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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: January 1, 1999 - January 31, 1999
SETTLEMENT DATE: 16-Feb-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") ........... $375,000,311.91
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(b.) Contract Principal Balance of all Collections allocable to Contracts $ 15,913,765.70
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(c.) Contract Principal Balance of Charged-Off Contracts ................ $ 835,352.36
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(d.) Total decline in Principal Balance ................................. $ 16,749,118.06
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as of
this Settlement Date ............................................... $358,251,193.85
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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 ............... $316,407,197.91
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(Class A Note Factor) .............................................. 0.9553357
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(g1.) Class A-1 Principal Balance. (Note Factor) ......................... 0.7945444 $ 57,207,197.91
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(g2.) Class A-2 Principal Balance. (Note Factor) ......................... 1.0000000 $190,000,000.00
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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 ............... $ 18,092,148.29
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(Class B Note Factor) 0.9553357
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(i.) Class C Principal Balance as of this Settlement Date ............... $ 9,421,521.09
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(Class C Note Factor) 0.9553357
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(l.) Class D Principal Balance as of this Settlement Date ............... $ 14,330,326.56
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(Class D Note Factor) 0.9553357
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II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as of
the related Calculation Date ....................................... $399,733,301.71
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(b1.) % of CBR 31 days or more delinquent as of the related Calculation
Date ............................................................... 8.45%
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(b2.) Preceeding Month %: Dec-98 7.50%
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(b3.) 2nd Preceeding Month %: Nov-98 7.86%
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(b4.) Three month rolling average % of CBR 31 days or more delinquent .... 7.94%
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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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(d1.) Monthly Net Loss Percentage for the related Collection Period ...... 0.16%
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(d2.) Preceeding Month %: Dec-98 0.17%
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(d3.) 2nd Preceeding Month %: Nov-98 0.12%
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(d4.) Three month average % of Monthly Net Loss Percentage ............... 0.15%
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(Amortization Period Only)
(e) Cumulative Net Loss Percentage as of the related Collection Period . 0.16%
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Does the Cumulative Net Loss Percentage exceed
(e1.) 4.0% from the Beginning Period to and including 12th Collection
Period ? Y or N ................................................... NO
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(e2.) 5.5% from 13th Collection Period to and including 24th Collection
Period ? Y or N .................................................... NO
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(e3.) 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)
(f1.) Residual Realization for the related Collection Period greater than
100% (YES/NO) ...................................................... YES
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(f2.) Preceeding Month: Dec-98
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greater than
100% (YES/NO) YES
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(f3.) 2nd Preceeding Month: Nov-98
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greater than
100% (YES/NO) YES
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(f4.) Three month rolling average Residual Realization Ratio greater than
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 ................................................... $ 19,373,872.63
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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 ................... 2,814.87
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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:
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(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
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Interest on Class A-2 Notes ................................... $ 921,500.00
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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 ................... $ 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.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue
Principal, if any .................................................. 14,792,802.09
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Principal Payment to Class A-1 Noteholders .................... 14,792,802.09
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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 ..... 845,851.71
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To Class C for Principal Payment and Overdue Principal, if any ..... 440,478.91
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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 ..................................................... 312,500.25
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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 ....................... 669,977.44
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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 ....... $ 548,266.38
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period .......................................... 5,497,155.72
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(b.) Servicer Advances reimbursed during the related Collection Period .. 82,443.62
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date .................................................... --
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(d.) Servicer Advances made during the related Collection Period ........ $ 786,664.48
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(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period ............................................................. $ 6,201,376.58
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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 ................................. $ 44,029.90
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(e.) Reserve Account Ending Balance before calculating Required Reserve
Amount ............................................................. $ 11,744,029.90
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(f.) Required Reserve Amount needed as of the related Collection Period . $ 11,177,428.19
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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 ................................................ 566,601.71
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(h.) Amounts on deposit as of this Settlement Date (e minus g2) ......... $ 11,177,428.19
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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 ............................... $ 2,821,140.29
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(b.) Amount of Advance Payments collected during the related Collection
Period ............................................................. $ 1,950,073.69
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(c.) Investment earnings for the related Collection Period .............. $ 13,669.29
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(d.) Amount of Advance Payments withdrawn for deposit into Facility
Account ............................................................ $ 2,355,168.55
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(e.) Ending aggregate Advance Payments .................................. $ 2,429,714.72
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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-Feb-99
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