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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
April 12, 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 5. Other Events
There has been a change in the way Advanta Business Services Corp has been
calculating the delinquency ratios. Beginning with the reporting period for this
report and every month going forward, the delinquency ratios will only include
those contracts that have any portions of their periodic scheduled payments
remaining and have not come to maturity based on the stated terms of their lease
or loan agreement. In some instances, once a contract comes to maturity, they
may continue to make additional payments over and above the stated term as set
forth in their lease or loan agreement. Prior to this month's reporting period,
any portion of these additional payments were also included in the delinquency
ratios. It has been concluded that once a contract has come to maturity based on
the stated terms of their lease or loan agreements, they will have a contract
principal balance of $0 and a corresponding cash balance remaining of $0.
Therefore, no portion of these additional payments, if any, will be included in
the delinquency ratio calculations.
The delinquency ratios with and without the additional payments are listed
below:
Month ended March 31, 2000:
<TABLE>
<CAPTION>
>30 past due with additional >30 past due without (actual)
<S> <C> <C>
March month-end ration 9.25% 9.22%
3 month rolling average: 10.30% 10.20%
</TABLE>
Item 7. Financial Statements and Exhibits
The following exhibit is furnished herewith:
21 Monthly Servicer's Certificate issued on April 12, 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
March 1, 2000 through March 31, 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: April 12, 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: April 12, 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: April 12, 2000
6
<PAGE> 7
Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Page
- ----------- ----
<S> <C> <C>
21.1 Monthly Servicer's Certificate dated April 12, 2000 prepared by the
Servicer and sent to the Trustee pursuant to Section 3.05(a) of the 8
Series 1999-1 Supplement covering the period of March 1, 2000
through March 31, 2000.
</TABLE>
7
<PAGE> 1
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: March 1, 2000 - March 31, 2000
SETTLEMENT DATE: 17-Apr-00
<TABLE>
<S> <C> <C> <C>
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
(a.) Beginning Aggregate Contract Principal Balance $ 72,134,478.42
---------------
(b.) Contract Principal Balance of all Collections allocable
to Contracts $ 4,621,118.67
---------------
(c.) Contract Principal Balance of Charged-Off Contracts $ 372,894.54
---------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts as
of this Settlement Date $ 67,140,465.21
--------------
BALANCES ON THIS SETTLEMENT DATE
(d.) Class A Principal Balance as of this
Settlement Date (Class A Note Factor) 0.5613672 $ 55,505,817.39
--------- ---------------
(e1.) Ending Class A-1 Principal Balance 0.1484245 $ 7,559,182.39
--------- ---------------
(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 $ 73,362,320.19
---------------
(b.) CBR of Contracts 1 - 30 days delinquent $ 6,516,312.89
---------------
(c.) % of Delinquent Contracts 1- 30 days as of the related
Calculation Date 8.88%
---------------
(d.) CBR of Contracts 31 - 60 days delinquent $ 3,440,677.90
----------------
(e.) % of Delinquent Contracts 31- 60 days as of the related
Calculation Date 4.69%
-----------------
(f.) CBR of Contracts 61 - 90 days delinquent $ 1,750,302.64
-----------------
(g.) % of Delinquent Contracts 61- 90 days as of the related
Calculation Date 2.39%
------------------
(h.) CBR of Contracts 91 - 120 days delinquent $ 1,575,949.01
------------------
(i.) % of Delinquent Contracts 91- 120 days as of the related
Calculation Date 2.15%
------------------
(j1.) % of Delinquent Contracts 31 days or more as of the related
Calculation Date 9.22%
------------------
(j2.) Month 2: Feb-00 10.68%
-------------- ------------------
(j3.) Month 3: Jan-00 10.69%
-------------- ------------------
(j4.) Three month rolling average % of Delinquent Contracts 31 days or
more 10.20%
------------------
(k1.) Net Charge-Off % for the related Collection Period
(annualized 30/360) 4.49%
------------------
(k2.) Month 2: Feb-00 2.07%
-------------- ------------------
(k3.) Month 3: Jan-00 1.81%
-------------- ------------------
(k4.) Three month rolling average % for Defaulted Contracts 2.79%
------------------
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 115.87%
------------------
(m2.) Month 2: Feb-00 123.97%
--------------- ------------------
(m3.) Month 3: Jan-00 124.77%
--------------- ------------------
(m4.) Three month rolling average Residual Realization Ratio 121.54%
------------------
</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 $ 5,860,020.38
-------------------
(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 $ 5,860,020.38
-------------------
(a.) To the Servicer, Unrecoverable Servicer Advances / Initial
Unpaid Balance $ 283,132.25
-------------------
(b.) To the Servicer, the Servicing Fee and miscellaneous amounts,
if any $ 60,112.07
-------------------
To Series 1999-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and Class A Overdue
Interest for the related period $ 333,708.56
-------------------
Interest on Class A-1 Notes $ 66,357.28
-------------------
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 $ 4,994,013.21
-------------------
Principal Payment to Class A-1 Noteholders $ 4,994,013.21
-------------------
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 $ 118,777.68
-------------------
(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") $ --
-------------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the Collection Period $ 1,812,625.92
-------------------
(b.) Servicer Advances reimbursed during the Collection Period $ 62,138.27
-------------------
(c.) Amount of unreimbursed Service Advances to be reimbursed on the
Settlement Date $ 283,132.25
-------------------
(d.) Servicer Advances made during the related Collection Period
-------------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period $ 1,467,355.40
-------------------
(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 $ 1,978,325.58
--------------------
(b.) Amount of interest earnings reinvested for the related Monthly Period $ 9,356.90
--------------------
(c.) Amounts used to cover shortfalls, if any, for the related Collection Period $ --
--------------------
(d.) Amounts transferred from the Collection Account, if applicable $ 118,777.68
--------------------
(e.) Balance remaining before calculating Required Reserve Amount $ 2,106,460.16
--------------------
(f.) Required Reserve Amount needed as of the related Collection Period $ 3,355,290.42
--------------------
(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 $ 1,248,830.26
--------------------
(h.) Amounts on deposit at the end of the related Collection Period (e minus g1) $ 2,106,460.16
--------------------
(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>
<S> <C> <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 $ 967,280.88
--------------------
(b.) Add: Amount of Advance Payments collected during the related Collection Period $ 683,346.14
--------------------
(c.) Add: Investment earnings for the related Collection Period $ --
--------------------
(d.) Less: Amount of Advance Payments withdrawn for deposit into Facility Account $ 675,626.05
--------------------
(e.) Ending aggregate Advance Payments $ 975,000.97
--------------------
</TABLE>
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
--------------------------
TITLE: SR VP
--------------------------
DATE: 04/12/00
--------------------------
Page 3 of 3
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