in Principal Balance $ 6,270,938.56
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as of
this Settlement Date $ 77,337,310.91
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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 $ 67,812,300.27
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(Class A Note Factor). 0.2047473
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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) 0.0000000 $ --
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(g3.) Class A-3 Principal Balance . (Note Factor) 0.9404421 $21,912,300.27
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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 $ --
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(Class B Note Factor) 0.0000000
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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 $ 82,989,933.26
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(b1.) % of CBR 31 days or more delinquent as of the related Calculation
Date 7.35%
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(b2.) Preceeding Month %: Jan-01 6.73%
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(b3.) 2nd Preceeding Month %: Dec-00 6.11%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent 6.73%
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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 2.96%
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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 N/A
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(d3.) 7.0 % from 25th Collection Period and thereafter? Y or N NO
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(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: Jan-01 > 100% (YES/NO) YES
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(e3.) 2nd Preceeding Month: Dec-00 > 100% (YES/NO) YES
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(e4.) Three month rolling average Residual Realization Ratio > 100%
(YES/NO) YES
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(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 $ 7,348,627.98
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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:
(c.) To Class A, the total Class A Note Interest and Class A
Overdue Interest for the related period $ 366,393.15
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Interest on Class A-1 Notes $ --
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Interest on Class A-2 Notes $ 22,517.32
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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 $ 1,222.50
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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 6,030,445.80
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Principal Payment to Class A-1 Noteholders N/A
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Principal Payment to Class A-2 Noteholders $ 4,642,746.07
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Principal Payment to Class A-3 Noteholders $ 1,387,699.73
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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 240,492.76
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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 69,673.54
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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 $ 640,400.22
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period 1,869,221.68
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(b.) Servicer Advances reimbursed during the related Collection Period 46,552.38
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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 152,646.02
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(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period $ 1,975,315.32
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period $ 3,600,000.00
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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 $ 14,253.97
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(e.) Reserve Account Ending Balance before calculating Required Reserve Amount $ 3,614,253.97
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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 14,253.97
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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 $ 1,626,188.90
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(b.) Amount of Advance Payments collected during the related Collection Period $ 744,939.50
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(c.) Investment earnings for the related Collection Period $ 6,887.05
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account $ 1,031,452.13
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(e.) Ending aggregate Advance Payments $ 1,346,563.32
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ Mark Shapiro
TITLE: Assistant Treasurer
DATE: 12-Mar-01
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