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
July 10, 2002
ADVANTA EQUIPMENT RECEIVABLES SERIES 2000-1 LLC
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(Exact name of registrant as specified in its charter)
NV 333-93915 88-0454146
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(State or Other (Commission File (I.R.S. Employer Identification
Jurisdiction of Incorporation) Number) No.)
639 Isbell Road, Suite 390-1
Reno, NV 89509
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code 775-823-3080
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No Change
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(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits
The following exhibit is furnished herewith:
21 Monthly Servicer's Certificate issued on July 10, 2002
relating to the Equipment Receivables Asset-Backed Notes,
Series 2000-1, prepared by the Servicer and sent to the
Trustee pursuant to Section 2.01(a) of the Series 2000-1
Transfer and Servicing agreement dated as of March 1, 2000
covering the period of June 1, 2002 through June 30, 2002.
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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 thereunto duly authorized.
ADVANTA EQUIPMENT RECEIVABLES
SERIES 2000-1 LLC,
As Registrant
By /s/ MARK SHAPIRO
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Name: Mark Shapiro
Title: Manager
Dated: July 10, 2002
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Exhibit Index
Exhibit No. Page
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21.1 Monthly Servicer's Certificate dated July 10, 2002 prepared by the 8
Servicer and sent to the Trustee pursuant to Section
2.01 (a) of the Series 2000-1 Transfer and Servicing
Agreement covering the period of June 1, 2002 through
June 30, 2002.
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NOTE:
For the March 2002 collection period, the Loss Trigger Level Percentage
increased from 6.00% to 7.25%. The change in the Loss Trigger Level Percentage
has resulted in a cure of the trigger event starting in March 2002. Previously
we had hit the Cumulative Net Loss Percentage trigger event as of the end of
October 2001 collection period. At that time the Cumulative Net Loss Percentage
exceeded the Loss Trigger Level Percentage of 6.00%.
Since the trigger event cured, payment of the monthly principal payment amount
to each of the classes based upon the Class A percentage, Class B percentage,
Class C percentage, Class D percentage, Class E percentage and Class F
percentage has resumed to the extent any overdue principal, on a more senior
class, has been paid in full. It should be noted that the payment allocations
made following the trigger event resulted in overdue principal amounts payable
on the Class B and Class C, Class D and Class E notes. During such time that the
trigger event is cured, all overdue principal amounts will be paid in full, in
accordance with the deal documents, to the Class B then to the Class C, then to
the Class D and, finally, Class E.
At this time, we expect the trigger event cure to last between three and six
months. If the portfolio performance continues to improve, the trigger event
cure may last longer.
If a trigger event recurs, principal payments would be made sequentially, so
that available funds, after paying amounts due to the trustee and the servicer
and after paying interest on the notes, would be applied to pay the full
principal amount of each class before any amount is used to pay the next class.
As such, principal would be paid in full on Class A-3, then Class B, then Class
C, then Class D, then Class E and, finally, Class F.