1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: August 1, 1999 - August 31, 1999
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SETTLEMENT DATE: 15-Sep-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") ............... $ 265,974,493.83
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(b.) Contract Principal Balance of all Collections allocable to Contracts ... $ 12,637,756.42
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(c.) Contract Principal Balance of Charged-Off Contracts .................... $ 1,013,785.43
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(d.) Total decline in Principal Balance ..................................... $ 13,651,541.85
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as of
this Settlement Date................................................. $ 252,322,952.25
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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 ................... $ 222,851,450.53
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(Class A Note Factor) 0.6728607
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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) 0.8086918 $ 153,651,450.53
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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 ........................................................ $ 12,742,635.18
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(Class B Note Factor) 0.6728607
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(i.) Class C Principal Balance as of this
Settlement Date ........................................................ $ 6,635,751.83
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(Class C Note Factor) 0.6728607
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(l.) Class D Principal Balance as of this
Settlement Date ........................................................ $ 10,093,114.45
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(Class D Note Factor) 0.6728607
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II COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as
of the related Calculation Date ...................................... $ 276,920,395.77
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(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date . 7.06%
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(b2.) Preceeding Month %: Jul-99 ............... 7.68%
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(b3.) 2nd Preceeding Month %: Jun-99 ............... 7.08%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent ........ 7.27%
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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 ..... 1.45%
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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.) Preceeding Month: Jul-99 > 100% (YES/NO) ...... YES
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(e3.) 2nd Preceeding Month: Jun-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 ..................................................... $ 15,900,109.33
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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 ....................... 114,096.59
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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. ............................. $ 1,147,561.97
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Interest on Class A-1 Notes ................................ $ --
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Interest on Class A-2 Notes ................................ $ 803,686.14
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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 ....................... $ 68,279.62
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(e.) Interest on Class C Notes for the related period ....................... $ 37,830.04
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(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue
Principal, if any .................................................... 12,057,031.99
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Principal Payment to Class A-1 Noteholders ................. --
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Principal Payment to Class A-2 Noteholders ................. 12,057,031.99
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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 ......... 689,420.51
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2
To Class C for Principal Payment and Overdue Principal, if any ......... 359,017.06
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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 ............................................... 221,645.41
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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 ........................... 546,072.30
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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 ... $ 659,153.85
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period .............................................. 4,235,796.16
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(b.) Servicer Advances reimbursed during the related Collection Period ...... 124,860.38
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ........................................................ 114,096.59
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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 ................................................................. $ 3,996,839.19
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period .... $ 8,298,397.48
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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 ..................................... $ 34,277.65
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(e.) Reserve Account Ending Balance before calculating
Required Reserve Amount ................................................ $ 8,332,675.13
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(f.) Required Reserve Amount needed as of the related Collection Period ..... $ 7,872,469.72
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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 ................................................. 460,205.41
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(h.) Amounts on deposit as of this Settlement Date (e minus g2) ............. $ 7,872,469.72
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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 ................................... $ 2,685,136.35
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(b.) Amount of Advance Payments collected during the related
Collection Period ...................................................... $ 2,360,271.32
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(c.) Investment earnings for the related Collection Period .................. $ 16,249.90
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account . $ 2,058,834.54
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(e.) Ending aggregate Advance Payments ...................................... $ 3,002,823.03
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
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TITLE: Sr. Vice President
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DATE: 10-Sep-99
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