-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V10hKkSj1HVVO8UPXbJfV5/o9yO6C8v/OHfzP+svcxGOMO813aTgEm9ye+ZryBtX ALZ7uSMtho7+BNfzd+rbBQ== 0000893220-00-000489.txt : 20000419 0000893220-00-000489.hdr.sgml : 20000419 ACCESSION NUMBER: 0000893220-00-000489 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000417 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CONDUIT RECEIVABLES INC CENTRAL INDEX KEY: 0001082751 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 880360305 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-75295 FILM NUMBER: 604096 BUSINESS ADDRESS: STREET 1: ATTN: GENERAL COUNSEL STREET 2: 10790 RANCHO BERNARDO ROAD CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: 6196741800 MAIL ADDRESS: STREET 1: ATTN: GENERAL COUNSEL STREET 2: 10790 RANCHO BERNARDO ROD CITY: SAN DIEGO STATE: CA ZIP: 92127 8-K 1 ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A 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) - -------------------------------------------------------------------------------- 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:
Exhibit No. Description ----------- ----------- 99.1 Related Computational Materials
-2- 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- 4 EXHIBIT INDEX
Exhibit No. Description ----------- ----------- 99.1 Related Computational Materials (as defined in Item 5 above)
-4- EX-99.1 2 COMPUTATIONAL MATERIAL 1 EXHIBIT 99.1 COMPUTATIONAL MATERIAL 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 $[400,000,000] ASSET-BACKED NOTES COMPUTATIONAL MATERIALS Recipients of these Computational Materials must read and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on the information contained herein. In addition, recipients of these Computational Materials may only use or rely on the information contained herein if read in conjunction with the related Prospectus and Prospectus Supplement. If you have not received the statement described above or the related Prospectus and Prospectus Supplement, please contact your account executive at Bear, Stearns & Co. Inc. Page 2 [BEAR STEARNS LOGO] 3 ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A Computational Materials
EXPECTED APPROXIMATE EXPECTED AVERAGE PRINCIPAL EXPECTED OFFERED SIZE RATINGS LIFE (1) WINDOW (1) DAY FINAL LEGAL FINAL SECURITIES ($ MILLIONS) (MOODY'S/S&P) (CALL / MAT) (CALL / MAT) COUNT MATURITY MATURITY ---------- ------------ ------------- ------------ ------------ ----- -------- -------- Notes $[ 400.0 ] Aaa/AAA 2.54 / 2.73 86 / 171 Act/360 6/25/07 8/25/24
(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] 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] 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] 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] 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] 8 ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A Computational Materials AVERAGE LIFE SENSITIVITY TABLES TO 10% CALL
% PREPAYMENT IN CPR CONSTANT DRAW RATE 10% 20% 25% 30% 35% 40% 45% - ------------------------------------------------------------------------------ 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
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] 9 ADVANTA REVOLVING HOME EQUITY LOAN TRUST 2000-A Computational Materials DECREMENT TABLE
Notes to 10% CALL ---------------------------------------------------------------------- CPR % 10% 20% 25% 30% 35% 40% 45% DRAW % 5% 5% 5% 5% 5% 5% 5% ---- ---- ---- ---- ---- ---- ---- PAYMENT DATE 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
(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] 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. - ----------------------------------------------------------------------------
CUT-OFF DATE: 3/31/00 Minimum Maximum 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
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] 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
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE LOCATION OF LOANS CUT-OFF DATE CUT-OFF DATE - -------- -------- --------------------- --------------------- 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% ====== ================== =======
*Other includes any State that did not make the top ten distribution on a percentage basis. PROPERTY TYPES
% 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 - -------------- -------- --------------------- --------------------- 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% ====== ================== =======
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] 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
% 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 - ------------- --------- --------------------- --------------------- 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% ========= ===================== =====================
OCCUPANCY STATUS
% 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 - ---------------- --------- --------------------- --------------------- 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% ========= ===================== =====================
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] 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.
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 - --------------------------- -------- --------------------- ---------------------- $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% ======== ===================== ======================
Min: $0.00 Max: $400,000.00 Average Principal Balance $30,311.71
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 - --------------------------- -------- --------------------- ---------------------- $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% ======== ===================== ======================
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] 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 % 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 - --------------------------------------------- -------- --------------------- ------------------ 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%
COUPON RATES % 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 - --------------------------------------------- -------- --------------------- --------------------- 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%
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] 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
% 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 - --------------------------------- -------- --------------------- ---------------------- 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%
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] 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
- --------------------------------------------------------------------------------------------------------------------------- % 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 - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- 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%
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] 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
% 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 - ----------------------------------------- -------- --------------------- --------------------- 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%
REMAINING TERMS TO MATURITY
% 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 - --------------------------------------------- -------- --------------------- --------------------- 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
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] 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
% 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 - ------------------- -------- --------------------- --------------------- 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% ======== ===================== =====================
Min: 0 months Max: 21 months WA by Current Balance: 2 months DELINQUENCY STATUS
% 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 - ------------------------- -------- --------------------- --------------------- 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% ======== ===================== =====================
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] -----END PRIVACY-ENHANCED MESSAGE-----