ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: May 1, 2002 -May 31, 2002
SETTLEMENT DATE: 17-Jun-02
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") ................................... $ 20,298,994.69
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(b.) Contract Principal Balance of all Collections allocable to Contracts ....... $ 2,313,832.41
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(c.) Contract Principal Balance of Charged-Off Contracts ........................ $ 147,960.03
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(d.) Total decline in Principal Balance ......................................................... $ 2,461,792.44
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as of
this Settlement Date ....................................................................... $ 17,837,202.25
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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 ....................................... $ 8,312,191.61
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(Class A Note Factor) ................................ 0.0250972
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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 $ -
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(g4.) Class A-4 Principal Balance . (Note Factor) .......... 0.1810935 $ 8,312,191.61
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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 ............................................................... $ 18,763,471.02
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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.) Preceding Month %: Apr-02 ........................... 7.32%
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(b3.) 2nd Preceding Month %: Mar-02 ........................... 8.09%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent ............................ 7.61%
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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 ......................... 3.10%
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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.) Preceding Month: Apr-02 > 100% (YES/NO) ........................................ YES
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(e3.) 2nd Preceding Month: Mar-02 > 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 ........................................................................... $ 3,061,171.59
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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 ........................................... 7,550.62
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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. ........................................................... $ 53,690.35
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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 ....................... $ 53,690.35
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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 .......................................................................... 2,461,792.44
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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 ........ $ 2,461,792.44
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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 ............................................................................. 16,915.83
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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 ........................... $ 521,222.35
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period .................................................................. 654,150.37
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(b.) Servicer Advances reimbursed during the related Collection Period .......................... 37,104.60
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ............................................................................ 7,550.62
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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 ..................................................................................... $ 609,495.15
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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 ......................................................... $ 4,760.77
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(e.) Reserve Account Ending Balance before calculating Required
Reserve Amount ............................................................................. $ 3,604,760.77
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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 ..................................................................... 4,760.77
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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 ....................................................... $ 451,767.50
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(b.) Amount of Advance Payments collected during the related
Collection Period .......................................................................... $ 314,714.15
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(c.) Investment earnings for the related Collection Period ...................................... $ 482.39
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account ..................... $ 373,160.36
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(e.) Ending aggregate Advance Payments .......................................................... $ 393,803.68
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ADVANTA BUSINESS SERVICES CORP., as Servicer
BY: /s/ Mark Shapiro
TITLE: Assistant Treasurer
DATE: 12-Jun-02
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