Figure 3: Advanta Business Card Master Trust's Quarterly Excess Spread

Accounts (Billions)

Quarter Ended Industry Baseline* Early Amortization Threshold Quarterly Excess Spread
Mar-05 5.8% 0.0% 8.7%
Jun-0 5 5.8% 0.0% 7.9%
Sep-05 5.8% 0.0% 9.5%
Dec-05 5.8% 0.0% 7.1%
Mar-06 6.8% 0.0% 9.5%
Jun-06 6.8% 0.0% 9.0%
Sep-06 6.8% 0.0% 8.3%
Dec-06 6.8% 0.0% 7.4%
Mar-07 6.8% 0.0% 6.7%
Jun-07 6.8% 0.0% 6.3%
Sep-07 6.8% 0.0% 5.7%
Dec-07 6.8% 0.0% 6.8%
Mar-08 6.8% 0.0% 5.8%
Jun-08 6.8% 0.0% 4.9%
Sep-08 5.8% 0.0% 5.1%
Dec-08 5.8% 0.0% 5.7%
Mar-09 5.8% 0.0% 2.2%
Jun-09 5.8% 0.0% -17.0%
Sep-09 5.8% 0.0% -7.8%
Dec-09 5.8% 0.0% -17.4%

Source: OIG analysis of monthly statements filed by ABRC with the Securities and Exchange Commission.
* According to Citigroup Global Markets Ltd.'s Credit Card ABS Primer, dated October 31, 2008, the industry's average excess spread from December 2001 to December 2005 ranged roughly from 6 percent to 7 percent, from March 2006 to July 2008 ranged from 7 percent to 9 percent, and was projected to remain in the range of 6 percent to 7 percent in the future (short-term), with a worst case projected average of 3 percent.