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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report October 11, 1999
ADVANTA BUSINESS SERVICES CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 333-38575 23-2333786
- --------------------------------------- ---------------- -------------------------------
(State or Other (Commission File (I.R.S. Employer Identification
Jurisdiction of Incorporation) Number) No.)
1020 Laurel Oak Road
Voorhees, New Jersey 08043
- --------------------------------------- ------------------------------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (609) 782-7300
--------------
No Change
-----------------------------------------------------------------
(Former name or former address, if changed since last report)
ADVANTA LEASING RECEIVABLES CORP. IV
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-38575-01 88-0387072
-------------------------------------------- --------------- -------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
1325 Airmotive Way
Reno, Nevada 89502
- --------------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (702) 322-2221
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ADVANTA LEASING RECEIVABLES CORP. V
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-38575-02 88-0387073
- ---------------------------------------------- --------------- ------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
1325 Airmotive Way
Reno, Nevada 89502
---------------------------------------- ---------
(Address of Principal Executive Offices)
</TABLE>
Registrant's telephone number, including area code (702) 322-2221
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 3
Item 5. Other Events
Year 2000. With the approach of the Year 2000, Advanta
Business Services ("ABS") as Originator and Servicer is actively managing the
Year 2000 issue. This issue results from computer programs, which use two
digits, rather than four digits to define a year. ABS has instituted a
corporate-wide effort to address and resolve the system/application tasks
associated with Year 2000. In the event that the project plans are not timely or
successfully completed, there can be no assurance that the Year 2000 Issue will
not have a material adverse effect on the operations of the Originator and
Servicer, including a shut-down of operations for a period of time, which may,
in turn, have a material adverse effect on the Offered Notes.
ABS is also in the process of reviewing their exposure to Year 2000 issues
resulting from third party vendors and brokers from whom we purchase equipment
leases, and outside service provider's computer systems. ABS, and it's parent
Advanta Corp., are in the process of contacting outside service providers
regarding the state of their remediation activities for material Year 2000
issues. There can be no assurance that the systems used by outside service
providers or other third parties upon which ABS's systems rely, will be timely
converted and compliant with Year 2000 issues.
Item 7. Financial Statements and Exhibits
The following exhibit is furnished herewith:
21 Monthly Servicer's Certificate issued on October 11, 1999
relating to the Equipment Receivables Asset-Backed Notes,
Series 1998-1, prepared by the Servicer and sent to the
Trustee pursuant to Section 3.06(a) of the Series 1998-1
Supplement dated as of April 14, 1998 covering the period of
September 1, 1999 through September 30, 1999.
3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ADVANTA BUSINESS SERVICES CORP.,
As Registrant
By /s/ JOHN PARIS
---------------
Name: John Paris
Title: Senior Vice President
Dated: October 11, 1999
4
<PAGE> 5
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ADVANTA LEASING RECEIVABLES CORP. IV,
As Registrant
By /s/ JOHN PARIS
---------------
Name: John Paris
Title: Director
Dated: October 11, 1999
5
<PAGE> 6
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ADVANTA LEASING RECEIVABLES CORP. V,
As Registrant
By /s/ JOHN PARIS
---------------
Name: John Paris
Title: Director
Dated: October 11, 1999
6
<PAGE> 7
Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Page
- ----------- ----
<S> <C> <C>
21.1 Monthly Servicer's Certificate dated October 11, 1999 prepared 8
by the Servicer and sent to the Trustee pursuant to Section
3.06(a) of the Series 1998-1 Supplement covering the period of
September 1, 1999 through September 30, 1999.
</TABLE>
7
<PAGE> 1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: September 1, 1999 - September 30, 1999
--------------------------------------
SETTLEMENT DATE: 15-Oct-99
---------
<TABLE>
<S> <C> <C> <C> <C>
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") $252,322,952.25
---------------
(b.) Contract Principal Balance of
all Collections allocable to Contracts $ 12,299,589.77
---------------
(c.) Contract Principal Balance of Charged-Off
Contracts $ 835,083.90
---------------
(d.) Total decline in Principal Balance $ 13,134,673.67
---------------
(e.) Ending Aggregate Contract Principal Balance of
all Contracts as of this Settlement Date $239,188,278.58
---------------
BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT
ON THE RELATED PAYMENT DATE
(f.) Class A Principal Balance as of this
Settlement Date $211,250,916.39
---------------
(Class A Note Factor) 0.6378349
---------
(g1.) Class A-1 Principal
Balance .(Note Factor) 0.0000000 -
--------- ---------------
(g2.) Class A-2 Principal
Balance .(Note Factor) 0.7476364 $142,050,916.39
--------- ---------------
(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 $ 12,079,317.19
---------------
(Class B Note Factor) 0.6378349
---------
(i.) Class C Principal Balance
as of this Settlement Date $ 6,290,327.71
---------------
(Class C Note Factor) 0.6378349
---------
(l.) Class D Principal Balance as of
this Settlement Date $ 9,567,717.29
---------------
(Class D Note Factor) 0.6378349
---------
II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining
("CBR") of all Contracts as of the related
Calculation Date $262,778,230.27
---------------
(b1.) % of CBR 31 days or more delinquent as of
the related Calculation Date 7.76%
---------------
(b2.) Preceding Month %: Aug-99 7.06%
---------------
(b3.) 2nd Preceding Month %: Jul-99 7.68%
---------------
(b4.) Three month rolling average % of
CBR 31 days or more delinquent 7.50%
---------------
(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 1.56%
---------------
Does the Cumulative Net Loss Percentage exceed
(d1.) 4.0 % from the Beginning Period to and
including 12th Collection Period ? Y or N NO
---------------
(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 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: Aug-99 > 100% (YES/NO) YES
---------------
(e3.) 2nd Preceding Month: Jul-99 > 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 $15,236,352.01
---------------
(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 -
---------------
To Series 1998-1 Noteholders:
(c.) To Class A, the total Class A Note Interest
and Class A Overdue Interest for the
related period $ 1,089,085.37
---------------
Interest on Class A-1 Notes $ - -
---------------
</TABLE>
Page 1 of 3
<PAGE> 2
<TABLE>
<S> <C> <C> <C> <C>
Interest on Class A-2 Notes $ 745,209.54
---------------
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 $ 64,775.06
---------------
(e.) Interest on Class C Notes for the related period $ 35,888.36
---------------
(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and
Class A Overdue Principal, if any 11,600,534.14
---------------
Principal Payment to Class A-1 Noteholders N/A
---------------
Principal Payment to Class A-2 Noteholders $ 11,600,534.14
---------------
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 663,317.98
---------------
To Class C for Principal Payment and Overdue
Principal, if any 345,424.12
---------------
(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 210,269.13
---------------
(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 525,397.16
---------------
(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 Series Obligors, as holders of the Residual
Interest, any Available Funds remaining on deposit
in the Facility Account $ 701,660.69
---------------
IV SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the
beginning of the related Collection Period 3,996,839.19
---------------
(b.) Servicer Advances reimbursed during the
related Collection Period 122,150.43
---------------
(c.) Amount of unreimbursed Servicer Advances to
be reimbursed on the Settlement Date -
---------------
(d.) Servicer Advances made during the related
Collection Period 163,516.10
---------------
(e.) Aggregate amount of Servicer Advances at the end
of the Collection Period $ 4,038,204.86
---------------
V RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the
related Collection Period $ 7,869,288.19
---------------
(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 $ 32,653.71
---------------
(e.) Reserve Account Ending Balance before
calculating Required Reserve Amount $ 7,901,941.90
---------------
(f.) Required Reserve Amount needed as of the
related Collection Period $ 7,462,668.24
---------------
(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 439,273.66
---------------
(h.) Amounts on deposit as of this Settlement
Date (e minus g2) $ 7,462,668.24
---------------
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
---------------
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
---------------
(c.) Amounts transferred to the Series Obligors 0.00
---------------
</TABLE>
Page 2 of 3
<PAGE> 3
<TABLE>
<S> <C> <C> <C> <C>
(d.) Amount on deposit as of this Settlement Date 0.00
---------------
VIII ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments $ 3,002,823.03
---------------
(b.) Amount of Advance Payments collected during
the related Collection Period $ 1,818,090.20
---------------
(c.) Investment earnings for the related Collection
Period $ 14,855.18
---------------
(d.) Amount of Advance Payments withdrawn for deposit
into Facility Account $ 2,414,681.71
---------------
(e.) Ending aggregate Advance Payments $ 2,421,086.70
---------------
</TABLE>
ADVANTA BUSINESS SERVICES CORP., as Servicer
By: /s/ John Paris
--------------
Title: Sr. Vice President
------------------
Date: 11-Oct-99
---------
Page 3 of 3
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