# EDGAR Filing Document

**Accession Number:** 0002070372
**File Stem:** 0001104659-25-076113
**Filing Date:** 2025-8
**Character Count:** 19322
**Document Hash:** 07e8f4324f5198766318c33fe62754be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-076113.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001104659-25-076113

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Equipment leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advantage Program Funding III LLC
- **CENTRAL INDEX KEY:** 0002070372

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07891
- **FILM NUMBER:** 251201637

**BUSINESS ADDRESS:**
- **STREET 1:** 3400 NORTH CENTRAL EXPRESSWAY, SUITE 410
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75080
- **BUSINESS PHONE:** 858-205-9676

**MAIL ADDRESS:**
- **STREET 1:** 3400 NORTH CENTRAL EXPRESSWAY, SUITE 410
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75080
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advantage Program Funding III LLC
- **CENTRAL INDEX KEY:** 0002070372

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 3400 NORTH CENTRAL EXPRESSWAY, SUITE 410
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75080
- **BUSINESS PHONE:** 858-205-9676

**MAIL ADDRESS:**
- **STREET 1:** 3400 NORTH CENTRAL EXPRESSWAY, SUITE 410
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75080
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advantage Program Funding III LLC
- **CENTRAL INDEX KEY:** 0002070372

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 3400 NORTH CENTRAL EXPRESSWAY, SUITE 410
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75080
- **BUSINESS PHONE:** 858-205-9676

**MAIL ADDRESS:**
- **STREET 1:** 3400 NORTH CENTRAL EXPRESSWAY, SUITE 410
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75080

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM ABS-15G<br> ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

◻ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period<br> _________ to _________

**(Exact name of securitizer as specified in its charter)**

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| |
|:---|
| Date of Report (Date of earliest event reported) |
| Commission File Number of securitizer: |
| Central Index Key Number of securitizer: |

---

  <br> Name and telephone number, including area code, of the person to <br> contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ◻

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ◻

**Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ◻**

⌧ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

**<u>Service Experts Issuer 2025-1 LLC</u><br> (Exact name of issuing entity as specified in its charter)**

Central Index Key Number of depositor: <u>0002070372</u> <br> Central Index Key Number of issuing entity (if applicable): <u>Not applicable</u> <br> Central Index Key Number of underwriter (if applicable): <u>Not applicable</u>

<u>Eric Griggs – (616) 916-5353</u> <br> Name and telephone number, including area code, of the person to<br>contact in connection with this filing.

**PART II - FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third-Party Due Diligence Report Obtained by the Issuer**

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibit 99.1 to this Form ABS-15G.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 11, 2025

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| | |
|:---|:---|
| ADVANTAGE PROGRAM FUNDING III LLC | ADVANTAGE PROGRAM FUNDING III LLC |
| (Depositor) | (Depositor) |
| By: | /s/ Michael Lee |
| Name: | Michael Lee |
| Title: | Chief Financial Officer |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| [**Exhibit 99.1**](tm2522965d1_ex99-1.htm) | [Report of Independent Accountants on Applying Agreed-Upon Procedures, dated August 8, 2025.](tm2522965d1_ex99-1.htm) |

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## Exhibit 99.1

**Exhibit 99.1**

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| | | |
|:---|:---|:---|
| ![](image_001.jpg) | Ernst & Young LLP<br> One Manhattan West <br> New York, NY 10001 | Tel: +1 212 773 3000<br> ey.com |

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**Report of Independent Accountants on Applying Agreed-Upon Procedures**

Advantage Experts Services LLC (the "Sponsor")<br> Advantage Program Funding III LLC (the "Depositor")<br> 3400 N. Central Expressway, Suite 410 <br> Richardson, Texas 75080 8 August 2025

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| | |
|:---|:---|
| **Re:** | Service Experts Issuer 2025-1 LLC (the "Issuing Entity")**<br> Asset Backed Notes (the "Notes")**<br> Sample Contract Asset Agreed-Upon Procedures |

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We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Sponsor, Depositor, Credit Agricole Securities (USA) Inc., Citigroup Global Markets Inc. and Brookfield Securities LLC (collectively, the "Specified Parties"), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool of equipment lease contracts (the "Contracts") and corresponding contract assets (the "Equipment" or "Contract Assets") which consist of heating, ventilation and air conditioning equipment, water treatment or similar equipment, water heating equipment and other equipment relating to the Issuing Entity's securitization transaction. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

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|:---|:---|
| ![](image_001.jpg) | Page 2 of 4 |

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For the purpose of the procedures described in this report, the Sponsor, on behalf of the Depositor, provided us with:

a. Electronic data files (collectively, the "Provided
 Data Files"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Labeled "Data Tape_06.30.25.xlsx"
 and the corresponding record layout and decode information, as applicable (the "Initial
 Preliminary Data File"), that the Sponsor, on behalf of the Depositor, indicated contains
 information as of 30 June 2025 (the "Preliminary Cut-Off Date")
 relating to certain equipment lease contracts (the "Preliminary Contracts")
 and corresponding contract assets (the "Preliminary Contract Assets") that
 are expected to be representative of the Contracts and corresponding Contract Assets and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Labeled "Data Tape_06.30.25 - V2.xlsx"
 and the corresponding record layout and decode information, as applicable (the "Preliminary
 Data File"), that the Sponsor, on behalf of the Depositor, indicated contains information
 as of the Preliminary Cut-Off Date relating to the Preliminary Contracts and Preliminary
 Contract Assets,

b. Imaged copies of the following items (collectively,
 the "Source Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The advantage program agreement, correction
 letter or other related documents (collectively and as applicable, the "Contract
 Agreement") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain printed screen shots from the
 Sponsor's servicing systems and asset management systems, as applicable (collectively
 and as applicable, the "System Screen Shots")

that the Sponsor, on behalf of the Depositor, indicated relate to each Sample Contract Asset (as defined in Attachment A),

c. A schedule labeled "Sample RO with FICO
 score.xlsx" and the corresponding record layout and decode information, as applicable
 (the "Credit Bureau Schedule," together with the Source Documents, the "Sources"),
 that the Sponsor, on behalf of the Depositor, indicated contain FICO score information as
 of the Preliminary Cut-Off Date relating to each Sample Contract Asset,

d. The list of relevant characteristics (the "Sample
 Characteristics") on the Preliminary Data File, which is shown on Exhibit 1 to
 Attachment A, and

e. Instructions, assumptions and methodologies,
 which are described in Attachment A.

For the purpose of the procedures described in this report, certain information contained on the Preliminary Data File is the "Subject Matter" as of the date of this report.

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|:---|:---|
| ![](image_001.jpg) | Page 3 of 4 |

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The procedures included in Attachment A were limited to comparing, recalculating or observing, as applicable, certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Provided Data Files, Sources, Sample Characteristics and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Initial Preliminary Data File, Sources or any other information provided to us, or that we were instructed to obtain, as applicable, by the Sponsor, on behalf of the Depositor, upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to (a) the existence of the Preliminary Contracts, Preliminary Contract Assets, Contracts or Contract Assets, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Sponsor, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

The agreed-upon procedures described in this report were not performed for the purpose of:

a. Satisfying any criteria for due diligence published by a nationally recognized
 statistical rating organization (a "rating agency") or

b. Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether the origination of the Contracts conformed to, or deviated
 from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The value of the collateral securing the Contracts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Contracts complied with federal,
 state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other factor or characteristic of the Contracts that would be
 material to the likelihood that the issuer of the Notes will pay interest and principal in
 accordance with applicable terms and conditions.

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|:---|:---|
| ![](image_001.jpg) | Page 4 of 4 |

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We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable, for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

8 August 2025

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| | |
|:---|:---|
| ![](image_001.jpg) | **Attachment A** |

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**<u>Procedures performed and our associated findings</u>**

1. As instructed by the Sponsor, on behalf of the Depositor, we randomly selected
 a sample of 200 Preliminary Contracts from the Initial Preliminary Data File (the "Sample
 Contracts"). For the purpose of this procedure, the Sponsor, on behalf of the Depositor,
 did not inform us as to the basis for how they determined the number of Sample Contracts
 or the methodology they instructed us to use to select the Sample Contracts from the Initial
 Preliminary Data File.

The Sponsor, on behalf of the Depositor, indicated that the Sample Contracts correspond to 268 Preliminary Contract Assets (the "Sample Contract Assets").

For the purpose of the procedures described in this report, the 268 Sample Contract Assets are referred to as Sample Contract Asset Numbers 1 through 268.

2. For each contract asset on the Initial Preliminary Data File and Preliminary
 Data File, we compared the identifier (the "Identifier"), as determined
 using information shown on the Initial Preliminary Data File, to the corresponding Identifier,
 as determined using information shown on the Preliminary Data File, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All of the Preliminary Contract Assets (including the Sample Contract
 Assets) were included on both the Initial Preliminary Data File and Preliminary Data File
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No contract assets other than the Preliminary Contract Assets were
 included on the Initial Preliminary Data File or Preliminary Data File.

3. For each Sample Contract Asset, we compared the Sample Characteristics
 listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to
 the corresponding information located on the Sources, subject to the instructions, assumptions
 and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes
 to Exhibit 1 to Attachment A. The Source(s) that we were instructed by the Sponsor,
 on behalf of the Depositor, to use for each Sample Characteristic are shown on Exhibit 1
 to Attachment A. Except for the information shown on Exhibit 2 to Attachment A, all
 such compared information was found to be in agreement.

**Exhibit 1 to Attachment A**

**<u>Sample Characteristics and Sources</u>**

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| | | | |
|:---|:---|:---|:---|
| **<u>Sample Characteristic</u>** | **<u>Preliminary Data File Field Name</u>** | **<u>Source(s)</u>** | **<u>Note(s)</u>** |
| Contract ID | MSD RO | System Screen Shots | i. |
| Total periods | Total Periods | Contract Agreement | ii. |
| Install date | Install Date | System Screen Shots | iii. |
| Contract rental rate | Contract Rental Rate | Contract Agreement |  |
| Customer name | Name | System Screen Shots or Contract Agreement | iv. |
| State | Service Province/State | Contract Agreement |  |
| FICO score | FICO Score | Credit Bureau Schedule |  |

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**<u>Notes</u>:**

i. For identification purposes only.

ii. For the purpose of comparing the total periods
 Sample Characteristic for each Sample Contract Asset, the Sponsor, on behalf of the Depositor,
 instructed us to ignore differences of +/- three months or less.

iii. For the purpose of comparing the install date
 Sample Characteristic for each Sample Contract Asset, the Sponsor, on behalf of the Depositor,
 instructed us to ignore differences of +/- one day or less.

iv. For the purpose of comparing the customer name
 Sample Characteristic for each Sample Contract Asset (except for Sample Contract Asset Number
 136), the Sponsor, on behalf of the Depositor, instructed us to use the System Screen Shots
 as the Source, subject to the additional instruction(s) provided by the Sponsor, on behalf
 of the Depositor, described in the succeeding paragraph(s).

For the purpose of comparing the customer name Sample Characteristic for Sample Contract Asset Number 136, the Sponsor, on behalf of the Depositor, instructed us to use the Contract Agreement as the Source, subject to the additional instruction(s) provided by the Sponsor, on behalf of the Depositor, described in the succeeding paragraph(s).

For the purpose of this procedure, the Sponsor, on behalf of the Depositor, instructed us to ignore differences that appear to be due to abbreviation or truncation.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes above.

**Exhibit 2 to Attachment A**

**<u>Sample Characteristic Differences</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample <br> Contract <u><br> Asset Number</u>** | **<u>Contract ID</u>** | **<u>Sample Characteristic</u>** | **Preliminary <u><br> Data File Value</u>** | **<u>Source Value</u>** |
| 76 | SEUS-196859 | Contract rental rate | $247.00 | $247.50 |
| 167 | SEUS-211374 | Customer name |  |  |

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