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Previous: ADVANTA BUSINESS SERVICES CORP, 8-K, 2000-08-15 |
Next: ADVANTA BUSINESS SERVICES CORP, 8-K, 2000-08-15 |
<PAGE> 1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
<TABLE>
<CAPTION>
COLLECTION PERIOD: July 1, 2000 - July 31, 2000
----------------------------
SETTLEMENT DATE: 15-Aug-00
----------------------------
A. SERIES INFORMATION
------------------
<S> <C>
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").. . . . . . . . . . . $ 138,938,412.66
------------------
(b.) Contract Principal Balance of all Collections allocable to Contracts . . . . . $ 8,444,048.95
-----------------
(c.) Contract Principal Balance of Charged-Off Contracts .. . . . . . . . . . . . . $ 562,961.08
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(d.) Total decline in Principal Balance . . . . . . . . . . . . . . . . . . . . . . $ 9,007,010.03
------------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts as of this
Settlement Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 129,931,402.63
------------------
BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED PAYMENT DATE
--------------------------------------------------------------------------
(f.) Class A Principal Balance as of this Settlement Date . . . . . . . . . . . . . $ 114,755,321.77
------------------
(Class A Note Factor). . . . . . . . . . . . . . . . . 0.3464835
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(g1.) Class A-1 Principal Balance .(Note Factor) . . . . . . 0.0000000 -
--------------- -----------------
(g2.) Class A-2 Principal Balance . (Note Factor). . . . . . 0.2397649 $ 45,555,321.77
--------------- -----------------
(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 . . . . . . . . . . . . . $ 5,651,070.22
------------------
(Class B Note Factor) 0.2983985
---------------
(i.) Class C Principal Balance as of this Settlement Date . . . . . . . . . . . . . . $ -
------------------
(Class C Note Factor) 0.0000000
---------------
(l.) Class D Principal Balance as of this Settlement Date . . . . . . . . . . . . . . $ 9,525,010.64
------------------
(Class D Note Factor) 0.6349878
---------------
II. COMPLIANCE RATIOS
-----------------
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as of the
related Calculation Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140,033,287.73
------------------
(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date . . . . . 7.15%
------------------
(b2.) Preceeding Month %: Jun-00 . . . . . . . . . . . . . . 7.50%
--------------- ------------------
(b3.) 2nd Preceeding Month %: May-00 . . . . . . . . . . . . . . 8.07%
--------------- ------------------
(b4.) Three month rolling average % of CBR 31 days or more delinquent. . . . . . . . . . . . . . . . . . 7.57%
------------------
(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 . . . . . . . 2.69%
------------------
Does the Cumulative Net Loss Percentage exceed
(d1.) 4.0 % from the Beginning Period to and including 12th Collection
Period ? Y or N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
------------------
(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 . . . . . . . . . . . N/A
------------------
(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: Jun-00 > 100% (YES/NO). . . . . . . YES
--------------- ------------------
(e3.) 2nd Preceeding Month: May-00 > 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 . . . . . . . . . . $ 10,500,140.09
------------------
(1) On the Payment Date which is also the Amortization Date and each Payment Date thereafter
----------------------------------------------------------------------------------------
(a.) To the Servicer, Unrecoverable Servicer Advances . . . . . . . . . . . . . . . . 140,431.87
------------------
(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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 603,400.82
------------------
Interest on Class A-1 Notes . . . . . . . . . . . . . . . . . . . . . . . . $ -
-----------------
</TABLE>
Page 1 of 3
<PAGE> 2
<TABLE>
<S> <C>
Interest on Class A-2 Notes . . . . . . . . . . . . . . . . . . . . . . . . $ 259,524.99
-----------------
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 . . . . . . . . . . . . . . . . $ 34,074.07
------------------
(e.) Interest on Class C Notes for the related period. . . . . . .. . . . . . . . . . $ -
------------------
(f.) To Series 1998-1 Noteholders:
-----------------------------
To Class A, the total Principal Payment and Class A Overdue Principal, if any. . 7,954,984.81
-----------------
Principal Payment to Class A-1 Noteholders. . . . . . . . . . . . . . . . . N/A
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Principal Payment to Class A-2 Noteholders. . . . . . . . . . . . . . . . . $ 7,954,984.81
-----------------
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 . . . . . . . . . 1,052,025.22
-----------------
To Class C for Principal Payment and Overdue Principal, if any . . . . . . . . . -
-----------------
(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
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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. . . . . .. . . . 115,782.01
-----------------
(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
-----------------
(j3.) To be deposited to the Residual Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
-----------------
(k.) To Class D Noteholders for Principal Payment . . . . . . . .. . . . . . . . . . . . . . . . . . . -
-----------------
(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 . . . . .. . . . . $ -
-----------------
(4) To the Trustee to Fund the Servicer Conversion Expense Account. . . . . . . . . . . . . . . . . . $ 100,000.00
-----------------
(5) To the Series Obligors, as holders of the Residual Interest, any Available
Funds remaining on deposit in the Facility Account. . . . . . . . . . . . . . . . . . . . . . . . $ 499,441.29
-----------------
IV. SERVICER ADVANCES
-----------------
(a.) Aggregate amount of Servicer Advances at the beginning of the related
Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,567,589.43
-----------------
(b.) Servicer Advances reimbursed during the related Collection Period. . . . . . . . 81,304.10
-----------------
(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the Settlement
Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,431.87
-----------------
(d.) Servicer Advances made during the related Collection Period. . . . . . . . . . .
-----------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection Period. . . . $ 2,345,853.46
-----------------
V. RESERVE ACCOUNT
---------------
(a.) Amount on deposit at the beginning of the related Collection Period. . . . . . . $ 4,205,935.57
-----------------
(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 . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . $ 23,138.66
-----------------
(e.) Reserve Account Ending Balance before calculating Required Reserve Amount . . . . . . . . . . . . $ 4,229,074.23
-----------------
-----------------
(f.) Required Reserve Amount needed as of the related Collection Period. . . . . . . . . . . . . . . . $ 3,913,207.74
-----------------
(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 . . . . . 315,866.49
-----------------
(h.) Amounts on deposit as of this Settlement Date (e minus g2). . . . . . . . . . . . . . . . . . . . $ 3,913,207.74
-----------------
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
-----------------
</TABLE>
Page 2 of 3
<PAGE> 3
<TABLE>
<S> <C>
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
-----------------
(d.) Amount on deposit as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
-----------------
VIII. ADVANCE PAYMENTS
----------------
(a.) Beginning aggregate Advance Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,141,858.07
-----------------
(b.) Amount of Advance Payments collected during the related Collection Period . . . . . . . . . . . . $ 1,462,407.19
-----------------
(c.) Investment earnings for the related Collection Period . . . . . . . . . . . . . . . . . . . . . . $ 14,236.15
-----------------
(d.) Amount of Advance Payments withdrawn for deposit into Facility Account. . . . . . . . . . . . . . $ 1,614,934.90
-----------------
(e.) Ending aggregate Advance Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,003,566.51
-----------------
</TABLE>
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
--------------
TITLE: SR VP
-------------------------
DATE: 08/10/00
--------------------------
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