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EHIBIT 21.1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: March 1, 2001 - March 31, 2001
SETTLEMENT DATE: 16-Apr-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") ................................. $ 77,337,310.91
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(b.) Contract Principal Balance of all Collections allocable to
Contracts ............................................................... $ 5,902,660.02
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(c.) Contract Principal Balance of Charged-Off Contracts ..................... $ 194,005.43
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(d.) Total decline in Principal Balance ...................................................... $ 6,096,665.45
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as
of this Settlement Date ................................................................. $ 71,240,645.46
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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 ......................................................................... $ 61,715,634.82
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(Class A Note Factor) ............................ 0.1863395
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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) ........ 0.6787826 $15,815,634.82
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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
(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 ......................................................... $ 75,939,762.80
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(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date ........................................................................ 6.82%
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(b2.) Preceeding Month %: Feb-01 .............................................................. 7.35%
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(b3.) 2nd Preceeding Month %: JAN-01 .......................................................... 6.73%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent ......................... 6.97%
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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 .................................................................................. 2.97%
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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
(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: Feb-01 > 100% (YES/NO) ................................................ YES
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(e3.) 2nd Preceeding Month: Jan-01 > 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 ........................................................................ $ 7,655,550.93
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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 ........................................ 272,425.00
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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 ......................................................... $ 337,018.28
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Interest on Class A-1 Notes ..................................... $ --
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Interest on Class A-2 Notes ..................................... $ --
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Interest on Class A-3 Notes ..................................... $ 108,283.28
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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 ........................................ $ --
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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 ....................................................................... 6,096,665.45
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Principal Payment to Class A-1 Noteholders ...................... N/A
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Principal Payment to Class A-2 Noteholders ...................... $ --
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Principal Payment to Class A-3 Noteholders ...................... $ 6,096,665.45
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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 .......................... --
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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 .......................................................................... 64,447.76
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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 ............................................................ $ 884,994.44
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period ............................................................... 1,975,315.32
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(b.) Servicer Advances reimbursed during the related Collection
Period .................................................................................. 91,853.39
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ......................................................................... 272,425.00
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(d.) Servicer Advances made during the related Collection Period ............................. --
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(e.) Aggregate amount of Servicer Advances at the end of the
Collection Period ....................................................................... $ 1,611,036.93
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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 ...................................................... $ 15,133.16
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(e.) Reserve Account Ending Balance before calculating Required
Reserve Amount. ......................................................................... $ 3,615,133.16
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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 .................................................................. 15,133.16
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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 .................................................... $ 1,346,563.32
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(b.) Amount of Advance Payments collected during the related
Collection Period ....................................................................... $ 998,051.24
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(c.) Investment earnings for the related Collection Period ................................... $ 7,220.24
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(d.) Amount of Advance Payments withdrawn for deposit into Facility
Account ................................................................................. $ 910,980.37
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(e.) Ending aggregate Advance Payments ....................................................... $ 1,440,854.43
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ Mark Shapiro
TITLE: Assistant Treasurer
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DATE: 11-APR-01
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