<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
Date of Report (Date of earliest event reported) April 17, 2000
Advanta Conduit Receivables, Inc., as Sponsor
on behalf of Advanta Revolving Home Equity Loan Trust 2000-A
---------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Nevada 333-92669 88-0360305
- ------------------------------- ---------------- ----------------------
(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification Number)
Advanta Conduit Receivables, Inc.
----------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Nevada 333-92669 88-0360305
- ------------------------------- ---------------- ----------------------
(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification Number)
Attention: General Counsel
10790 Rancho Bernardo Road
San Diego, California 92127
- -------------------------- ---------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number,
including area code: (858) 674-1800
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
In connection with the offering of the Advanta Revolving Home
Equity Loan Trust 2000-A, Advanta Revolving Home Equity Loan Asset Backed Notes,
Series 2000-A, certain "Computational Materials" within the meanings of the May
20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995 Public
Securities Association No-Action Letter were furnished to certain prospective
investors (the "Related Computational Materials").
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(a) Not applicable.
(b) Not applicable
(c) Exhibits:
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Related Computational Materials
</TABLE>
-2-
<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 hereunto duly authorized.
Date: April 18, 2000 ADVANTA REVOLVING HOME EQUITY
LOAN TRUST 2000-A
By: Advanta Conduit Receivables, Inc.
By: /s/ Michael Coco
----------------------------------------
Name: Michael Coco
Title: Vice President
ADVANTA CONDUIT RECEIVABLES, INC.
By: /s/ Michael Coco
----------------------------------------
Name: Michael Coco
Title: Vice President
-3-
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Related Computational Materials
(as defined in Item 5 above)
</TABLE>
-4-
<PAGE> 1
EXHIBIT 99.1
COMPUTATIONAL MATERIAL
<PAGE> 2
[ADVANTA LOGO]
$[400,000,000]
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
ADVANTA REVOLVING HOME EQUITY LOAN ASSET-BACKED NOTES, SERIES 2000-A
ADVANTA CONDUIT RECEIVABLES, INC.
SPONSOR
ADVANTA MORTGAGE CORP. USA
MASTER SERVICER
AMBAC ASSURANCE CORPORATION
BOND INSURER
$[400,000,000] ASSET-BACKED NOTES
COMPUTATIONAL MATERIALS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 2 [BEAR STEARNS LOGO]
<PAGE> 3
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
<TABLE>
<CAPTION>
EXPECTED
APPROXIMATE EXPECTED AVERAGE PRINCIPAL EXPECTED
OFFERED SIZE RATINGS LIFE (1) WINDOW (1) DAY FINAL LEGAL FINAL
SECURITIES ($ MILLIONS) (MOODY'S/S&P) (CALL / MAT) (CALL / MAT) COUNT MATURITY MATURITY
---------- ------------ ------------- ------------ ------------ ----- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Notes $[ 400.0 ] Aaa/AAA 2.54 / 2.73 86 / 171 Act/360 6/25/07 8/25/24
</TABLE>
(1) THE NOTES WILL BE PRICED TO THE 10% CLEAN-UP CALL (I.E., WHEN THE
COLLATERAL BALANCE IS EQUAL TO OR LESS THAN $40,000,000).
SPONSOR: Advanta Conduit Receivables, Inc.
MASTER SERVICER: Advanta Mortgage Corp. USA
ORIGINATORS: Advanta National Bank, Advanta Bank Corp.
and Advanta Finance Corp.
INDENTURE TRUSTEE: Bankers Trust Company of California, N.A.
OWNER TRUSTEE: Wilmington Trust Company
BOND INSURER: Ambac Assurance Corporation
UNDERWRITERS: Bear, Stearns & Co. Inc. (Lead Manager),
Morgan Stanley Dean Witter,
Prudential Securities Corporation and
Salomon Smith Barney, Inc.
(Co-Managers).
CUT-OFF DATE: Close of business on March 31, 2000.
EXPECTED PRICING DATE: On or about April [18], 2000.
PRICING PREPAYMENT SPEED: 30% CPR, 5% Constant Draw Rate.
EXPECTED SETTLEMENT
AND REGISTRATION: On or about April [27], 2000 through DTC,
Euroclear and Clearstream.
PAYMENT DATES: The 25th of each month, beginning May 25,
2000.
PRE-FUNDING ACCOUNT: On the Closing Date, approximately
$[119,000,000] will be deposited into the
Pre-Funding Account. With these funds, the
Trust will purchase subsequent mortgage
loans until the earlier of (i) August 31,
2000; (ii) the date on which the amount on
deposit in the Pre-Funding Account is less
than or equal to $100,000; and (iii) the
occurrence of an Event of Default under the
Indenture.
CAPITALIZED INTEREST
ACCOUNT: On the closing date, cash will be deposited
into the capitalized interest account. This
amount will be used to cover any interest
shortfalls on the notes that may arise
because money on deposit in the pre-funding
account is not expected to generate as much
interest income as would an equivalent
amount of mortgage loans.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 3 [Bear Stearns LOGO]
<PAGE> 4
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
NOTES: The Trust will issue variable rate notes
("the Notes") in the aggregate principal
balance of $[400,000,000] (the "Original
Note Balance"), collateralized by the Loans.
DENOMINATIONS: The Notes will be offered for purchase in
minimum denominations of $1,000 and
multiples of $1 in excess thereof.
LOANS: A pool of adjustable rate revolving home
equity credit line loans secured by either
first or second mortgages or deeds of trust
on one- to four-family residential
properties, condominiums and manufactured
homes made under certain home equity
revolving credit line loan agreements (the
"Credit Line Agreements").
INTEREST ACCRUAL PERIOD: Interest will accrue from the prior Payment
Date (or in the case of the first Payment
Date, from the Closing Date) through the day
preceding the current Payment Date
(Actual/360 basis).
REMITTANCE PERIOD: As to any Payment Date, the calendar month
preceding the month of such Payment
Date.
RECORD DATE: With respect to any Payment Date, the
business day immediately preceding such
Payment Date as long as the Notes are
maintained in book entry form. If definitive
notes are issued, the record date will be
the last day of the month preceding the
Payment Date.
CLEAN-UP CALL DATE: On the first Payment Date after the
aggregate principal balance of the mortgage
loans is reduced to an amount less than or
equal to 10% of the Original Note Balance
(i.e., when the aggregate principal balance
of the mortgage loans is less than or equal
to $40,000,000).
STEP-UP COUPON: For Payment Dates occurring after the
Clean-up Call Date, the spread to LIBOR
on the Notes will double.
SUBSEQUENT DRAWS: Any additional balances arising as a result
of draws under the Credit Line Agreements
("Additional Balance") subsequent to the
Cut-off Date will automatically be assigned
to the Trust, and depending on the timing of
such draws and the amount of principal
collections, may result in a corresponding
increase in the Overcollateralization Amount
(defined as the amount by which the
aggregate pool principal balance and the
amount on deposit in the Pre-Funding Account
exceeds the outstanding Note Principal
Balance).
CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes
will be provided by (1) Excess Cashflow (as
defined on page 7 herein), (2)
overcollateralization, and (3) the
Certificate Guaranty Insurance Policy.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 4 [BEAR STEARNS LOGO]
<PAGE> 5
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
OVERCOLLATERALIZATION: The Bond Insurer will require that the
Overcollateralization Amount be
maintained at a certain specified level (the
"Specified Overcollateralization
Amount").
The Bond Insurer may permit the Specified
Overcollateralization Amount to decrease or
"step-down" over time, subject to certain
floors and triggers. If certain trigger(s)
are hit, the specified overcollateralization
increases.
The Overcollateralization Amount as of the
Closing Date is expected to be less than the
Specified Overcollateralization Amount, thus
requiring an increase in the
Overcollateralization Amount on future
Payment Dates until it equals the Specified
Overcollateralization Amount.
NOTE RATE: The Note Rate for each Interest Accrual
Period will equal the lesser of:
(i) (x) with respect to any Payment Date
which occurs on or prior to the
Clean-up Call Date, the per annum
rate equal to the sum of (a) the
London interbank offered rate for
one-month Eurodollar deposits
appearing on Telerate Screen Page
3750 (LIBOR) as of the second LIBOR
Business Day prior to the first day
of such Interest Accrual Period
(or as of the second LIBOR Business
Day prior to the Closing Date, in
the case of the first Interest
Accrual Period) and (b) [__]% and
(y) for any Payment Date thereafter,
the per annum rate equal to the sum
of (a) LIBOR and (b) [2x the pricing
spread]% (the rate described in
this clause (i), the "Formula Rate")
and
(ii) (x) the per annum rate equal to (x)
(A) the product of (i) 12, and
(ii) the interest due on the Loans
during the related Remittance
Period, minus the amount of
Prepayment Interest Shortfalls and
Relief Act Shortfalls for the
Remittance Period, net of the fee
payable to the Master Servicer (the
"Servicing Fee"), the fee payable
to the Indenture Trustee (the
"Indenture Trustee Fee"), the fee
payable to the Owner Trustee (the
"Owner Trustee Fee") and the
premium payable to the Insurer (the
"Premium Amount") for the related
Remittance Period, divided by (B)
the aggregate principal balance of
the Loans as of the beginning of the
related Remittance Period, less (y)
0.50% (the rate described in this
clause (y) the "Net Funds Cap
Rate").
NET FUNDS CAP
CARRY FORWARD: For any Payment Date, if the amount of
interest due on the Notes is calculated
at the Net Funds Cap Rate, then the
difference between the amount of interest
due and the amount that would have been due
if interest were calculated at the
Formula Rate (such difference the "Net Funds
Cap Carry Forward Amount") will
be payable (together with interest thereon
at the Formula Rate) on future
Payment Dates to the extent of the funds
available therefor as described below
under the heading "Cash Flow Waterfall."
Payment of such amounts are not
covered by the Certificate Guaranty
Insurance Policy nor are they guaranteed
by the Sponsor or the Master Servicer.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 5 [BEAR STEARNS LOGO]
<PAGE> 6
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
PRINCIPAL PAYMENTS
FOR THE NOTES: Principal payments on the Notes have been
divided into two periods, the
Managed Amortization Period and the Rapid
Amortization Period. The Managed
Amortization Period will commence on May 25,
2000 (the "Initial Payment Date")
and will end on the [36]th Payment Date (or,
if earlier, the Payment Date
immediately following the occurrence of a
Rapid Amortization Event). The
Rapid Amortization Period will commence on
the Payment Date immediately
following the end of the Managed
Amortization Period and will end on the
Payment Date on which the Note Principal
Balance has been reduced to zero.
On each Payment Date, the holders of the
Notes will be entitled to receive the
Scheduled Principal Distribution Amount for
such Payment Date. The aggregate
distributions of principal to the
Noteholders will not exceed the Original
Note Principal Balance.
On any Payment Date during the Managed
Amortization Period, the Scheduled Principal
Distribution Amount will equal the excess
(but in no event less than $0) of (x) the
lesser of (i) the Maximum Principal Payment
and (ii) the Net Principal Collections over
(y) the Overcollateralization Reduction
Amount, if any, with respect to such Payment
Date.
With respect to any Payment Date, the
Maximum Principal Payment will equal
[94.80]% (the Fixed Allocation Percentage)
of the Principal Collections for the related
Remittance Period.
With respect to any Payment Date, Net
Principal Collections are the excess of (x)
Principal Collections for the related
Remittance Period over (y) the aggregate
principal amount of Additional Balances
arising during the related Remittance
Period, provided, that in no event will the
Net Principal Collections be less than $0
with respect to any Payment Date.
On any Payment Date during the Rapid
Amortization Period, the Scheduled Principal
Distribution Amount will equal the excess
(but in no event less than $0) of (x) the
Maximum Principal Payment over (y) the
Overcollateralization Reduction Amount, if
any, with respect to such Payment Date.
With respect to any Payment Date, the
Overcollateralization Reduction Amount will
be the lesser of (i) the excess of (x) the
Overcollateralization Amount for such
Payment Date (assuming that 100% of the
Scheduled Principal Distribution Amount for
such Payment Date will be applied as a
reduction in the Principal Balance on such
Payment Date), over (y) the Specified
Overcollateralization Amount for such
Payment Date, and (ii) the Scheduled
Principal Distribution Amount for such
Payment Date (calculated without taking into
account any Overcollateralization Reduction
Amount for such Payment Date).
ACCELERATED PRINCIPAL
PAYMENTS: The holders of the Notes may receive a
payment of Excess Cashflow on any
Payment Date, as a payment of principal
(any such payment, an Accelerated
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 6 [BEAR STEARNS LOGO]
<PAGE> 7
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
COMPUTATIONAL MATERIALS
Principal Payment), for the purpose of
increasing the Overcollateralization Amount
applicable to such Payment Date.
CASH FLOW WATERFALL: On each Payment Date, to the extent of the
available funds, the Indenture Trustee will
make the following allocations,
disbursements and transfers in the following
order of priority:
1) fees due to the Indenture Trustee and
Owner Trustee;
2) the Premium Amount payable to the
Insurer;
3) interest on the Notes at the Note Rate
to the Noteholders;
4) any unpaid interest on the Notes from
prior Payment Dates to the Noteholders;
5) Scheduled Principal Distribution Amount
to the Noteholders;
6) as a distribution of principal, any
amount remaining on deposit in the
Pre-Funding Account following the
end of the Pre-Funding Period to the
Noteholders;
7) as a distribution of principal, the
Overcollateralization Deficit to the
Noteholders;
8) any Reimbursement Amount to the Insurer;
9) the Accelerated Principal Payment in
satisfaction of the
overcollateralization requirements to
the Noteholders;
10) any Net Funds Cap Carry-Forward Amount
then due to the Noteholders;
11) reimbursement to the Master Servicer for
any Servicer Advances to the extent
not previously reimbursed;
12) any expenses due and not previously
paid to the Indenture Trustee and the
Owner Trustee; and
13) any amount remaining to the
Certificateholders.
With respect to any Payment Date, the
Overcollateralization Deficit will be the
amount, if any, by which the current Note
Principal Balance (after taking into account
the payment of all principal from sources
other than the Policy on such Payment Date),
exceeds the sum of the aggregate principal
balance of the Loans and the amount on
deposit in the Pre-Funding Account as of
such Payment Date.
With respect to any Payment Date, the
"Excess Cashflow" will be the available
funds with respect to such Payment Date
remaining after the distribution of the
amounts in clauses (1) through (8) above on
such Payment Date.
SERVICING FEE: 0.75% per annum (the Servicing Fee Rate) on
the aggregate principal balances of the
Loans.
ADVANCES: Servicing Advances only (not P&I Advances).
TAX STATUS: The Notes will be characterized as debt.
ERISA ELIGIBILITY: The Notes are expected to be ERISA eligible.
SMMEA ELIGIBILITY: The offered securities will NOT be SMMEA
eligible.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 7 [BEAR STEARNS LOGO]
<PAGE> 8
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
AVERAGE LIFE SENSITIVITY TABLES
TO 10% CALL
<TABLE>
<CAPTION>
% PREPAYMENT IN CPR
CONSTANT DRAW RATE 10% 20% 25% 30% 35% 40% 45%
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0% WAL in years 7.5 3.6 2.8 2.3 1.9 1.5 1.3
Expected Final in months 270 128 99 80 67 57 49
- ------------------------------------------------------------------------------
5% WAL in years 8.6 4.1 3.2 2.5 2.1 1.7 1.4
Expected Final in months 274 136 106 86 71 60 52
- ------------------------------------------------------------------------------
10% WAL in years 10.0 4.7 3.6 2.9 2.3 1.9 1.6
Expected Final in months 274 145 113 91 76 64 55
TO MATURITY
% PREPAYMENT IN CPR
CONSTANT DRAW RATE 10% 20% 25% 30% 35% 40% 45%
- ------------------------------------------------------------------------------
0% WAL in years 7.5 3.9 3.1 2.5 2.0 1.7 1.4
Expected Final in months 279 264 205 166 138 116 99
- ------------------------------------------------------------------------------
5% WAL in years 8.6 4.4 3.4 2.7 2.2 1.8 1.5
Expected Final in months 279 273 212 171 142 120 103
- ------------------------------------------------------------------------------
10% WAL in years 10.0 5.0 3.8 3.0 2.5 2.0 1.7
Expected Final in months 279 274 218 176 146 124 106
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 8 [BEAR STEARNS LOGO]
<PAGE> 9
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
DECREMENT TABLE
<TABLE>
<CAPTION>
Notes to 10% CALL
----------------------------------------------------------------------
CPR % 10% 20% 25% 30% 35% 40% 45%
DRAW % 5% 5% 5% 5% 5% 5% 5%
---- ---- ---- ---- ---- ---- ----
PAYMENT DATE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Initial % (4/27/00) 100% 100% 100% 100% 100% 100% 100%
4/25/01 88% 78% 73% 68% 62% 57% 52%
4/25/02 82% 63% 54% 46% 38% 31% 24%
4/25/03 77% 51% 40% 31% 23% 16% 9%
4/25/04 68% 40% 31% 24% 18% 13% 9%
4/25/05 60% 32% 24% 17% 12% 0% 0%
4/25/06 53% 26% 18% 12% 0% 0% 0%
4/25/07 46% 21% 13% 8% 0% 0% 0%
4/25/08 40% 17% 10% 0% 0% 0% 0%
4/25/09 38% 13% 0% 0% 0% 0% 0%
4/25/10 34% 11% 0% 0% 0% 0% 0%
4/25/11 31% 9% 0% 0% 0% 0% 0%
4/25/12 28% 0% 0% 0% 0% 0% 0%
4/25/13 25% 0% 0% 0% 0% 0% 0%
4/25/14 22% 0% 0% 0% 0% 0% 0%
4/25/15 20% 0% 0% 0% 0% 0% 0%
4/25/16 18% 0% 0% 0% 0% 0% 0%
4/25/17 16% 0% 0% 0% 0% 0% 0%
4/25/18 15% 0% 0% 0% 0% 0% 0%
4/25/19 13% 0% 0% 0% 0% 0% 0%
4/25/20 12% 0% 0% 0% 0% 0% 0%
4/25/21 11% 0% 0% 0% 0% 0% 0%
4/25/22 10% 0% 0% 0% 0% 0% 0%
4/25/23 0% 0% 0% 0% 0% 0% 0%
Weighted Average Life (in years)(1) 8.6 4.1 3.2 2.5 2.1 1.7 1.4
Weighted Average Life (in years)(2) 8.6 4.4 3.4 2.7 2.2 1.8 1.5
</TABLE>
(1) Assumes that Clean-Up Call (aggregate principal balance of the mortgage
loans is equal to or less than 10% of original principal balance of the
Notes) is exercised on the Clean-Up Call Date.
(2) Assumes that bonds pay to maturity.
(3) All percentages are rounded to the nearest 1%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 9 [BEAR STEARNS LOGO]
<PAGE> 10
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
CUT-OFF DATE: 3/31/00 Minimum Maximum
<S> <C> <C> <C>
Total Number of Loans: 10,014
Total Outstanding Loan Balance: $303,541,483.96 $0.00 $400,000.00
Average Loan Principal Balance: $30,311.71
Average Credit Limit: $33,359.07 $5,000.00 $423,330.00
WA Current Coupon: 13.613% 8.500% 18.500%
WA Gross Margin: 4.972% 0.000% 10.000%
WA Periodic Cap: 5.141% 0.000% 11.500%
WA Annual Cap: 5.502% 0.000% 11.500%
WA Maximum Gross Coupon: 21.128% 9.399% 24.000%
WA Remaining Term to Maturity (months): 274 219 276
WA Seasoning (months) 2 0 21
WA Original Term (months): 276 240 276
Lien Position:
First Lien 4.60%
Second Lien 95.40%
WA CLTV: 99.32%
WA Credit Utilization 95.25%
Product Type:
36 month draw/240 month repayment 99.99%
60 month draw/180 month repayment 0.01%
Documentation:
Full 94.83%
Lite 3.22%
24 month bank statements 1.50%
NIV 0.46%*
Property Type:
Single Family/PUD 93.43%
Rowhouse/Townhouse/Condo 3.87%
2 to 4 Units 1.45%
Manufactured 1.25%
Geographic Distribution:
CA: 13.60%
NY: 6.70%
FL: 6.17%
MI: 5.83%
PA: 4.23%
WA FICO Score:
For loans with WA CLTV <=100% 615
For loans with WA CLTV > 100% 657
Delinquency Status:
Current 97.60%
1-29 days 1.89%
30-59 days 0.51%
*Numbers may not add to 100% due to rounding
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 10 [BEAR STEARNS LOGO]
<PAGE> 11
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
LOCATION OF LOANS CUT-OFF DATE CUT-OFF DATE
- -------- -------- --------------------- ---------------------
<S> <C> <C> <C>
California........... 1,090 $ 41,290,615.76 13.60%
New York............. 621 20,339,255.95 6.70%
Florida.............. 629 18,723,634.02 6.17%
Michigan............. 704 17,707,970.32 5.83%
Pennsylvania......... 481 12,837,219.63 4.23%
New Jersey........... 366 12,435,464.36 4.10%
Georgia.............. 419 12,130,301.13 4.00%
Ohio................. 476 12,098,183.79 3.99%
Illinois............. 423 11,908,392.30 3.92%
Maryland............. 317 10,521,748.95 3.47%
Other*............... 4,488 133,548,697.75 43.99%
------ ------------------ ------
Total 10,014 $ 303,541,483.96 100.00%
====== ================== =======
</TABLE>
*Other includes any State that did not make the top ten distribution on a
percentage basis.
PROPERTY TYPES
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
PROPERTY TYPES OF LOANS CUT-OFF DATE CUT-OFF DATE
- -------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
Single Family/PUD....... 9,285 $ 283,610,852.07 93.43%
Rowhouse/Townhouse/Cond. 424 11,732,583.72 3.87%
2 to 4 Units............ 144 4,395,075.45 1.45%
Manufactured............ 161 3,802,972.72 1.25%
------ ------------------ ------
Total 10,014 $ 303,541,483.96 100.00%
====== ================== =======
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 11 [BEAR STEARNS LOGO]
<PAGE> 12
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
LIEN PRIORITY
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
LIEN PRIORITY OF LOANS CUT-OFF DATE CUT-OFF DATE
- ------------- --------- --------------------- ---------------------
<S> <C> <C> <C> <C>
First Lien ............. 331 $ 13,976,250.28 4.60%
Junior Lien ............ 9,683 289,565,233.68 95.40%
--------- --------------------- ---------------------
Total................ 10,014 $303,541,483.96 100.00%
========= ===================== =====================
</TABLE>
OCCUPANCY STATUS
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
OCCUPANCY STATUS OF LOANS CUT-OFF DATE CUT-OFF DATE
- ---------------- --------- --------------------- ---------------------
<S> <C> <C> <C> <C>
Owner Occupied ......... 9,977 $302,306,447.37 99.59%
Vacation ............... 14 491,070.40 0.16%
Non-Owner Occupied ..... 23 743,966.19 0.25%
--------- --------------------- ---------------------
Total................ 10,014 $303,541,483.96 100.00%
========= ===================== =====================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 12 [BEAR STEARNS LOGO]
<PAGE> 13
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
<TABLE>
<CAPTION>
PRINCIPAL BALANCES
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
RANGE OF PRINCIPAL BALANCES OF LOANS CUT-OFF DATE CUT-OFF DATE
- --------------------------- -------- --------------------- ----------------------
<S> <C> <C> <C>
$0.00 - $0.00 ..................... 113 $ -- 0.00%
$0.01 - $25,000.00 ..................... 4,783 81,653,303.84 26.91%
$25,000.01 - $50,000.00 ..................... 3,805 134,618,208.66 44.36%
$50,000.01 - $75,000.00 ..................... 1,197 74,160,083.04 24.43%
$75,000.01 - $100,000.00 ..................... 78 6,829,060.40 2.25%
$100,000.01 - $125,000.00 ..................... 12 1,350,489.31 0.44%
$125,000.01 - $150,000.00 ..................... 9 1,254,817.62 0.41%
$150,000.01 - $200,000.00 ..................... 9 1,586,928.33 0.52%
$200,000.01 - $250,000.00 ..................... 4 890,830.52 0.29%
$250,000.01 - $425,000.00 ..................... 4 1,197,762.24 0.39%
-------- --------------------- ----------------------
Total 10,014 $ 303,541,483.96 100.00%
======== ===================== ======================
</TABLE>
Min: $0.00
Max: $400,000.00
Average Principal Balance $30,311.71
<TABLE>
<CAPTION>
CREDIT LIMITS
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
RANGE OF CREDIT LIMITS OF LOANS CUT-OFF DATE CUT-OFF DATE
- --------------------------- -------- --------------------- ----------------------
<S> <C> <C> <C>
$0.01 - 25,000.00 ..................... 4,240 $ 70,787,045.32 23.32%
25,000.01 - 50,000.00 ..................... 4,148 135,162,429.72 44.53%
50,000.01 - 75,000.00 ..................... 1,480 82,994,257.18 27.34%
75,000.01 - 100,000.00 ..................... 96 7,660,721.97 2.52%
100,000.01 - 125,000.00 ..................... 14 1,367,454.53 0.45%
125,000.01 - 150,000.00 ..................... 13 1,507,576.53 0.50%
150,000.01 - 200,000.00 ..................... 12 1,745,745.14 0.58%
200,000.01 - 250,000.00 ..................... 5 1,073,309.02 0.35%
250,000.01 - 425,000.00 ..................... 6 1,242,944.55 0.41%
-------- --------------------- ----------------------
Total 10,014 $ 303,541,483.96 100.00%
======== ===================== ======================
</TABLE>
Min: $5,000.00
Max: $423,330.00
Average Credit Limit: $33,359.07
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 13 [BEAR STEARNS LOGO]
<PAGE> 14
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
CURRENT CREDIT LIMIT UTILIZATION
<TABLE>
% OF AGGREGATE
CREDIT LIMIT CREDIT LIMIT
NUMBER AS OF THE AS OF THE
RANGE OF CURRENT CREDIT LIMIT UTILIZATION (%) OF LOANS ORIGINATION DATE ORIGINATION DATE
- --------------------------------------------- -------- --------------------- ------------------
<S> <C> <C> <C>
0.000 - 0.000 ..................... 113 $ 2,706,175.00 0.81%
0.001 - 50.000 ..................... 488 17,776,240.00 5.32%
50.001 - 80.000 ..................... 947 35,200,996.00 10.54%
80.001 - 90.000 ..................... 463 17,386,014.00 5.20%
90.001 - 100.000 ..................... 7,950 259,427,914.00 77.66%
100.001 - 103.000 ..................... 53 1,560,381.00 0.47%
-------- --------------------- -----------------
Total ..................... 10,014 $ 334,057,720.00 100.00%
======== ===================== =================
Min: 0.000%
Max: 101.367%
WA by Credit Limit: 95.248%
</TABLE>
COUPON RATES
<TABLE>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
RANGE OF COUPON RATES (%) OF LOANS CUT-OFF DATE CUT-OFF DATE
- --------------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
8.001 - 9.000 ..................... 46 $ 2,040,395.60 0.67%
9.001 - 10.000 ..................... 126 6,115,004.15 2.01%
10.001 - 11.000 ..................... 546 20,038,073.80 6.60%
11.001 - 12.000 ..................... 847 26,934,795.61 8.87%
12.001 - 13.000 ..................... 1,150 34,818,523.84 11.47%
13.001 - 14.000 ..................... 2,538 77,685,526.65 25.60%
14.001 - 15.000 ..................... 3,295 96,491,743.49 31.80%
15.001 - 16.000 ..................... 1,087 30,070,635.15 9.91%
16.001 - 17.000 ..................... 323 8,178,962.16 2.69%
17.001 - 18.000 ..................... 53 1,107,678.51 0.36%
18.001 - 19.000 ..................... 3 60,145.00 0.02%
-------- --------------------- -----------------
Total ..................... 10,014 $ 303,541,483.96 100.00%
======== ===================== =================
Min: 8.500%
Max: 18.500%
WA by Credit Balance: 13.613%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 14 [BEAR STEARNS LOGO]
<PAGE> 15
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
MAXIMUM COUPON RATES
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
RANGE OF MAXIMUM COUPON RATES (%) OF LOANS CUT-OFF DATE CUT-OFF DATE
- --------------------------------- -------- --------------------- ----------------------
<S> <C> <C> <C>
9.000 - 10.000...................... 2 $ 89,927.70 0.03%
15.001 - 16.000...................... 36 1,284,750.06 0.42%
16.001 - 17.000...................... 68 3,028,106.31 1.00%
17.001 - 18.000...................... 332 12,925,622.26 4.26%
18.001 - 19.000...................... 604 21,337,313.50 7.03%
19.001 - 20.000...................... 785 24,358,169.84 8.02%
20.001 - 21.000...................... 1,588 46,912,007.47 15.45%
21.001 - 22.000...................... 3,847 122,378,557.79 40.32%
22.001 - 23.000...................... 2,067 56,141,622.33 18.50%
23.001 - 24.000...................... 685 15,085,406.70 4.97%
------ ---------------- ------
Total...................... 10,014 $ 303,541,483.96 100.00%
====== ================ ======
Min: 9.399%
Max: 24.000%
WA by Current Balance: 21.128%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 15 [BEAR STEARNS LOGO]
<PAGE> 16
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
GROSS MARGIN
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
% of Aggregate
Principal Balance Principal Balance
Range of Margins (%) Number Outstanding as of the Outstanding as of the
of Loans Cut-off Date Cut-off Date
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
0.000 - 1.000 ............ 108 $ 4,881,844.03 1.61%
1.001 - 1.500 ............ 113 5,582,364.34 1.84%
1.501 - 2.000 ............ 283 10,243,389.73 3.37%
2.001 - 2.500 ............ 368 13,108,428.55 4.32%
2.501 - 3.000 ............ 440 13,487,710.87 4.44%
3.001 - 3.500 ............ 420 12,827,544.69 4.23%
3.501 - 4.000 ............ 454 13,787,955.20 4.54%
4.001 - 4.500 ............ 982 27,903,681.05 9.19%
4.501 - 5.000 ............ 1,165 36,672,320.80 12.08%
5.001 - 5.500 ............ 1,614 49,009,620.09 16.15%
5.501 - 6.000 ............ 1,788 51,840,522.87 17.09%
6.001 - 6.500 ............ 908 27,106,792.85 8.93%
6.501 - 7.000 ............ 600 16,590,648.25 5.47%
7.001 - 7.500 ............ 453 12,637,680.48 4.16%
7.501 - 8.000 ............ 189 4,715,327.83 1.55%
8.001 - 8.500 ............ 103 2,494,979.63 0.82%
8.501 - 9.000 ............ 22 559,737.70 0.18%
9.001 - 10.000 ............ 4 90,935.00 0.03%
--------- --------------- --------------
10,014 $ 303,541,483.96 100.00%
========= ================ ==============
Min: 0.000%
Max: 10.000%
WA by Current Balance: 4.972%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 16 [BEAR STEARNS LOGO]
<PAGE> 17
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
RANGE OF COMBINED LOAN-TO-VALUE RATIOS(%) OF LOANS CUT-OFF DATE CUT-OFF DATE
- ----------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
0.000 - 50.000 ......................... 157 $ 4,628,182.13 1.52%
50.001 - 80.000 ......................... 1,120 37,924,152.42 12.49%
80.001 - 90.000 ......................... 1,750 50,511,473.57 16.64%
90.001 - 100.000 ......................... 4,174 109,131,216.08 35.96%
100.001 - 125.000 ......................... 2,813 101,346,459.76 33.39%
-------- --------------------- ---------------------
Total 10,014 $ 303,541,483.96 100.00%
======== ===================== =====================
Min: 6.00%
Max: 125.000%
WA by Current Balance: 99.32%
</TABLE>
REMAINING TERMS TO MATURITY
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
RANGE OF REMAINING TERMS TO MATURITY (MONTHS) OF LOANS CUT-OFF DATE CUT-OFF DATE
- --------------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
less than 229 ......................... 2 $ 29,009.93 0.01%
259 - 264 ......................... 1 23,651.69 0.01%
265 - 270 ......................... 537 15,672,195.98 5.16%
271 - 276 ......................... 9,474 287,816,626.36 94.82%
-------- --------------------- ---------------------
Total 10,014 $ 303,541,483.96 100.00%
======== ===================== =====================
Min: 219 months
Max: 276 months
WA by Current Balance: 274 months
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 17 [BEAR STEARNS LOGO]
<PAGE> 18
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A
Computational Materials
COLLATERAL SUMMARY
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
SEASONING IN MONTHS OF LOANS CUT-OFF DATE CUT-OFF DATE
- ------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
0-6 ....................... 9,812 $297,499,419.85 98.01%
7-12 ...................... 200 6,013,054.18 1.98%
19+ ....................... 2 29,009.93 0.01%
-------- --------------------- ---------------------
Total 10,014 $303,541,483.96 100.00%
======== ===================== =====================
</TABLE>
Min: 0 months
Max: 21 months
WA by Current Balance: 2 months
DELINQUENCY STATUS
<TABLE>
<CAPTION>
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
NUMBER OF DAYS DELINQUENT OF LOANS CUT-OFF DATE CUT-OFF DATE
- ------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
Current ................... 9,736 $296,257,264.64 97.60%
1-29 days ................. 220 5,741,997.80 1.89%
30-59 days ................ 58 1,542,221.52 0.51%
-------- --------------------- ---------------------
Total 10,014 $303,541,483.96 100.00%
======== ===================== =====================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 18 [BEAR STEARNS LOGO]
