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Previous: ADVANTA BUSINESS SERVICES CORP, 8-K, 2000-03-15 |
Next: CONSOLIDATED EDISON INC, DEFA14A, 2000-03-15 |
<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
March 10, 2000
ADVANTA BUSINESS SERVICES CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 333-79773 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. VIII
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-79773-01 52-2170910
-------------------------------------------- --------------- -------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
639 Isbell Rd, Suite 390
Reno, Nevada 89509
- --------------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (775) 823-3080
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ADVANTA LEASING RECEIVABLES CORP. IX
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-79773-02 52-2170234
- ---------------------------------------------- --------------- ------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
639 Isbell Road, Suite 390
Reno, Nevada 89509
---------------------------------------- ---------
(Address of Principal Executive Offices)
</TABLE>
Registrant's telephone number, including area code (775) 823-3016
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 3
Item 7. Financial Statements and Exhibits
The following exhibit is furnished herewith:
21 Monthly Servicer's Certificate issued on March 10, 2000
relating to the Equipment Receivables Asset-Backed Notes,
Series 1999-1, prepared by the Servicer and sent to the
Trustee pursuant to Section 3.05(a) of the Series 1999-1
Supplement dated as of August 26, 1999 covering the period of
February 1, 2000 through February 29, 2000.
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: March 10, 2000
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. VIII,
As Registrant
By /s/ JOHN PARIS
---------------------------------
Name: John Paris
Title: President and Director
Dated: March 10, 2000
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. IX,
As Registrant
By /s/ JOHN PARIS
--------------------------------
Name: John Paris
Title: President and Director
Dated: March 10, 2000
6
<PAGE> 7
Exhibit Index
Exhibit No. Page
- ----------- ----
21 Monthly Servicer's Certificate dated March 10, 2000 8
prepared by the Servicer and sent to the Trustee
pursuant to Section 3.05(a) of the Series 1999-1
Supplement covering the period of Feb 1, 2000
through February 29, 2000.
7
<PAGE> 1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: February 1, 2000 - February 29, 2000
SETTLEMENT DATE: 15-Mar-00
A. SERIES INFORMATION
ADVANTA LEASING RECEIVABLES CORP. VIII and
ADVANTA LEASING RECEIVABLES CORP. IX
EQUIPMENT RECEIVABLES ASSET-BACKED NOTES,
SERIES 1999-1
I. SERIES INFORMATION INCLUDING PLEDGED PROPERTY CONVEYED
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(a.) Beginning Aggregate Contract Principal Balance ........................ $ 76,995,312.19
----------------
(b.) Contract Principal Balance of all Collections allocable to
Contracts ............................................................ $ 4,647,460.56
----------------
(c.) Contract Principal Balance of Charged-Off Contracts ................... $ 213,373.21
----------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts
as of this Settlement Date ........................................... $ 72,134,478.42
----------------
BALANCES ON THIS SETTLEMENT DATE
(d.) Class A Principal Balance as of this
Settlement Date (Class A Note Factor) 0.6118750 $ 60,499,830.60
--------- ----------------
(e1.) Ending Class A-1 Principal Balance 0.2464819 $ 12,553,195.60
--------- ---------------
(e2.) Ending Class A-2 Principal Balance 1.0000000 $ 38,500,927.00
--------- ---------------
(e3.) Ending Class A-3 Principal Balance 1.0000000 $ 9,445,708.00
--------- ---------------
(f.) Ending Class B Principal Balance as of this
Settlement Date (Class B Note Factor) 1.0000000 $ 11,599,991.00
--------- ----------------
II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all
Contracts ............................................................ $ 79,242,030.47
----------------
(b.) CBR of Contracts 1 - 30 days delinquent ............................... $ 5,468,991.60
----------------
(c.) % of Delinquent Contracts 1- 30 days as of the related
Calculation Date .................................................... 6.90%
----------------
(d.) CBR of Contracts 31 - 60 days delinquent .............................. $ 4,033,487.22
----------------
(e.) % of Delinquent Contracts 31- 60 days as of the related
Calculation Date .................................................... 5.09%
----------------
(f.) CBR of Contracts 61 - 90 days delinquent ............................. $ 2,456,664.50
----------------
(g.) % of Delinquent Contracts 61 - 90 days as of the related
Calculation Date .................................................... 3.10%
----------------
(h.) CBR of Contracts 91 - 120 days delinquent ............................. $ 1,973,996.25
----------------
(i.) % of Delinquent Contracts 91 - 120 days as of the related
Calculation Date .................................................... 2.49%
----------------
(j1.) % of Delinquent Contracts 31 days or more as of the related
Calculation Date ..................................................... 10.68%
----------------
(j2.) Month 2: Jan-00 (1) ........................................ 10.69%
------- ----------------
(j3.) Month 3: Dec-99 ............................................ 9.14%
------- ----------------
(j4.) Three month rolling average % of Delinquent Contracts 31 days
or more .............................................................. 10.17%
----------------
(k1.) Net Charge-Off % for the related Collection Period (annualized
30/360) .............................................................. 2.07%
----------------
(k2.) Month 2: Jan-00 ............................................ 1.81%
------- ----------------
(k3.) Month 3: Dec-99 ............................................ 2.92%
------- ----------------
(k4.) Three month rolling average % for Defaulted Contracts ................. 2.27%
----------------
Does the Cumulative Loss % exceed
(l1.) The Loss Trigger Level % from Beginning Period to and including
12th Collection Period? Y or N ...................................... NO
----------------
(l2.) The Loss Trigger Level % from 13th Collection Period to and
including 24th Collection Period? Y or N ............................. n/a
----------------
(l3.) The Loss Trigger Level % from 25th Collection Period and
thereafter? Y or N .................................................. n/a
----------------
(m1.) Residual Realization for the related Collection Period ................ 123.97%
----------------
(m2.) Month 2: Jan-00 ............................................ 124.77%
------- ----------------
(m3.) Month 3: Dec-99 ............................................ 130.05%
------- ----------------
(m4.) Three month rolling average Residual Realization Ratio ................ 126.26%
----------------
</TABLE>
Page 1 of 3
<PAGE> 2
<TABLE>
<S> <C> <C>
(n.) Does the three month rolling Residual Realization ratio
exceed 100% Y or N ................................................... YES
----------------
III. FLOW OF FUNDS
(1.) The amount on deposit in Available Funds .............................. $ 5,535,512.50
----------------
(2.) The prepayment amounts deposited, if any, by the Issuers'
to the Collection Account for removal of defaulted contracts ......... $ -
----------------
(3.) Total deposits in the Collection Account to be used as
available funds on this Payment Date ................................. $ 5,535,512.50
----------------
(a.) To the Servicer, Unrecoverable Servicer Advances / Initial
Unpaid Balance ....................................................... $ 50.91
----------------
(b.) To the Servicer, the Servicing Fee and miscellaneous
amounts, if any ...................................................... $ 64,162.76
----------------
To Series 1999-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and Class A
Overdue Interest for the related period .............................. $ 348,245.53
----------------
Interest on Class A-1 Notes ....................... $ 80,894.24
---------------
Interest on Class A-2 Notes ....................... $ 213,038.46
---------------
Interest on Class A-3 Notes ....................... $ 54,312.82
---------------
(d.) Interest on Class B Notes for the related period ...................... $ 70,276.61
----------------
(e.) To Series 1999-1 Noteholders:
To Class A, the total applicable Principal Payment .................... $ 4,860,833.77
----------------
Principal Payment to Class A-1 Noteholders ........ $ 4,860,833.77
---------------
Principal Payment to Class A-2 Noteholders ........ $ -
---------------
Principal Payment to Class A-3 Noteholders ........ $ -
---------------
To Class B for applicable Principal Payment to the extent
of the Class B Floor ................................................. $ -
----------------
(f.) To the Reserve Account:
The amount needed to increase the amount in the Reserve
Account to the Required Reserve ...................................... $ 191,942.92
----------------
(g.) Upon the occurrence of a Residual Event the lesser of:
(A) the remaining Available Funds and ................................. $ -
---------------
(B) the aggregate amount of Residual Receipts included
in Available Funds ................................................... $ -
---------------
To be deposited to the Residual Account ............................... $ -
----------------
(h.) To the Issuers, as owner of the Pledged Assets, any
remaining Available Funds on deposit in the Collection
Account (the "Issuers' Interest") .................................... $ (0.00)
----------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning
of the Collection Period ............................................. $ 1,838,363.05
----------------
(b.) Servicer Advances reimbursed during the Collection Period ............. $ 44,526.59
----------------
(c.) Amount of unreimbursed Service Advances to be reimbursed
on the Settlement Date ............................................... $ -
----------------
(d.) Servicer Advances made during the related Collection
Period ............................................................... $ 18,789.46
----------------
(e.) Aggregate amount of Servicer Advances at the end of
the Collection Period ................................................ $ 1,812,625.92
----------------
(f.) Amount of delinquent Scheduled Payments for which
Servicer Advances were not made ...................................... $ -
----------------
V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related
Collection Period .................................................... $ 1,778,605.74
----------------
(b.) Amount of interest earnings reinvested for the related
Monthly Period ....................................................... $ 7,776.92
----------------
(c.) Amounts used to cover shortfalls, if any, for the related
Collection Period .................................................... $ -
----------------
(d.) Amounts transferred from the Collection Account, if
applicable ........................................................... $ 191,942.92
----------------
(e.) Balance remaining before calculating Required Reserve
Amount ............................................................... $ 1,978,325.58
----------------
(f.) Required Reserve Amount needed as of the related
Collection Period .................................................... $ 3,604,991.08
----------------
(g1.) If (d) above is greater than (e), then excess amount to be
transferred to the Series Obligors ................................... $ -
----------------
(g2.) If (e) is greater than (d), then amount of shortfall .................. $ 1,626,665.50
----------------
(h.) Amounts on deposit at the end of the related Collection
Period (e minus g1) .................................................. $ 1,978,325.58
----------------
(i.) Is the Required Reserve Amount equal to the balance in the
Reserve Account as of the related Collection period? Y or N .......... NO
----------------
</TABLE>
Page 2 of 3
<PAGE> 3
<TABLE>
<CAPTION>
<S> <C>
VI. RESIDUAL ACCOUNT
(a.) Amount on deposit at the beginning of the related
Collection Period .................................................... $ -
----------------
(b.) Amounts transferred from the Collection Account ....................... $ -
----------------
(c.) Amounts used to cover shortfalls for the related
Collection Period .................................................... $ -
----------------
(d.) Amount on deposit at the end of the related
Collection Period .................................................... $ -
----------------
VII. ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments .................................. $ 946,418.31
----------------
(b.) Add: Amount of Advance Payments collected during the
related Collection Period ............................................ $ 698,368.24
----------------
(c.) Add: Investment earnings for the related Collection
Period ............................................................... $ -
----------------
(d.) Less: Amount of Advance Payments withdrawn for deposit
into Facility Account ................................................ $ 677,505.67
----------------
(e.) Ending aggregate Advance Payments ..................................... $ 967,280.88
----------------
</TABLE>
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
TITLE: SR VP
--------------------------------
DATE: 03/10/00
--------------------------------
Page 3 of 3
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