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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: July 1, 1999 - July 31, 1999
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SETTLEMENT DATE: 16-Aug-99
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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")............................. $ 280,621,304.08
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(b.) Contract Principal Balance of all Collections allocable
to Contracts...................................................... $ 13,234,473.60
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(c.) Contract Principal Balance of Charged-Off Contracts............... $ 1,412,336.65
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(d.) Total decline in Principal Balance.................................................. $ 14,646,810.25
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(e.) Ending Aggregate Contract Principal Balance of all
Contracts as of this Settlement Date................................................ $ 265,974,493.83
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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................................ $ 234,908,482.52
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(Class A Note Factor)................................. 0.7092647
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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)............ 0.8721499 $165,708,482.52
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(g3.) Class A-3 Principal Balance. (Note Factor)............ 1.0000000 $ 23,300,000.00
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(g4.) Class A-4 Principal Balance. (Note Factor)............ 1.0000000 $ 45,900,000.00
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(h.) Class B Principal Balance as of this Settlement Date................................. $ 13,432,055.68
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(Class B Note Factor) 0.7092647
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(i.) Class C Principal Balance as of this Settlement Date................................. $ 6,994,768.88
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(Class C Note Factor) 0.7092647
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(l.) Class D Principal Balance as of this Settlement Date................................. $ 10,639,186.75
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(Class D Note Factor) 0.7092647
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II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all
Contracts as of the related Calculation Date......................................... $ 292,847,739.69
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(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date..................................................................... 7.68%
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(b2.) Preceding Month %: Jun-99................... 7.08%
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(b3.) 2nd Preceding Month %: May-99................... 7.63%
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(b4.) Three month rolling average % of CBR 31 days or more
delinquent........................................................................... 7.46%
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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.................................................................... 1.31%
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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........................................................... NO
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(d2.) 5.5% from 13th Collection Period to and including 24th
Collection Period? Y or N............................................................ NO
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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: Jun-99 > 100% (YES/NO)... YES
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(e3.) 2nd Preceding Month: May-99 > 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.............................................................. $ 16,669,639.82
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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..................................... 156,391.70
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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:
(c.) To Class A, the total Class A Note Interest and Class A
Overdue Interest for the related period............................................. $ 1,210,301.83
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Interest on Class A-1 Notes....................... $ -
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Interest on Class A-2 Notes....................... $ 866,425.99
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Interest on Class A-3 Notes....................... $ 115,140.83
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Interest on Class A-4 Notes....................... $ 228,735.00
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(d.) Interest on Class B Notes for the related period.................................... $ 72,039.67
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(e.) Interest on Class C Notes for the related period.................................... $ 39,913.28
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(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A
Overdue Principal, if any........................................................... 12,936,052.33
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Principal Payment to Class A-1 Noteholders........ -
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Principal Payment to Class A-2 Noteholders........ 12,936,052.33
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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.............................................................................. 739,682.85
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To Class C for Principal Payment and Overdue Principal,
if any.............................................................................. 385,191.27
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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........................................................... 233,851.09
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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........................................ 585,883.81
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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............................................................. $ 310,332.00
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning
of the related Collection Period.................................................... 4,520,608.47
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(b.) Servicer Advances reimbursed during the related
Collection Period................................................................... 128,420.61
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed
on the Settlement Date.............................................................. 156,391.70
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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................................................................... $ 4,235,796.16
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related
Collection Period................................................................... $ 8,755,377.59
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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.................................................. $ 35,813.77
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(e.) Reserve Account Ending Balance before calculating Required
Reserve Amount...................................................................... $ 8,791,191.36
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(f.) Required Reserve Amount needed as of the related
Collection Period................................................................... $ 8,298,397.48
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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.................................................. 492,793.88
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(h.) Amounts on deposit as of this Settlement Date (e minus g2).......................... $ 8,298,397.48
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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................................................ $ 2,750,267.84
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(b.) Amount of Advance Payments collected during the related
Collection Period................................................................... $ 2,047,971.41
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(c.) Investment earnings for the related Collection Period............................... $ 14,748.89
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(d.) Amount of Advance Payments withdrawn for deposit into
Facility Account.................................................................... $ 2,127,851.79
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(e.) Ending aggregate Advance Payments................................................... $ 2,685,136.35
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
TITLE: Sr. Vice President
DATE: 11-Aug-99
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