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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
January 12, 2000
ADVANTA BUSINESS SERVICES CORP.
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(Exact name of registrant as specified in its charter)
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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
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(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
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(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
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(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 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 January 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 December 1,
1999 through December 31, 1999.
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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: January 12, 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
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Name: John Paris
Title: President and Director
Dated: January 12, 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: January 12, 2000
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Exhibit Index
Exhibit No. Page
8
21.1 Monthly Servicer's Certificate dated January 12, 2000 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 December 1,
1999 through December 31, 1999.
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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS
SERVICER
MONTHLY SERVICER
CERTIFICATE
COLLECTION PERIOD: December 1, 1999 - December 31, 1999
SETTLEMENT 18-Jan-00
DATE:
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
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(a.) Beginning Aggregate Contract Principal Balance ............................................. $87,642,007.74
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(b.) Contract Principal Balance of all Collections allocable to Contracts ....................... $ 5,182,472.17
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(c.) Contract Principal Balance of Charged-Off Contracts ........................................ $ 278,923.96
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as of this
Settlement Date ............................................................................ $82,180,611.61
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BALANCES ON THIS SETTLEMENT DATE
(d.) Class A Principal Balance as of this
Settlement Date (Class A Note Factor) 0.7134782 ....................................... $70,545,963.79
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(e1.) Ending Class A-1 Principal Balance 0.4437376 ........................$22,599,328.79
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(e2.) Ending Class A-2 Principal Balance 1.0000000 ........................$38,500,927.00
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(e3.) Ending Class A-3 Principal Balance 1.0000000 ........................$ 9,445,708.00
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(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 ...................... $90,278,038.97
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(b.) CBR of Contracts 1-30 days delinquent .............................................. $ 9,926,050.57
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(c.) % of Delinquent Contracts 1-30 days as of the related Calculation Date ............. 10.99%
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(d.) CBR of Contracts 31-60 days delinquent ............................................. $ 4,621,415.28
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(e.) % of Delinquent Contracts 31-60 days as of the related Calculation Date ............ 5.12%
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(f.) CBR of Contracts 61-90 days delinquent ............................................. $ 2,242,410.05
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(g.) % of Delinquent Contracts 61-90 days as of the related Calculation Date ............ 2.48%
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(h.) CBR of Contracts 91-120 days delinquent ............................................ $ 1,386,650.28
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(i.) % of Delinquent Contracts 91-120 days as of the related Calculation Date .......... 1.54%
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(j1.) % of Delinquent Contracts 31 days or more as of the related Calculation Date ...... 9.14%
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(j2.) Month 2:Nov-99 .................................................................... 8.48%
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(j3.) Month 3:Oct-99 .................................................................... 8.38%
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(j4.) Three month rolling average % of Delinquent Contracts 31 days or more ............. 8.67%
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(k1.) Net Charge-Off % for the related Collection Period (annualized 30/360) ............ 2.92%
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(k2.) Month 2:Nov-99 .................................................................... 3.08%
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(k3.) Month 3:Oct-99 .................................................................... 1.76%
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(k4.) Three month rolling average % for Defaulted Contracts ............................. 2.59
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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
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(l2.) The Loss Trigger Level % from 13th Collection Period to and including 24th
Collection Period ? Y or N ........................................................ n/a
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(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 ............................ 130.05%
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(m2.) Month 2:Nov-99 .................................................................... 123.77%
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(m3.) Month 3:Oct-99 .................................................................... 132.25%
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(m4.) Three month rolling average Residual Realization Ratio ............................ 128.69%
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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 ........................................................ 6,061,841.50
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(2.) The prepayment amounts deposited, if any, by the Issuers' to
the Collection Account for removal of
defaulted contracts ............................................................................. $ --
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(3.) Total deposits in the Collection Account to be used as available funds on this Payment Date...... $6,061,841.50
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(a.) To the Servicer, Unrecoverable Servicer Advances/Initial Unpaid Balance ......................... $ 5,970.34
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(b.) To the Servicer, the Servicing Fee and miscellaneous amounts, if any ........................... $ 73,035.01
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To Series 1999-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and Class A Overdue Interest for
the related period ....................................................................... $ 420,177.60
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Interest on Class A-1 Notes ...........................................$ 152,826.32
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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 1999-1Noteholders:
To Class A, the total applicable Principal Payment ................................................... $5,461,396.13
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Principal Payment to Class A-1 Noteholders .......................... $5,461,396.13
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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 ..................................................................................... $ 30,985.81
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(g.) Upon the occurrence of a Residual Event the lesser of:
(A) the remaining Available Funds and .............................................. $ -
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(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") ........................................ $ 0.00
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the Collection Period ........................ $ 1,728,274.84
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(b.) Servicer Advances reimbursed during the Collection Period .............................................. $ 34,025.93
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(c.) Amount of unreimbursed Service Advances to be reimbursed on the Settlement Date ........................ $ --
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(d.) Servicer Advances made during the related Collection Period ............................................ $ 67,556.91
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(e.) Aggregate amount of Servicer Advances at the end
of the Collection Period ................................................................................ $1,761,805.82
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(f.) Amount of delinquent Scheduled Payments for
which Servicer Advances were not made .................................................................. $ --
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period .............................. $1,602,174.24
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(b.) Amount of interest earnings reinvested for the related Monthly Period ............................ $ 7,728.31
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(c.) Amounts used to cover shortfalls, if any, for the related Collection Period ..................... $ --
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(d.) Amounts transferred from the Collection Account, if applicable ................................... $ 30,985.81
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(e.) Balance remaining before calculating Required Reserve Amount ..................................... $1,640,888.36
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(f.) Required Reserve Amount needed as of the related Collection Period ................................ $4,107,297.74
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(g1.) If (d) above is greater than (e), then excess amount to be transferred to the Series Obligors ...... $ --
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(g2.) If (e) is greater than (d), then amount of shortfall .............................................. $2,466,409.37
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(h.) Amounts on deposit at the end of the related Collection Period (e minus g1) ...................... $1,640,888.36
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(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 ..................................... $ --
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(b.) Amounts transferred from the Collection Account ......................................................... $ --
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(c.) Amounts used to cover shortfalls for the related Collection Period ...................................... $ --
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(d.) Amount on deposit at the end of the related Collection Period ........................................... $ --
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VII. ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments ....................................................................... $ 988,109.01
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(b.) Add: Amount of Advance Payments collected during the related Collection Period ............................ $ 697,969.65
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(c.) Add: Investment earnings for the related Collection Period ............................................... $ --
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(d.) Less: Amount of Advance Payments withdrawn for deposit into Facility Account ............................... $ 669,527.02
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(e.) Ending aggregate Advance Payments .......................................................................... $1,016,551.64
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ADVANTA BUSINESS SERVICES CORP.,AS SERVICER
BY: /s/ John Paris
TITLE: Sr. Vice President
DATE: 12-Jan-00
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