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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: October 1, 1998 - October 31, 1998
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SETTLEMENT DATE: 16-Nov-98
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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") . . . . . . . . . . . . . . . . . . . . . $375,000,311.61
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(b.) Contract Principal Balance of all Collections allocable to Contracts . . . . . . $ 15,703,614.96
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(c.) Contract Principal Balance of Charged-Off Contracts .. . . . . . . . . . . . . . $ 832,714.04
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(d.) Total decline in Principal Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,536,329.00
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PLEDGES ON THIS SETTLEMENT DATE
(e.) Aggregate Contract Principal Balance of all Contracts pledged on this
Settlement Date in accordance with section 1.03 of the Supplement . . . . . . . . . . . . . . . . . $ 16,536,328.26
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(f.) Amounts to be on deposited in Additional Property Funding Account as of this
Settlement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
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(g.) Ending Aggregate Contract Principal Balance of all Contracts as of this
Settlement Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $375,000,310.87
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BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED PAYMENT DATE
(h.) Class A Principal Balance as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . . $331,200,000.00
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(Class A Note Factor) 1.0000000
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(i1.) Class A-1 Principal Balance . . . . . . . . . . . . . . . $ 72,000,000.00
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(i2.) Class A-2 Principal Balance . . . . . . . . . . . . . . . $ 190,000,000.00
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(i3.) Class A-3 Principal Balance . . . . . . . . . . . . . . . $ 23,300,000.00
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(i4.) Class A-4 Principal Balance . . . . . . . . . . . . . . . $ 45,900,000.00
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(j.) Class B Principal Balance as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . $ 18,938,000.00
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(Class B Note Factor) 1.0000000
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(k.) Class C Principal Balance as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . $ 9,862,000.00
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(Class C Note Factor) 1.0000000
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(l.) Class D Principal Balance as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . $ 15,000,304.00
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(Class D Note Factor) 1.0000000
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II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as of the
related Calculation Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $398,632,693.90
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(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date . . . . . . . . . . . . . 6.49%
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(b2.) Preceeding Month %: Sep-98 . . . . . . . . . . . . . . . . . 5.81%
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(b3.) 2nd Preceeding Month %: Aug-98 . . . . . . . . . . . . . . . . . 5.12%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent . . . . . . . . . . . . . . . . . 5.81%
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(c.) (Revolving Period Only)
Does the current month % of CBR which are 31 days or more delinquent
exceed 11.5% ? Y or N. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NO
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(If Yes, then an Amortization Event occurs)
(d.) 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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(If Yes, then an Amortization Event occurs)
(e1.) Monthly Net Loss Percentage for the related Collection Period . . . . . . . . . . . . . . . . 0.15%
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(e2.) Preceeding Month %: Sep-98 . . . . . . . . . . . . . . . . 0.13%
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(e3.) 2nd Preceeding Month %: Aug-98 . . . . . . . . . . . . . . . . 0.13%
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(e4.) Three month average % of Monthly Net Loss Percentage . . . . . . . . . . . . . . . . . . . . . 0.14%
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(If greater than 3.75%, then an Amortization Event Occurs)
(Amortization Period Only)
(f) Cumulative Net Loss Percentage as of the related Collection Period . . . . . . . . . . . . . N/A
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Does the Cumulative Net Loss Percentage exceed
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(f1.) 4.0 % from the Beginning Period to and including 12th Collection
Period ? Y or N. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
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(f2.) 5.5 % from 13th Collection Period to and including 24th Collection
Period ? Y or N . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . N/A
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(f3.) 7.0 % from 25th Collection Period and thereafter ? Y or N . . . . . . . . . . . . . . . . . N/A
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(If Yes to f1 or f2 or f3, then a Residual Event occurs)
(g1.) Residual Realization for the related Collection Period
> 100% (YES/NO). . . . . . . . . .. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . YES
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(g2.) Preceeding Month: Sep-98 > 100% (YES/NO) . . . . . . . . . . . . YES
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(g3.) 2nd Preceeding Month: Aug-98 > 100% (YES/NO) . . . . . . . . . . . . YES
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(g4.) 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,719,737.00
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(1) On each Payment Date prior to the Amortization Date
(a.) To the Servicer, Nonrecoverable Servicer Advances and other amounts due . . . . . . . . . . 39,430.81
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(b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary
Servicing Income, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,611,575.83
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Interest on Class A-1 Notes . . . . . . . . . . . . . . . . . . $ 346,200.00 6,200.00
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Interest on Class A-2 Notes . . . . . . . . . . . . . . . . . . $ 921,500.00 1,500.00
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Interest on Class A-3 Notes . . . . . . . . . . . . . . . . . . $ 115,140.83 5,140.83
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Interest on Class A-4 Notes . . . . . . . . . . . . . . . . . . $ 228,735.00 8,735.00
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(d.) Interest on Class B Notes for the related period . . . . . . . . . . . . . . . $ 96,268.17
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(e.) Interest on Class C Notes for the related period. . . . . . .. . . . . . . . . . . . . . . . . . $ 53,336.98
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(f.) Available Funds remaining in Series 1998-1 Facility Account . . . . . . . . . . . . . . . . . . $ 16,919,125.21
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From (x) the amount remaining in the Facility Account and . . . . . . . . . . . $ 16,919,125.21
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(y) the amount on deposit in the Additional Property Funding
Account ("APFA") . . . 0.00
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("Available Additional Property Funding Amount") as follows: . . . . . . . . . . . . . . . . . . $ 16,919,125.21
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(A) To the Series Obligors, an amount equal to the least of . . . . . . . . . . . . . . . . . . . $ 15,703,614.96
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(i) the Available Additional Property Funding Amount . . . . . . . . . . . . . $ 16,919,125.21
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(ii) the sum of (a) the excess ACPB as of the second preceding Calc.
Date over the ACPB as of the preceding Calc. Date plus (b) . . . . . . . . . . $ 15,703,614.96
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amount on deposit in the APFA on such payment date and . . . . . . . . . . . . 0.00
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(Additional Property Funding Requirement)
(iii) ACPB of all Additional Contracts actually pledged on the Payment
Date and . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,536,328.26
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(B) To the Additional Property Funding Account, the lesser of 0.00
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(i) the excess, if any, (x) Additional Property Funding Requirement over . . . . $ 15,703,614.96
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(y) ACPB of all Additional Contracts actually pledged on the Payment Date . . . $ 16,536,328.26
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Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (832,713.30)
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and (ii) the remaining Available Additional Property Funding Amount . . . . . . $ 1,215,510.25
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(g1) Until the Reserve Account Funding Date:
To the Reserve Account, the amount equal to the Servicing Fee otherwise
payable to ABS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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(g2) After the Reserve Account Funding Date:
To the Servicer, ABS, the Servicing Fee plus Ancillary Servicing Income, if
any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,500.25
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(h) 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 . . . . . . . . . . . . 0.00
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(i) Upon the occurrence of a Residual Event the lesser of:
(A) the Available Funds remaining on deposit in the Facility Account and . . . . . . 0.00
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(B) the aggregate amount of Residual Receipts included in Available Funds . . . . . 0.00
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To be deposited to the Residual Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
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(2) On the Payment Date which is also the Amortization Date and each Payment Date
thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances . . . . . . . . . . . . . . . . . . . . . . . . . N/A
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(b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary
Servicing Income, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
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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.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
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Interest on Class A-1 Notes . . . . . . . .. . . . . .. . . .. . N/A
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Interest on Class A-2 Notes . . . . . . . .. . . . . .. . . .. . N/A
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Interest on Class A-3 Notes . . . . . . . .. . . . . .. . . .. . N/A
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Interest on Class A-4 Notes . . . . . . . .. . . . . .. . . .. . N/A
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(d.) Interest on Class B Notes for the related period. . . . . . .. . . . . . . . . . . . . . . . . . . N/A
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(e.) Interest on Class C Notes for the related period. . . . . . .. . . . . . . . . . . . . . . . . . . N/A
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(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue Principal, if any . . . . . . . . . . N/A
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Principal Payment to Class A-1 Noteholders . . . . . .. . . . . N/A
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Principal Payment to Class A-2 Noteholders . . . . . .. . . . . N/A
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Principal Payment to Class A-3 Noteholders . . . . . .. . . . . N/A
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Principal Payment to Class A-4 Noteholders . . . . . .. . . . . N/A
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To Class B for Principal Payment and Overdue Principal, if any . . . . . . . . . . . . . . . . . . N/A
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To Class C for Principal Payment and Overdue Principal, if any . . . . . . . . . . . . . . . . . . N/A
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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 . . . . .. . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
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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 Series Obligors, as holders of the Residual Interest, any Available
Funds remaining on deposit
in the Facility Account . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . $ 903,010.00
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the related Collection
Period. . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,206,795.25
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(b.) Servicer Advances reimbursed during the related Collection Period . . . . . . . . . . . . . . . . 95,798.62
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,430.81
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .5,071,565.82
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period. . . . . . . . . . . . . . . $ 11,700,000.00
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 48,128.53
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(e.) Reserve Account Ending Balance before calculating Required Reserve Amount . . . . . . . . . . . . $ 11,748,128.53
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(f.) Required Reserve Amount needed as of the related Collection Period . . . . . . . . . . . . . . . $ 11,700,000.00
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,128.53
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(h.) Amounts on deposit as of this Settlement Date (e minus g2). . . . . . . . . . . . . . . . . . . $ 11,700,000.00
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,635,850.91
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(b.) Amount of Advance Payments collected during the related Collection Period . . . . . . . . . . . $ 2,204,013.29
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(c.) Investment earnings for the related Collection Period . . . . . . . . . . . . . . . . . . . . $ 15,529.44
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account . . . . . . . . . . . . $ 2,248,501.73
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(e.) Ending aggregate Advance Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,606,891.91
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