ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: November 1, 2001 - November 30, 2001
SETTLEMENT DATE: 17-Dec-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") ............................. $38,221,407.50
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(b.) Contract Principal Balance of all Collections allocable
to Contracts ....................................................................... $ 3,277,890.01
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(c.) Contract Principal Balance of Charged-Off Contracts ................................. $ 210,514.03
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(d.) Total decline in Principal Balance .................................................. $ 3,488,404.04
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(e.) Ending Aggregate Contract Principal Balance of all
Contracts as of this Settlement Date ............................................... $34,733,003.46
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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 ................................ $25,207,992.82
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(Class A Note Factor) ............................. 0.0761111
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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) ........ 0.5491937 $25,207,992.82
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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 ....................................... $36,901,996.19
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(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date ................................................................... 7.91%
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(b2.) Preceeding Month %: Oct-01 ....................... 7.85%
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(b3.) 2nd Preceeding Month %: Sep-01 ....................... 7.76%
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(b4.) Three month rolling average % of CBR 31 days or more
delinquent ......................................................................... 7.84%
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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 .................................................................. 3.06%
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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: Oct-01 > 100% (YES/NO) ...... YES
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(e3.) 2nd Preceeding Month: Sep-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 ............................................................ $ 4,394,944.08
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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 ............................................ $ 143,003.71
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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 .................................................... $ 143,003.71
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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 .......................................................... 3,488,404.04
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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 ..................................... $ --
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Principal Payment to Class A-4 Noteholders ..................................... $ 3,488,404.04
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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 ........................................................... 31,851.17
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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 ............................................................... $ 731,685.16
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning
of the related Collection Period ................................................... 1,033,266.18
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(b.) Servicer Advances reimbursed during the related
Collection Period .................................................................. 61,550.14
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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 ............................................................................. 21,409.45
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(e.) Aggregate amount of Servicer Advances at the end of the
Collection Period .................................................................. $ 993,125.49
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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 .................................................. $ 6,601.10
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(e.) Reserve Account Ending Balance before calculating
Required Reserve Amount ............................................................ $ 3,606,601.10
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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 ................................................. 6,601.10
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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 ................................................ $ 664,716.90
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(b.) Amount of Advance Payments collected during the related
Collection Period .................................................................. $ 444,633.29
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(c.) Investment earnings for the related Collection Period ............................... $ 1,226.65
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(d.) Amount of Advance Payments withdrawn for deposit into
Facility Account ................................................................... $ 529,950.55
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(e.) Ending aggregate Advance Payments ................................................... $ 580,626.29
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ Mark Shapiro
TITLE: Assistant Treasurer
DATE: 12-Dec-01
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