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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
March 10, 2000
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)
ADVANTA LEASING RECEIVABLES CORP. V
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-38975-02 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) (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
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 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 February 1, 2000 through February 29, 2000.
3
<PAGE> 3
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> 4
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: March 10, 2000
5
<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. V,
As Registrant
By /s/ JOHN PARIS
---------------------
Name: John Paris
Title: Director
Dated: March 10, 2000
6
<PAGE> 6
Exhibit Index
Exhibit No. Page
21 Monthly Servicer's Certificate dated March 10, 8
2000 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
February 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. IV and
Advanta Leasing Receivables Corp. V
Equipment Receivables Asset-Backed Notes,
Series 1998-1
<TABLE>
<S> <C> <C> <C> <C>
I. SERIES INFORMATION INCLUDING PLEDGED PROPERTY CONVEYED
(a.) Beginning Aggregate Contract Principal Balance ("ACPB") ........ $ 191,041,166.15
----------------
(b.) Contract Principal Balance of all Collections allocable to
Contracts ....................................................... $ 10,279,718.60
----------------
(c.) Contract Principal Balance of Charged-Off Contracts ............. $ 589,503.44
----------------
(d.) Total decline in Principal Balance .............................. $ 10,869,222.04
----------------
(e.) Ending Aggregate Contract Principal Balance of all
Contracts as of this Settlement Date ............................ $ 180,171,944.11
----------------
Balances on this Settlement Date after payment on the related
Payment Date
(f.) Class A Principal Balance as of this Settlement Date ............ $ 159,127,732.04
----------------
(Class A Note Factor) ........................................... 0.4804581
---------
(g1.) Class A-1 Principal Balance (Note Factor) ..................... 0.0000000 -
--------- ---------------
(g2.) Class A-2 Principal Balance (Note Factor) ..................... 0.4733039 $ 89,927,732.04
--------- ---------------
(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 ............ $ 9,098,916.03
---------------
(Class B Note Factor) ........................................... 0.4804581
-----------
(i.) Class C Principal Balance as of this Settlement Date ............ $ 2,420,285.40
---------------
(Class C Note Factor) ........................................... 0.2454153
-----------
(l.) Class D Principal Balance as of this Settlement Date $ 9,525,010.64
----------------
(Class D Note Factor) ........................................... 0.6349878
----------
II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as
of the related Calculation Date ................................. $ 196,510,793.09
----------------
(b1.) % of CBR 31 days or more delinquent as of the related Calculation
Date ............................................................. 8.90%
----------------
(b2.) Preceeding Month %: .............................................. Jan-00 8.94%
----------------
------
(b3.) 2nd Preceeding Month %: .......................................... Dec-99 8.32%
------ ----------------
(b4.) Three month rolling average % of CBR 31 days or more delinquent .. 8.72%
-----------------
(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 2.08%
------------------
Does the Cumulative Net Loss Percentage exceed
(d1.) 4.0 % from the Beginning Period to and including 12th Collection
Period? Y or N .................................................. N/A
------------------
(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 ......... N/A
------------------
(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: ................................................ Jan-00 > 100% (YES/NO) YES
--------------------- -----------------
(e3.) 2nd Preceeding Month: ............................................ Dec-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 ................................................. $ 12,697,826.55
---------------
(1) On the Payment Date which is also the Amortization Date and
each Payment Date thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances ................. 22,371.54
---------------
(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. ................................. $ 826,583.83
===============
Interest on Class A-1 Notes $ -
-----------------------
</TABLE>
Page 1 of 3
<PAGE> 2
<TABLE>
<S> <C> <C> <C>
Interest on Class A-2 Notes .......................... $ 482,707.99
------------
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. ................ $ 49,043.11
-----------
(e.) Interest on Class C Notes for the related period ................. $ 16,987.08
-----------
(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue
Principal, if any ................................................ 9,599,689.12
------------
Principal Payment to Class A-1 Noteholders ........... N/A
-------------
Principal Payment to Class A-2 Noteholders ........... $ 9,599,689.12
--------------
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 ... 548,909.76
-------------
To Class C for Principal Payment and Overdue Principal, if any ... 720,623.16
------------
(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 ................................................... 159,200.97
--------------
(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 ..................... -
---------------
(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 $ 754,417.98
---------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the
related Collection Period ........................................ 3,751,819.36
---------------
(b.) Servicer Advances reimbursed during the related Collection Period 82,273.66
---------------
(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date .................................................. 22,371.54
---------------
(d.) Servicer Advances made during the related Collection Period ......
---------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period ........................................................... $ 3,647,174.16
---------------
V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period $ 5,906,130.76
----------------
(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 ............................... $ 25,499.54
----------------
(e.) Reserve Account Ending Balance before calculating Required Reserve
Amount ........................................................... $ 5,931,630.30
----------------
----------------
(f.) Required Reserve Amount needed as of the related Collection Period $ 5,546,025.34
----------------
(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 ........................................... 385,604.96
----------------
(h.) Amounts on deposit as of this Settlement Date (e minus g2) ....... $ 5,546,025.34
----------------
*Beginning balance adjusted from prior month ending to reflect the
additional funds in the reserve account.
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
----------------
</TABLE>
Page 2 of 3
<PAGE> 3
<TABLE>
<S> <C>
(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. ............................ $ 2,473,153.08
----------------
(b.) Amount of Advance Payments collected during the related Collection
Period ........................................................... $ 1,776,005.79
----------------
(c.) Investment earnings for the related Collection Period ............ $ 13,403.02
----------------
(d.) Amount of Advance Payments withdrawn for deposit into Facility
Account .......................................................... $ 1,878,096.46
----------------
(e.) Ending aggregate Advance Payments. ............................... $ 2,384,465.43
----------------
</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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