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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) November 22, 1996
Advanta Revolving Home Equity Loan Trust 1996-A
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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
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 $1,100,000,000 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 Revolving Home
Equity Loan Trust 1996-A (the "Registrant" or the "Trust") issued approximately
$50,000,000 in aggregate principal amount of its Revolving Home Equity Loan
Asset-Backed Certificates, Series 1996-A (the "Certificates"), on November 22,
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 November 1, 1996, among Advanta Mortgage Conduit
Services, Inc. (the "Company"), Advanta Mortgage Corp. USA, in its capacity as
master servicer (the "Master Servicer"), Advanta National Bank USA as Originator
(the "Originator") and Bankers Trust Company of California, N.A., in its
capacity as Trustee (the "Trustee"). The Certificates consist of one registered
class, the Class A Certificates. The Certificates represent undivided beneficial
ownership interests in the Trust. The Originator will also retain an
uncertificated interest in the Trust.
The assets of the Trust initially will include a pool of
revolving home equity loans (the "Mortgage Loans") secured by mortgages or deeds
of trust (the "Mortgages") on one-to-four family residential properties.
Interest distributions on the Class A Certificates are based
on the Certificate Principal Balance thereof and the then applicable Class A
Interest Rate thereof. The Class A Interest Rate is a variable rate for the
Certificates.
The Certificates have an aggregate principal amount of
$50,000,000.
As of the Closing Date, the Mortgage Loans possessed the
characteristics described in the Prospectus dated September 6, 1996 and the
Prospectus Supplement dated
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November 15, 1996 filed pursuant to Rule 424(b)(5) of the Act on November 20,
1996.
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement, dated November 15, 1996 between
Advanta Mortgage Conduit Services, Inc., Advanta National Bank USA and Lehman
Brothers, Inc.
4.1 Pooling and Servicing Agreement, dated as of November 1,
1996, between Advanta Mortgage Conduit Services, Inc., as sponsor, Advanta
Mortgage Corp. USA, as master servicer, Advanta National Bank USA, as
originator, and Bankers Trust Company of California, N.A., as trustee.
4.2 Advanta Mortgage Holding Company Guaranty.
4.3 Certificate Insurance Policy.
99.1 Indemnification Agreement dated as of November 22, 1996,
between Advanta National Bank USA, Lehman Brothers, Inc. and MBIA Insurance
Corporation in connection with the Underwriting Agreement.
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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 hereunto duly authorized.
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1996-A
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: December 6, 1996
EXHIBIT INDEX
Exhibit No. Description Page No.
1.1 Underwriting Agreement, dated November
15, 1996 between Advanta Mortgage
Conduit Services, Inc., Advanta
National Bank USA and Morgan Stanley &
Co. Incorporated. 7
4.1 Pooling and Servicing Agreement, dated
as of December 1, 1996, between
Advanta Mortgage Conduit Services,
Inc., as sponsor, Advanta National
Bank USA, as Originator, Advanta
Mortgage Corp. USA, as master
servicer, and Bankers Trust Company of
California, N.A., as Trustee. 50
4.2 Advanta Mortgage Holding Company
Guaranty. 184
99.1 Indemnification Agreement dated as of
November 23, 1996, between Advanta
National Bank USA, Lehman Brothers,
Inc. and MBIA Insurance Corporation in
connection with the Underwriting
Agreement. 190