EX-21.1 3 w58595gexv21w1.txt MONTHLY SERVICER'S CERTIFICATE DATED JUNE 12, 2002 ASSET-BACKED FINANCING FACILITY ADVANTA BUSINESS SERVICES CORP., AS SERVICER MONTHLY SERVICER CERTIFICATE COLLECTION PERIOD: May 1, 2002 -May 31, 2002 SETTLEMENT DATE: 17-Jun-02 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") ................................... $ 20,298,994.69 --------------- (b.) Contract Principal Balance of all Collections allocable to Contracts ....... $ 2,313,832.41 -------------- (c.) Contract Principal Balance of Charged-Off Contracts ........................ $ 147,960.03 -------------- (d.) Total decline in Principal Balance ......................................................... $ 2,461,792.44 --------------- (e.) Ending Aggregate Contract Principal Balance of all Contracts as of this Settlement Date ....................................................................... $ 17,837,202.25 --------------- BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED PAYMENT DATE (f.) Class A Principal Balance as of this Settlement Date ....................................... $ 8,312,191.61 --------------- (Class A Note Factor) ................................ 0.0250972 --------- (g1.) Class A-1 Principal Balance .(Note Factor) ........... 0.0000000 - --------- -------------- (g2.) Class A-2 Principal Balance . (Note Factor) .......... 0.0000000 $ - --------- -------------- (g3.) Class A-3 Principal Balance . (Note Factor) .......... 0.0000000 $ - --------- -------------- (g4.) Class A-4 Principal Balance . (Note Factor) .......... 0.1810935 $ 8,312,191.61 --------- -------------- (h.) Class B Principal Balance as of this Settlement Date ....................................... $ - --------------- (Class B Note Factor) ................................ 0.0000000 --------- (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 ............................................................... $ 18,763,471.02 --------------- (b1.) % of CBR 31 days or more delinquent as of the related Calculation Date ..................... 7.42% --------------- (b2.) Preceding Month %: Apr-02 ........................... 7.32% --------- (b3.) 2nd Preceding Month %: Mar-02 ........................... 8.09% --------- (b4.) Three month rolling average % of CBR 31 days or more delinquent ............................ 7.61% --------------- (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 ......................... 3.10% --------------- 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 ............................................................................. N/A --------------- (d3.) 7.0% from 25th Collection Period and thereafter? Y or N .................................... NO --------------- (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.) Preceding Month: Apr-02 > 100% (YES/NO) ........................................ YES ---------- --------------- (e3.) 2nd Preceding Month: Mar-02 > 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 ........................................................................... $ 3,061,171.59 --------------- (1) On the Payment Date which is also the Amortization Date and each Payment Date thereafter (a.) To the Servicer, Unrecoverable Servicer Advances ........................................... 7,550.62 --------------- (b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary Servicing Income, if any ......................................................... --------------- To Series 1998-1 Noteholders:

Page 1 of 3 (c.) To Class A, the total Class A Note Interest and Class A Overdue Interest for the related period. ........................................................... $ 53,690.35 --------------- Interest on Class A-1 Notes ....................... $ - -------------- Interest on Class A-2 Notes ....................... $ - -------------- Interest on Class A-3 Notes ....................... $ - -------------- Interest on Class A-4 Notes ....................... $ 53,690.35 -------------- (d.) Interest on Class B Notes for the related period ........................................... $ - --------------- (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 .......................................................................... 2,461,792.44 --------------- Principal Payment to Class A-1 Noteholders ........ N/A -------------- Principal Payment to Class A-2 Noteholders ........ -------------- Principal Payment to Class A-3 Noteholders ........ $ - -------------- Principal Payment to Class A-4 Noteholders ........ $ 2,461,792.44 -------------- To Class B for Principal Payment and Overdue Principal, if any ............................. - --------------- 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 -------------- 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 ............................................................................. 16,915.83 --------------- (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 ........................... $ 521,222.35 --------------- IV. SERVICER ADVANCES (a.) Aggregate amount of Servicer Advances at the beginning of the related Collection Period .................................................................. 654,150.37 --------------- (b.) Servicer Advances reimbursed during the related Collection Period .......................... 37,104.60 --------------- (c.) Amount of unreimbursed Servicer Advances to be reimbursed on the Settlement Date ............................................................................ 7,550.62 --------------- (d.) Servicer Advances made during the related Collection Period ................................ - --------------- (e.) Aggregate amount of Servicer Advances at the end of the Collection Period ..................................................................................... $ 609,495.15 --------------- 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 ......................................................... $ 4,760.77 --------------- --------------- (e.) Reserve Account Ending Balance before calculating Required Reserve Amount ............................................................................. $ 3,604,760.77 --------------- --------------- (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 ..................................................................... 4,760.77 --------------- (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 ---------------

Page 2 of 3 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 ....................................................... $ 451,767.50 --------------- (b.) Amount of Advance Payments collected during the related Collection Period .......................................................................... $ 314,714.15 --------------- (c.) Investment earnings for the related Collection Period ...................................... $ 482.39 --------------- (d.) Amount of Advance Payments withdrawn for deposit into Facility Account ..................... $ 373,160.36 --------------- (e.) Ending aggregate Advance Payments .......................................................... $ 393,803.68 ---------------

ADVANTA BUSINESS SERVICES CORP., as Servicer BY: /s/ Mark Shapiro TITLE: Assistant Treasurer DATE: 12-Jun-02 Page 3 of 3

ADVANTA BUSINESS SERVICES CORP 8-K