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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 24, 1999
Advanta Mortgage Conduit Services, Inc., as Sponsor
on behalf of Advanta Revolving Home Equity Loan Trust 1999-A
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 333-77297 23-2723382
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
Advanta Conduit Receivables, Inc.
(Exact name of registrant as specified in its charter)
Nevada 333-77927 88-0360305
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
Attention: General Counsel
10790 Rancho Bernardo Road
San Diego, California 92127
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (619) 674-1800
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16875 West Bernardo Drive, San Diego, California 92127
(Former name or former address, if changed since last report)
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Item 5. Other Events
The consolidated financial statements of Ambac Assurance Corporation
and subsidiaries as of December 31, 1998 and December 31, 1997, for each of the
years in the three-year period ended December 31, 1998, prepared in accordance
with generally accepted accounting principles, included in the Annual Report on
Form 10-K of Ambac Financial Group, Inc. (which was filed with the Securities
and Exchange Commission on March 30, 1999; Commission File Number 1-10777) and
the unaudited consolidated financial statements of Ambac Assurance Corporation
and subsidiaries as of March 31, 1999, and for the periods ended March 31, 1999
and March 31, 1998, included in the Quarterly Report on Form 10-Q of Ambac
Financial Group, Inc. for the period ended March 31, 1999 (which was filed with
the Securities and Exchange Commission on May 12, 1999) are hereby incorporated
by reference in (i) this Current Report on Form 8-K; (ii) the prospectus; and
(iii) the prospectus supplement, and shall be deemed to be part hereof and
thereof.
In connection with the issuance of the Certificates, the Company is
filing herewith the consent of KPMG LLP ("KPMG") to the use of their name and
the incorporation by reference of their report in the prospectus supplement
relating to the issuance of the Certificates. The consent of KPMG is attached
hereto as Exhibit 23.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable.
(c) Exhibits
Exhibit No. Description
23.1 Consent of KPMG LLP
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
By: Advanta Mortgage Conduit Services, Inc.
By: /s/ Michael Coco
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Name: Michael Coco
Title: Vice President
ADVANTA CONDUIT RECEIVABLES, INC.
By: /s/ Michael Coco
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Name: Michael Coco
Title: Vice President
Dated: May 24, 1999
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EXHIBIT INDEX
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Exhibit No. Description
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23.1 Consent of KPMG LLP
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EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration statement (No.
333-77927) of Advanta Mortgage Conduit Services, Inc., and Advanta Conduit
Receivables Inc. (together, the "Registrant") relating to the Advanta Revolving
Home Equity Trust 1999-A and in the Prospectus Supplement of the Registrant (the
"Prospectus Supplement") via the Form 8-K of the Registrant dated May 20, 1999,
of our report dated January 27, 1999 on the consolidated financial statements of
Ambac Assurance Corporation and subsidiaries as of December 31, 1998 and 1997,
and for each of the years in the three-year period ended December 31, 1998 which
report appears in the Form 10-K of Ambac Financial Group, Inc., which was filed
with the Securities and Exchange Commission on March 30, 1999 and to the
reference to our firm under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG LLP
New York, New York
May 24, 1999
