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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)
August 24, 1999
Advanta Conduit Receivables, Inc.
(Exact name of registrant as specified in its charter)
Nevada 333-75295 88-0360305
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
Attention: General Counsel
10790 Rancho Bernardo Drive
San Diego, California 92127
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number,
including area code (858) 676-3099
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Advanta Conduit Receivables, Inc., as Sponsor
on behalf of Advanta Mortgage Loan Trust 1999-3
(Exact name of registrant as specified in its charter)
Nevada 333-75295-01 88-0360305
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
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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 Conduit Receivables, Inc. (the "Registrant" or the
"Sponsor") registered an issuance of $1,699,051,007.20 in 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 Statement on Form S-3 (File No. 333-75295) (the
"Registration Statement").
Pursuant to the Registration Statement, the Sponsor formed
Advanta Mortgage Loan Trust 1999-3 (the "Trust") which issued approximately
$525,000,000 in aggregate principal amount of its Mortgage Loan Asset-Backed
Certificates (the "Certificates"), on August 24, 1999 (the "Closing Date").
This Current Report on Form 8-K is being filed to satisfy an
undertaking to file copies of certain opinions issued in connection with the
issuance of the Certificates, the forms of which were filed as Exhibits to the
Registration Statement.
The primary assets of the Trust are pool of closed-end
mortgage loans ("Mortgage Loans"), used predominantly to refinance an existing
mortgage loan on more favorable terms, to consolidate debt or to obtain cash
proceeds by borrowing against the related borrower's equity in the real property
and improvements pledged to secure the related Mortgage Loan, secured primarily
by mortgages on single-family residences (which may be detached, part of a
two-to four-family dwelling, a condominium unit or a unit in a planned unit
development) which were conveyed to the Trust on the Closing Date. As of the
Closing Date, the Mortgage Loans had the characteristics described in the
Prospectus dated August 10, 1999, the Preliminary Prospectus Supplement dated
August 13, 1999 filed pursuant to Rule 424(b)(3) of the Act with the Commission
and the Prospectus Supplement dated August 17, 1999 filed pursuant to Rule
424(b)(2) of the Act with the Commission.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
5.1 Opinion of Dewey Ballantine LLP regarding legality of the
registered securities, dated August 24, 1999.
8.1 Opinion of Dewey Ballantine LLP regarding tax matters,
dated August 24, 1999.
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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 CONDUIT RECEIVABLES, INC.
By: /s/ Michael Coco
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Name: Michael Coco
Title: Vice President
ADVANTA CONDUIT RECEIVABLES, INC., as
Sponsor on behalf of Advanta Mortgage Loan
Trust 1999-3.
By: /s/ Michael Coco
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Name: Michael Coco
Title: Vice President
Dated: August 24, 1999
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EXHIBIT INDEX
Exhibit No. Description
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5.1 Opinion of Dewey Ballantine LLP regarding legality of the
registered securities, dated as of August 24, 1999.
8.1 Opinion of Dewey Ballantine LLP regarding tax matters, dated
as of August 24, 1999.