ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: June 31, 2002 -June 30, 2002
SETTLEMENT DATE: 15-Jul-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") ...... $ 17,837,202.25
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(b.) Contract Principal Balance of all Collections allocable to
Contracts ................................................... $2,083,488.87
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(c.) Contract Principal Balance of Charged-Off Contracts ........... $ 191,438.15
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(d.) Total decline in Principal Balance ............................ $ 2,274,927.02
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as
of this Settlement Date. .................................... $ 15,562,275.23
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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 .......... $ 6,037,264.59
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(Class A Note Factor) ......................................... 0.0182285
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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) ................... 0.1315308 $6,037,264.59
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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. . ....................... $ 16,383,130.07
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(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date ............................................ 8.44%
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(b2.) Preceeding Month %: ........................................... May-02 7.42%
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(b3.) 2nd Preceeding Month %: ....................................... Apr-02 7.32%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent 7.73%
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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 ...................................................... 3.12%
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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: ............................................. May-02 > 100%
(YES/NO) YES
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(e3.) 2nd Preceeding Month: ......................................... Apr-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 ............................................ 2,770,129.44
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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............... 13,731.84
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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 $ 41,422.42
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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 $ 41,422.42
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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 2,274,927.02
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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 $2,274,927.02
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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 14,864.34
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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 $ 425,183.82
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period 609,495.15
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(b.) Servicer Advances reimbursed during the related Collection
Period 26,631.45
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on
the Settlement Date 13,731.84
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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 $ 569,131.86
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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 $ 4,659.56
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(e.) Reserve Account Ending Balance before calculating Required
Reserve Amount $ 3,604,659.56
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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 4,659.56
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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 $ 393,803.68
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(b.) Amount of Advance Payments collected during the related Collection Period $ 292,783.98
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(c.) Investment earnings for the related Collection Period $ 399.96
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account $ 340,852.27
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(e.) Ending aggregate Advance Payments $ 346,135.35
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ Mark Shapiro
TITLE: Assistant Treasurer
DATE: 10-Jul-02
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