<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) March 15, 2000.
Advanta Bank Corp.
(Exact name of registrant as specified in its charter)
Utah 333-93915 23-2597173
(State or Other Jurisdiction of (IRS Employer
Incorporation) (Commission File Number) Identification
Number)
11850 South Election Road
Draper, Utah 08020
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (801) 523-0858
N/A
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Not Applicable.
Item 2. Not Applicable.
Item 3. Not Applicable.
Item 4. Not Applicable.
Item 5. On March 15, 2000, the Registrant made available to
prospective investors Preliminary Marketing Materials and Term
Sheet setting forth a description of the collateral pool and
the proposed structure of $181,285,000 aggregate principal
amount of Class A-1 Asset Backed Notes, Series 2000-1,
$63,269,000 aggregate principal amount of Class A-2 Asset
Backed Notes, Series 2000-1, $84,623,000 aggregate principal
amount of Class A-3 Asset Backed Notes, Series 2000-1,
$28,215,000 aggregate principal amount of Class B Asset Backed
Notes, Series 2000-1, $18,810,000 aggregate principal amount
of Class C Asset Backed Notes, Series 2000-1, and $9,405,000
aggregate principal amount of Class D Asset Backed Notes,
Series 2000-1, each of the Advanta Equipment Receivables
Series 2000-1 LLC. The Preliminary Marketing Materials and
Term Sheet is attached hereto as Exhibit 99.1.
Item 6. Not Applicable.
Item 7. Exhibits.
The following is filed as an Exhibit to this Report under
Exhibit 99.1.
Exhibit 99.1 Preliminary Marketing Materials and Term Sheet,
dated as of March 15, 2000
Item 8. Not Applicable.
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.
ADVANTA BANK CORP.
As Registrant
By: /s/ Mark Hales
-----------------------------
Name: Mark Hales
Title: President and Director
<PAGE> 4
EXHIBIT INDEX
Exhibit Description
Exhibit 99.1 Preliminary Marketing Materials and Term Sheet, dated as of
March 15, 2000
5
<PAGE> 1
Exhibit 99.1
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
$[181,285,000] [ ]% Class A-1 Notes, Series 2000-1
$[63,269,000] [ ]% Class A-2 Notes, Series 2000-1
$[84,623,000] [ ]% Class A-3 Notes, Series 2000-1
$[28,215,000] [ ]% Class B Notes, Series 2000-1
$[18,810,000] [ ]% Class C Notes, Series 2000-1
$[9,405,000] [ ]% Class D Notes, Series 2000-1
THE INFORMATION CONTAINED HEREIN (THE "MARKETING MATERIALS") IS PROVIDED BY
PRUDENTIAL SECURITIES INCORPORATED ("PSI") BASED ON INFORMATION REGARDING THE
COLLATERAL POOL PROVIDED BY ADVANTA BANK CORP. NO REPRESENTATION IS MADE BY PSI
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. THESE MARKETING MATERIALS
ARE PRELIMINARY AND WILL BE SUPERSEDED BY ANY SUBSEQUENT MARKETING MATERIALS AND
THE PROSPECTUS AND PROSPECTUS SUPPLEMENT (COLLECTIVELY, THE "PROSPECTUS").
ALL INFORMATION AND ASSUMPTIONS CONTAINED HEREIN REFLECT PSI'S ASSUMPTIONS AS OF
THIS DATE AND ARE SUBJECT TO CHANGE. THE ACTUAL CHARACTERISTICS AND PERFORMANCE
OF THE COLLATERAL WILL DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE
MATERIALS, WHICH ARE HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE
A MATERIAL IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS.
THESE MATERIALS ARE NOT COMPLETE. THESE MATERIALS DO NOT CONSTITUTE AN OFFER TO
BUY OR SELL OR A SOLICITATION OF AN OFFER TO BUY OR SELL ANY SECURITY OR TO
PARTICIPATE IN ANY PARTICULAR TRADING STRATEGY. ANY SUCH OFFER, OR SOLICITATION
OF AN OFFER, TO BUY OR SELL ANY SECURITY WOULD BE MADE ONLY PURSUANT TO A
PROSPECTUS WHICH WILL CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH A PROSPECTUS WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
THE NOTES OFFERED THEREBY AND ANY DECISION TO INVEST IN THE NOTES SHOULD BE MADE
SOLELY IN RELIANCE UPON SUCH PROSPECTUS. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS. PSI HAS NOT
ADDRESSED THE LEGAL, ACCOUNTING AND TAX IMPLICATIONS OF THE ANALYSIS WITH
RESPECT TO YOU, AND PSI STRONGLY URGES YOU TO SEEK ADVICE FROM YOUR COUNSEL,
ACCOUNTANT, AND TAX ADVISOR.
PSI (OR ANY OF ITS AFFILIATES) OR THEIR OFFICERS, DIRECTORS, ANALYSTS OR
EMPLOYEES MAY HAVE POSITIONS IN THE SECURITIES THEREON REFERRED TO HERE AND MAY
AS PRINCIPAL OR AGENT, BUY OR SELL SUCH SECURITIES. IN ADDITION, PSI MAY MAKE A
MARKET IN THE SECURITIES REFERRED TO HEREIN. NEITHER THE INFORMATION NOR THE
ASSUMPTIONS REFLECTED HEREIN SHALL BE CONSTRUED TO BE, OR CONSTITUTE AN OFFER TO
BUY OR A SOLICITATION OF AN OFFER TO SELL OR BUY SECURITIES MENTIONED HEREIN. NO
SALE OF ANY SECURITIES WILL BE CONFIRMED WITHOUT THE PURCHASER HAVING RECEIVED
THE PROSPECTUS WITH SUCH CONFIRMATION.
1
<PAGE> 2
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
PRICING INFORMATION
<TABLE>
<CAPTION>
CLASS A-1 CLASS A-2 CLASS A-3
--------- --------- ---------
<S> <C> <C> <C>
APPROXIMATE FACE AMOUNT: $[181,285,000] $[63,269,000] $[84,623,000]
EXPECTED RATINGS Aaa/AAA Aaa/AAA Aaa/AAA
(MOODY'S/FITCH):
COUPON: [ ]% [ ]% [ ]%
APPROXIMATE PRICE: [ ]% [ ]% [ ]%
YIELD: [ ]% [ ]% [ ]%
SPREAD: [ ] bps [ ] bps [ ] bps
EXP. AVG. LIFE TO CALL: [0.80] yrs [2.00] yrs [3.10] yrs
EXP. AVG. LIFE TO MATURITY: [0.80] yrs [2.00] yrs [3.24] yrs
EXPECTED 1ST PRINCIPAL PMT. [4/17/2000] [4/17/2000] [4/17/2000]
DATE:
EXP. MATURITY TO CALL: [11/15/2001] [08/15/2002] [09/15/2003]
EXPECTED MATURITY: [11/15/2001] [08/15/2002] [07/15/2004]
STATED MATURITY: [7/15/2002] [5/15/2003] [2/15/2007]
PRICING SPEED: 6% CPR 6% CPR 6% CPR
PRICING DATE: March [ ], 2000 March [ ], 2000 March [ ], 2000
EXPECTED SETTLE DATE: March [ ], 2000 March [ ], 2000 March [ ], 2000
CUT-OFF DATE (CLOSE OF February 29, 2000 February 29, 2000 February 29, 2000
BUSINESS):
DATED DATE: March [ ], 2000 March [ ], 2000 March [ ], 2000
PAYMENT DELAY: 0 days 0 days 0 days
INTEREST PAYMENT: 30/360 30/360 30/360
PAYMENT TERMS: Monthly Monthly Monthly
1ST INTEREST PAYMENT DATE: [April 17, 2000] [April 17, 2000] [April 17, 2000]
DISTRIBUTION: Public Offering Public Offering Public Offering
SETTLEMENT: Book Entry (DTC) Book Entry (DTC) Book Entry (DTC)
ERISA ELIGIBILITY: Yes Yes Yes
</TABLE>
2
<PAGE> 3
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
PRICING INFORMATION (CONT.)
<TABLE>
<CAPTION>
CLASS B CLASS C CLASS D
------- ------- -------
<S> <C> <C> <C>
APPROXIMATE FACE AMOUNT: $[28,215,000] $[18,810,000] $[9,405,000]
EXPECTED RATINGS Aa3/AA- A2/A Baa2/BBB+
(MOODY'S/FITCH):
COUPON: [ ]% [ ]% [ ]%
APPROXIMATE PRICE: [ ]% [ ]% [ ]%
YIELD: [ ]% [ ]% [ ]%
SPREAD: [ ] bps [ ] bps [ ] bps
EXP. AVG. LIFE TO CALL: [1.62] yrs [1.60] yrs [1.58] yrs
EXP. AVG. LIFE TO MATURITY: [1.62] yrs [1.60] yrs [1.58] yrs
EXPECTED 1ST PRINCIPAL PMT. [4/17/2000] [4/17/2000] [4/17/2000]
DATE:
EXP. MATURITY TO CALL: [09/15/2003] [8/15/2003] [5/15/2003]
EXPECTED MATURITY: [11/15/2003] [8/15/2003] [5/15/2003]
STATED MATURITY: [2/15/2007] [2/15/2007] [2/15/2007]
PRICING SPEED: 6% CPR 6% CPR 6% CPR
PRICING DATE: March [ ], 2000 March [ ], 2000 March [ ], 2000
EXPECTED SETTLE DATE: March [ ], 2000 March [ ], 2000 March [ ], 2000
CUT-OFF DATE (CLOSE OF February 29, 2000 February 29, 2000 February 29, 2000
BUSINESS):
DATED DATE: March [ ], 2000 March [ ], 2000 March [ ], 2000
PAYMENT DELAY: 0 days 0 days 0 days
INTEREST PAYMENT: 30/360 30/360 30/360
PAYMENT TERMS: Monthly Monthly Monthly
1ST INTEREST PAYMENT DATE: [April 17, 2000] [April 17, 2000] [April 17, 2000]
DISTRIBUTION: Public Offering Public Offering Public Offering
SETTLEMENT: Book Entry (DTC) Book Entry (DTC) Book Entry (DTC)
ERISA ELIGIBILITY: Yes Yes Yes
</TABLE>
3
<PAGE> 4
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
COMPANY OVERVIEW
ADVANTA BANK CORP. ("ABC" or the "Company") is a Utah-chartered industrial loan
corporation, the deposits of which are insured by the FDIC. ABC's principal
office is located in Draper, Utah.
ABC originates a wide variety of small-ticket equipment leases to small
businesses through marketing programs, vendors, brokers and bulk or portfolio
purchases. Typically the equipment will include office equipment,
telecommunications equipment, automotive repair equipment, surveillance
equipment and furniture. The users of the equipment and the obligors on the
contracts are businesses and business owners throughout the United States. The
leases are triple-net leases; the lessee is required to pay all taxes,
maintenance and insurance associated with the equipment. The leases cannot be
cancelled by the lessees and payments due are unconditional obligations of the
lessee without right of offset.
ADVANTA CORP. ABC is a wholly-owned subsidiary of Advanta Corp. ("ADVN"). ADVN
is a publicly-traded company based in Spring House, Pennsylvania and listed on
the NASDAQ as ADVNA and ADVNB.
4
<PAGE> 5
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
HISTORICAL DELINQUENCY INFORMATION. Delinquency information for Advanta Business
Services Corp. is set forth below.
The following delinquency and default information relates to all equipment
financing contracts serviced by Advanta Bank Corp. or by Advanta Business
Services Corp. for the periods shown. Prior to October 1, 1998, Advanta Business
Services Corp. was in the business of originating and servicing equipment
leases. As of October 1, 1998 Advanta Bank Corp. assumed the origination of
equipment leases. Advanta Business Services continues to service the leases it
originated. Advanta Bank Corp. services the leases it originates through a
subservicing arrangement with Advanta Business Services. Therefore, the
following delinquency and default information, for periods prior to October 1,
1998 relates to the Advanta Business Services servicing portfolio and the
information from and after October 1, 1998 combines the servicing portfolios of
Advanta Business Services and Advanta Bank Corp.
ADVANTA BUSINESS SERVICES CORP.
HISTORICAL DELINQUENCY EXPERIENCE -- SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Receivables Balance(1)... $870,346 $718,418 $674,570 $614,828 $460,224
- --------------------------------------------------------------------------------------------------------------------
No. of Delinquent Days
31-60 Days..................... $ 41,212 4.74% $ 36,522 5.08% $ 31,226 4.63% $ 34,521 5.61% $ 24,481 5.32%
61-90 Days..................... 15,244 1.75% $ 14,172 1.97% 11,920 1.77% 9,705 1.58% 5,880 1.28%
90 Days +...................... 11,475 1.32% 9,462 1.32% 9,189 1.36% 6,702 1.09% 4,828 1.05%
- --------------------------------------------------------------------------------------------------------------------
Total Delinquency.............. $ 67,931 7.81% $ 60,156 8.37% $ 52,335 7.76% $ 50,928 8.28% % 35,199 7.65%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Total Receivable Balance is equal to the aggregate future rent owing on
the leases.
Past performance is not necessarily indicative of future performance. In
addition, because the information in this table reflects the entire servicing
portfolio and not only those contracts which will secure the Series 2000-1
notes, the results achieved by the Series 2000-1 portfolio may vary from the
information presented above and such variance may be material.
5
<PAGE> 6
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
HISTORICAL LOSS EXPERIENCE. Loss experience information for Advanta Business
Services Corp. is set forth below.
ADVANTA BUSINESS SERVICES CORP.
HISTORICAL LOSS EXPERIENCE -- SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------
1999 1998 1997 1996 1995
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Average Receivables Outstanding(1)... $800,696 $676,817 $652,607 $551,645 $394,910
Net Losses........................... $ 25,584 $ 16,217 $ 15,293 $ 10,356 $ 6,320
Net Losses as a Percentage of
Average Receivables................ 3.20% 2.40% 2.34% 1.88% 1.60%
</TABLE>
(1) Equals the arithmetic average of each months Receivables Balance within the
period specified. This Receivable balance is equal to the aggregate future
rent owing on the leases.
Past performance is not necessarily indicative of future performance. In
addition, because the information in this table reflects the entire servicing
portfolio and not only those contracts which will secure the Series 2000-1
notes, the results achieved by the Series 2000-1 portfolio may vary from the
information presented above and such variance may be material.
6
<PAGE> 7
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
TRANSACTION SUMMARY
Title of Securities: Advanta Equipment Receivables Series 2000-1 LLC,
Asset-Backed Notes, Series 2000-1,
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes
(collectively, the "Class A Notes"), Class B Notes,
Class C Notes, Class D Notes (collectively, the
"Offered Notes"), Class E Notes (collectively, the
"Notes"), and Class F Interest.
Securities Offered: $[181,250,000], % Class A-1 Notes;
$[63,269,000], % Class A-2 Notes;
$[84,623,000], % Class A-3 Notes;
$[28,215,000], % Class B Notes;
$[18,810,000], % Class C Notes;
$[9,405,000], % Class D Notes.
Distribution and
Form: The Offered Notes are being publicly offered. The
Offered Notes will be available in Book Entry Form
through DTC, Euroclear or Clearstream, Luxembourg.
Minimum Denomination: $1,000 and increments of $1,000.
Structure: The Offered Notes will be issued out of a
Senior/Subordinated structure and the Class A Notes
will be time-tranched.
Collateral: The Transaction is collateralized by, among other
things, a pool of equipment leases and loan agreements
(the "Contracts"), including the payments received
thereon after the Cut-off Date, and rights in and to
the Collection Account and the Reserve Account.
An Aggregate Contract Principal Balance of
approximately $470,253,515, as of the Cut-off Date,
will be acquired by the Issuer at closing and pledged
to secure the Notes (the "Initial Aggregate Contract
Principal Balance").
The Aggregate Contract Principal Balance shall equal
the sum of the Contract Principal Balances of all
Contracts. The Contract Principal Balance, as of any
Calculation Date with respect to any Contract, shall
equal the present value of such contract's remaining
scheduled payments, discounted at the same interval as
payments on the Contracts at 9% (the "Discount Rate").
Defaulted Contracts are considered to have a Contract
Principal Balance equal to zero.
<TABLE>
<CAPTION>
Expected Ratings: Moody's Fitch
-------- ------
<S> <C> <C>
Class A-1 Notes Aaa AAA
Class A-2 Notes Aaa AAA
Class A-3 Notes Aaa AAA
Class B Notes Aa3 AA-
Class C Notes A2 A
Class D Notes Baa2 BBB+
</TABLE>
7
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PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
PARTIES
Issuer: Advanta Equipment Receivables Series 2000-1 LLC
Originator/Servicer: Advanta Bank Corp. ("ABC")
Subservicer: Advanta Business Services Corp. ("ABS")
Indenture Trustee: Bankers Trust Company (the "Trustee")
Lead Manager: Prudential Securities ("PSI")
Co-Managers: Barclays Capital
Morgan Stanley Dean Witter
FEES AND EXPENSES
Servicing Fee: 100 bps
SETTLEMENT MECHANICS
Cut-Off Date: Close of Business on February 29, 2000.
Expected Pricing: March [], 2000
Expected Closing
Date: March [], 2000
Determination Date: The 3rd Business Day prior to each Payment Date.
Payment Date: The 15th day of each month (or if any such date is not
a business day, on the first business day thereafter),
commencing on [April 17, 2000].
Calculation Date: Close of Business on the last day of such Collection
Period.
Collection Period: With respect to each payment date, the immediately
preceding calendar month.
Record Date: Calendar day immediately preceding each Payment Date.
8
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PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
STRUCTURAL SUMMARY
Flow of Funds: On each Payment Date, the Indenture Trustee is
required, unless a trigger event has occurred and is
continuing, to make the following payments from
Available Funds:
(i) To the Trustee, any accrued and unpaid Trustee
Fees subject to an Annual Trustee Expense Cap;
(ii) To the Servicer, Unreimbursed Servicer
Advances;
(iii) To the Servicer, the Monthly Servicing Fee;
(iv) To the Class A-1 Noteholders, interest on the
Class A-1 Notes;
(v) To the Class A-2 Noteholders, interest on the
Class A-2 Notes;
(vi) To the Class A-3 Noteholders, interest on the
Class A-3 Notes; (vii) To the Class B
Noteholders, interest on the Class B Notes;
(viii) To the Class C Noteholders, interest on the
Class C Notes;
(ix) To the Class D Noteholders, interest on the
Class D Notes;
(x) To the Class E Noteholders, interest on the
Class E Notes; or if the Class E Notes did not
bear interest during the related interest
accrual period, this amount shall become
additional principal and be paid pro-rata
among Class A, Class B, Class C and Class D;
(xi) To the Class A Noteholders, the Class A
Monthly Principal Payment Amount paid to Class
A-1, Class A-2 and Class A-3 on a sequential
basis;
(xii) To the Class B Noteholders, the Class B
Monthly Principal Payment Amount;
(xiii) To the Class C Noteholders, the Class C
Monthly Principal Payment Amount;
(xiv) To the Class D Noteholders, the Class D
Monthly Principal Payment Amount;
(xv) To the Class E Noteholders, the Class E
Monthly Principal Payment Amount;
(xvi) To the Reserve Account, the amount necessary
to maintain the reserve amount;
(xvii) To the Issuer as owner of the Class F
Interest, the Class F monthly principal
payment amount until the Class F principal
balance has been reduced to the Class F floor;
(xviii) If the Class F principal balance has been
reduced to the Class F floor, then the Class F
monthly principal payment amount will be
reallocated and used as additional principal
paid first to Class D, then to Class C, then
to Class B, then to Class A (to be applied
within Class A in sequential order to pay
Class A-1, then Class A-2 and then Class A-3),
then to Class E and then to Class F;
(xix) To the Trustee any fees and expenses not
previously paid due to the Annual Trustee
Expense Cap; and (xx) To the Issuer, the
remaining amounts.
Upon the occurrence of a Trigger Event, principal will
be applied sequentially. After payment of amounts due
to the Trustee and the Servicer and after payment of
interest on the Notes, the remaining Available Funds
will be paid entirely to the most senior class of
Notes outstanding, as a payment of principal.
9
<PAGE> 10
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
Available Funds: For any Payment Date, the following amounts related to
the preceding Collection Period will be available for
distribution:
(i) Scheduled payments on the Contracts;
(ii) Any Servicer Advances made to cover payments
due;
(iii) Prepayment amounts received by the Servicer;
(iv) Available earnings on the Collection Account
and Reserve Account; and
(v) All amounts transferred from the Reserve
Account and deposited into the Collection
Account for such Payment Date.
No Residual Interest
Available: The Issuer will not have any residual interest in the
equipment and no amounts related to the Residual
Interests will be available to pay the Notes.
Annual Trustee
Expense Cap: Means the Trustee's fees and expenses payable as a
first priority from available funds will be limited to
$50,000 in any 12 month period; however, to the extent
in any 12 month period the actual fees and expenses
are less than $50,000, the remaining amount on a
cumulative basis will be used to increase the limit
which can be paid as a first priority in the next 12
month period. If a servicer default or event of
default occurs, then the limitation or the amount of
Trustee's fees and expenses which will be paid as a
first priority will be increased to $250,000 for any
12 month period. Any amount of the Trustee's fees and
expenses which exceed the aggregate limit in any year
will be payable from any remaining available funds
prior to the release of funds to the issuer at the end
of the flow of funds.
Class F Floor: Means that the Class F principal balance has been
reduced to an amount equal to 2% of the initial
aggregate contract principal balance.
Redistribution of
Class F Monthly
Principal Payment
Amount: If the principal amount of the Class F interest has
been reduced to the Class F floor, then on the first
payment date following the date on which the Class F
interest is reduced to the Class F floor and for each
payment date thereafter, all of the Class F Monthly
Principal Payment Amount will be reallocated and used
as additional principal. Additional principal derived
from the reallocated Class F monthly principal payment
amount will be paid in reverse sequential order,
meaning that additional principal will be paid to the
Class D notes until the Class D notes are paid in
full, then to the Class C notes until the Class C
notes are paid in full, then to the Class B notes
until the Class B notes are paid in full, then to the
Class A notes until the Class A notes are paid in
full, then to the Class E notes until the Class E
notes are paid in full and finally to the Class F
interest.
10
<PAGE> 11
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
Interest Payment
Amount: The Notes will bear interest at a fixed annual coupon
rate specified on pages 2 and 3, calculated on a
30/360 basis and shall accrue from and including the
Prior Payment Date (or the Closing Date with respect
to the 1st Payment Date) to but excluding, the related
Payment Date.
Monthly Principal
Amount: Will be an amount equal to the difference between
(i) the Aggregate Contract Principal Balance as of the
second calculation date preceding the payment date and
(ii) the Aggregate Contract Principal Balance as of
the calculation date immediately preceding the payment
date.
Class A Percentage: Approximately 70.0%, which is the ratio of (i) the
initial principal amount of the Class A Notes, to (ii)
the Initial Aggregate Contract Principal Balance.
Class B Percentage: Approximately 6.0%, which is the ratio of (i) the
initial principal amount of the Class B Notes, to (ii)
the Initial Aggregate Contract Principal Balance.
Class C Percentage: Approximately 4.0%, which is the ratio of (i) the
initial principal amount of the Class C Notes, to (ii)
the Initial Aggregate Contract Principal Balance.
Class D Percentage: Approximately 2.0%, which is the ratio of (i) the
initial principal amount of the Class D Notes, to (ii)
the Initial Aggregate Contract Principal Balance.
Class E Percentage: Approximately 5.0%, which is the ratio of (i) the
initial principal amount of the Class E Notes, to (ii)
the Initial Aggregate Contract Principal Balance.
Class F Percentage: Approximately 13.0%, which is the ratio of (i) the
initial principal amount of the Class F Interest, to
(ii) the Initial Aggregate Contract Principal Balance.
Principal Payment
Amount for Class A,
Class B, Class C,
Class D, Class E
and Class F: Shall equal the respective percentage of the related
Class of Notes times the monthly principal amount.
On each payment date the "additional principal", if
any, will be (i) for any date on or after the Class F
principal balance has been reduced to the Class F
floor, the principal amount which is reallocated from
Class F and used to pay principal on other classes of
Notes and (ii) for so long as the Class E Notes are
non-interest bearing, the amount which would have been
used to pay interest on the Class E Notes if they had
been interest bearing and which will be reallocated
pro-rata to Class A, Class B, Class C and Class D.
11
<PAGE> 12
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
Trigger Event: Means the occurrence of one or more of the following:
(a) ABC or an affiliate is no longer the Servicer; (b)
the Three-Month Delinquency Percentage calculated on
the related Calculation Date is greater than 10.50%;
or (c) the Cumulative Net Loss Percentage as of any
Calculation Date occurring during the following
periods exceeds the "Loss Trigger Level Percentage"
set forth below:
<TABLE>
<CAPTION>
Period Loss Trigger Level Percentage
------ -----------------------------
<S> <C>
1st Collection Period through
12th Collection Period 4.50%
13th Collection Period through
24th Collection Period 6.00%
25th Collection Period
and thereafter 7.25%
</TABLE>
Notwithstanding the foregoing: (i) the Trigger Event
referenced in clause (b) may be cured if the
Three-Month Delinquency Percentage for any Collection
Period thereafter is less than or equal to 10.50% and
(ii) the Trigger Event referenced in clause (c) may be
cured if the Cumulative Net Loss Percentage, although
it exceeds the "Loss Trigger Level Percentage" in a
prior period, is less than or equal to the "Loss
Trigger Level Percentage" in a subsequent period.
Defaulted Contract: With respect to any Collection Period, means any
Contract (i) that is delinquent for 121 days or more
(without regard to any Servicer Advances or the
application of any Security Deposit) or (ii) as to
which the Servicer has determined in accordance with
its customary servicing practices that eventual
payment of the remaining Scheduled Payments thereunder
is unlikely or (iii) that has been rejected in a
bankruptcy proceeding.
Three-Month
Delinquency
Percentage: With respect to any Payment Date commencing with the
third Payment Date, the percentage equivalent of a
fraction, (a) the numerator of which is the sum of the
Monthly Delinquency Percentage for such Payment Date
and the two immediately preceding Payment Dates and
(b) the denominator of which is three.
Monthly Delinquency
Percentage: With respect to any Payment Date, the percentage
equivalent of a fraction (a) the numerator of which is
the Aggregate Contract Principal Balance all Contracts
which are 31 or more days delinquent, determined as of
the related Calculation Date and (b) the denominator
of which is the Aggregate Contract Principal Balance
as of the related Calculation Date.
Cumulative Net
Loss Percentage: With respect to each Collection Period, the percentage
equivalent of a fraction, the numerator of which is
the excess of (x) the aggregate amount of the Contract
Principal Balance (immediately prior to a Contract's
classification as a Defaulted Contract) of all
Contracts which become Defaulted Contracts during all
prior Collection Periods (including such Collection
Period) over (y) the aggregate amount of all
recoveries related to those Defaulted Contracts and
the denominator of which is the Initial Aggregate
Contract Principal Balance.
12
<PAGE> 13
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
Credit Enhancement: Subordination, Reserve Account
Subordination: The Class B, Class C, Class D, and Class E Notes and
Class F Interest are subordinate to the Class A Notes
(the subordination being approximately 30.0% of the
Initial Aggregate Contract Principal Balance at
closing). The Class C, Class D, and Class E Notes and
Class F Interest are subordinate to the Class B Notes
(the subordination being approximately 24.0% of the
Initial Aggregate Contract Principal Balance at
closing). The Class D and Class E Notes and Class F
Interest are subordinate to the Class C Notes (the
subordination being approximately 20.0% of the Initial
Aggregate Contract Principal Balance at closing). The
Class E Notes and Class F Interest are subordinate to
the Class D Notes (the subordination being
approximately 18.0% of the Initial Aggregate Contract
Principal Balance at closing). The Class F Interest is
subordinate to the Class E Notes (the subordination
being approximately 13.0% of the Initial Aggregate
Contract Principal Balance at closing).
Reserve Account: If, on any Payment Date, the Available Funds are
insufficient to pay interest and principal due on the
Notes for any Payment Date (and any other item
included in "Flow of Funds," (i) through (xv)),
amounts on deposit in the Reserve Account will be
available to make up any such shortfall. The Reserve
Account will be funded at Closing in an amount equal
to 1% of the Initial Aggregate Contract Principal
Balance. The Required Reserve Amount will be the
lesser of (a) 1% of the Initial Aggregate Contract
Principal Balance and (b) 100% of the Outstanding
Principal Balance of the Notes (excluding the Class F
Interest). The Reserve Account will receive additional
funds in accordance with the "Flow of Funds" if needed
to maintain the Required Reserve Amount. Amounts on
deposit in the Reserve Account which are in excess of
the Required Reserve Amount will be released to the
Issuer.
Optional Redemption
(Full Redemption): The Notes may be redeemed by the Issuer, in whole but
not in part, at par plus accrued interest on any
Payment Date on which the outstanding Aggregate
Contract Principal Balance is less than or equal to
10% of the Initial Aggregate Contract Principal
Balance.
Tax Status: The Issuer will receive an opinion to the effect that
the Offered Notes will be characterized as debt for
federal income tax purposes. Please see the Prospectus
for a full description of the tax characterization of
the Offered Notes.
ERISA Eligible: Subject to the restrictions and considerations
discussed under "ERISA Considerations" in the
prospectus, the Offered Notes will be eligible for
purchase by persons investing assets of employee
benefit plans. In the Prospectus, an investor that is,
or is acting on behalf of, an employee benefit plan
subject to ERISA or Section 4975 of the Code will be
deemed to represent and warrant that its investment in
the Offered Notes, as applicable, will not result in a
non-exempt prohibited transaction under ERISA or
Section 4975 of the Code.
13
<PAGE> 14
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
Further Information: Banking: Robert Schwartz (212-778-4638), Shelby
Carvalho (212-778-4127), Caroline Owen (212-778-8038)
Trading: Rob Karr (212-778-2741) FSG: Lina Hsu
(212-778-1451), Matt DeAngelis (212-778-2458), Plamen
Mitrikov (212-778-2612)
14
<PAGE> 15
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
<TABLE>
<CAPTION>
COUPON: TBD ADVANTA 001 FIRST PAYMENT: 04/15/00
ORIGINAL BALANCE: $181,285,000.00 BOND A1 BE-YIELD TABLE YIELD TABLE DATE: 03/29/00
PREPAYMENT SPEED
PRICING SPEED
0.00% 3.00% 6.00% 9.00% 12.00%
PRICE CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C>
99-24 7.288 7.306 7.326 7.346 7.368
99-24+ 7.269 7.286 7.305 7.324 7.344
99-25 7.251 7.267 7.284 7.302 7.320
99-25+ 7.232 7.247 7.263 7.279 7.297
99-26 7.213 7.227 7.242 7.257 7.273
99-26+ 7.195 7.207 7.221 7.235 7.250
99-27 7.176 7.188 7.200 7.212 7.226
99-27+ 7.157 7.168 7.179 7.190 7.202
99-28 7.139 7.148 7.158 7.168 7.179
99-28+ 7.120 7.128 7.137 7.146 7.155
99-29 7.102 7.109 7.116 7.123 7.132
99-29+ 7.083 7.089 7.095 7.101 7.108
99-30 7.064 7.069 7.074 7.079 7.084
99-30+ 7.046 7.049 7.053 7.057 7.061
99-31 7.027 7.030 7.032 7.035 7.037
99-31+ 7.009 7.010 7.011 7.012 7.014
100-00 6.990 6.990 6.990 6.990 6.990
100-00+ 6.972 6.970 6.969 6.968 6.967
100-01 6.953 6.951 6.948 6.946 6.943
100-01+ 6.934 6.931 6.927 6.924 6.920
100-02 6.916 6.911 6.907 6.902 6.896
100-02+ 6.897 6.892 6.886 6.879 6.873
100-03 6.879 6.872 6.865 6.857 6.849
100-03+ 6.860 6.852 6.844 6.835 6.826
100-04 6.842 6.833 6.823 6.813 6.802
100-04+ 6.823 6.813 6.802 6.791 6.779
100-05 6.805 6.793 6.781 6.769 6.755
100-05+ 6.786 6.774 6.761 6.747 6.732
100-06 6.768 6.754 6.740 6.725 6.709
100-06+ 6.749 6.735 6.719 6.702 6.685
100-07 6.731 6.715 6.698 6.680 6.662
100-07+ 6.712 6.695 6.677 6.658 6.638
First Payment 0.044 0.044 0.044 0.044 0.044
Average Life 0.905 0.851 0.800 0.753 0.708
Last Payment 1.794 1.711 1.628 1.544 1.461
Mod.Dur. @ 100-00 0.842 0.793 0.747 0.704 0.664
Accrued Interest 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
15
<PAGE> 16
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
<TABLE>
<CAPTION>
COUPON: TBD ADVANTA 001 FIRST PAYMENT: 04/15/00
ORIGINAL BALANCE: $63,269,000.00 BOND A2 BE-YIELD TABLE YIELD TABLE DATE: 03/29/00
PREPAYMENT SPEED
PRICING SPEED
0.00% 3.00% 6.00% 9.00% 12.00%
PRICE CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C>
99-24 7.474 7.479 7.484 7.490 7.496
99-24+ 7.466 7.471 7.476 7.481 7.487
99-25 7.458 7.462 7.467 7.472 7.477
99-25+ 7.450 7.454 7.458 7.463 7.468
99-26 7.442 7.445 7.449 7.454 7.458
99-26+ 7.434 7.437 7.441 7.445 7.449
99-27 7.425 7.429 7.432 7.436 7.439
99-27+ 7.417 7.420 7.423 7.427 7.430
99-28 7.409 7.412 7.415 7.418 7.421
99-28+ 7.401 7.404 7.406 7.408 7.411
99-29 7.393 7.395 7.397 7.399 7.402
99-29+ 7.385 7.387 7.389 7.390 7.392
99-30 7.377 7.379 7.380 7.381 7.383
99-30+ 7.369 7.370 7.371 7.372 7.373
99-31 7.361 7.362 7.363 7.363 7.364
99-31+ 7.353 7.354 7.354 7.354 7.355
100-00 7.345 7.345 7.345 7.345 7.345
100-00+ 7.337 7.337 7.337 7.336 7.336
100-01 7.329 7.328 7.328 7.327 7.326
100-01+ 7.321 7.320 7.319 7.318 7.317
100-02 7.313 7.312 7.310 7.309 7.308
100-02+ 7.305 7.303 7.302 7.300 7.298
100-03 7.297 7.295 7.293 7.291 7.289
100-03+ 7.289 7.287 7.284 7.282 7.279
100-04 7.281 7.278 7.276 7.273 7.270
100-04+ 7.273 7.270 7.267 7.264 7.261
100-05 7.265 7.262 7.258 7.255 7.251
100-05+ 7.257 7.254 7.250 7.246 7.242
100-06 7.249 7.245 7.241 7.237 7.232
100-06+ 7.241 7.237 7.233 7.228 7.223
100-07 7.233 7.229 7.224 7.219 7.214
100-07+ 7.225 7.220 7.215 7.210 7.204
First Payment 1.794 1.711 1.628 1.544 1.461
Average Life 2.177 2.087 2.000 1.916 1.834
Last Payment 2.628 2.461 2.378 2.294 2.211
Mod.Dur. @ 100-00 1.947 1.873 1.800 1.730 1.661
Accrued Interest 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
16
<PAGE> 17
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
<TABLE>
<CAPTION>
COUPON: TBD ADVANTA 001 FIRST PAYMENT: 04/15/00
ORIGINAL BALANCE: $84,623,000.00 BOND A3 BE-YIELD TABLE YIELD TABLE DATE: 03/29/00
PREPAYMENT SPEED
PRICING SPEED
0.00% 3.00% 6.00% 9.00% 12.00%
PRICE CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C>
99-24 7.565 7.567 7.569 7.572 7.574
99-24+ 7.560 7.562 7.564 7.566 7.568
99-25 7.554 7.556 7.558 7.560 7.562
99-25+ 7.549 7.551 7.552 7.554 7.556
99-26 7.544 7.545 7.547 7.548 7.550
99-26+ 7.538 7.540 7.541 7.543 7.544
99-27 7.533 7.534 7.535 7.537 7.538
99-27+ 7.527 7.529 7.530 7.531 7.532
99-28 7.522 7.523 7.524 7.525 7.527
99-28+ 7.517 7.518 7.519 7.520 7.521
99-29 7.511 7.512 7.513 7.514 7.515
99-29+ 7.506 7.507 7.507 7.508 7.509
99-30 7.501 7.501 7.502 7.502 7.503
99-30+ 7.495 7.496 7.496 7.496 7.497
99-31 7.490 7.490 7.490 7.491 7.491
99-31+ 7.484 7.485 7.485 7.485 7.485
100-00 7.479 7.479 7.479 7.479 7.479
100-00+ 7.474 7.474 7.473 7.473 7.473
100-01 7.468 7.468 7.468 7.468 7.467
100-01+ 7.463 7.463 7.462 7.462 7.461
100-02 7.458 7.457 7.457 7.456 7.455
100-02+ 7.452 7.452 7.451 7.450 7.450
100-03 7.447 7.446 7.445 7.445 7.444
100-03+ 7.442 7.441 7.440 7.439 7.438
100-04 7.436 7.435 7.434 7.433 7.432
100-04+ 7.431 7.430 7.429 7.427 7.426
100-05 7.425 7.424 7.423 7.421 7.420
100-05+ 7.420 7.419 7.417 7.416 7.414
100-06 7.415 7.413 7.412 7.410 7.408
100-06+ 7.409 7.408 7.406 7.404 7.402
100-07 7.404 7.402 7.400 7.398 7.396
100-07+ 7.399 7.397 7.395 7.393 7.390
First Payment 2.628 2.461 2.378 2.294 2.211
Average Life 3.414 3.326 3.237 3.147 3.056
Last Payment 4.378 4.294 4.294 4.211 4.211
Mod.Dur. @ 100-00 2.912 2.846 2.778 2.708 2.637
Accrued Interest 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
17
<PAGE> 18
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
<TABLE>
<CAPTION>
COUPON: TBD ADVANTA 001 FIRST PAYMENT: 04/15/00
ORIGINAL BALANCE: $28,215,000.00 BOND B BE-YIELD TABLE YIELD TABLE DATE: 03/29/00
PREPAYMENT SPEED
PRICING SPEED
0.00% 3.00% 6.00% 9.00% 12.00%
PRICE CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C>
99-24 7.707 7.713 7.720 7.727 7.734
99-24+ 7.697 7.703 7.709 7.716 7.723
99-25 7.687 7.692 7.698 7.704 7.711
99-25+ 7.677 7.682 7.687 7.693 7.699
99-26 7.667 7.671 7.676 7.682 7.687
99-26+ 7.657 7.661 7.666 7.670 7.676
99-27 7.647 7.651 7.655 7.659 7.664
99-27+ 7.637 7.640 7.644 7.648 7.652
99-28 7.626 7.630 7.633 7.637 7.640
99-28+ 7.616 7.619 7.622 7.625 7.628
99-29 7.606 7.609 7.611 7.614 7.617
99-29+ 7.596 7.598 7.600 7.603 7.605
99-30 7.586 7.588 7.590 7.591 7.593
99-30+ 7.576 7.578 7.579 7.580 7.582
99-31 7.566 7.567 7.568 7.569 7.570
99-31+ 7.556 7.557 7.557 7.558 7.558
100-00 7.546 7.546 7.546 7.546 7.546
100-00+ 7.536 7.536 7.535 7.535 7.535
100-01 7.526 7.525 7.525 7.524 7.523
100-01+ 7.516 7.515 7.514 7.513 7.511
100-02 7.506 7.505 7.503 7.501 7.499
100-02+ 7.496 7.494 7.492 7.490 7.488
100-03 7.486 7.484 7.481 7.479 7.476
100-03+ 7.476 7.473 7.471 7.468 7.464
100-04 7.466 7.463 7.460 7.456 7.453
100-04+ 7.456 7.453 7.449 7.445 7.441
100-05 7.446 7.442 7.438 7.434 7.429
100-05+ 7.436 7.432 7.427 7.423 7.418
100-06 7.426 7.422 7.417 7.411 7.406
100-06+ 7.416 7.411 7.406 7.400 7.394
100-07 7.406 7.401 7.395 7.389 7.382
100-07+ 7.396 7.390 7.384 7.378 7.371
First Payment 0.044 0.044 0.044 0.044 0.044
Average Life 1.764 1.693 1.624 1.557 1.492
Last Payment 3.794 3.711 3.628 3.544 3.461
Mod.Dur. @ 100-00 1.560 1.501 1.443 1.387 1.333
Accrued Interest 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
18
<PAGE> 19
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
<TABLE>
<CAPTION>
COUPON: TBD ADVANTA 001 FIRST PAYMENT: 04/15/00
ORIGINAL BALANCE: $18,810,000.00 BOND C BE-YIELD TABLE YIELD TABLE DATE: 03/29/00
PREPAYMENT SPEED
PRICING SPEED
0.00% 3.00% 6.00% 9.00% 12.00%
PRICE CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C>
99-24 7.817 7.824 7.831 7.838 7.846
99-24+ 7.807 7.813 7.820 7.826 7.834
99-25 7.797 7.802 7.809 7.815 7.822
99-25+ 7.787 7.792 7.798 7.804 7.810
99-26 7.776 7.781 7.787 7.792 7.798
99-26+ 7.766 7.771 7.776 7.781 7.786
99-27 7.756 7.760 7.764 7.769 7.774
99-27+ 7.746 7.750 7.753 7.758 7.762
99-28 7.736 7.739 7.742 7.746 7.750
99-28+ 7.726 7.728 7.732 7.735 7.738
99-29 7.715 7.718 7.721 7.723 7.726
99-29+ 7.705 7.707 7.710 7.712 7.714
99-30 7.695 7.697 7.699 7.700 7.702
99-30+ 7.685 7.686 7.688 7.689 7.690
99-31 7.675 7.676 7.677 7.678 7.678
99-31+ 7.665 7.665 7.666 7.666 7.667
100-00 7.655 7.655 7.655 7.655 7.655
100-00+ 7.644 7.644 7.644 7.643 7.643
100-01 7.634 7.634 7.633 7.632 7.631
100-01+ 7.624 7.623 7.622 7.620 7.619
100-02 7.614 7.612 7.611 7.609 7.607
100-02+ 7.604 7.602 7.600 7.598 7.595
100-03 7.594 7.591 7.589 7.586 7.583
100-03+ 7.584 7.581 7.578 7.575 7.571
100-04 7.574 7.570 7.567 7.563 7.559
100-04+ 7.564 7.560 7.556 7.552 7.548
100-05 7.553 7.549 7.545 7.540 7.536
100-05+ 7.543 7.539 7.534 7.529 7.524
100-06 7.533 7.528 7.523 7.518 7.512
100-06+ 7.523 7.518 7.512 7.506 7.500
100-07 7.513 7.507 7.501 7.495 7.488
100-07+ 7.503 7.497 7.490 7.484 7.476
First Payment 0.044 0.044 0.044 0.044 0.044
Average Life 1.744 1.672 1.602 1.533 1.467
Last Payment 3.544 3.461 3.378 3.294 3.211
Mod.Dur. @ 100-00 1.542 1.482 1.424 1.367 1.311
Accrued Interest 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
19
<PAGE> 20
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
<TABLE>
<CAPTION>
COUPON: TBD ADVANTA 001 FIRST PAYMENT: 04/15/00
ORIGINAL BALANCE: $9,405,000.00 BOND D BE-YIELD TABLE YIELD TABLE DATE: 03/29/00
PREPAYMENT SPEED
PRICING SPEED
0.00% 3.00% 6.00% 9.00% 12.00%
PRICE CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C>
99-24 8.311 8.318 8.325 8.333 8.341
99-24+ 8.300 8.307 8.314 8.321 8.329
99-25 8.290 8.296 8.302 8.309 8.316
99-25+ 8.280 8.285 8.291 8.297 8.304
99-26 8.269 8.274 8.280 8.286 8.292
99-26+ 8.259 8.264 8.269 8.274 8.280
99-27 8.249 8.253 8.257 8.262 8.267
99-27+ 8.238 8.242 8.246 8.251 8.255
99-28 8.228 8.231 8.235 8.239 8.243
99-28+ 8.218 8.221 8.224 8.227 8.231
99-29 8.207 8.210 8.213 8.215 8.218
99-29+ 8.197 8.199 8.201 8.204 8.206
99-30 8.187 8.188 8.190 8.192 8.194
99-30+ 8.176 8.178 8.179 8.180 8.182
99-31 8.166 8.167 8.168 8.169 8.170
99-31+ 8.156 8.156 8.156 8.157 8.157
100-00 8.145 8.145 8.145 8.145 8.145
100-00+ 8.135 8.134 8.134 8.134 8.133
100-01 8.125 8.124 8.123 8.122 8.121
100-01+ 8.114 8.113 8.112 8.110 8.109
100-02 8.104 8.102 8.100 8.099 8.097
100-02+ 8.094 8.092 8.089 8.087 8.084
100-03 8.083 8.081 8.078 8.075 8.072
100-03+ 8.073 8.070 8.067 8.064 8.060
100-04 8.063 8.059 8.056 8.052 8.048
100-04+ 8.052 8.049 8.045 8.040 8.036
100-05 8.042 8.038 8.033 8.029 8.024
100-05+ 8.032 8.027 8.022 8.017 8.011
100-06 8.022 8.016 8.011 8.005 7.999
100-06+ 8.011 8.006 8.000 7.994 7.987
100-07 8.001 7.995 7.989 7.982 7.975
100-07+ 7.991 7.984 7.978 7.970 7.963
First Payment 0.044 0.044 0.044 0.044 0.044
Average Life 1.721 1.647 1.576 1.507 1.440
Last Payment 3.378 3.294 3.128 3.044 2.961
Mod.Dur. @ 100-00 1.514 1.453 1.395 1.337 1.282
Accrued Interest 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
20
<PAGE> 21
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
Collateral Information
The statistical information presented in this prospectus supplement concerning
the contracts reflects those cashflows from March, 2000 and onward related to
the portfolio of contracts as of the close of business on January 31, 2000 (the
"statistical calculation date"), and has been calculated using an assumed
discount rate of 9% per year. The "aggregate contract principal balance" of
the contracts as of the statistical calculation date is $444,821,253.94 using
the 9% discount rate. The aggregate contract principal balance of the contracts
as of February 29, 2000 is $470,253,515.34 using the 9% discount rate. As of the
cut-off date, the total number of contracts in the final pool was 39,646.
The statistical distribution of the characteristics of the contracts as of the
cut-off date using the applicable discount rate may vary somewhat from the
statistical distribution of the characteristics of the contracts as of the
statistical calculation date as presented in this prospectus supplement, because
between January 31, 2000 and February 29, 2000 contracts will have been added to
the pool, payments have been made on the contracts and some contracts may be
determined not to meet the eligibility requirements for the final pool.
The variance in the aggregate contract principal balance as of the February 29,
2000 cut-off date is $25,432,261 which is approximately 5.72% greater than the
aggregate contract principal balance as of the January 31, 2000 statistical
calculation date. Except to the extent the information changes to reflect the
increased initial contract principal balance, the material characteristics of
the final pool will not vary by more than 5% compared to the characteristics as
of the statistical calculation date described in this prospectus supplement.
Note: Percentages may not add to 100% due to rounding.
SUMMARY INFORMATION CONCERNING CONTRACTS
(As of January 31, 2000)
<TABLE>
<S> <C>
Number of Contracts............................................... 37,978
Statistical Aggregate Contract Principal Balance.................. $444,821,254
Statistical Average Contract Principal Balance.................... $11,713
Statistical Minimum Contract Principal Balance.................... $93
Statistical Maximum Contract Principal Balance.................... $354,935
Aggregate Original Equipment Cost................................. $506,343,301
Average Original Equipment Cost................................... $13,333
Minimum Original Equipment Cost................................... $178
Maximum Original Equipment Cost................................... $473,623
Weighted Average Original Term in Months.......................... 48
Minimum Original Term in Months................................... 5
Maximum Original Term in Months................................... 83
Weighted Average Remaining Term in Months......................... 40
Minimum Remaining Term in Months.................................. 1
Maximum Remaining Term in Months.................................. 78
Weighted Average Seasoning in Months.............................. 8
Largest User...................................................... 0.10%
Loan Contracts.................................................... 1.47%
</TABLE>
21
<PAGE> 22
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
DISTRIBUTION OF CONTRACTS BY STATE
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL STATISTICAL
PERCENTAGE AGGREGATE AGGREGATE AGGREGATE PERCENTAGE
NUMBER OF OF NUMBER CONTRACT CONTRACT EQUIPMENT OF ORIGINAL
STATE CONTRACTS OF CONTRACTS PRINCIPAL BALANCE PRINCIPAL BALANCE COST EQUIPMENT COST
- ----------------------------- ---------- ------------ ----------------- ----------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Alabama..................... 463 1.22% $ 4,934,960 1.11% $ 5,649,449 1.12%
Alaska...................... 58 0.15 962,655 0.22 1,074,804 0.21
Arizona..................... 773 2.04 8,348,138 1.88 9,559,059 1.89
Arkansas.................... 194 0.51 2,240,967 0.50 2,554,173 0.50
California.................. 4,652 12.25 68,256,393 15.34 75,998,675 15.01
Colorado.................... 690 1.82 8,412,059 1.89 9,439,289 1.86
Connecticut................. 644 1.70 6,840,587 1.54 7,876,188 1.56
Delaware.................... 207 0.55 2,055,422 0.46 2,345,475 0.46
District of Columbia........ 214 0.56 2,523,822 0.57 3,083,302 0.61
Florida..................... 3,523 9.28 38,401,519 8.63 43,718,263 8.63
Georgia..................... 1,164 3.06 13,356,336 3.00 15,125,864 2.99
Hawaii...................... 94 0.25 1,207,009 0.27 1,307,165 0.26
Idaho....................... 121 0.32 1,266,654 0.28 1,412,718 0.28
Illinois.................... 1,098 2.89 14,395,902 3.24 16,191,952 3.20
Indiana..................... 421 1.11 4,733,923 1.06 5,195,378 1.03
Iowa........................ 111 0.29 1,626,601 0.37 1,753,502 0.35
Kansas...................... 181 0.48 1,773,468 0.40 1,899,821 0.38
Kentucky.................... 358 0.94 3,378,280 0.76 3,812,319 0.75
Louisiana................... 159 0.42 1,172,460 0.26 1,336,759 0.26
Maine....................... 140 0.37 1,753,662 0.39 1,905,092 0.38
Maryland.................... 988 2.60 11,171,388 2.51 12,969,527 2.56
Massachusetts............... 1,374 3.62 15,776,928 3.55 18,761,265 3.71
Michigan.................... 769 2.02 7,736,011 1.74 8,610,043 1.70
Minnesota................... 420 1.11 5,611,513 1.26 6,330,917 1.25
Mississippi................. 176 0.46 1,595,169 0.36 1,762,635 0.35
Missouri.................... 447 1.18 4,757,149 1.07 5,350,637 1.06
Montana..................... 70 0.18 733,700 0.16 804,246 0.16
Nebraska.................... 80 0.21 1,098,442 0.25 1,178,596 0.23
Nevada...................... 216 0.57 3,306,492 0.74 3,600,025 0.71
New Hampshire............... 232 0.61 2,780,345 0.63 3,117,563 0.62
New Jersey.................. 2,667 7.02 31,791,544 7.15 37,099,268 7.33
New Mexico.................. 259 0.68 2,494,898 0.56 2,780,997 0.55
New York.................... 3,180 8.37 37,291,239 8.38 42,885,488 8.47
North Carolina.............. 1,135 2.99 11,774,432 2.65 13,180,441 2.60
North Dakota................ 32 0.08 440,784 0.10 466,456 0.09
Ohio........................ 1,155 3.04 12,356,219 2.78 13,916,829 2.75
Oklahoma.................... 306 0.81 3,355,324 0.75 3,778,618 0.75
Oregon...................... 373 0.98 4,239,228 0.95 4,702,186 0.93
Pennsylvania................ 2,268 5.97 22,381,814 5.03 25,931,544 5.12
Puerto Rico................. 6 0.02 84,541 0.02 94,612 0.02
Rhode Island................ 357 0.94 3,332,545 0.75 3,918,577 0.77
South Carolina.............. 396 1.04 4,679,157 1.05 5,387,186 1.06
South Dakota................ 41 0.11 482,521 0.11 529,149 0.10
Tennessee................... 368 0.97 4,814,481 1.08 5,490,196 1.08
Texas....................... 3,030 7.98 34,206,957 7.69 39,661,127 7.83
Utah........................ 200 0.53 2,808,008 0.63 3,107,260 0.61
Vermont..................... 133 0.35 1,457,943 0.33 1,643,363 0.32
Virgin Islands.............. 7 0.02 38,602 0.01 49,315 0.01
Virginia.................... 991 2.61 11,257,645 2.53 13,260,186 2.62
Washington.................. 503 1.32 6,757,205 1.52 7,448,380 1.47
West Virginia............... 120 0.32 1,464,807 0.33 1,600,067 0.32
Wisconsin................... 364 0.96 4,585,069 1.03 5,106,493 1.01
Wyoming..................... 50 0.13 518,339 0.12 580,858 0.11
------ ------ ------------ ------ ------------ ------
Total.................. 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
22
<PAGE> 23
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
DISTRIBUTION OF CONTRACTS BY CONTRACT PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL STATISTICAL PERCENTAGE
PERCENTAGE AGGREGATE AGGREGATE AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER OF CONTRACT CONTRACT EQUIPMENT EQUIPMENT
CONTRACT PRINCIPAL BALANCE CONTRACTS CONTRACTS PRINCIPAL BALANCE PRINCIPAL BALANCE COST COST
- ------------------------------- ----------- -------------- ----------------- ----------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 0.00 to $ 5,000.00.. 14,554 38.32% $ 40,318,668 9.06% $ 52,648,889 10.40%
$ 5,000.01 to $ 10,000.00.. 9,170 24.15 66,038,146 14.85 78,335,616 15.47
$ 10,000.01 to $ 15,000.00.. 5,573 14.67 67,403,179 15.15 76,221,688 15.05
$ 15,000.01 to $ 20,000.00.. 2,540 6.69 43,921,389 9.87 49,535,089 9.78
$ 20,000.01 to $ 25,000.00.. 1,721 4.53 38,457,348 8.65 43,284,064 8.55
$ 25,000.01 to $ 50,000.00.. 3,441 9.06 120,270,157 27.04 132,370,228 26.14
$ 50,000.01 to $100,000.00.. 901 2.37 56,663,797 12.74 60,501,418 11.95
$100,000.01 to $200,000.00... 67 0.18 8,898,784 2.00 10,098,087 1.99
$200,000.01 to $300,000.00... 8 0.02 1,859,195 0.42 2,075,006 0.41
Greater than $300,000.00....... 3 0.01 990,591 0.22 1,273,216 0.25
------ ------ ------------ ------ ------------ ------
Total..................... 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
DISTRIBUTION OF CONTRACTS BY ORIGINAL EQUIPMENT COST
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL STATISTICAL PERCENTAGE
PERCENTAGE AGGREGATE AGGREGATE AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER OF CONTRACT CONTRACT EQUIPMENT EQUIPMENT
ORIGINAL EQUIPMENT COST CONTRACTS CONTRACTS PRINCIPAL BALANCE PRINCIPAL BALANCE COST COST
- ------------------------------- --------- ------------ ----------------- ----------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
$ 0.00 to $ 5,000.00. 12,122 31.92% $ 30,694,304 6.90% $ 37,284,083 7.36%
$ 5,000.01 to $ 10,000.00. 9,729 25.62 60,391,449 13.58 70,659,295 13.95
$ 10,000.01 to $ 15,000.00. 6,112 16.09 66,627,359 14.98 75,096,293 14.83
$ 15,000.01 to $ 20,000.00. 2,861 7.53 43,329,494 9.74 49,489,357 9.77
$ 20,000.01 to $ 25,000.00. 1,882 4.96 37,315,450 8.39 42,227,565 8.34
$ 25,000.01 to $ 50,000.00. 3,971 10.46 124,878,014 28.07 138,826,790 27.42
$ 50,000.01 to $100,000.00.. 1,181 3.11 66,362,543 14.92 74,517,073 14.72
$100,000.01 to $200,000.00... 104 0.27 11,575,493 2.60 13,643,986 2.69
$200,000.01 to $300,000.00... 10 0.03 1,929,242 0.43 2,317,362 0.46
Greater than $300,000.00....... 6 0.02 1,717,906 0.39 2,281,497 0.45
------ ------ ------------ ------ ------------ ------
Total....................... 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
DISTRIBUTION OF CONTRACTS BY REMAINING MONTHS TO STATED MATURITY (1)
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL STATISTICAL PERCENTAGE
PERCENTAGE AGGREGATE AGGREGATE AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER OF CONTRACT CONTRACT EQUIPMENT EQUIPMENT
REMAINING TERM (MONTHS) CONTRACTS CONTRACTS PRINCIPAL BALANCE PRINCIPAL BALANCE COST COST
- -------------------------------- ----------- ------------ ----------------- ----------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
0 to 12..................... 1,997 5.26% $ 6,526,053 1.47% $ 13,548,921 2.68%
13 to 24..................... 7,357 19.37 50,375,291 11.32 71,600,373 14.14
25 to 36..................... 13,351 35.15 132,607,133 29.81 152,835,702 30.18
37 to 48..................... 5,837 15.37 90,573,444 20.36 100,168,839 19.78
49 to 60..................... 9,326 24.56 162,082,575 36.44 165,516,743 32.69
61 to 72..................... 107 0.28 2,324,119 0.52 2,328,220 0.46
73 to 84..................... 3 0.01 332,639 0.07 344,503 0.07
------ ------ ------------ ------ ------------ ------
Total..................... 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
- ---------------
(1) Remaining payments from February 29, 2000.
23
<PAGE> 24
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
DISTRIBUTION OF CONTRACTS BY ORIGINAL CONTRACT TERM
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL STATISTICAL PERCENTAGE
PERCENTAGE AGGREGATE AGGREGATE AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER OF CONTRACT CONTRACT EQUIPMENT EQUIPMENT
ORIGINAL TERM (MONTHS) CONTRACTS CONTRACTS PRINCIPAL BALANCE PRINCIPAL BALANCE COST COST
- -------------------------- ----------- ------------ ----------------- ----------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
0 to 12................. 809 2.13% $ 2,397,020 0.54% $ 4,570,330 0.90%
13 to 24................. 3,172 8.35 17,270,614 3.88 25,579,585 5.05
25 to 36................. 16,882 44.45 151,073,801 33.96 184,170,055 36.37
37 to 48................. 4,400 11.59 56,047,909 12.60 62,683,036 12.38
49 to 60................. 12,066 31.77 207,843,754 46.73 218,129,307 43.08
61 to 72................. 646 1.70 9,855,517 2.22 10,866,484 2.15
73 to 84................. 3 0.01 332,639 0.07 344,503 0.07
------ ------ ------------ ------ ------------ ------
Total................. 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
DISTRIBUTION OF CONTRACTS BY PAYMENT FREQUENCY
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL STATISTICAL PERCENTAGE
PERCENTAGE AGGREGATE AGGREGATE AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER CONTRACT CONTRACT EQUIPMENT EQUIPMENT
PAYMENT TYPE CONTRACTS OF CONTRACTS PRINCIPAL BALANCE PRINCIPAL BALANCE COST COST
- --------------------------- ----------- ------------ ----------------- ----------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Annual..................... 32 0.08% $ 204,003 0.05% $ 296,003 0.06%
Monthly.................... 37,014 97.46 435,837,739 97.98 496,210,150 98.00
Quarterly.................. 628 1.65 3,003,524 0.68 3,696,519 0.73
Semiannual................. 7 0.02 38,619 0.01 46,990 0.01
Variable................... 297 0.78 5,737,369 1.29 6,093,638 1.20
------ ------ ------------ ------ ------------ ------
Total................. 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
DISTRIBUTION OF CONTRACTS BY PURCHASE OPTION
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL
STATISTICAL AGGREGATE PERCENTAGE
PERCENTAGE AGGREGATE CONTRACT AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER OF CONTRACT PRINCIPAL EQUIPMENT EQUIPMENT
PURCHASE OPTION CONTRACTS CONTRACTS PRINCIPAL BALANCE BALANCE COST COST
- --------------------------- ----------- ------------ ----------------- ----------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Fair Market Value.......... 12,388 32.62% $124,882,044 28.07% $154,941,911 30.60%
Nominal Buyout............. 13,507 35.57 169,558,378 38.12 184,351,861 36.41
Stated Residual............ 7,418 19.53 84,476,039 18.99 92,796,417 18.33
Other (1).................. 4,665 12.28 65,904,792 14.82 74,253,112 14.66
------ ------ ------------ ------ ------------ ------
Total................. 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
- ---------------
(1) "Other" includes loans and contracts in which the issuer will obtain only
the right to scheduled payments.
DISTRIBUTION OF CONTRACTS BY SOURCE OF CONTRACT
<TABLE>
<CAPTION>
PERCENTAGE OF
STATISTICAL
STATISTICAL AGGREGATE PERCENTAGE
PERCENTAGE AGGREGATE CONTRACT AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER OF CONTRACT PRINCIPAL EQUIPMENT EQUIPMENT
SOURCE OF CONTRACT CONTRACTS CONTRACTS PRINCIPAL BALANCE BALANCE COST COST
- --------------------------- ----------- ------------ ----------------- ----------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Broker..................... 14,534 38.27% $239,800,490 53.91% $263,060,628 51.95%
Vendor..................... 23,444 61.73 205,020,764 46.09 243,282,673 48.05
------ ------ ------------ ------ ------------ ------
Total................. 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
24
<PAGE> 25
PRELIMINARY MARKETING MATERIALS AND TERM SHEET
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
ASSET-BACKED NOTES, SERIES 2000-1
AS OF MARCH 15, 2000
DISTRIBUTION OF CONTRACTS BY EQUIPMENT TYPE
<TABLE>
<CAPTION>
PERCENTAGE OF PERCENTAGE
PERCENTAGE STATISTICAL STATISTICAL AGGREGATE OF ORIGINAL
NUMBER OF OF NUMBER OF AGGREGATE CONTRACT AGGREGATE CONTRACT EQUIPMENT EQUIPMENT
EQUIPMENT DESCRIPTION CONTRACTS CONTRACTS PRINCIPAL BALANCE PRINCIPAL BALANCE COST COST
- ------------------------------- ----------- ------------ ----------------- ------------------ ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
Air Compressors................ 70 0.18% $ 903,577 0.20% $ 1,031,913 0.20%
Amusement Equipment............ 88 0.23 1,391,907 0.31 1,506,594 0.30
Automated Teller Machines...... 1,669 4.39 18,451,417 4.15 19,128,382 3.78
Automotive Equipment........... 1,171 3.08 14,766,642 3.32 15,952,846 3.15
Commercial Fitness Equipment... 207 0.55 3,269,400 0.73 3,584,033 0.71
Commercial/Industrial Cleaning. 492 1.30 4,408,962 0.99 4,760,737 0.94
Communication Equipment........ 5,144 13.54 43,256,479 9.72 48,990,690 9.68
Construction Equipment......... 354 0.93 7,079,766 1.59 7,623,814 1.51
Copiers........................ 7,977 21.00 75,097,496 16.88 93,990,902 18.56
Environmental.................. 105 0.28 1,766,369 0.40 1,849,659 0.37
Freezer/Refrigerator/Restaurant. 1,917 5.05 23,446,145 5.27 25,290,254 4.99
Furniture...................... 545 1.44 10,321,558 2.32 11,056,208 2.18
Heavy Machinery................ 1,918 5.05 33,805,620 7.60 37,212,841 7.35
Landscaping Equipment.......... 277 0.73 3,291,509 0.74 3,556,561 0.70
Laundry Equipment.............. 192 0.51 4,540,859 1.02 4,896,608 0.97
Mailing Machines & Equipment... 711 1.87 7,218,760 1.62 8,485,099 1.68
Measuring Equipment............ 56 0.15 789,706 0.18 823,483 0.16
Medical Equipment.............. 639 1.68 12,858,075 2.89 14,722,200 2.91
Microcomputers & Printers...... 6,788 17.87 91,817,588 20.64 105,544,095 20.84
Office Equipment............... 786 2.07 4,822,569 1.08 5,559,372 1.10
Photography Equipment.......... 421 1.11 3,829,929 0.86 4,691,277 0.93
Point of Sale Systems.......... 670 1.76 9,798,296 2.20 10,687,204 2.11
Pressure Washers............... 127 0.33 687,958 0.15 764,399 0.15
Printing Equipment............. 300 0.79 5,292,252 1.19 5,739,019 1.13
Safes.......................... 14 0.04 94,862 0.02 102,994 0.02
Sewing and Embroidery.......... 193 0.51 5,390,316 1.21 6,106,512 1.21
Signs/Display.................. 79 0.21 1,150,704 0.26 1,254,544 0.25
Software ...................... 673 1.77 11,309,209 2.54 13,049,390 2.58
Stenograph..................... 406 1.07 1,770,408 0.40 1,983,477 0.39
Surveillance System............ 2,685 7.07 24,085,991 5.41 25,682,502 5.07
Vending Equipment.............. 561 1.48 7,521,654 1.69 8,908,514 1.76
Water Coolers.................. 88 0.23 484,000 0.11 536,190 0.11
Other.......................... 655 1.72 10,101,270 2.27 11,270,988 2.23
------ ------ ------------ ------ ------------ ------
Total..................... 37,978 100.00% $444,821,254 100.00% $506,343,301 100.00%
====== ====== ============ ====== ============ ======
</TABLE>
25
