1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: June 1, 1999 - June 30, 1999
----------------------------
SETTLEMENT DATE: 15-Jul-99
----------------------------
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") $295,000,842.81
---------------
(b.) Contract Principal Balance of all Collections allocable to Contracts $ 13,366,720.46
---------------
(c.) Contract Principal Balance of Charged-Off Contracts $ 1,012,818.27
---------------
(d.) Total decline in Principal Balance $ 14,379,538.73
----------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts as
of this Settlement Date $ 280,621,304.08
----------------
BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED
PAYMENT DATE
(f.) Class A Principal Balance as of this Settlement Date $247,844,534.84
---------------
(Class A Note Factor). . . . . . . . . . . . . . . . . . . . 0.7483229
---------
(g1.) Class A-1 Principal Balance .(Note Factor). . . . . . . . . . 0.0000000 $ --
---------------
(g2.) Class A-2 Principal Balance . (Note Factor). . . . . . . . . 0.9402344 $ 178,644,534.84
--------- ----------------
(g3.) Class A-3 Principal Balance . (Note Factor). . . . . . . . . 1.0000000 $ 23,300,000.00
--------- ---------------
(g4.) Class A-4 Principal Balance . (Note Factor). . . . . . . . . 1.0000000 $ 45,900,000.00
--------- ----------------
(h.) Class B Principal Balance as of this Settlement Date $ 14,171,738.53
---------------
(Class B Note Factor) 0.7483229
---------
(i.) Class C Principal Balance as of this Settlement Date $ 7,379,960.15
---------------
(Class C Note Factor) 0.7483229
---------
(l.) Class D Principal Balance as of this Settlement Date $ 11,225,070.55
---------------
(Class D Note Factor) 0.7483229
---------
II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts
as of the related Calculation Date $309,575,496.58
---------------
(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date 7.08%
---------------
(b2.) Preceeding Month %: May-99 7.63%
----------- ---------------
(b3.) 2nd Preceeding Month %: Apr-99 7.98%
----------- ---------------
(b4.) Three month rolling average % of CBR 31 days or more delinquent 7.56%
---------------
(c.) Does the three month rolling average % of CBR which are 31
days or more delinquent exceed 10.5% ? . Y or N. NO
---------------
(Amortization Period Only)
(d) Cumulative Net Loss Percentage as of the related Collection Period 1.08%
---------------
Does the Cumulative Net Loss Percentage exceed
(d1.) 4.0 % from the Beginning Period to and including
12th Collection Period ? Y or N NO
--------------
(d2.) 5.5 % from 13th Collection Period to and including
24th Collection Period ? Y or N NO
---------------
(d3.) 7.0 % from 25th Collection Period and thereafter ? Y or N NO
---------------
(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
---------------
(e2.) Preceeding Month: May-99 > 100% (YES/NO) YES
------- ---------------
(e3.) 2nd Preceeding Month: Apr-99 > 100% (YES/NO) YES
------- ---------------
(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 $ 16,850,069.87
---------------
(On the Payment Date which is also the Amortization Date
and each Payment Date thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances 121,557.87
---------------
(b.) To the Servicer, if ABS is not the Servicer,
Servicing Fee and Ancillary Servicing Income, if any --
---------------
To Series 1998-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and Class A
Overdue Interest for the related period $ 1,271,840.80
---------------
Interest on Class A-1 Notes $ 6,464.96
---------------
Page 1 of 3
2
Interest on Class A-2 Notes $ 921,500.00
---------------
Interest on Class A-3 Notes $ 115,140.83
---------------
Interest on Class A-4 Notes $ 228,735.00
---------------
(d.) Interest on Class B Notes for the related period $ 75,731.11
---------------
(e.) Interest on Class C Notes for the related period $ 41,958.51
---------------
(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue
Principal, if any 12,699,998.31
--------------
Principal Payment to Class A-1 Noteholders 1,344,533.16
---------------
Principal Payment to Class A-2 Noteholders 11,355,465.16
---------------
Principal Payment to Class A-3 Noteholders N/A
---------------
Principal Payment to Class A-4 Noteholders N/A
--------------
To Class B for Principal Payment and Overdue Principal, if any 726,185.29
--------------
To Class C for Principal Payment and Overdue Principal, if any 378,162.39
--------------
*Class C note and Class D note include adjustment for prior period.
(g) Overdue Principal (included in the Principal Payments
per above, if any):
To Class A, total for Overdue Principal N/A
--------------
Overdue Principal to Class A-1 N/A
----------
Overdue Principal to Class A-2 N/A
----------
Overdue Principal to Class A-3 N/A
----------
Overdue Principal to Class A-4 N/A
----------
To Class B for Overdue Principal N/A
--------------
To Class C for Overdue Principal N/A
--------------
(h1.) Until the Reserve Account Funding Date:
To the Reserve Account, the amount equal to the
Servicing Fee otherwise payable to ABS N/A
--------------
(h2.) After the Reserve Account Funding Date:
To the Servicer, ABS, the Servicing Fee plus
Ancillary Servicing Income, if any 245,834.04
--------------
(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
--------------
(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
--------------
(j2.) (B) the aggregate amount of Residual Receipts included
in Available Funds N/A
--------------
(j3.) To be deposited to the Residual Account N/A
--------------
(k.) To Class D Noteholders for Principal Payment 575,192.74
--------------
(l.) To Class D Noteholders for Overdue Principal, if any N/A
--------------
(To ABS, the Servicing Fee previously due, but deposited
to the Reserve Account $ --
--------------
(To the Series Obligors, as holders of the Residual
Interest, any Available Funds remaining on deposit
in the Facility Account $ 713,608.81
--------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of
the related Collection Period 4,784,974.97
--------------
(b.) Servicer Advances reimbursed during the related Collection
Period 142,808.63
--------------
(c.) Amount of unreimbursed Servicer Advances to be reimbursed
on the Settlement Date 121,557.87
--------------
(d.) Servicer Advances made during the related Collection Period $ --
--------------
(e.) Aggregate amount of Servicer Advances at the end of the
Collection Period $ 4,520,608.47
--------------
V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related
Collection Period $ 9,204,018.83
--------------
(b.) Amounts used to cover shortfalls, if any, for the
related Collection Period $ --
--------------
(c.) Amounts transferred from the Facility Account, if applicable $ --
--------------
(d.) Interest earned on Reserve Balance $ 34,283.53
--------------
(e.) Reserve Account Ending Balance before calculating
Required Reserve Amount $ 9,238,302.36
--------------
(f.) Required Reserve Amount needed as of the related
Collection Period $ 8,755,377.59
--------------
(g1.) If (f) is greater than (e), then amount of shortfall 0.00
--------------
(g2.) If (e) is greater than (f), then excess amount to be
transferred to the Series Obligors 482,924.77
--------------
(h.) Amounts on deposit as of this Settlement Date (e minus g2) $ 8,755,377.59
--------------
VI. RESIDUAL ACCOUNT
(a.) Amount on deposit at the beginning of the related
Collection Period 0.00
--------------
(b.) Amounts transferred from the Facility Account 0.00
--------------
(c.) Amounts used to cover shortfalls for the related
Collection Period 0.00
--------------
(d.) Amount on deposit as of this Settlement Date 0.00
--------------
VII. ADDITIONAL PROPERTY FUNDING ACCOUNT
(a.) Amount on deposit at the beginning of the
related Collection Period 0.00
--------------
(b.) Amounts transferred from the Facility Account 0.00
--------------
(c.) Amounts transferred to the Series Obligors 0.00
--------------
Page 2 of 3
3
(d.) Amount on deposit as of this Settlement Date 0.00
--------------
VIII. ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments $ 2,716,696.60
--------------
(b.) Amount of Advance Payments collected during the
related Collection Period $ 2,047,974.41
--------------
(c.) Investment earnings for the related Collection Period $ 13,837.82
--------------
(d.) Amount of Advance Payments withdrawn for deposit
into Facility Account $ 2,028,240.99
--------------
(e.) Ending aggregate Advance Payments $ 2,750,267.84
--------------
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
----------------------------------
TITLE: Sr. Vice President
----------------------------------
DATE: 12-June 99
------------------
Page 3 of 3