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ASSET-BACKED FINANCING FACILITY
Advanta Business Services Corp., as Servicer
Monthly Servicer Certificate
Collection Period: October 1, 1999 - October 31, 1999
Settlement Date: 15-Nov-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") ....................................... $ 239,188,278.58
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(b.) Contract Principal Balance of
all Collections allocable to Contracts ............................ $ 11,778,649.79
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(c.) Contract Principal Balance of Charged-Off
Contracts ......................................................... $ 798,460.00
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(d.) Total decline in Principal Balance ................................ $ 12,577,109.79
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(e.) Ending Aggregate Contract Principal Balance of
all Contracts as of this Settlement Date .......................... $226,611,168.79
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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 .............. $200,142,822.03
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(Class A Note Factor) ............................................. 0.6042960
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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) ........................ 0.6891727 $130,942,822.03
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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 .............. $ 11,444,156.89
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(Class B Note Factor) ............................................. 0.6042960
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(i.) Class C Principal Balance as of this Settlement Date .............. $ 5,499,179.23
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(Class C Note Factor) ............................................. 0.5576130
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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 ...................... $ 248,548,978.10
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(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date .................................................. 7.71%
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(b2.) Preceding Month %: ................................................ Sep-99 7.76%
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(b3.) 2nd Preceding Month %: ............................................ Aug-99 7.06%
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(b4.) Three month rolling average % of CBR 31 days or
more delinquent.................................................... 7.51%
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(c.) Does the three month rolling average % of CBR
which are 31 days or more delinquent exceed 105%? Y or N ......... NO
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(Amortization Period Only)
(d) Cumulative Net Loss Percentage as of the related
Collection Period ................................................. 1.67%
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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: Sep-99 > 100% (YES/NO) .................. YES
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(e3.) 2nd Preceding Month: Aug-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 ................................... $ 14,863,557.55
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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 ................. 154,135.64
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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 .................. $ 1,032,822.77
Interest on Class A-1 Notes ................... $ -
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Interest on Class A-2 Notes ...................... $ 688,946.94
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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 .................... $ 61,403.20
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(e.) Interest on Class C Notes for the related period .................... $ 34,020.19
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(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A
Overdue Principal, if any ........................................... 11,108,094.36
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Principal Payment to Class A-1 Noteholders ....... N/A
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Principal Payment to Class A-2 Noteholders ....... $11,108,094.36
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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 ...... 635,160.30
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To Class C for Principal Payment and Overdue Principal, if any ...... 791,148.48
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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 ............................................ 199,323.57
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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 ........................ 42,706.65
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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 ......................................... $ 804,742.40
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of
the related Collection Period ....................................... 4,038,204.86
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(b.) Servicer Advances reimbursed during the related Collection Period ... 113,353.41
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ..................................................... 154,135.64
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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 .............................................................. $ 3,770,715.81
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection
Period ............................................................... $7,462,668.24
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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 ................................... $ 31,923.01
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(e.) Reserve Account Ending Balance before calculating Required
Reserve Amount ....................................................... $7,494,591.25
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(f.) Required Reserve Amount needed as of the related Collection Period ... $7,055,300.14
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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 ................................... 439,291.11
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(h.) Amounts on deposit as of this Settlement Date (e minus g2) ........... $7,055,300.14
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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 ................................. $2,421,086.70
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(b.) Amount of Advance Payments collected during the related
Collection Period .................................................... $1,768,271.48
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(c.) Investment earnings for the related Collection Period ................ $ 13,816.00
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(d.) Amount of Advance Payments withdrawn for deposit into
Facility Account ..................................................... $ 1,867,377.98
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(e.) Ending aggregate Advance Payments .................................... $ 2,335,796.20
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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-Nov-99
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