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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: August 1, 2001 - August 31, 2001
SETTLEMENT DATE: 17-Sep-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") ...................... $ 50,292,276.38
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(b.) Contract Principal Balance of all Collections allocable to Contracts .......... $ 3,989,778.55
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(c.) Contract Principal Balance of Charged-Off Contracts ........................... $ 284,035.58
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(d.) Total decline in Principal Balance ............................................ $ 4,273,814.13
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(e.) Ending Aggregate Contract Principal Balance of
all Contracts as of this Settlement Date .................................... $46,018,462.25
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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 .......................... $36,493,451.61
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(Class A Note Factor) ............................... 0.1101855
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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) ......... 0.0000000 $ 0.00
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(g4.) Class A-4 Principal Balance . (Note Factor) ......... 0.7950643 $ 36,493,451.61
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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 ................................................. $ 48,844,073.50
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(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date ........................ 6.77%
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(b2.) Preceding Month%: Jul-01 ................................ 6.41%
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(b3.) 2nd Preceding Month%: Jun-01 ................................ 6.69%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent ............................... 6.62%
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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 ............................ 3.07%
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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: Jul-01 > 100% (YES/NO) ............... YES
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(e3.) 2nd Preceeding Month: Jun-01 > 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)
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III. FLOW OF FUNDS
The amount of available funds on deposit in the Series 1998-1
Facility Account .......................................................................... $ 5,310,202.07
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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 . ............................. 72,214.87
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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. .......................................................... $ 203,156.87
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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 .................................... $ --
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Interest on Class A-4 Notes .................................... $ 203,156.87
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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 ........................................................................ 4,273,814.13
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Principal Payment to Class A-1 Noteholders ..................... N/A
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Principal Payment to Class A-2 Noteholders ..................... ---------------
Principal Payment to Class A-3 Noteholders ..................... $ --
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Principal Payment to Class A-4 Noteholders ..................... $ 4,273,814.13
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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 .................................................................. 41,910.23
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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
(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 .......................... $ 719,105.97
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period .................................................................... 1,204,292.23
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(b.) Servicer Advances reimbursed during the related Collection Period ............................. 39,994.65
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ............................................................................... 72,214.87
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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 ........................................................................................ $ 1,092,082.71
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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 ............................................................ $ 10,434.24
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(e.) Reserve Account Ending Balance before calculating Required Reserve Amount ..................... $ 3,610,434.24
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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 ....................................................................... 10,434.24
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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 .......................................................... $ 966,867.94
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(b.) Amount of Advance Payments collected during the related
Collection Period ............................................................................ $ 662,009.23
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(c.) Investment earnings for the related Collection Period ......................................... $ 3,355.09
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(d.) Amount of Advance Payments withdrawn for deposit into Facility
Account ...................................................................................... $ 781,897.20
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(e.) Ending aggregate Advance Payments ............................................................. $ 850,335.06
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ Mark Shapiro
TITLE: Assistant Treasurer
DATE: 12-Sep-01
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