-----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, Hw+SZoekL/681CKbux/vHkiv7kXRXY072cc9eiyHmE0MnPBxlFa1rCXGTBtFylKu Kyz296xqW/ozbasAGjn+9g== 0000950123-09-012995.txt : 20090610 0000950123-09-012995.hdr.sgml : 20090610 20090610164131 ACCESSION NUMBER: 0000950123-09-012995 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090610 ITEM INFORMATION: Other Events FILED AS OF DATE: 20090610 DATE AS OF CHANGE: 20090610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 231462070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14120 FILM NUMBER: 09885034 BUSINESS ADDRESS: STREET 1: P.O. BOX 844 STREET 2: WELSH & MCKEAN ROADS CITY: SPRING HOUSE STATE: PA ZIP: 19477 BUSINESS PHONE: 2154445341 MAIL ADDRESS: STREET 1: C/O WELSH & MCKEAN ROADS STREET 2: P.O. BOX 844 CITY: SPRING HOUSE STATE: PA ZIP: 19477-0844 FORMER COMPANY: FORMER CONFORMED NAME: TSO FINANCIAL CORP DATE OF NAME CHANGE: 19880306 FORMER COMPANY: FORMER CONFORMED NAME: TEACHERS SERVICE ORGANIZATION INC DATE OF NAME CHANGE: 19850812 8-K 1 w74436e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
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) June 10, 2009
Advanta Corp.
 
(Exact name of registrant as specified in its charter)
         
Delaware   0-14120   23-1462070
 
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
     
Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania   19477
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code (215) 657-4000
 
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 8.01 Other Events.
As previously disclosed, Advanta Corp. (the “Company”) has been expecting that its securitization transactions would begin early amortization in June 2009 based on the securitization trust’s performance for the May monthly period. Also as previously disclosed, as part of an overall plan to limit the Company’s credit loss exposure, in connection with the expected early amortization of the securitization transactions, the Company closed all of its customer accounts to future use effective May 30, 2009. As expected, on June 10, 2009, Advanta Business Receivables Corp. (“ABRC”), a wholly-owned subsidiary of the Company, filed a Form 8-K with the Securities and Exchange Commission (the “SEC”) reporting that an early amortization event has occurred for the Advanta Business Card Master Trust (“ABCMT”), as more fully described below.
Defined terms used in this Form 8-K but not defined herein have the meanings ascribed to them in:
  •   the ABCMT Master Indenture dated as of August 1, 2000 (as amended, the “Master Indenture”), which was filed with the SEC by ABRC on a Form 8-K on August 30, 2000 (File No. 333-32874; CIK 0001107920) (the “August 2000 Form 8-K”), as amended by Amendment No. 1 thereto, dated as of May 9, 2006, which was filed with the SEC by ABRC on a Form 8-K on May 19, 2006 (File No. 333-32874; CIK 0001107920) (the “May 2006 Form 8-K”);
 
  •   the Transfer and Servicing Agreement, dated as of August 1, 2000, which was filed with the SEC by ABRC on the August 2000 Form 8-K, as amended by Amendment No. 1 thereto, dated as of May 9, 2006, which was filed with the SEC by ABRC on the May 2006 Form 8-K; and
 
  •   the AdvantaSeries Indenture Supplement, dated as of November 1, 2004 (“AdvantaSeries Supplement” and together with the Master Indenture, the “Indenture”), which was filed with the SEC by ABRC on a Form 8-K on November 12, 2004 (File No. 333-81788; CIK 0001107920).
The AdvantaSeries Excess Spread Amount for the May Monthly Period was negative and caused the average Excess Spread Amount for the preceding three Monthly Periods (March through May) to be negative, resulting in an AdvantaSeries Pay Out Event pursuant to section 6.01(c) of the AdvantaSeries Supplement. As a result of the occurrence of this AdvantaSeries Pay Out Event, beginning on the June 22, 2009 Payment Date, principal on the outstanding AdvantaSeries Notes will become payable pursuant to, and in accordance with, the terms of the Indenture. As of the date of this filing, the aggregate outstanding principal amount of the AdvantaSeries Notes is $3,670,000,000.
Payments of principal to the Advanta Series Noteholders will only occur to the extent of available collections allocated to the AdvantaSeries and will be subject to the terms of the Indenture, including, among other things, the subordination provisions. Beginning on June 1, 2009 and subject to the terms of the Indenture, all ABCMT principal collections that are allocated to the AdvantaSeries are being deposited by the Servicer into the Collection Account for payment to the AdvantaSeries Noteholders. The AdvantaSeries Notes are obligations of ABCMT and are not obligations of Advanta Business Receivables Corp, Advanta Bank Corp., the Company or any of their affiliates.

 

 

Collections of Finance Charge and Administrative Receivables allocated to the AdvantaSeries are being deposited by the Servicer into the Collection Account and, to the extent available, will continue to be used to make payments of interest on the AdvantaSeries Notes and other payments in accordance with the terms of the Indenture.
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 Corp.
(Registrant)
 		  
Date: June 10, 2009 By:   /s/ Jay A. Dubow    
    Jay A. Dubow, Chief   
    Administrative Officer, Senior Vice President, Secretary and General Counsel   
 

 

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