Document:

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                                                                     Exhibit 4.4
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                        MORTGAGE LOAN TRANSFER AGREEMENT

                                  by and among

                       ADVANTA MORTGAGE RECEIVABLES, INC.
                           ADVANTA MORTGAGE CORP. USA,
                         ADVANTA MORTGAGE CORP. MIDWEST
                             ADVANTA NATIONAL BANK,
                               ADVANTA BANK CORP.,
                                 as Originators

                   BANKERS TRUST COMPANY OF CALIFORNIA, N.A.,
                                   as Trustee

                                       and

                       ADVANTA CONDUIT RECEIVABLES, INC.,
                                   as Sponsor

                           Dated as of August 1, 2000
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                                TABLE OF CONTENTS
<TABLE>
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SECTION 1   Definitions....................................................     1

SECTION 2   Interest Calculations..........................................     3

SECTION 3   Transfers of Mortgage Loans....................................     3

SECTION 4   Representations, Warranties and Covenants Regarding the
            Originators and the Sponsor ...................................     3

SECTION 5   Representations and Warranties of the Originators Regarding the
            Mortgage Loans ................................................     7

SECTION 6   Authorized Representatives.....................................    13

SECTION 7   Notices........................................................    13

SECTION 8   Governing Law..................................................    13

SECTION 9   Assignment.....................................................    13

SECTION 10  Counterparts...................................................    14

SECTION 11  Amendment......................................................    14

SECTION 12  Severability of Provisions.....................................    14

SECTION 13  No Agency; No Partnership or Joint Venture.....................    14

SECTION 14  Further Assurances.............................................    14

SECTION 15  The Certificate Insurer........................................    14

SECTION 16  Maintenance of Records.........................................    14
</TABLE>

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         THIS MORTGAGE LOAN TRANSFER AGREEMENT, dated as of August 1, 2000,
among Advanta Mortgage Receivables, Inc., Advanta Mortgage Corp. USA, Advanta
Mortgage Corp. Midwest, Advanta National Bank, and Advanta Bank Corp, each as a
seller (each, an "Originator" and collectively, the "Originators"), Bankers
Trust Company of California, N.A., as trustee (the "Trustee") and Advanta
Conduit Receivables, Inc., as sponsor (the "Sponsor");

                              W I T N E S S E T H:

                  WHEREAS, each Originator is an originator or purchaser of
mortgage loans, and all of the Mortgage Loans (as defined herein) were
originated or purchased by the Originators;

                  WHEREAS, the Mortgage Loans are currently owned by the
Originators;

                  WHEREAS, the Originators and the Sponsor expect to cause the
Mortgage Loans owned by the Originators to be conveyed to the Sponsor and then
to the Trust in connection with a securitization transaction sponsored by the
Sponsor; and

                  NOW, THEREFORE, in consideration of the foregoing and the
mutual agreements herein contained, the parties hereto hereby agree as follows:

                  SECTION 1 Definitions. Whenever used in this Agreement or in
the Conveyance Agreement, the following words and phrases, unless the context
otherwise requires, shall have the meanings specified in this Section 1;
provided, however, that any capitalized terms used herein or in the Conveyance
Agreement and not defined herein shall have their respective meanings as set
forth in the Pooling and Servicing Agreement (as defined below).

                  Agreement: This Mortgage Loan Transfer Agreement, as it may be
amended from time to time, including the exhibits and supplements hereto.

                  Conveyance Agreement: The conveyance agreement relating to a
Mortgage Pool, in substantially the form set forth as Exhibit A hereto.

                  Coupon Rate: The rate of interest borne by each Note.

                  Cut-Off Date: With respect to any Mortgage Pool, the date
defined as such in the Conveyance Agreement.

                  Fannie Mae: The Federal National Mortgage Association, a
federally-chartered and privately-owned corporation existing under the Federal
National Mortgage Association Charter Act, as amended, or any successor thereof.

                  FDIC: The Federal Deposit Insurance Corporation, or any
successor thereto.

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                  Freddie Mac: The Federal Home Loan Mortgage Corporation, a
corporate instrumentality of the United States created pursuant to the Emergency
Home Finance Act of 1970, as amended, or any successor thereof.

                  First Mortgage Loan: A Mortgage Loan which constitutes a first
priority mortgage lien with respect to any Property.

                  Junior Mortgage Loan: A Mortgage Loan which constitutes a
junior priority mortgage lien with respect to the related Property.

                  Loan Balance: With respect to each Mortgage Loan, the
outstanding principal balance thereof on the Cut-Off Date, less any payments of
principal on such Mortgage Loan that was transferred by the Master Servicer or
any Sub-Servicer to the Trustee for deposit in the Certificate Account.

                  Master Servicer: Advanta Mortgage Corp. USA, a Delaware
corporation, and its permitted successors and assigns.

                  Mortgage File: The documents delivered to the Trustee pursuant
to the document delivery provisions of the Pooling and Servicing Agreement
pertaining to a particular Mortgage Loan.

                  Mortgage Loans: Each of the mortgage loans subject hereto
together with any Qualified Replacement Mortgages substituted therefor in
accordance with the Pooling and Servicing Agreement.

                  Mortgage Pool: The group of Mortgage Loans transferred to the
Sponsor and/or to the Trust pursuant to the Conveyance Agreement.

                  Note: The note or other evidence of indebtedness of a
Mortgagor under a Mortgage Loan.

                  Offered Certificates: The Class A Certificates issued by the
Trust.

                  Person: Any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

                  Pooling and Servicing Agreement: The Pooling and Servicing
Agreement dated as of August 1, 2000, by and among Advanta Conduit Receivables,
Inc. as Sponsor, Advanta Mortgage Corp. USA, as master servicer, and Bankers
Trust Company of California, N.A., as trustee.

                  Property: The underlying property securing a Mortgage Loan.

                  Qualified Mortgage: Shall have the meaning set forth from time
to time in the definition thereof at Section 860G(a)(3) of the Code (or any
successor statute thereto) and applicable to the Trust and the Mortgage Loan.

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                  Trust: Advanta Mortgage Loan Trust 2000-2, the trust created
under the Pooling and Servicing Agreement.

                  Trustee: Bankers Trust Company of California, N.A., a national
banking association, located on the date of execution of this Agreement at 1761
East St. Andrew Place, Santa Ana, California 92705, not in its individual
capacity but solely as trustee, and any successor hereunder.

                  SECTION 2 Interest Calculations. Calculations of interest
hereunder, including, without limitation, calculations of interest at the Coupon
Rate, which are made in respect of a Mortgage Loan shall be made on a daily
basis using any of the following (i) a 360-day year comprised of twelve 30-day
months, (ii) a 360-day year and the actual number of days elapsed in the
applicable interest period, (iii) a 365-day year and the actual number of days
elapsed in the applicable interest period, as specified in the related Note or
(iv) a 365-day year and the actual number of days between payments.

                  SECTION 3 Transfers of Mortgage Loans. On the Startup Date the
Originators intend to transfer the Mortgage Loans to the Sponsor pursuant to the
Conveyance Agreement in substantially the form of Exhibit A hereto. The Sponsor
will then transfer the Mortgage Loans to the Trust pursuant to the Pooling and
Servicing Agreement.

                  SECTION 4 Representations, Warranties and Covenants Regarding
the Originators and the Sponsor. (a) Each Originator hereby represents and
warrants to the Sponsor, the Trustee and their respective successors and assigns
that, as of the date hereof:

                  (i) such Originator is a corporation (or, in the case of
         Advanta National Bank, a national banking association, and, in the case
         of Advanta Bank Corp., a Utah industrial loan corporation) duly
         organized, validly existing and in good standing under the laws
         governing its creation and existence and is in good standing as a
         foreign corporation in each jurisdiction in which the nature of its
         business, or the properties owned or leased by it make such
         qualification necessary; each Originator has all requisite corporate
         power and authority to own and operate its properties, to carry out its
         business as presently conducted and as proposed to be conducted, to
         enter into and discharge its obligations under this Agreement and the
         Conveyance Agreement;

                  (ii) the execution and delivery of this Agreement by each
         Originator and its performance and compliance with the terms of this
         Agreement and the Conveyance Agreement to which it is a party have been
         duly authorized by all necessary corporate action on the part of such
         Originator and will not violate such Originator's Articles of
         Incorporation, Articles of Association or Bylaws or constitute a
         default (or an event which, with notice or lapse of time, or both,
         would constitute a default) under, or result in a breach of, any
         material contract, agreement or other instrument to which such
         Originator or its properties is a party or by which such Originator is
         bound or violate any statute or any order, rule or

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         regulation of any court, governmental agency or body or other tribunal
         having jurisdiction over such Originator or any of its properties;

                  (iii) this Agreement and the Conveyance Agreement to which
         such Originator is a party, assuming due authorization, execution and
         delivery by the other parties hereto and thereto, each constitutes a
         valid, legal and binding obligation of such Originator, enforceable
         against it in accordance with the terms hereof, except as the
         enforcement thereof may be limited by applicable bankruptcy,
         insolvency, reorganization, moratorium or other similar laws affecting
         creditors' rights generally and by general principles of equity
         (whether considered in a proceeding or action in equity or at law);

                  (iv) such Originator is not in default with respect to any
         order or decree of any court or any order, regulation or demand of any
         federal, state, municipal or governmental agency, which might have
         consequences that would materially and adversely affect the condition
         (financial or other) or operations of such Originator or its
         properties, or might have consequences that would materially and
         adversely affect its performance hereunder and under the Conveyance
         Agreement to which such Originator is a party, or which would draw into
         question the validity of this Agreement or the Mortgage Loans taken as
         a whole or of any action taken or to be taken in connection with the
         obligations of the Originator contemplated herein;

                  (v) no litigation is pending or, to the best of such
         Originator's knowledge, threatened against such Originator which
         litigation might have consequences that would prohibit its entering
         into this Agreement or the Conveyance Agreement to which it is a party
         or might have consequences that would materially and adversely affect
         its performance hereunder and under the Conveyance Agreement to which
         such Originator is a party;

                  (vi) neither this Agreement nor any certificate of an officer,
         statement furnished in writing or report delivered pursuant to the
         terms hereof by such Originator contains any untrue statement of a
         material fact or omits to state any material fact necessary to make the
         certificate, statement or report not misleading;

                  (vii) upon the receipt of each Mortgage File by the Trustee
         under this Agreement, the Trust will have good and marketable title to
         such Mortgage Loan and such other items of the Mortgage File free and
         clear of any lien (other than liens which will be simultaneously
         released);

                  (viii) neither such Originator nor any affiliate thereof will
         report on any financial statement any part of the Servicing Fee as an
         adjustment to the sales price of the Mortgage Loans;

                  (ix) all actions, approvals, consents, waivers, exemptions,
         variances, franchises, orders, permits, authorizations, rights and
         licenses required to be taken, given or obtained, as the case may be,
         by or from any federal, state or other governmental authority or agency
         (other than any such actions, approvals, etc.,

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         under any state securities laws, real estate syndication or "Blue Sky"
         statutes, as to which such Originator makes no such representation or
         warranty), that are necessary or advisable in connection with the sale
         of the Mortgage Loans and the execution and delivery by the Originator
         of this Agreement and each Conveyance Agreement to which it is a party,
         have been duly taken, given or obtained, as the case may be, are in
         full force and effect on the date hereof, are not subject to any
         pending proceedings or appeals (administrative, judicial or otherwise)
         and either the time within which any appeal therefrom may be taken or
         review thereof may be obtained has expired or no review thereof may be
         obtained or appeal therefrom taken, and are adequate to authorize the
         consummation of the transactions contemplated by this Agreement and the
         Conveyance Agreement on the part of such Originator and the performance
         by such Originator of its obligations under this Agreement and the
         Conveyance Agreement to which it is a party;

                  (x) the origination practices used by such Originator with
         respect to the Mortgage Loans have been, (A) in all material respects,
         legal, proper, prudent and customary in the mortgage loan lending
         business and (B) in compliance with the Originators' or the Sponsor's
         underwriting criteria as described in the Prospectus;

                  (xi) the transactions contemplated by this Agreement are in
         the ordinary course of business of such Originator; the transfer,
         assignment and conveyance of the Notes and the Mortgages by the Master
         Servicer pursuant to this Agreement are not subject to the bulk
         transfer laws or any similar statutory provisions in effect in any
         applicable jurisdiction;

                  (xii) such Originator received fair consideration and
         reasonably equivalent value in exchange for the sale of the interests
         in the Mortgage Loans;

                  (xiii) such Originator did not sell any interest in any
         Mortgage Loan with any intent to hinder, delay or defraud any of its
         respective creditors; and

                  (xiv) such Originator is solvent and will not be rendered
         insolvent as a result of the sale of the Mortgage Loans to the Trust.

                  The representations and warranties set forth in this Section
4(a) shall survive the sale and assignment of the Mortgage Loans to the Sponsor.

                  In addition, each Originator hereby covenants to perform the
obligations, if any, imposed upon it by the Pooling and Servicing Agreement.

                  (b) The Sponsor hereby represents and warrants to each
Originator and the Trustee that, as of the date hereof:

                  (i) the Sponsor is a corporation duly organized, validly
         existing and in good standing under the laws of the State of Nevada and
         has all licenses and qualifications necessary to carry on its business
         as now being conducted and to perform its obligations hereunder; the
         Sponsor has the power and authority to

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         execute and deliver this Agreement and to perform its obligations in
         accordance herewith; the execution, delivery and performance of this
         Agreement (including the Conveyance Agreement and any other instruments
         of transfer to be delivered pursuant to this Agreement) by the Sponsor
         and the consummation of the transactions contemplated hereby have been
         duly and validly authorized by all necessary corporate action and do
         not violate the organization documents of the Sponsor, contravene or
         violate any law, regulation, rule, order, judgement or decree to which
         the Sponsor or its properties are subject or contravene, violate or
         result in any breach of any provision of, or constitute a default
         under, or result in the imposition of any lien on any assets of the
         Sponsor pursuant to the provisions of, any mortgage, indenture,
         contract, agreement or other undertaking to which the Sponsor is a
         party or which purports to be binding upon Sponsor or any of Sponsor's
         assets; this Agreement evidences the valid and binding obligation of
         the Sponsor enforceable against the Sponsor in accordance with its
         terms, subject to the effect of bankruptcy, insolvency, reorganization,
         moratorium and other similar laws relating to or affecting creditor's
         rights generally or the application of equitable principles in any
         proceeding, whether at law or in equity;

                  (ii) all actions, approvals, consents, waivers, exemptions,
         variances, franchises, orders, permits, authorizations, rights and
         licenses required to be taken, given or obtained, as the case may be,
         by or from any federal, state or other governmental authority or
         agency, that are necessary in connection with the execution and
         delivery by the Sponsor of this Agreement, have been duly taken, given
         or obtained, as the case may be, are in full force and effect, are not
         subject to any pending proceedings or appeals (administrative, judicial
         or otherwise) and either the time within which any appeal therefrom may
         be taken or review thereof may be obtained has expired or no review
         thereof may be obtained or appeal therefrom taken, and are adequate to
         authorize the consummation of the transactions contemplated by this
         Agreement on the part of the Sponsor and the performance by the Sponsor
         of its obligations under this Agreement; and

                  (iii) there is no action, suit, proceeding or investigation
         pending or, to the best of the Sponsor's knowledge, threatened against
         the Sponsor which, either in any one instance or in the aggregate, may
         result in any material adverse change in the business, operations,
         financial condition, properties or assets of the Sponsor or in any
         material impairment of the right or ability of the Sponsor to carry on
         its business substantially as now conducted, or in any material
         liability on the part of the Sponsor or which would draw into question
         the validity of this Agreement or of any action taken or to be taken in
         connection with the obligations of the Sponsor contemplated herein, or
         which would be likely to impair the ability of the Sponsor to perform
         under the terms of this Agreement.

                  The representations and warranties set forth in this Section
4(b) shall survive the sale and assignment of the Mortgage Loans to the Sponsor.
Upon discovery of a breach of any of the foregoing representations and
warranties which materially and adversely affects the interests of any
Originator, such Originator shall give prompt

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written notice to the Sponsor. Within 30 days of its receipt of notice of
breach, the Sponsor shall cure such breach in all material respects.

                  SECTION 5 Representations and Warranties of the Originators
Regarding the Mortgage Loans. (a) Set forth in Section 5(b) below is a list of
representations and warranties which will be deemed to have been made by each
Originator in connection with the Mortgage Loans originated by such Originator
and conveyed by such Originator to the Sponsor. In addition, the Conveyance
Agreement may, with respect to the Mortgage Loans in the Mortgage Pool, delete
or modify any of such representations and warranties, or may add additional
representations and warranties ("Additional Representations and Warranties").
The representations and warranties listed in Section 5(b) below, together with
any Additional Representations and Warranties, are the "Representations and
Warranties". Reference to the Cut-Off Date is as of the Cut-Off Date set forth
in the Conveyance Agreement.

                  (b) With respect to each Mortgage Loan originated by each
Originator, such Originator hereby represents, warrants and covenants to the
Sponsor and the Trustee, as of the Cut-Off Date, as follows, on which
representations, warranties and covenants the Trustee relies in accepting the
Mortgage Loans:

                  (i) the information with respect to each Mortgage Loan set
         forth in the Schedule of Mortgage Loans is true and correct;

                  (ii) all of the original or certified documentation required
         to be delivered to the Trustee pursuant to the Pooling and Servicing
         Agreement (including all material documents related thereto) with
         respect to each Mortgage Loan has been or will be delivered to the
         Trustee in accordance with the terms of the Pooling and Servicing
         Agreement; each of the documents and instruments specified to be
         included therein has been duly executed and is in due and proper form,
         and each such document or instrument is in a form generally acceptable
         to prudent mortgage lenders that regularly originate or purchase
         mortgage loans comparable to the Mortgage Loans for sale to prudent
         investors in the secondary market that invest in mortgage loans such as
         the Mortgage Loans;

                  (iii) each Mortgage Loan being transferred to the Sponsor is a
         Qualified Mortgage;

                  (iv) each Property is improved by a one-to-four family
         residential dwelling, condominiums and townhouses, which may include
         manufactured homes which qualify as eligible for inclusion in a REMIC;
         provided, however, that no more than 10.0% by aggregate principal
         balance of the Mortgage Loans as of the Initial Cut-Off Date are
         leasehold mortgages;

                  (v) no Mortgage Loan had a Combined Loan-to-Value Ratio in
         excess of 100% at the time of origination;

                  (vi) each Mortgage is either a valid and subsisting first,
         second or third lien of record on the Property (subject in the case of
         any Junior Mortgage Loan

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         only to a Senior Lien on such Property) and subject in all cases to the
         exceptions to title set forth in the Mortgage Loan's title insurance
         policy, which exceptions are generally acceptable to banking
         institutions in connection with their regular mortgage lending
         activities, and such other exceptions to which similar properties are
         commonly subject and which do not individually, or in the aggregate,
         materially and adversely affect the benefits of the security intended
         to be provided by such Mortgage;

                  (vii) immediately prior to the transfer and assignment herein
         contemplated, each Originator held good and indefeasible title to, and
         was the owner of, each Mortgage Loan originated by such Originator and
         conveyed by such Originator to the Sponsor; the Mortgage Loan was not
         subject to liens, charges, mortgages, encumbrances or rights of others
         except liens which will be released simultaneously with such transfer
         and assignment; and immediately upon the transfer and assignment herein
         contemplated, the Trustee will hold good and indefeasible title to, and
         be the sole owner of, each Mortgage Loan subject to no liens, charges,
         mortgages, encumbrances or rights of others except liens which will be
         released simultaneously with such transfer and assignment;

                  (viii) no Mortgage Loans are 30 or more days Delinquent as of
         the Cut-Off Date, except for any portion of the Mortgage Loans which
         the Pooling and Servicing Agreement so permits;

                  (ix) to the best knowledge of such Originator, there is no
         delinquent tax or assessment lien or mechanic's lien on any Property,
         and each Property is free of substantial damage and is in good repair;

                  (x) to the best knowledge of such Originator, there is no
         valid and enforceable right of rescission offset, defense or
         counterclaim to any Note or Mortgage, including the obligation of the
         related Mortgagor to pay the unpaid principal of or interest on such
         Note or the defense of usury, nor will the operation of any of the
         terms of the Note or the Mortgage, or the exercise of any right
         thereunder, render either the Note or the Mortgage unenforceable in
         whole or in part, or subject to any right of rescission, set-off,
         counterclaim or defense, including the defense of usury, and no such
         right of rescission, set-off, counterclaim or defense has been asserted
         with respect thereto;

                  (xi) to the best knowledge of such Originator, there is no
         mechanics' lien or claim for work, labor or material affecting any
         Property which is or may be a lien prior to, or equal with, the lien of
         the related Mortgage except those which are insured against by any
         title insurance policy referred to in paragraph (xiii) below;

                  (xii) each Mortgage Loan at the time it was made complied in
         all material respects with all applicable state and federal laws and
         regulations, including, without limitation, the federal
         Truth-in-Lending Act and other

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         consumer protection laws, real estate settlement procedure, usury,
         equal credit opportunity, disclosure and recording laws;

                  (xiii) with respect to each Mortgage Loan, a title search or a
         lender's title insurance policy, issued in standard California Land
         Title Association form or American Land Title Association form, or
         other form acceptable in a particular jurisdiction by a title insurance
         company authorized to transact business in the state in which the
         related Property is situated, in an amount at least equal to the
         Original Principal Amount of such Mortgage Loan insuring the
         mortgagee's interest under the related Mortgage Loan as the holder of a
         valid first, second or third mortgage lien of record on the Property
         described in the related Mortgage, as the case may be, subject only to
         exceptions of the character referred to in paragraph (vi) above, was
         effective on the date of the origination of such Mortgage Loan, and, as
         of the Cut-Off Date such policy, if issued, will be valid and
         thereafter such policy shall continue in full force and effect;

                  (xiv) the improvements upon each Property are covered by a
         valid and existing hazard insurance policy (which may be a blanket
         policy of the type described in the Pooling and Servicing Agreement)
         with a generally acceptable carrier that provides for fire and extended
         coverage representing coverage not less than the least of (A) the
         outstanding principal balance of the related Mortgage Loan (together,
         in the case of a Junior Mortgage Loan, with the outstanding principal
         balance of the Senior Lien), (B) the minimum amount required to
         compensate for damage or loss on a replacement cost basis or (C) the
         full insurable value of the Property;

                  (xv) if the Mortgage Loan at the time of origination relates
         to a Property in an area identified in the Federal Register by the
         Federal Emergency Management Agency as having special flood hazards, a
         flood insurance policy (which may be a blanket or master policy of the
         type described in the Pooling and Servicing Agreement) in a form
         meeting the requirements of the current guidelines of the Federal
         Insurance Administration with a generally acceptable carrier is in
         effect with respect to such Property in an amount representing
         coverage, and which provides for a recovery by the Master Servicer of
         insurance proceeds relating to such Mortgage Loan of not less than the
         least of (A) the outstanding principal balance of the Mortgage Loan,
         (B) the minimum amount required to compensate for damage or loss on a
         replacement cost basis and (C) the maximum amount of insurance that is
         available under the Flood Disaster Protection Act of 1973;

                  (xvi) each Mortgage and Note, including any Prepayment
         Penalty, is the legal, valid and binding obligation of the maker
         thereof and is enforceable in accordance with its terms, except only as
         such enforcement may be limited by bankruptcy, insolvency,
         reorganization, moratorium or other similar laws affecting the
         enforcement of creditors' rights generally and by general principles of
         equity (whether considered in a proceeding or action in equity or at
         law), and all parties to each Mortgage Loan had full legal capacity to
         execute all documents

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         relating to such Mortgage Loan and convey the estate therein purported
         to be conveyed;

                  (xvii) each Originator has caused and will cause to be
         performed any and all acts required to be performed to preserve the
         rights and remedies of the Master Servicer in any Mortgage Insurance
         Policy applicable to any Mortgage Loan delivered by such Originator
         including, to the extent such Mortgage Loan is not covered by a blanket
         or master policy described in the Pooling and Servicing Agreement, any
         necessary notifications of insurers, assignments of policies or
         interests therein, and establishments of co-insured, joint loss payee
         and mortgagee rights in favor of the Master Servicer;

                  (xviii) each original Mortgage was recorded or is in the
         process of being recorded, and all subsequent assignments of the
         original Mortgage have been recorded in the appropriate jurisdictions
         wherein such recordation is necessary to perfect the lien thereof for
         the benefit of the applicable Originator, subject to the provisions of
         Section 3.5(b) of the Pooling and Servicing Agreement;

                  (xix) the terms of each Note and each Mortgage have not been
         impaired, altered or modified in any respect, except by a written
         instrument which has been recorded, if necessary, to protect the
         interest of the owners and which has been delivered to the Trustee; the
         substance of any such alteration or modification is reflected on the
         Schedule of Mortgage Loans and has been approved by the primary
         mortgage guaranty insurer, if any;

                  (xx) the proceeds of each Mortgage Loan have been fully
         disbursed, and there is no obligation on the part of the mortgagee to
         make future advances thereunder; any and all requirements as to
         completion of any on-site or off-site improvements and as to
         disbursements of any escrow funds therefor have been complied with; all
         costs, fees and expenses incurred in making or closing or recording
         such Mortgage Loans were paid;

                  (xxi) except as otherwise required by law or pursuant to the
         statute under which the related Mortgage Loan was made, the related
         Note is not and has not been secured by any collateral, pledged account
         or other security except the lien of the corresponding Mortgage;

                  (xxii) to the best knowledge of such Originator, no Mortgage
         Loan was originated under a buydown plan;

                  (xxiii) to the best knowledge of such Originator, no Mortgage
         Loan provides for negative amortization, has a shared appreciation
         feature, or other contingent interest feature;

                  (xxiv) each Property is located in the state identified in the
         Schedule of Mortgage Loans and consists of one or more parcels of real
         Property with a residential dwelling erected thereon;

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                  (xxv) each Mortgage contains a provision for the acceleration
         of the payment of the unpaid principal balance of the related Mortgage
         Loan in the event the related Property is sold without the prior
         consent of the mortgagee thereunder, except as may be otherwise
         provided in the Pooling and Servicing Agreement;

                  (xxvi) any advances made after the date of origination of a
         Mortgage Loan but prior to the Cut-Off Date, have been consolidated
         with the outstanding principal amount secured by the related Mortgage,
         and the secured principal amount, as consolidated, bears a single
         interest rate and single repayment term reflected on the Schedule of
         Mortgage Loans. No Note permits or obligates the Master Servicer, the
         Sub-Servicer or the Sponsor to make future advances to the related
         Mortgagor at the option of the Mortgagor;

                  (xxvii) to the best knowledge of such Originator, there is no
         proceeding pending or threatened for the total or partial condemnation
         of any Property, nor is such a proceeding currently occurring, and each
         Property is undamaged by waste, fire, earthquake or earth movement,
         flood, tornado or other casualty, so as to affect adversely the value
         of the Property as security for the Mortgage Loan or the use for which
         the premises were intended;

                  (xxviii) all of the improvements which were included for the
         purposes of determining the Appraised Value of any Property lie wholly
         within the boundaries and building restriction lines of such Property,
         and no improvements on adjoining properties encroach upon such
         Property, and, if a title insurance policy exists with respect to such
         Property, are stated in such title insurance policy and affirmatively
         insured;

                  (xxix) to the best knowledge of such Originator, no
         improvement located on or being part of any Property is in violation of
         any applicable zoning law or regulation; all inspections, licenses and
         certificates required to be made or issued with respect to all occupied
         portions of each Property and, with respect to the use and occupancy of
         the same, including but not limited to certificates of occupancy and
         fire underwriting certificates, have been made or obtained from the
         appropriate authorities and such Property is lawfully occupied under
         the applicable law;

                  (xxx) with respect to each Mortgage constituting a deed of
         trust, a trustee, duly qualified under applicable law to serve as such,
         has been properly designated and currently so serves and is named in
         such Mortgage, and no fees or expenses are or will become payable by
         the Sponsor or the Trust to the trustee under the deed of trust, except
         in connection with a trustee's sale after default by the related
         Mortgagor;

                  (xxxi) with respect to each Junior Mortgage Loan, either (A)
         no consent for such Mortgage Loan was required by the holder of the
         related Senior Lien prior to the making of such Mortgage Loan or (B)
         such consent has been obtained and is contained in the related Mortgage
         File;

                                       11
<PAGE>   15
                  (xxxii) each Mortgage contains customary and enforceable
         provisions which render the rights and remedies of the holder thereof
         adequate for the realization against the related Property of the
         benefits of the security, including (A) in the case of a Mortgage
         designated as a deed of trust, by trustee's sale and (B) otherwise by
         judicial foreclosure. To the best knowledge of such Originator, there
         is no homestead or other exemption available which materially
         interferes with the right to sell the related Property at a trustee's
         sale or the right to foreclose the related Mortgage;

                  (xxxiii) except as provided by paragraph (viii) of this
         Section 5(b), there is no default, breach, violation or event of
         acceleration existing under any Mortgage or the related Note and no
         event which, with the passage of time or with notice and the expiration
         of any grace or cure period, would constitute a default, breach,
         violation or event of acceleration; and the applicable Originator has
         not waived any default, breach, violation or event of acceleration;

                  (xxxiv) to the best knowledge of such Originator, no
         instrument of release or waiver has been executed in connection with
         any Mortgage Loan, and no Mortgagor has been released, in whole or in
         part, except in connection with an assumption agreement and which has
         been delivered to the Trustee;

                  (xxxv) the credit underwriting guidelines applicable to each
         Mortgage Loan conform in all material respects to the Originators' or
         the Sponsor's underwriting guidelines in effect at the time of
         origination;

                  (xxxvi) all parties to the Note and the Mortgage had legal
         capacity to execute the Note and the Mortgage and each Note and
         Mortgage have been duly and properly executed by such parties; and

                  (xxxvii) the related Originator has no actual knowledge that
         there exist on any Property any hazardous substances, hazardous wastes
         or solid wastes, as such terms are defined in the Comprehensive
         Environmental Response Compensation and Liability Act, the Resource
         Conservation and Recovery Act of 1976, or other federal, state or local
         environmental legislation.

                  (c) There is no obligation on the part of the Master Servicer,
the Originators or any other party to make payments in addition to those made by
the Mortgagor except as specified in the Pooling and Servicing Agreement.

                  The Representations and Warranties shall survive the transfer
and assignment of the Mortgage Loans to the Trust. Upon discovery by any
Originator or the Sponsor of a breach of any of the Representations and
Warranties, without regard to any limitation set forth in such Representation or
Warranty concerning the knowledge of the related Originator as to the facts
stated therein, which breach, in the opinion of the Sponsor, materially and
adversely affects the interests of the Sponsor, the Owners or the Certificate
Insurer in the related Mortgage Loan or Mortgage Loans, the party discovering
such breach shall give prompt written notice to the other party, and the

                                       12
<PAGE>   16
related Originator shall be required to take the remedial actions required by
the related Pooling and Servicing Agreement within the time periods required
therein. No Originator shall be obliged to act in regard to Mortgage Loans not
originated by it. Each Originator hereby acknowledges that a breach of any of
the Representations and Warranties listed in paragraphs (iii), (x) and (xvi) of
Section 5(b) materially and adversely affects the interests of the Trust, the
related Owners and the Certificate Insurer.

                  SECTION 6 Authorized Representatives. The names of the
officers of the Originators and of the Sponsor who are authorized to give and
receive notices, requests and instructions and to deliver certificates and
documents in connection with this Agreement on behalf of each Originator and of
the Sponsor ("Authorized Representatives") are set forth on Exhibit B. From time
to time, each Originator and the Sponsor may, by delivering to the Trustee a
revised exhibit, change the information previously given, but the Trustee shall
be entitled to rely conclusively on the last exhibit until receipt of a
superseding exhibit.

                  SECTION 7 Notices. All demands, notices and communications
relating to this Agreement shall be in writing and shall be deemed to have been
duly given when received by the other party or parties at the address shown
below, or such other address as may hereafter be furnished to the other party or
parties by like notice. Any such demand, notice or communication hereunder shall
be deemed to have been received on the date delivered to or received at the
premises of the addressee.

                           If to the Trustee:

                                    Bankers Trust Company of California, N.A.
                                    1761 East St. Andrew Place
                                    Santa Ana, CA  92705
                                    Telecopy:    (714) 247-6000
                                    Telephone:   (714) 247-6009

                           If to any Originator or the Sponsor:

                                    Advanta Mortgage Corp. USA
                                    10790 Rancho Bernardo Road
                                    San Diego, California 92127
                                    Attention:   Mortgage Structured Finance
                                    Telecopy:    (858) 674-3592
                                    Telephone:   (858) 676-3099

                  SECTION 8 Governing Law. This Agreement shall be governed by,
and construed in accordance with, the laws of the State of New York, without
regard to conflict of laws rules applied in the State of New York.

                  SECTION 9 Assignment. No party to this Agreement may assign
its rights or delegate its obligations under this Agreement without the express
written consent of the other parties, except as otherwise set forth in this
Agreement.

                                       13
<PAGE>   17
                  SECTION 10 Counterparts. For the purpose of facilitating the
execution of this Agreement and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which shall be
deemed to be an original, and together shall constitute and be one and the same
instrument.

                  SECTION 11 Amendment. This Agreement may be amended from time
to time by any of the Originators, the Sponsor and the Trustee only by a written
instrument executed by such parties and with the prior written consent of each
of the other parties hereto and the Certificate Insurer.

                  SECTION 12 Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.

                  SECTION 13 No Agency; No Partnership or Joint Venture. Neither
the Originators nor the Sponsor is the agent or representative of the other, and
nothing in this Agreement shall be construed to make either the Originator nor
the Sponsor liable to any third party for services performed by it or for debts
or claims accruing to it against the other party. Nothing contained herein nor
the acts of the parties hereto shall be construed to create a partnership or
joint venture between the Sponsor and the Originator.

                  SECTION 14 Further Assurances. The Originators and Sponsor
agree to cooperate reasonably and in good faith with one another in the
performance of this Agreement.

                  SECTION 15 The Certificate Insurer. The Certificate Insurer is
a third-party beneficiary of this Agreement. Any right conferred to the
Certificate Insurer shall be suspended during any period in which the
Certificate Insurer is in default in its payment obligation's under the
Certificate Insurance Policy. During any period of suspension, the Certificate
Insurer's rights hereunder shall vest in the Owners of the Offered Certificates
and shall be exercisable by the Owners of at least a majority in Percentage
Interest of the Offered Certificates then outstanding. At such time as the
Offered Certificates are no longer Outstanding under the Pooling and Servicing
Agreement and the Certificate Insurer has been reimbursed for all Insured
Payments to which it is entitled under the Pooling and Servicing Agreement, the
Certificate Insurer's rights hereunder shall terminate.

                  SECTION 16 Maintenance of Records. Each Originator shall each
continuously keep an original executed counterpart of this Agreement in its
official records.

                  [Remainder of Page Intentionally Left Blank]

                                       14
<PAGE>   18
                  IN WITNESS WHEREOF, the parties hereto have caused this
Mortgage Loan Transfer Agreement to be duly executed by their respective
officers, all as of the day and year first above written.

                                         ADVANTA MORTGAGE RECEIVABLES, INC.,
                                         ADVANTA MORTGAGE CORP. USA,
                                         ADVANTA MORTGAGE CORP. MIDWEST,
                                         ADVANTA NATIONAL BANK,
                                            as Sellers

                                         By:  /S/ Michael Coco
                                            ---------------------------------
                                            Name:  Michael Coco
                                            Title: Vice President

                                         ADVANTA BANK CORP.,
                                            as Seller

                                         By:  /S/ Mark Hales
                                            ---------------------------------
                                            Name:  Mark Hales
                                            Title: President

                                         ADVANTA CONDUIT RECEIVABLES,
                                            INC., as Sponsor

                                         By:  /S/ Michael Coco
                                            ---------------------------------
                                            Name:  Michael Coco
                                            Title: Vice President
<PAGE>   19
                                         BANKERS TRUST COMPANY OF
                                         CALIFORNIA, N.A., as Trustee and
                                         not in its individual capacity

                                         By:  /S/  Hermi Alignay
                                            ---------------------------------
                                            Name:  Hermi Alignay
                                            Title: Assistant Secretary

                       [Mortgage Loan Transfer Agreement]
<PAGE>   20
                                                                       EXHIBIT A

                              CONVEYANCE AGREEMENT

                  Advanta Mortgage Receivables, Inc., Advanta Mortgage Corp.
USA, Advanta Mortgage Corp. Midwest, Advanta National Bank, and Advanta Bank
Corp, (each, an "Originator"), and Advanta Conduit Receivables, Inc., as sponsor
(the "Sponsor"), pursuant to the Mortgage Loan Transfer Agreement, dated as of
August 1, 2000 (the "Transfer Agreement"), among themselves and Bankers Trust
Company of California, N.A., as trustee (the "Trustee"), hereby confirm their
understanding with respect to the conveyance by each Originator of those
Mortgage Loans listed on the attached Schedule of Mortgage Loans (the "Mortgage
Loans") to the Sponsor.

                  Conveyance of Mortgage Loans. Each Originator, concurrently
with the execution and delivery of this Conveyance Agreement, does hereby
irrevocably transfer, assign, set over and otherwise convey to the Sponsor and
the Sponsor conveys to the Trustee on behalf of the Advanta Mortgage Loan Trust
2000-2, without recourse (except as otherwise explicitly provided for herein)
all of its right, title and interest in and to the Mortgage Loans being conveyed
by it, including specifically, without limitation, the Mortgages (as such term
is defined in the Pooling and Servicing Agreement, dated as of August 1, 2000
(the "Pooling and Servicing Agreement"), among the Sponsor, the Master Servicer
and the Trustee), the Notes, the Mortgage Files and all other documents,
materials and properties appurtenant thereto, including all interest accrued and
principal received by such Originator on or with respect to such Mortgage Loans
on or after the Cut-off Date, together with all of its right, title and interest
in and to the proceeds received on or after Cut-off Date of any related Mortgage
Insurance Policies.

                  If an Originator cannot deliver the original Mortgage or
mortgage assignment with evidence of recording thereon within 75 days of the
execution and delivery of this Conveyance Agreement solely because of a delay
caused by the public recording office where such original Mortgage or mortgage
assignment has been delivered for recordation, such Originator shall promptly
deliver to the Trustee such original Mortgage or mortgage assignment with
evidence of recording indicated thereon upon receipt thereof from the public
recording official.

                  The costs relating to the delivery of the documents specified
in this Conveyance Agreement shall be borne by each Originator.

                  The Originators hereby make the Representations and Warranties
set forth in Section 5(b) of the Transfer Agreement with respect to the Mortgage
Loans.

                  The "Cut-Off Date" with respect to such Mortgage Loans shall
be _______,______.

                  All terms and conditions of the Mortgage Loan Transfer
Agreement are hereby incorporated herein, provided that in the event of any
conflict the provisions of

                                      A-1
<PAGE>   21
this Conveyance Agreement shall control over the conflicting provisions of the
Transfer Agreement.

                  Terms capitalized herein and not defined herein shall have
their respective meanings as set forth in the Transfer Agreement.

                  [Remainder of Page Intentionally Left Blank]
<PAGE>   22
                  IN WITNESS WHEREOF, the parties hereto have caused this
Conveyance Agreement to be duly executed by their respective officers, all as of
the 22nd day of August, 2000.

                                           ADVANTA MORTGAGE RECEIVABLES, INC.,
                                           ADVANTA MORTGAGE CORP. USA,
                                           ADVANTA MORTGAGE CORP. MIDWEST,
                                           ADVANTA NATIONAL BANK,
                                              as Originators

                                           By:________________________________
                                              Name:
                                              Title:

                                           ADVANTA BANK CORP.,
                                              as an Originator

                                           By:________________________________
                                              Name:  Mark Hales
                                              Title: President

                                           ADVANTA CONDUIT RECEIVABLES,
                                              INC., as Sponsor

                                           By:________________________________
                                              Name:  Michael Coco
                                              Title: Vice President

                                           BANKERS TRUST COMPANY OF
                                              CALIFORNIA, N.A., as Trustee

                                           By:________________________________
                                              Name:
                                              Title:
<PAGE>   23
                                                                       EXHIBIT B

                           AUTHORIZED REPRESENTATIVES

                  Reference is hereby made to the Mortgage Loan Transfer
Agreement, dated as of August 1, 2000 (the "Agreement"), among Advanta Mortgage
Receivables, Inc., Advanta Mortgage Corp. USA, Advanta Mortgage Corp. Midwest,
Advanta National Bank, and Advanta Bank Corp., as originators (the
"Originators"), Advanta Conduit Receivables, Inc., as sponsor and Bankers Trust
Company of California, N.A., as trustee:

                  The following are the Authorized Representatives for Advanta
Mortgage Receivables, Inc., Advanta Mortgage Corp. USA, Advanta Mortgage Corp.
Midwest, and Advanta National Bank for purposes of the Agreement:

<TABLE>
<CAPTION>
      Name                                                 Title
      ----                                                 -----
<S>                                                     <C>
Michael Coco                                            Vice President

Susan A. McVeigh                                        Vice President
</TABLE>

                  The following are the Authorized Representatives for Advanta
Bank Corp. for purposes of the Agreement:

<TABLE>
<CAPTION>
      Name                                                 Title
      ----                                                 -----
<S>                                                     <C>
Mark Hales                                              President

Kirk Weiler                                             Vice President
</TABLE>

                  The following are the Authorized Representatives for the
Sponsor for purposes of the Agreement:

<TABLE>
<CAPTION>
      Name                                                 Title
      ----                                                 -----
<S>                                                     <C>
Michael Coco                                            Vice President

Susan A. McVeigh                                        Vice President
</TABLE>

                                       B-1<PAGE>   1
                                                                    Exhibit 10.1
<PAGE>   2
                          AMBAC ASSURANCE CORPORATION,

                                       and

                            BEAR, STEARNS & CO. INC.
                      as Representative of the Underwriters

                            INDEMNIFICATION AGREEMENT

                       ADVANTA MORTGAGE LOAN TRUST 2000-2

                           Dated as of August 16, 2000
<PAGE>   3
                                TABLE OF CONTENTS

         (This Table of Contents is for convenience of reference only and shall
not be deemed to be part of this Indemnity Agreement. All capitalized terms used
in this Indemnity Agreement and not otherwise defined shall have the meanings
set forth in Article I of this Indemnity Agreement.)

<TABLE>
<CAPTION>
                                                                          Page
                                                                          ----
<S>                                                                      <C>
    Section 1.  Defined Terms                                              1
    Section 2.  Other Definitional Provisions                              1
    Section 3.  Representations and Warranties of the Underwriters.        2
    Section 4.  Representations and Warranties of the Certificate Insurer  2
    Section 5.  Indemnification.                                           3
    Section 6.  Amendments, Etc.                                           5
    Section 7.  Notices.                                                   6
    Section 8.  Severability.                                              6
    Section 9.  Governing Law.                                             6
    Section 10.  Counterparts.                                             6
    Section 11.  Headings.                                                 7
</TABLE>
<PAGE>   4
         INDEMNIFICATION AGREEMENT dated as of August 16, 2000 (the "Indemnity
Agreement"), by and among AMBAC ASSURANCE CORPORATION, as Certificate Insurer,
and BEAR, STEARNS & CO, INC, as Representative of the Underwriters.

         Section 1. Defined Terms. Unless the context clearly requires
otherwise, all capitalized terms used but not defined herein shall have the
respective meanings assigned to them in the Pooling and Servicing Agreement, the
Insurance Agreement or the Policy. For purposes of this Indemnity Agreement, the
following terms shall have the following meanings:

         "Certificate Insurer" means Ambac Assurance Corporation, or any
successor thereto, as issuer of the Policy.

         "Certificate Insurer Information" has the meaning given such term in
Section 4.

         "Insurance Agreement" means the Insurance and Indemnity Agreement (as
may be amended, modified or supplemented from time to time) dated as of August
22, 2000 by and among the Certificate Insurer, Advanta Conduit Receivables,
Inc., as Sponsor, Advanta Mortgage Corp. USA, as Master Servicer, and Bankers
Trust Company of California, N.A., as Trustee.

         "Offering Document" means the Prospectus Supplement, dated August 16,
2000, in respect of the Certificates, and any amendment or supplement thereto,
and any other offering document in respect of the Certificates that makes
reference to the Policy.

         "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement, dated as of August 1, 2000, relating to the Advanta Mortgage Loan
Trust 2000-2, Mortgage Loan Asset-Backed Certificates, Series 2000-2, by and
among the Sponsor, the Master Servicer and the Trustee (as may be amended,
modified or supplemented from time to time as set forth therein).

         "Representative" means Bear, Stearns & Co. Inc., as representative of
the Underwriters.

         "Securities Act" means the Securities Act of 1933, including, unless
the context otherwise requires, the rules and regulations thereunder, as amended
from time to time.

         "Securities Exchange Act" means the Securities Exchange Act of 1934,
including, unless the context otherwise requires, the rules and regulations
thereunder, as amended from time to time.

         "Underwriters" means Bear, Stearns & Co. Inc., Morgan, Stanley & Co.
Incorporated and Prudential Securities Incorporated.

         "Underwriters Information" has the meaning given such term in Section
3.
<PAGE>   5
         Section 2. Other Definitional Provisions. The words "hereof," "herein"
and "hereunder" and words of similar import when used in this Indemnity
Agreement shall refer to this Indemnity Agreement as a whole and not to any
particular provision of this Indemnity Agreement, and Section,
<PAGE>   6
subsection, Schedule and Exhibit references are to this Indemnity Agreement
unless otherwise specified. The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms. The
words "include" and "including" shall be deemed to be followed by the phrase
"without limitation."

         Section 3. Representations and Warranties of the Underwriters. The
Representative represents and warrants as of the Closing Date as follows:

                  (a) Compliance With Laws. The Underwriters will comply in all
         material respects with all legal requirements in connection with offers
         and sales of the Certificates and will make such offers and sales in
         the manner to be provided in the Offering Document.

                  (b) Offering Document. The Underwriters will not use, or
         distribute to other broker-dealers for use, any Offering Document in
         connection with the offer and sale of the Certificates unless such
         Offering Document includes such information relating to the Certificate
         Insurer as has been furnished by the Certificate Insurer for inclusion
         therein and has been approved by the Certificate Insurer.

                  (c) Underwriters Information. All material provided by the
         Underwriters for inclusion in the Offering Document (as revised from
         time to time), shall be true and correct in all material respects, it
         being understood and agreed that the only such information furnished by
         the Underwriters consists of the following information (collectively,
         the "Underwriters Information"): the third, sixth and seventh
         paragraphs under the heading "Underwriting" in the Offering Document.

         Section 4. Representations and Warranties of the Certificate Insurer.
The Certificate Insurer represents and warrants to the Underwriters as follows:

                  (a) Organization and Licensing. The Certificate Insurer is a
         duly organized and licensed and validly existing Wisconsin stock
         insurance company duly qualified to conduct an insurance business in
         the States of New York and California.

                  (b) Corporate Power. The Certificate Insurer has the corporate
         power and authority to issue the Policy and execute this Indemnity
         Agreement and to perform all of its obligations hereunder and
         thereunder.

                  (c) Authorization; Approvals. Proceedings legally required for
         the issuance of the Policy and the execution, delivery and performance
         of this Indemnity Agreement have been taken and all material licenses,
         orders, consents or other authorizations or approvals of any
         governmental boards or bodies legally required for the enforceability
         of the Policy have been obtained; any proceedings not taken and any
         licenses, authorizations or approvals not obtained are not material to
         the enforceability of the Policy.
<PAGE>   7
                  (d) Enforceability. The Policy, when issued, and this
         Indemnity Agreement will each constitute a legal, valid and binding
         obligation of the Certificate Insurer, enforceable in accordance with
         its terms, subject to insolvency, reorganization, moratorium,
         receivership and other similar laws affecting creditors' rights
         generally and by general principles of equity and subject to principles
         of public policy limiting the right to enforce the indemnification
         provisions contained therein and herein, insofar as such provisions
         relate to indemnification for liabilities arising under federal
         securities laws.

                  (e) Financial Information. The consolidated financial
         statements of the Certificate Insurer and subsidiaries as of December
         31, 1999 and December 31, 1998, and for each of the years in the
         three-year period ended December 31, 1999, prepared in accordance with
         generally accepted accounting principles, included in the Annual Report
         on Form 10-K of Ambac Financial Group, Inc. (which was filed with the
         Commission on March 31, 2000; Commission File Number 1-10777) and the
         unaudited consolidated financial statements of the Certificate Insurer
         and subsidiaries as of June 30, 2000 and for the periods ending June
         30, 2000 and June 30, 1999 included in the Quarterly Report on Form
         10-Q of Ambac Financial Group, Inc. for the period ended June 30, 2000
         (which was filed with the Commission on August 11, 2000), which are
         incorporated by reference in the Offering Document, fairly present in
         all material respects the financial condition of the Certificate
         Insurer as of such dates and for the periods covered by such statements
         in accordance with generally accepted accounting principles
         consistently applied. Since June 30, 2000, there has been no material
         change in such financial condition of the Certificate Insurer that
         would materially and adversely affect its ability to perform its
         obligations under the Policy.

                  (f) Certificate Insurer Information. The information in the
         Offering Document as of the date hereof under the captions "The
         Certificate Insurer" and "The Certificate Insurance Policy" (together,
         the "Certificate Insurer Information") is true and correct in all
         material respects and does not contain any untrue statement of a
         material fact.

                  (g) Rating. The Certificate Insurer is not aware of any facts
         that if disclosed to Moody's or S&P would be reasonably expected to
         result in a downgrade of the rating of the financial strength of the
         Certificate Insurer by either of such Rating Agencies.

                  (h) No Litigation. There are no actions, suits, proceedings or
         investigations pending or, to the best of the Certificate Insurer's
         knowledge, threatened against it at law or in equity or before or by
         any court, governmental agency, board or commission or any arbitrator
         which, if decided adversely, would result in a Material Adverse Change
         or would materially and adversely affect its ability to perform its
         obligations under the Policy or this Indemnification Agreement.

                  (i) Securities Act Registration. The Policy is exempt from
         registration under the Securities Act.

         Section 5. Indemnification.
<PAGE>   8
                  (a) The Underwriters hereby agree to pay, and to protect,
         indemnify and save harmless, the Certificate Insurer and its officers,
         directors, shareholders, employees, agents and each Person, if any, who
         controls the Certificate Insurer within the meaning of either Section
         15 of the Securities Act or Section 20 of the Securities Exchange Act
         from and against, any and all claims, losses, liabilities (including
         penalties), actions, suits, judgments, demands, damages, costs or
         expenses (including reasonable fees and expenses of attorneys,
         consultants and auditors and reasonable costs of investigations) of any
         nature arising out of or by reason of any untrue statement of a
         material fact or an omission to state a material fact necessary in
         order to make the statements therein in light of the circumstances in
         which they were made not misleading, contained in the Underwriters
         Information or a breach of any of the representations and warranties of
         the Underwriters contained in Section 3.

                  (b) The Certificate Insurer agrees to pay, and to protect,
         indemnify and save harmless, each Underwriters and their respective
         officers, directors, shareholders, employees, agents and each Person,
         if any, who controls such Underwriters within the meaning of either
         Section 15 of the Securities Act or Section 20 of the Securities
         Exchange Act from and against, any and all claims, losses, liabilities
         (including penalties), actions, suits, judgments, demands, damages,
         costs or expenses (including reasonable fees and expenses of attorneys,
         consultants and auditors and reasonable costs of investigations) of any
         nature arising out of or by reason of any untrue statement of a
         material fact or an omission to state a material fact necessary in
         order to make the statements therein in light of the circumstances in
         which they were made not misleading, contained in the Certificate
         Insurer Information or a breach of any of the representations and
         warranties of the Certificate Insurer contained in Section 4.

                  (c) If any action or proceeding (including any governmental
         investigation) shall be brought or asserted against any Person
         (individually, an "Indemnified Party" and, collectively, the
         "Indemnified Parties") in respect of which the indemnity provided in
         this Section 5(a) or (b) may be sought from any of the Underwriters, on
         the one hand, or the Certificate Insurer, on the other (each, an
         "Indemnifying Party") hereunder, each such Indemnified Party shall
         promptly notify the Indemnifying Party in writing, and the Indemnifying
         Party shall assume the defense thereof, including the employment of
         counsel reasonably satisfactory to the Indemnified Party and the
         payment of all expenses. The Indemnified Party shall have the right to
         employ separate counsel in any such action and to participate in the
         defense thereof at the expense of the Indemnified Party; provided,
         however, that the fees and expenses of such separate counsel shall be
         at the expense of the Indemnifying Party if (i) the Indemnifying Party
         has agreed to pay such fees and expenses, (ii) the Indemnifying Party
         shall have failed to assume the defense of such action or proceeding
         and employ counsel reasonably satisfactory to the Indemnified Party in
         any such action or proceeding or (iii) the named parties to any such
         action or proceeding (including any impleaded parties) include both the
         Indemnified Party and the Indemnifying Party, and the Indemnified Party
         shall have been advised by counsel that there may be one or more legal
         defenses available to it which are different from or
<PAGE>   9
         additional to those available to the Indemnifying Party (in which case,
         if the Indemnified Party notifies the Indemnifying Party in writing
         that it elects to employ separate counsel at the expense of the
         Indemnifying Party, the Indemnifying Party shall not have the right to
         assume the defense of such action or proceeding on behalf of such
         Indemnified Party, it being understood, however, that the Indemnifying
         Party shall not, in connection with any one such action or proceeding
         or separate but substantially similar or related actions or proceedings
         in the same jurisdiction arising out of the same general allegations or
         circumstances, be liable for the reasonable fees and expenses of more
         than one separate firm of attorneys at any time for the Indemnified
         Parties, which firm shall be designated in writing by the Indemnified
         Party). The Indemnifying Party shall not be liable for any settlement
         of any such action or proceeding effected without its written consent
         to the extent that any such settlement shall be prejudicial to the
         Indemnifying Party, but, if settled with its written consent, or if
         there is a final judgment for the plaintiff in any such action or
         proceeding with respect to which the Indemnifying Party shall have
         received notice in accordance with this subsection (c), the
         Indemnifying Party agrees to indemnify and hold the Indemnified Parties
         harmless from and against any loss or liability by reason of such
         settlement or judgment.

                  (d) To provide for just and equitable contribution if the
         indemnification provided by the Indemnifying Party is determined to be
         unavailable or insufficient to hold harmless any Indemnified Party
         (other than due to application of this Section), each Indemnifying
         Party shall contribute to the losses incurred by the Indemnified Party
         on the basis of the relative fault of the Indemnifying Party, on the
         one hand, and the Indemnified Party, on the other hand provided, that
         no Underwriter shall be liable for any amount in excess of (i) the
         excess of the sales prices of the Certificates purchased by such
         Underwriter to the public over the prices paid therefor by such
         Underwriter over (ii) the aggregate amount of any damages which the
         related Underwriter has otherwise been required to pay in respect of
         the same or any substantially similar claim.

                           The relative fault of each Indemnifying Party, on the
         one hand, and each Indemnified Party, on the other, shall be determined
         by reference to, among other things, whether the breach of, or alleged
         breach of, any of its representations and warranties set forth within
         the control of, the Indemnifying Party or the Indemnified Party, and
         the parties relative intent, knowledge, access to information and
         opportunity to correct or prevent such breach.

                           No person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the Securities Act) shall be
         entitled to contribution from any person who was not guilty of such
         fraudulent misrepresentation.

         Section 6. Amendments, Etc. This Indemnity Agreement may be amended,
modified, supplemented or terminated only by written instrument or written
instruments signed by the parties hereto.
<PAGE>   10
         Section 7. Notices. All demands, notices and other communications to be
given hereunder shall be in writing (except as otherwise specifically provided
herein) and shall be mailed by registered mail or personally delivered and
telecopied to the recipient as follows:

                  (a)      To the Certificate Insurer:

                           Ambac Assurance Corporation
                           One State Street Plaza
                           New York, New York  10004

                      Attention:  Risk Management,
                                    Consumer Asset-Backed Securities
                      Telecopy No.:  212-363-1459
                      Confirmation:  212-668-0340

              (b)     To the Representative:

                      Bear, Stearns & Co. Inc.
                      245 Park Avenue, 4th Floor
                      New York, New York  10167

                      Attention: Asset-Backed Securities
                      Telecopy No.:  212-272-7294
                      Confirmation:  212-272-2000

         A party may specify an additional or different address or addresses by
writing mailed or delivered to the other parties as aforesaid. All such notices
and other communications shall be effective upon receipt.

         Section 8. Severability. In the event that any provision of this
Indemnity Agreement shall be held invalid or unenforceable by any court of
competent jurisdiction, the parties hereto agree that such holding shall not
invalidate or render unenforceable any other provision hereof. The parties
hereto further agree that the holding by any court of competent jurisdiction
that any remedy pursued by any party hereto is unavailable or unenforceable
shall not affect in any way the ability of such party to pursue any other remedy
available to it.

         Section 9. Governing Law. This Indemnity Agreement shall be governed by
and construed in accordance with the laws of the State of New York.

         Section 10. Counterparts. The Indemnity Agreement may be executed in
counterparts by the parties hereto, and all such counterparts shall constitute
one and the same instrument.
<PAGE>   11
         Section 11. Headings. The headings of Sections and the Table of
Contents contained in this Indemnity Agreement are provided for convenience
only. They form no part of this Indemnity Agreement and shall not affect its
construction or interpretation.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
<PAGE>   12
         IN WITNESS WHEREOF, the parties hereto have executed this
Indemnification Agreement, all as of the day and year first above mentioned.

                                     AMBAC ASSURANCE CORPORATION,
                                         as Certificate Insurer

                                     By:  /S/ Michele Kearns
                                         --------------------------------------
                                         Name:    Michele Kearns
                                         Title:      First Vice President

                                     BEAR, STEARNS & CO. INC.
                                         as Representative of the Underwriters

                                     By: /S/ Thomas S. Dunstan
                                         --------------------------------------
                                         Name:    Thomas S. Dunstan
                                         Title:      Managing Director

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