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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 27, 2000
Advanta Mortgage Loan Trust 2000-1
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(Exact name of registrant as specified in its charter)
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Nevada 333-92669-02 88-0360305
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(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
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Attention: General Counsel
10790 Rancho Bernardo Drive
San Diego, California 92127
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number,
including area code (858) 676-3099
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Advanta Conduit Receivables, Inc.
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(Exact name of registrant as specified in its charter)
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Nevada 333-92669 88-0360305
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(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
Description of the Certificates and the Mortgage Loans
Advanta Conduit Receivables, Inc. (the "Registrant" or the
"Sponsor") registered an issuance of $2,699,051,007.20 in principal amount of
Mortgage Loan Asset-Backed Certificates on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act of 1933, as amended (the "Act"),
by the Registration Statement on Form S-3 (File No. 333-92669) (the
"Registration Statement").
Pursuant to the Registration Statement, the Sponsor formed Advanta
Mortgage Loan Trust 2000-1 (the "Trust") which issued $400,000,000
in aggregate principal amount of its Mortgage Loan Asset-Backed Certificates
(the "Certificates"), on May 24, 2000 (the "Closing Date").
This Current Report on Form 8-K is being filed to satisfy an
undertaking to file copies of certain agreements executed in connection with the
issuance of the Certificates, the forms of which were filed as Exhibits to the
Registration Statement.
The Certificates were issued pursuant to a Pooling and Servicing
Agreement (the "P&S Agreement") attached hereto as Exhibit 4.1, dated as of May
1, 2000, among the Sponsor, Advanta Mortgage Corp. USA, as Master Servicer, and
Bankers Trust Company of California, N.A., as Trustee.
The primary assets of the Trust are two groups of sub-prime
residential mortgage loans which were conveyed to the Trust on the Closing Date.
As of the Closing Date, the Mortgage Loans had the characteristics described in
the Prospectus dated December 28, 1999 and the Prospectus Supplement dated May
19, 2000 filed pursuant to Rule 424(b)(5) of the Act with the Commission. The
Trust will also hold cash on deposit in a pre-funding account to be used for the
sole purpose of purchasing additional mortgage loans on or before July 31, 2000.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
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1.1 Underwriting Agreement, dated May 19, 2000, between the
Sponsor and Morgan Stanley & Co. Incorporated., as Representative of the
Underwriters.
4.1 Pooling and Servicing Agreement, dated May 1, 2000, among
the Sponsor, Advanta Mortgage Corp. USA, as Master Servicer, and Bankers
Trust Company of California, N.A., as Trustee.
4.2 Certificate Insurance Policy, dated May 24, 2000, and issued and
delivered by Ambac Assurance Corporation.
4.3 Conveyance Agreement, dated May 24, 2000, among Advanta
National Bank, Advanta Finance Corp., Advanta Bank Corp. and Advanta Mortgage
Corp. USA (collectively, the "Originators"), the Sponsor, and Bankers Trust
Company of California, N.A., as Trustee.
4.4 Mortgage Loan Transfer Agreement, dated May 1, 2000, among
the Originators, the Sponsor and Bankers Trust Company of California, N.A.,
as Trustee.
5.1 Opinion of Dewey Ballantine LLP regarding legality of the
registered securities, dated as of May 24, 2000.*
8.1 Opinion of Dewey Ballantine LLP regarding tax matters, dated as
of May 24, 2000.*
10.1 Indemnification Agreement, dated May 19, 2000, among Morgan
Stanley & Co. Incorporated, Salomon Smith Barney Inc., Bear, Stearns & Co.
Inc., and Prudential Securities Incorporated as Underwriters (the
"Underwriters") and Ambac Assurance Corporation, as Certificate Insurer.
10.2 Guaranty, dated May 24, 2000, to Ambac Assurance
Corporation and Morgan Stanley & Co. Incorporated as Representative of the
Underwriters, issued by Advanta Mortgage Holding Company.
10.3 Guaranty, dated May 24, 2000, to Ambac Assurance Corporation
and Advanta Mortgage Loan Trust 2000-1 issued by Advanta Mortgage Holding
Company.
23.1 Consent of KPMG Inc. regarding financial statements of
Ambac Assurance Corporation, and their report.*
* Previously filed on Form 8-K filed with the Securities and
Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
ADVANTA CONDUIT RECEIVABLES, INC.
By: /s/ Michael Coco
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Name: Michael Coco
Title: Vice President
ADVANTA CONDUIT RECEIVABLES, INC.,
as Sponsor on behalf of Advanta Mortgage Loan
Trust 2000-1
By: /s/ Michael Coco
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Name: Michael Coco
Title: Vice President
Dated: May 27, 2000
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EXHIBIT INDEX
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Exhibit No. Description
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1.1 Underwriting Agreement, dated May 19, 2000, between the
Sponsor and Morgan Stanley & Co. Incorporated., as
Representative of the Underwriters.
4.1 Pooling and Servicing Agreement, dated May 1, 2000, among
the Sponsor, Advanta Mortgage Corp. USA, as Master Servicer,
and Bankers Trust Company of California, N.A., as Trustee.
4.2 Certificate Insurance Policy, dated May 24, 2000, and issued and
delivered by Ambac Assurance Corporation.
4.3 Conveyance Agreement, dated May 24, 2000, among Advanta
National Bank, Advanta Finance Corp., Advanta Bank Corp. and
Advanta Mortgage Corp. USA (collectively, the
"Originators"), the Sponsor, and Bankers Trust Company of
California, N.A., as Trustee.
4.4 Mortgage Loan Transfer Agreement, dated May 1, 2000, among
the Originators, the Sponsor and Bankers Trust Company of
California, N.A., as Trustee.
10.1 Indemnification Agreement, dated May 19, 2000, among Morgan
Stanley & Co. Incorporated, Salomon Smith Barney Inc., Bear,
Stearns & Co. Inc., and Prudential Securities Incorporated
as Underwriters (the "Underwriters") and Ambac Assurance
Corporation, as Certificate Insurer.
10.2 Guaranty, dated May 24, 2000, to Ambac Assurance Corporation
and Morgan Stanley & Co. Incorporated as Representative of
the Underwriters, issued by Advanta Mortgage Holding Company.
10.3 Guaranty, dated May 24, 2000, to Ambac Assurance Corporation and
Advanta Mortgage Loan Trust 2000-1 issued by Advanta Mortgage
Holding Company.
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* Previously filed on Form 8-K filed with the Securities and
Exchange Commission.
