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Previous: ADVANTA BUSINESS SERVICES CORP, 8-K, 2001-01-16 |
Next: ADVANTA BUSINESS SERVICES CORP, 8-K, 2001-01-16 |
<PAGE> 1
Exhibit 21.1
ASSET-BACKED FINANCING FACILITY
Advanta Business Services Corp., as Servicer
Monthly Servicer Certificate
Collection Period: December 1, 2000 - December 31, 2000
Settlement Date: 16-Jan-01
A. SERIES INFORMATION
Advanta Leasing Receivables Corp. IV and
Advanta Leasing Receivables Corp. V
Equipment Receivables Asset-Backed Notes,
Series 1998-1
<TABLE>
<S> <C> <C> <C>
I. SERIES INFORMATION INCLUDING PLEDGED PROPERTY CONVEYED
(a.) Beginning Aggregate Contract Principal Balance ("ACPB") ....................................... $ 97,416,494.33
---------------
(b.) Contract Principal Balance of all Collections allocable to Contracts .. $ 6,717,373.12
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(c.) Contract Principal Balance of Charged-Off Contracts ................... $ 333,743.48
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(d.) Total decline in Principal Balance ............................................................. $ 7,051,116.60
---------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts as of
this Settlement Date ........................................................................... $ 90,365,377.73
---------------
BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE
RELATED PAYMENT DATE
(f.) Class A Principal Balance as of this Settlement Date ........................................... $ 79,810,636.91
---------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
(Class A Note Factor) ............................... 0.2409741
---------
(g1.) Class A-1 Principal Balance .(Note Factor) .......... 0.0000000 --
--------- ---------------
(g2.) Class A-2 Principal Balance . (Note Factor) ......... 0.0558455 $ 10,610,636.91
--------- ---------------
(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 ........................................... $ 1,029,730.18
---------------
(Class B Note Factor) ............................... 0.0543738
---------
(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
---------
</TABLE>
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<S> <C> <C> <C>
II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of
all Contracts as of the related Calculation Date ............................................... $ 97,147,166.74
---------------
(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date ............................................................................... 6.11%
---------------
(b2.) Preceeding Month %: ................................. Nov-00 5.35%
--------- ---------------
(b3.) 2nd Preceeding Month %: ............................. Oct-00 5.09%
--------- ---------------
(b4.) Three month rolling average % of CBR 31 days
or more delinquent ............................................................................. 5.52%
---------------
</TABLE>
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<S> <C> <C>
(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 ............................. 2.87%
---------------
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
---------------
</TABLE>
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<S> <C> <C> <C>
(e2.) Preceeding Month: Nov-00 > 100% (YES/NO) ................. YES
--------- ---------------
(e3.) 2nd Preceeding Month: Oct-00 > 100% (YES/NO) ................. YES
--------- ---------------
</TABLE>
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<S> <C> <C>
(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 ........ $ 8,201,428.87
---------------
(1) On the Payment Date which is also the Amortization Date and each Payment
Date thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances ...................................... --
---------------
(b.) To the Servicer, if ABS is not the Servicer, Servicing
Fee and Ancillary Servicing Income, if any ............................................ ---------------
</TABLE>
<PAGE> 2
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<S> <C> <C> <C>
To Series 1998-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and
Class A Overdue Interest for the related period. ............................................... $ 425,541.00
---------------
Interest on Class A-1 Notes ................................. $ --
--------------
Interest on Class A-2 Notes ................................. $ 81,665.16
--------------
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. .............................................. $ 9,420.97
---------------
(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 .................. ...................................................................... 6,227,541.13
---------------
Principal Payment to Class A-1 Noteholders .................. N/A
--------------
Principal Payment to Class A-2 Noteholders .................. $ 6,227,541.13
--------------
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 ................................. 823,575.47
---------------
To Class C for Principal Payment and Overdue Principal, if any ................................. --
---------------
</TABLE>
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<S> <C> <C> <C>
(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
---------
To Class B for Overdue Principal ..................................... N/A
---------------
To Class C for Overdue Principal ..................................... N/A
---------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
(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 ................ ................................................................ 81,180.41
---------------
(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
----------------
(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
---------------
(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
---------------
(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 .......................................................................
---------------
(5) To the Series Obligors, as holders of the Residual Interest,
any Available Funds remaining on deposit in the
Facility Account .......................................... ........................... $ 634,169.89
---------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the related
Collection Period ............................................................................. 1,821,427.98
---------------
(b.) Servicer Advances reimbursed during the related Collection Period .............................. 53,904.34
---------------
(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ................................................................................ --
---------------
(d.) Servicer Advances made during the related Collection Period .................................... 163,936.49
---------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period . ...................................................................................... $ 1,931,460.13
---------------
V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period ............................ $ 3,600,000.00
---------------
(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 ............................................................. $ 19,340.91
---------------
(e.) Reserve Account Ending Balance before calculating Required
Reserve Amount ................................................................................. $ 3,619,340.91
---------------
(f.) Required Reserve Amount needed as of the related Collection Period ............................. $ 3,600,000.00
---------------
(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 ........ ................................................................ 19,340.91
---------------
(h.) Amounts on deposit as of this Settlement Date (e minus g2) ..................................... $ 3,600,000.00
---------------
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> 3
<TABLE>
<S> <C> <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 ........................................................... $ 1,586,865.27
---------------
(b.) Amount of Advance Payments collected during the related
Collection Period .............................................................................. $ 799,065.95
---------------
(c.) Investment earnings for the related Collection Period .......................................... $ 11,378.79
---------------
(d.) Amount of Advance Payments withdrawn for deposit into Facility Account ......................... $ 1,125,651.95
---------------
(e.) Ending aggregate Advance Payments .............................................................. $ 1,271,658.06
---------------
</TABLE>
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
TITLE: SR VP ___________________
DATE: 10-Jan-01
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