Item 1.
Business.
The Advanta Business Card Master Trust (the “Trust”) was organized by Advanta Business Receivables Corp. (the “Transferor”), pursuant to the Trust Agreement (the “Trust Agreement”) dated as of August 1, 2000, between the Transferor and Wilmington Trust Company as owner trustee (the “Owner Trustee”). Pursuant to the Receivables Purchase Agreement dated as of August 1, 2000, between Advanta Bank Corp. (“ABC”) as seller and the Transferor as purchaser, ABC transferred all of its rights, title and interest in, to and under certain credit card receivables arising from time to time in designated accounts (the “Receivables”) to the Transferor. The Transferor, in turn, transferred all of its rights, title and interest in, to and under the Receivables to the Trust, pursuant to the Transfer and Servicing Agreement dated as of August 1, 2000 (the “Transfer and Servicing Agreement”), among the Transferor, ABC as servicer (the “Servicer”) and the Trust. Under the Transfer and Servicing Agreement, the Servicer has agreed to service and administer the Receivables as agent for the Transferor and the Trust. The Trust and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) as indenture trustee (the “Indenture Trustee”) entered into a master indenture (the “Master Indenture”) dated as of August 1, 2000. The Master Indenture is supplemented by various series supplements providing for the issuance of notes, in varying series. Publicly registered and outstanding notes existing as of December 31, 2003 are the following: Series 2000-C Asset-Backed Notes, Class A, Class B and Class C; Series 2001-A Asset-Backed Notes, Class A, Class B and Class C; Series 2002-A Asset-Backed Notes, Class A, Class B and Class C; Series 2003-A Asset-Backed Notes, Class A, Class B and Class C; Series 2003-B Asset-Backed Notes, Class A, Class B and Class C; Series 2003-C Asset-Backed Notes, Class A-1, Class A-2, Class B, Class C-1 and Class C-2; and Series 2003-D Asset-Backed Notes, Class A, Class B and Class C (these publicly registered notes are collectively referred to as the “Notes”). The Notes represent interests in the Trust only and do not represent interests in or obligations of the Transferor, ABC, Advanta Corp. or any affiliate thereof.
The Registrant has prepared this Form 10-K in reliance upon various no-action letters issued by the Securities and Exchange Commission (the “Commission”) to other trusts which are substantially similar to the Trust. Items designated herein as “Not Applicable” have been omitted as a result of this reliance.
Item 2.
Item 2.
Properties.
The Trust’s assets consist primarily of a pool of receivables in a portfolio of revolving business credit card accounts originated or acquired by ABC.
Item 3.
Item 3.
Legal Proceedings.
The Transferor is not aware of any material pending litigation involving the Trust, the Owner Trustee, the Indenture Trustee, the Transferor or ABC with respect to the Notes or the property or activities of the Trust. The Transferor is aware that the Servicer is a party to various legal proceedings resulting from the ordinary business activities relating to its current and discontinued operations.
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Item 4.
Item 4.
Submission of Matters to a Vote of Security Holders.
No vote or consent of holders of any Notes was solicited for any purpose during the year ended December 31, 2003.
PART II
Item 5.
Item 5.
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Each class of Notes is represented by a single Note of such class registered in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”).
(a) Not Applicable.
(b) Not Applicable.
Item 6.
Item 6.
Selected Financial Data.
Not Applicable.
Item 7.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Not Applicable.
Item 7A.
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable.
Item 8.
Item 8.
Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A.
Item 9A.
Controls and Procedures.
Not Applicable.
PART III
Item 10.
Item 10.
Directors and Executive Officers of the Registrant.
Not Applicable.
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Item 11.
Item 11.
Executive Compensation.
Not Applicable.
Item 12.
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
There is no established public trading market for the Registrant’s common equity.
There are no securities for issuance under equity compensation plans.
Each class of Notes is represented by a single Note registered in the name of Cede & Co., the nominee of DTC, and an investor holding a beneficial interest in a Note is not entitled to receive a note representing such interest except in certain limited circumstances. Accordingly, Cede & Co. is the sole holder of record of the Notes, which it holds on behalf of brokers, dealers, banks and other direct participants in the DTC system. Such direct participants may hold Notes for their own accounts or for the accounts of their customers. The name and address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
55 Water Street
New York, New York 10041
Item 13.
Item 13.
Certain Relationships and Related Transactions.
There have not been, and there are not currently proposed, any transaction or series of transactions, to which the Trust, the Transferor, the Servicer, or the Owner Trustee on behalf of the Trust, is a party with any holder of a Note who owns of record or beneficially more than five percent of the Notes.
Item 14.
Item 14.
Principal Accountant Fees and Services.
Not Applicable.
Item 15.
Item 15.
Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(b) The following reports on Form 8-K were filed by the Registrant during fiscal year 2003, including “Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits”:
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Michael Coco
Michael Coco
President, Director
Dated: March 29, 2004
Susan McVeigh
Vice President and Treasurer, Director
Dated:
/s/ Mark Shapiro
Mark Shapiro
Vice President and Assistant Treasurer, Director
Dated: March 29, 2004
/s/ Janice C. George
Janice C. George
Director
Dated: March 29, 2004
/s/ Francis B. Jacobs, II
Francis B. Jacobs, II
Director
Dated: March 29, 2004
EXHIBIT INDEX
*
Filed electronically herewith.
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