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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
May 10, 2000
ADVANTA BUSINESS SERVICES CORP.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 333-79773 23-2333786
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(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)
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Registrant's telephone number, including area code (609) 782-7300
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No Change
-----------------------------------------------------------------
(Former name or former address, if changed since last report)
ADVANTA LEASING RECEIVABLES CORP. VIII
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Nevada 333-79773-01 52-2170910
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(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)
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Registrant's telephone number, including area code (775) 823-3080
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No Change
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(Former name or former address, if changed since last report)
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ADVANTA LEASING RECEIVABLES CORP. IX
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Nevada 333-79773-02 52-2170234
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(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
639 Isbell Road, Suite 390
Reno, Nevada 89509
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(Address of Principal Executive Offices)
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Registrant's telephone number, including area code (775) 823-3016
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No Change
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(Former name or former address, if changed since last report)
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Item 7. Financial Statements and Exhibits
The following exhibit is furnished herewith:
21 Monthly Servicer's Certificate issued on May 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 April 1,
2000 through April 30, 2000.
3
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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: May 10, 2000
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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: May 10, 2000
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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: May 10, 2000
6
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Exhibit Index
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<CAPTION>
Exhibit No. Page
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21.1 Monthly Servicer's Certificate dated May 10, 2000 prepared by the 8
Servicer and sent to the Trustee pursuant to Section
3.05(a) of the Series 1999-1 Supplement covering the
period of April 1, 2000 through April 30, 2000.
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ASSET-BACKED FINANCING FACILITY
Advanta Business Services Corp., as Servicer
Monthly Servicer Certificate
Collection Period: April 1, 2000 - April 30, 2000
Settlement Date: 15-May-00
A. SERIES INFORMATION
Advanta Leasing Receivables Corp. VIII and
Advanta Leasing Receivables Corp. IX
Equipment Receivables Asset-Backed Notes,
Series 1999-1
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I. SERIES INFORMATION INCLUDING PLEDGED PROPERTY CONVEYED
(a.) Beginning Aggregate Contract Principal Balance ................................................. $ 67,140,465.21
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(b.) Contract Principal Balance of all Collections allocable to Contracts ........................... $ 4,313,901.01
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(c.) Contract Principal Balance of Charged-Off Contracts ............................................ $ 221,360.33
---------------
(e.) Ending Aggregate Contract Principal Balance of all Contracts as of this Settlement Date ........ $ 62,605,203.87
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BALANCES ON THIS SETTLEMENT DATE
(d.) Class A Principal Balance as of this
Settlement Date (Class A Note Factor) 0.5154991 $ 50,970,556.05
--------- ---------------
(e1.) Ending Class A-1 Principal Balance 0.0593747 $ 3,023,921.05
--------- ---------------
(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
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II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts .................................. $68,561,073.88
---------------
(b.) CBR of Contracts 1 - 30 days delinquent ........................................................ $ 7,008,381.03
---------------
(c.) % of Delinquent Contracts 1- 30 days as of the related Calculation Date ....................... 10.22%
---------------
(d.) CBR of Contracts 31 - 60 days delinquent ....................................................... $ 3,059,184.24
---------------
(e.) % of Delinquent Contracts 31- 60 days as of the related Calculation Date ...................... 4.46%
---------------
(f.) CBR of Contracts 61 - 90 days delinquent ....................................................... $ 1,559,883.40
---------------
(g.) % of Delinquent Contracts 61- 90 days as of the related Calculation Date ...................... 2.28%
---------------
(h.) CBR of Contracts 91 - 120 days delinquent ...................................................... $ 1,379,351.48
---------------
(i.) % of Delinquent Contracts 91- 120 days as of the related Calculation Date ..................... 2.01%
---------------
(j1.) % of Delinquent Contracts 31 days or more as of the related Calculation Date ................... 8.75%
---------------
(j2.) Month 2: Mar-00 ............................................................... 9.22%
-------- ---------------
(j3.) Month 3: Feb-00 ............................................................... 10.68%
-------- ---------------
(j4.) Three month rolling average % of Delinquent Contracts 31 days or more .......................... 9.55%
---------------
(k1.) Net Charge-Off % for the related Collection Period (annualized 30/360) ......................... 2.01%
---------------
(k2.) Month 2: Mar-00 ............................................................... 4.49%
-------- ---------------
(k3.) Month 3: Feb-00 ............................................................... 2.07%
-------- ---------------
(k4.) Three month rolling average % for Defaulted Contracts .......................................... 2.86%
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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
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(m1.) Residual Realization for the related Collection Period ......................................... 130.89%
---------------
(m2.) Month 2: Mar-00 ............................................................... 115.87%
-------- ---------------
(m3.) Month 3: Feb-00 ............................................................... 123.97%
-------- ---------------
(m4.) Three month rolling average Residual Realization Ratio ......................................... 123.58%
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(n.) Does the three month rolling Residual Realization ratio exceed 100% Y or N ................ YES
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III. FLOW OF FUNDS
(1.) The amount on deposit in Available Funds ....................................................... $ 5,190,616.35
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(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 ................................................................................... $ 5,190,616.35
----------------
(a.) To the Servicer, Unrecoverable Servicer Advances / Initial Unpaid Balance
----------------
(b.) To the Servicer, the Servicing Fee and miscellaneous amounts, if any ........................... $ 55,950.39
----------------
To Series 1999-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and Class A Overdue Interest for
the related period ............................................................................. $ 301,255.46
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Interest on Class A-1 Notes ................... $ 33,904.18
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Interest on Class A-2 Notes ................... $ 213,038.46
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Interest on Class A-3 Notes ................... $ 54,312.82
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(d.) Interest on Class B Notes for the related period ............................................... $ 70,276.61
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(e.) To Series 1999-1 Noteholders:
To Class A, the total applicable Principal Payment ............................................. $ 4,535,261.34
-----------------
Principal Payment to Class A-1 Noteholders .... $ 4,535,261.34
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Principal Payment to Class A-2 Noteholders .... $ --
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Principal Payment to Class A-3 Noteholders .... $ --
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To Class B for applicable Principal Payment to the extent of the
Class B Floor .................................................................................. $ --
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(f.) To the Reserve Account :
The amount needed to increase the amount in the Reserve Account
to the Required Reserve ........................................................................ $ 227,872.55
-----------------
(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 ............................................. $ --
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To be deposited to the Residual Account ........................................................ $ --
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(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 ................ $ 1,467,355.40
----------------
(b.) Servicer Advances reimbursed during the Collection Period ...................................... $ 61,667.80
----------------
(c.) Amount of unreimbursed Service Advances to be reimbursed on the
Settlement Date ................................................................................
----------------
(d.) Servicer Advances made during the related Collection Period .................................... $ 78,169.33
----------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period ......................................................................................... $ 1,483,856.93
----------------
(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 ............................ $ 2,106,460.16
----------------
(b.) Amount of interest earnings reinvested for the related Monthly Period .......................... $ 9,967.71
----------------
(c.) Amounts used to cover shortfalls, if any, for the related Collection Period ................... $ --
----------------
(d.) Amounts transferred from the Collection Account, if applicable ................................. $ 227,872.55
----------------
(e.) Balance remaining before calculating Required Reserve Amount ................................... $ 2,344,300.42
----------------
(f.) Required Reserve Amount needed as of the related Collection Period ............................. $ 3,128,527.35
----------------
(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 ........................................... $ 784,226.93
----------------
(h.) Amounts on deposit at the end of the related Collection Period (e minus g1) .................... $ 2,344,300.42
----------------
(i.) Is the Required Reserve Amount equal to the balance in the Reserve Account
as of the related Collection period ? Y or N ................................................... NO
----------------
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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 ........................................................... $ 975,000.97
----------------
(b.) Add: Amount of Advance Payments collected during the related Collection Period ................ $ 465,363.63
----------------
(c.) Add: Investment earnings for the related Collection Period ................................... $ --
----------------
(d.) Less: Amount of Advance Payments withdrawn for deposit into Facility Account ................... $ 666,675.06
----------------
(e.) Ending aggregate Advance Payments .............................................................. $ 773,689.54
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ADVANTA BUSINESS SERVICES CORP., as Servicer
By: /s/ John Paris
Title: SR VP
Date: 05/10/00
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