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Previous: ADVANTA BUSINESS SERVICES CORP, 8-K, 1999-09-15 |
Next: FIRST GROWTH INVESTORS INC, SB-2/A, 1999-09-15 |
<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 September 10, 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 September 10, 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
August 1, 1999 August 31, 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: September 10, 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: September 10, 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: September 10, 1999
6
<PAGE> 7
Exhibit Index
Exhibit No. Page
- ----------- ----
21.1 Monthly Servicer's Certificate dated September 10, 1999 8
prepared by the Servicer and sent to the Trustee pursuant to
Section 3.06(a) of the Series 1998-1 Supplement covering the
period of August 1, 1999 through August 31, 1999.
7
<PAGE> 1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: August 1, 1999 - August 31, 1999
--------------------------------
SETTLEMENT DATE: 15-Sep-99
--------------------------
<TABLE>
<S> <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") ............... $ 265,974,493.83
----------------
(b.) Contract Principal Balance of all Collections allocable to Contracts ... $ 12,637,756.42
---------------
(c.) Contract Principal Balance of Charged-Off Contracts .................... $ 1,013,785.43
---------------
(d.) Total decline in Principal Balance ..................................... $ 13,651,541.85
----------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts as of
this Settlement Date................................................. $ 252,322,952.25
----------------
BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED
PAYMENT DATE
(f.) Class A Principal Balance as of this Settlement Date ................... $ 222,851,450.53
----------------
(Class A Note Factor) 0.6728607
---------
(g1.) Class A-1 Principal Balance .(Note Factor) 0.0000000 $ --
--------- ---------------
(g2.) Class A-2 Principal Balance . (Note Factor) 0.8086918 $ 153,651,450.53
--------- ---------------
(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 ........................................................ $ 12,742,635.18
----------------
(Class B Note Factor) 0.6728607
---------
(i.) Class C Principal Balance as of this
Settlement Date ........................................................ $ 6,635,751.83
----------------
(Class C Note Factor) 0.6728607
---------
(l.) Class D Principal Balance as of this
Settlement Date ........................................................ $ 10,093,114.45
----------------
(Class D Note Factor) 0.6728607
---------
II COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as
of the related Calculation Date ...................................... $ 276,920,395.77
----------------
(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date . 7.06%
----------------
(b2.) Preceeding Month %: Jul-99 ............... 7.68%
--------- ----------------
(b3.) 2nd Preceeding Month %: Jun-99 ............... 7.08%
--------- ----------------
(b4.) Three month rolling average % of CBR 31 days or more delinquent ........ 7.27%
----------------
(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 ..... 1.45%
----------------
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.) Preceeding Month: Jul-99 > 100% (YES/NO) ...... YES
----------------------- ----------------
(e3.) 2nd Preceeding Month: Jun-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 ..................................................... $ 15,900,109.33
----------------
(1) On the Payment Date which is also the Amortization Date and
each Payment Date thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances ....................... 114,096.59
----------------
(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. ............................. $ 1,147,561.97
----------------
Interest on Class A-1 Notes ................................ $ --
---------------
Interest on Class A-2 Notes ................................ $ 803,686.14
---------------
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 ....................... $ 68,279.62
----------------
(e.) Interest on Class C Notes for the related period ....................... $ 37,830.04
----------------
(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue
Principal, if any .................................................... 12,057,031.99
----------------
Principal Payment to Class A-1 Noteholders ................. --
---------------
Principal Payment to Class A-2 Noteholders ................. 12,057,031.99
---------------
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 ......... 689,420.51
----------------
</TABLE>
<PAGE> 2
<TABLE>
<S> <C> <C>
To Class C for Principal Payment and Overdue Principal, if any ......... 359,017.06
----------------
(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 ............................................... 221,645.41
----------------
(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 ........................... 546,072.30
----------------
(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 ... $ 659,153.85
----------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period .............................................. 4,235,796.16
----------------
(b.) Servicer Advances reimbursed during the related Collection Period ...... 124,860.38
----------------
(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ........................................................ 114,096.59
----------------
(d.) Servicer Advances made during the related Collection Period ............ $ --
----------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period ................................................................. $ 3,996,839.19
----------------
V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period .... $ 8,298,397.48
----------------
(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 ..................................... $ 34,277.65
----------------
(e.) Reserve Account Ending Balance before calculating
Required Reserve Amount ................................................ $ 8,332,675.13
----------------
(f.) Required Reserve Amount needed as of the related Collection Period ..... $ 7,872,469.72
----------------
(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 ................................................. 460,205.41
----------------
(h.) Amounts on deposit as of this Settlement Date (e minus g2) ............. $ 7,872,469.72
----------------
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 .......................... 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 ................................... $ 2,685,136.35
----------------
(b.) Amount of Advance Payments collected during the related
Collection Period ...................................................... $ 2,360,271.32
----------------
(c.) Investment earnings for the related Collection Period .................. $ 16,249.90
----------------
(d.) Amount of Advance Payments withdrawn for deposit into Facility Account . $ 2,058,834.54
----------------
(e.) Ending aggregate Advance Payments ...................................... $ 3,002,823.03
----------------
</TABLE>
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
------------------------------------------
TITLE: Sr. Vice President
------------------------------------------
DATE: 10-Sep-99
------------------------------------------
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