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
Date of Report (Date of earliest event reported) April 14, 1998
ADVANTA BUSINESS SERVICES CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-38575 23-2333786
- --------------------------------------- ---------------- -------------------------------
(State or Other (Commission File (I.R.S. Employer Identification
Jurisdiction of Incorporation) Number) No.)
1020 Laurel Oak Road 08043
- --------------------------------------- ------------------------------
Voorhees, New Jersey (Zip Code)
(Address of Principal Executive Offices)
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)
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)
Registrant's telephone number, including area code (702) 322-2221
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
2
ADVANTA LEASING RECEIVABLES CORP. V
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 333-38575-02 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)
Registrant's telephone number, including area code (702) 322-2221
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
3
Item 2. Acquisition or Disposition of Assets
Description of the Notes and the Contracts.
Advanta Leasing Receivables Corp. IV and Advanta Leasing
Receivables Corp. V, as issuers (the "Issuers"), have registered an issuance of
$360,000,000 in aggregate principal amount of their Equipment Receivables
Asset-Backed Notes on Form S-1. Pursuant to the Registration Statement, the
Issuers issued Equipment Receivables Asset-Backed Notes, Series 1998-1,
$72,000,000 5.77% Class A-1 Notes (the "Class A-1 Notes"), Equipment Receivables
Asset-Backed Notes, Series 1998-1, $190,000,000 5.82% Class A-2 Notes (the
"Class A-2 Notes"), Equipment Receivables Asset-Backed Notes, Series 1998-1,
$23,300,000 5.93% Class A-3 Notes (the "Class A-3 Notes"), Equipment Receivables
Asset-Backed Notes, Series 1998-1, $45,900,000 5.98% Class A-4 Notes, (the
"Class A-4 Notes," together with the Class A-1 Notes, the Class A-2 Notes and
the Class A-3 Notes, the "Class A Notes"), Equipment Receivables Asset-Backed
Notes, Series 1998-1, $18,938,000 6.10% Class B Notes ("the Class B Notes") and
Equipment Receivables Asset-Backed Notes, Series 1998-1, $9,862,000 6.49% Class
C Notes (the "Class C Notes," together with the Class A Notes and the Class B
Notes, the "Offered Notes") on April 14, 1998. The Issuers also issued
principal-only Equipment Receivables Asset-Backed Notes, Series 1998-1,
$15,000,304 Class D Notes (the "Class D Notes," together with the Offered Notes,
the "Notes"). This Current Report on Form 8-K is being filed to satisfy an
undertaking to file copies of certain agreements executed in connection with the
issuance of the Notes, the forms of which were filed as Exhibits to the
Registration Statement.
The Notes were issued pursuant to a Master Business
Receivables Asset-Backed Financing Facility Agreement dated as of May 1, 1997
(the "Master Facility Agreement"), by and among Advanta Business Services Corp.,
as servicer (in such capacity, the "Servicer" and in its individual capacity,
"ABS"), Advanta Leasing Receivables Corp. III, as obligors' agent (the
"Obligors' Agent") and The Chase Manhattan Bank, as trustee (the "Trustee") and
a Series 1998-1 Supplement to the Master Facility Agreement attached hereto as
Exhibit 4.1, dated as of April 14, 1998 between the Servicer, ABS, the Obligors'
Agent, the Trustee and the Issuers.
The Offered Notes evidence debt obligations of the Issuers,
each a special-purpose bankruptcy remote subsidiary of ABS, and are secured by
Trust Assets (the "Trust Assets") which consists of, initially, (i) all
Scheduled Payments due on or after the Cut-Off Date with respect to a pool
consisting of a combination of leases (including, but not limited to, finance
leases, true leases and full payout leases), loans, contracts and promissory
notes (collectively, the "Initial Contracts"), financing the purchase or lease
of "small-ticket" equipment items for businesses, including, without limitation,
computers, office machines (such as copy machines, facsimile machines and
telephones), alarm systems and similar items, together with such Initial
Contracts and certain other property appurtenant thereto, (ii) certain interests
in the Equipment (and certain proceeds, including net insurance proceeds,
thereof) relating to the Initial Contracts (the "Initial Property"), (iii) funds
on deposit in the Reserve Account and certain other accounts held by the Trustee
and (iv) the rights of ABS under any applicable agreements (such as broker,
vendor or purchase agreements) pursuant to which ABS acquired the Contracts.
As of the Closing Date, the Contracts had the characteristics
described in the Prospectus dated April 8, 1998 filed pursuant to Rule 424(b)(1)
of the Securities Act of 1933, as amended (the "Securities Act") with the
Commission.
4
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement, dated as of April 7, 1998, among
Advanta Leasing Receivables Corp. IV, Advanta Leasing Receivables Corp. V,
Advanta Business Services Corp. and Salomon Brothers Inc, as representative of
the Several Underwriters.
4.1 Series 1998-1 Supplement to the Master Business
Receivables Asset-Backed Financing Facility Agreement, dated as of April 14,
1998, among Advanta Business Services Corp., as Servicer, Advanta Leasing
Receivables Corp. III, as Obligors' Agent, The Chase Manhattan Bank, as Trustee,
Advanta Leasing Receivables Corp. IV, as Series Obligor, and Advanta Leasing
Receivables Corp. V, as Series Obligor.
4.2 Contribution Agreement Supplement, dated as of April 14,
1998, between Advanta Business Services Corp., as Contributor, Advanta Leasing
Receivables Corp. III, as Obligors' Agent, Advanta Leasing Receivables Corp. IV,
as a Series Obligor, and Advanta Leasing Receivables Corp. V, as a Series
Obligor.
4.3 Sales and Assignment Agreement, dated as of April 14,
1998, between Advanta Leasing Receivables Corp. III, Advanta Business
Receivables LLC, Advanta Leasing Receivables Corp. IV and Advanta Leasing
Receivables Corp. V.
99.1 Statistical information as of April 1, 1998, the
Cut-Off Date.
5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ADVANTA BUSINESS SERVICES CORP.,
as Registrant
By /s/ CHARLES H. PODOWSKI
--------------------------------------
Name: Charles H. Podowski
Title: Director
Dated: April ___, 1998
6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ADVANTA LEASING RECEIVABLES CORP. IV,
as Registrant
By /s/ CHARLES H. PODOWSKI
-------------------------------------
Name: Charles H. Podowski
Title: Director
Dated: April ___, 1998
7
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ADVANTA LEASING RECEIVABLES CORP. V,
as Registrant
By /s/ CHARLES H. PODOWSKI
-------------------------------------
Name: Charles H. Podowski
Title: Director
Dated: April ___, 1998
8
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
1.1 Underwriting Agreement, dated as of April 7, 1998, among
Advanta Leasing Receivables Corp. IV, Advanta Leasing
Receivables Corp. V, Advanta Business Services Corp. and
Salomon Brothers Inc, as representative of the Several
Underwriters.
4.1 Series 1998-1 Supplement to the Master Business Receivables
Asset-Backed Financing Facility Agreement, dated as of April
14, 1998, among Advanta Business Services Corp., as Servicer,
Advanta Leasing Receivables Corp. III, as Obligors' Agent, The
Chase Manhattan Bank, as Trustee, Advanta Leasing Receivables
Corp. IV, as Series Obligor, and Advanta Leasing Receivables
Corp. V, as Series Obligor.
4.2 Contribution Agreement Supplement, dated as of April 14, 1998,
between Advanta Business Services Corp., as Contributor,
Advanta Leasing Receivables Corp. III, as Obligors' Agent,
Advanta Leasing Receivables Corp. IV, as Series Obligor, and
Advanta Leasing Receivables Corp. V, as Series Obligor.
4.3 Sales and Assignment Agreement, dated as of April 14, 1998,
between Advanta Leasing Receivables Corp. III, Advanta
Business Receivables LLC, Advanta Leasing Receivables Corp. IV
and Advanta Leasing Receivables Corp. V.
99.1 Statistical information as of April 1, 1998, the Cut-Off Date.