ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: January 1, 2002 - January 31, 2002
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SETTLEMENT DATE: 15-Feb-02
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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") $ 31,391,673.84
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(b.) Contract Principal Balance of all Collections allocable to Contracts $ 2,806,194.14
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(c.) Contract Principal Balance of Charged-Off Contracts $ 220,862.65
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(d.) Total decline in Principal Balance $ 3,027,056.79
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(e.) Ending Aggregate Contract Principal Balance of all
Contracts as of this Settlement Date $ 28,364,617.05
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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 $ 18,839,606.41
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(Class A Note Factor) 0.0568829
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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) 0.4104489 $ 18,839,606.41
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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 $ 29,986,012.12
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(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date 7.42%
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(b2.) Preceeding Month %: Dec-01 8.20%
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(b3.) 2nd Preceeding Month %: Nov-01 7.91%
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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 105%? Y or N NO
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(Amortization Period Only)
(d) Cumulative Net Loss Percentage as of the related Collection Period 3.11%
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Does the Cumulative Net Loss Percentage exceed
(d1.) 40% from the Beginning Period to and including 12th Collection Period?
Y or N N/A
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(d2.) 55 % from 13th Collection Period to and including 24th Collection Period?
Y or N N/A
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(d3.) 70 % 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: Dec-01 > 100% (YES/NO) YES
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(e3.) 2nd Preceeding Month: Nov-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) ----------------
III. FLOW OF FUNDS
The amount of available funds on deposit in the Series 1998-1 Facility Account $ 3,924,891.17
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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 96,866.32
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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 $ 108,968.87
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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 $ 108,968.87
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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 3,027,056.79
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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 $ 3,027,056.79
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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 26,159.73
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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 $ 665,839.46
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period 954,203.32
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(b.) Servicer Advances reimbursed during the related Collection Period 42,799.49
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date 96,866.32
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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 $ 814,537.51
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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 $ 5,727.46
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(e.) Reserve Account Ending Balance before calculating Required Reserve Amount $ 3,605,727.46
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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 5,727.46
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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 $ 505,809.85
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(b.) Amount of Advance Payments collected during the related Collection Period $ 449,984.88
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(c.) Investment earnings for the related Collection Period $ 729.16
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account $ 447,317.51
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(e.) Ending aggregate Advance Payments $ 509,206.38
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ Mark Shapiro
TITLE: Assistant Treasurer
DATE: 12-Feb-02
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