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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) December 19, 1996
Advanta Mortgage Loan Trust 1996-4
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(Exact name of registrant as specified in its charter)
New York 33-99510 Application Pending
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Advanta Mortgage Conduit 92127
Services, Inc. ----------
Attention: Milton Riseman (Zip Code)
16875 West Bernardo Drive
San Diego, California
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (619) 674-1800
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No Change
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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 Mortgage Conduit Services, Inc. registered issuances
of up to $638,000,000 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 Statements
on Form S-3 (Registration File No. 33-99510 (as amended, the "Registration
Statement"). Pursuant to the Registration Statement, Advanta Mortgage Loan Trust
1996-4 (the "Registrant" or the "Trust") issued approximately $330,000,000 in
aggregate principal amount of its Mortgage Loan Asset-Backed Certificates,
Series 1996-4 (the "Certificates"), on December 19, 1996. 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 Statements.
The Certificates were issued pursuant to a Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement") attached hereto as
Exhibit 4.1, dated as of December 1, 1996, between Advanta Mortgage Conduit
Services, Inc. (the "Company"), Advanta Mortgage Corp. USA, in its capacity as
master servicer (the "Master Servicer") and Bankers Trust Company of California,
N.A., in its capacity as Trustee (the "Trustee"). The Certificates consist of
two registered classes, the Class A-1 and Class A-2 (collectively, the "Class A
Certificates"), the Class R Certificates (the "Class R Certificates" and,
together with the Class A Certificates, the "Certificates"). The Certificates
initially evidence, in the aggregate, 100% of the undivided beneficial ownership
interests in the Trust.
The assets of the Trust initially will include two investment
pools (each, a "Mortgage Loan Group" or "Group") of closed-end mortgage loans
(the "Mortgage Loans") secured by mortgages or deeds of trust (the "Mortgages")
on one-to-four family residential properties. The Class A-1 Group I Certificates
represent undivided ownership interests in a pool of fixed-rate Mortgage Loans
secured by Mortgages which may be either in a first or in a junior lien
position. The Class A-2 Group II Certificates represent undivided ownership
interests in a group of variable rate Mortgage Loans secured by Mortgages which
may be either in a first or in a junior lien position.
Interest distributions on the Class A Certificates are based
on the Certificate Principal Balance thereof and the then applicable
Pass-Through Rate thereof. The Pass-
Through Rate is Variable Rate for the Class A-1 Certificates and the Class A-2
Certificates.
The Class A-1 Certificates have an aggregate principal amount
of $210,000,000. The Class A-2 Certificates have an aggregate principal amount
of $120,000,000.
As of the Closing Date, the Mortgage Loans possessed the
characteristics described in the Prospectus dated September 6, 1996 and the
Prospectus Supplement dated December 6, 1996 filed pursuant to Rule 424(b)(5) of
the Act on September 19, 1996.
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement, dated December 6,
1996 between Advanta Mortgage Conduit Services, Inc. and
Prudential Securities Incorporated, as representative of the
Underwriters (the "Representative").
4.1 Pooling and Servicing Agreement, dated as of December 1,
1996, between Advanta Mortgage Conduit Services, Inc., as sponsor, Advanta
Mortgage Corp. USA, as master servicer, and Bankers Trust Company of California,
N.A., as Trustee.
4.2 Master Loan Transfer Agreement, dated as of February 15,
1995, between Advanta Mortgage Conduit Services, Inc., as sponsor, Advanta
National Bank, USA, Advanta Mortgage Corp. Midatlantic, Advanta Mortgage Corp.
Midatlantic II, Advanta Mortgage Corp. Midwest, Advanta Mortgage Corp. of New
Jersey, Advanta Mortgage Corp. Northeast and Advanta Mortgage Corp. USA
(collectively, the "Affiliated Originators"), and Bankers Trust Company, as
trustee.
4.3 Conveyance Agreement dated as of December 19, 1996 between
the Affiliated Originators and Advanta Mortgage Conduit Services, Inc.
4.4 Advanta Mortgage Holding Company Guaranty.
4.5 Certificate Insurance Policy.
24.1 Consent of KPMG Peat Marwick regarding financial
statements of the Certificate Insurer and its reports.
28.1 Indemnification Agreement dated as of December 1, 1996,
between Advanta Mortgage Conduit Services, Inc., Prudential Securities
Incorporated and Financial Guaranty Insurance Company in connection with the
Underwriting Agreement.
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 MORTGAGE LOAN TRUST 1996-4
By: Advanta Mortgage Conduit Services,
Inc., as Sponsor
By: /s/ Mark T. Dunsheath
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Name: Mark T. Dunsheath
Title: Vice President
Dated: January 2, 1996
EXHIBIT INDEX
Exhibit No. Description Page No.
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1.1 Underwriting Agreement, dated December
6, 1996 between Advanta Mortgage
Conduit Services, Inc. and Prudential
Securities Incorporated. 7
4.1 Pooling and Servicing Agreement, dated
as of December 1, 1996, between
Advanta Mortgage Conduit Services,
Inc., as sponsor, Advanta Mortgage
Corp. USA, as master servicer, Bankers
Trust Company of California, N.A., as
Trustee. 51
4.2 Master Loan Transfer Agreement, dated
as of February 15, 1995, between
Advanta Mortgage Conduit Services,
Inc., as sponsor, Advanta National
Bank, USA, Advanta Mortgage Corp.
Midatlantic, Advanta Mortgage Corp.
Midatlantic II, Advanta Mortgage Corp.
Midwest, Advanta Mortgage Corp. of New
Jersey, Advanta Mortgage Corp.
Northeast and Advanta Mortgage Corp.
USA (collectively, the "Affiliated
Originators"), and Bankers Trust
Company, as trustee. 185
4.3 Conveyance Agreement dated as of
December 19, 1996 between the
Affiliated Originators and Advanta
Mortgage Conduit Services, Inc. 211
4.4 Advanta Mortgage Holding Company
Guaranty. 215
4.5 Certificate Insurance Policy. 219
24.1 Consent of KPMG Peat Marwick regarding
financial statements of the
Certificate Insurer and its report. 224
28.1 Indemnification Agreement dated as of
December 1, 1996, between Advanta
Mortgage Conduit Services, Inc.,
Prudential Securities Incorporated and
Financial Guaranty Insurance Company
in connection with the Underwriting
Agreement. 226