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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: May 1, 1998 - May 31, 1998
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SETTLEMENT DATE: 15-Jun-98
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A. SERIES INFORMATION
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ADVANTA LEASING RECEIVABLES CORP. IV AND
ADVANTA LEASING RECEIVABLES CORP. V
EQUIPMENT RECEIVABLES ASSET-BACKED NOTES,
SERIES 1998-1
I. SERIES INFORMATION INCLUDING PLEDGED PROPERTY CONVEYED
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(a.) Beginning Aggregate Contract Principal Balance ("ACPB")............................................ $ 375,000,311.47
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(b.) Contract Principal Balance of all Collections allocable to Contracts....... $ 15,105,360.79
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(c.) Contract Principal Balance of Charged-Off Contracts........................ $ 102,559.10
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(d.) Total decline in Principal Balance................................................................. $ 15,207,919.89
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PLEDGES ON THIS SETTLEMENT DATE
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(e.) Aggregate Contract Principal Balance of all Contracts pledged on this
Settlement Date in accordance with section 1.03 of the Supplement.................................. $ 15,207,913.53
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(f.) Amounts to be on deposited in Additional Property Funding Account as of this Settlement Date....... 0.00
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(g.) Ending Aggregate Contract Principal Balance of all Contracts as of this Settlement Date............ $ 375,000,305.11
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BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED PAYMENT DATE
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(h.) Class A Principal Balance as of this Settlement Date............................................... $ 331,200,000.00
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(Class A Note Factor) 1.0000000
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(i1.) Class A-1 Principal Balance.................................. $ 72,000,000.00
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(i2.) Class A-2 Principal Balance.................................. $ 190,000,000.00
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(i3.) Class A-3 Principal Balance.................................. $ 23,300,000.00
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(i4.) Class A-4 Principal Balance.................................. $ 45,900,000.00
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(j.) Class B Principal Balance as of this Settlement Date............................................... $ 18,938,000.00
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(Class B Note Factor) 1.0000000
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(k.) Class C Principal Balance as of this Settlement Date............................................... $ 9,862,000.00
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(Class C Note Factor) 1.0000000
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(l.) Class D Principal Balance as of this Settlement Date............................................... $ 15,000,304.00
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(Class D Note Factor) 1.0000000
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II. COMPLIANCE RATIOS
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(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as of the related Calculation Date... $ 399,345,798.47
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(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date............................. 5.47%
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(b2.) Preceeding Month %: Apr-98 ................................ 4.89%
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(b3.) 2nd Preceeding Month %: N/A
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(b4.) Three month rolling average % of CBR 31 days or more delinquent.................................... N/A
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(c.) (Revolving Period Only)
Does the current month % of CBR which are 31 days or more delinquent exceed 11.5% ? Y or N......... NO
(If Yes, then an Amortization Event occurs) ----------------
(d.) Does the three month rolling average % of CBR which are 31 days or more delinquent
exceed 10.5% ? . Y or N............................................................................ N/A
(If Yes, then an Amortization Event occurs) ----------------
(e1.) Monthly Net Loss Percentage for the related Collection Period...................................... 0.00%
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(e2.) Preceeding Month %: Apr-98 ............................... 0.00%
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(e3.) 2nd Preceeding Month %: ......................................................... N/A
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(e4.) Three month average % of Monthly Net Loss Percentage............................................... N/A
(If greater than 3.75%, then an Amortization Event Occurs) ----------------
(Amortization Period Only)
(f) Cumulative Net Loss Percentage as of the related Collection Period................................. N/A
Does the Cumulative Net Loss Percentage exceed ----------------
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(f1.) 4.0 % from the Beginning Period to and including 12th Collection Period ? Y or N.................. N/A
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(f2.) 5.5 % from 13th Collection Period to and including 24th Collection Period ? Y or N................ N/A
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(f3.) 7.0 % from 25th Collection Period and thereafter ? Y or N......................................... N/A
(If Yes to f1 or f2 or f3, then a Residual Event occurs) -----------------
(g1.) Residual Realization for the related Collection Period............................................ 148.36%
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(g2.) Preceeding Month %: Apr-98 141.15%
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(g3.) 2nd Preceeding Month %: ......................................................... N/A
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(g4.) Three month rolling average Residual Realization Ratio............................................ N/A
(If less than 100%, then a Residual Event Occurs) -----------------
III. FLOW OF FUNDS
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The amount of available funds on deposit in the Series 1998-1 Facility Account.................... $ 18,280,956.97
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(1) On each Payment Date prior to the Amortization Date
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(a.) To the Servicer, Nonrecoverable Servicer Advances and other amounts due........................... $ 572,306.18
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(b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary Servicing
Income, if any.................................................................................... 0.00
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To Series 1998-1 Noteholders:
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(c.) To Class A, the total Class A Note Interest and Class A Overdue Interest for the related period... $ 1,611,575.83
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Interest on Class A-1 Notes .......................... $ 346,200.00
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Interest on Class A-2 Notes .......................... $ 921,500.00
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Interest on Class A-3 Notes .......................... $ 115,140.83
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Interest on Class A-4 Notes .......................... $ 228,735.00
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(d.) Interest on Class B Notes for the related period.................................................. $ 96,268.17
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(e.) Interest on Class C Notes for the related period.................................................. $ 53,336.98
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(f.) Available Funds remaining in Series 1998-1 Facility Account....................................... $ 15,947,469.81
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From (x) the amount remaining in the Facility Account and.......... $ 15,947,469.81
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(y) the amount on deposit in the Additional
Property Funding Account ("APFA").............................. 0.00
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("Available Additional Property Funding Amount")
as follows:....................................................................................... $ 15,947,469.81
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(A) To the Series Obligors, an amount equal to the least of........................................... $ 15,105,360.79
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(i) the Available Additional Property Funding Amount............... $ 15,947,469.81
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(ii) the sum of (a) the excess ACPB as of the second preceding
Calc. Date over the ACPB as of the preceding Calc. Date
plus (b)...................................................... $15,105,360.79
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amount on deposit in the APFA on such payment date and........ 0.00
(Additional Property Funding Requirement) --------------
(iii) ACPB of all Additional Contracts actually pledged on
the Payment Date........................................ $15,207,913.53
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and
(B) To the Additional Property Funding Account, the lesser of 0.00
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(i) the excess, if any, (x) Additional Property Funding
Requirement over.......................................... $15,105,360.79
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(y) ACPB of all Additional Contracts actually pledged on the
Payment Date.............................................. $15,207,913.53
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Subtotal...................................................... $ (102,552.74)
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and (ii) the remaining Available Additional Property
Funding Amount................................................ $ 842,109.02
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(g1) Until the Reserve Account Funding Date:
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To the Reserve Account, the amount equal to the Servicing Fee otherwise payable to ABS.......
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(g2) After the Reserve Account Funding Date:
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To the Servicer, ABS, the Servicing Fee plus Ancillary Servicing Income, if any.............. 312,500.25
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(h) To the Reserve Account, the amount needed to increase the amount on deposit
in the Reserve Account to the Required Reserve Amount for such Payment Date.................. 0.00
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(i) Upon the occurrence of a Residual Event the lesser of:
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(A) the Available Funds remaining on deposit in the Facility
Account and................................................. 0.00
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(B) the aggregate amount of Residual Receipts included in
Available Funds............................................. 0.00
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To be deposited to the Residual Account...................................................... 0.00
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(2) On the Payment Date which is also the Amortization Date and each Payment Date thereafter
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(a.) To the Servicer, Unrecoverable Servicer Advances............................................. N/A
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(b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary Servicing
Income, if any............................................................................... N/A
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To Series 1998-1 Noteholders:
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(c.) To Class A, the total Class A Note Interest and Class A Overdue Interest for the
related period............................................................................... N/A
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Interest on Class A-1 Notes.......................... N/A
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Interest on Class A-2 Notes.......................... N/A
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Interest on Class A-3 Notes.......................... N/A
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Interest on Class A-4 Notes.......................... N/A
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(d.) Interest on Class B Notes for the related period............................................. N/A
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(e.) Interest on Class C Notes for the related period............................................. N/A
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(f.) To Series 1998-1 Noteholders:
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To Class A, the total Principal Payment and Class A Overdue Principal, if any................ N/A
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Principal Payment to Class A-1 Noteholders........... N/A
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Principal Payment to Class A-2 Noteholders........... N/A
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Principal Payment to Class A-3 Noteholders........... N/A
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Principal Payment to Class A-4 Noteholders........... N/A
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To Class B for Principal Payment and Overdue Principal, if any............................... N/A
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To Class C for Principal Payment and Overdue Principal, if any............................... N/A
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(g) Overdue Principal (included in the Principal Payments per above, if any):
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To Class A, total for Overdue Principal...................... N/A
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Overdue Principal to Class A-1 N/A
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Overdue Principal to Class A-2 N/A
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Overdue Principal to Class A-3 N/A
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Overdue Principal to Class A-4 N/A
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To Class B for Overdue Principal............................. N/A
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To Class C for Overdue Principal............................. N/A
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(h1.) Until the Reserve Account Funding Date:
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To the Reserve Account, the amount equal to the Servicing Fee otherwise payable to ABS....... N/A
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(h2.) After the Reserve Account Funding Date:
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To the Servicer, ABS, the Servicing Fee plus Ancillary Servicing Income, if any.............. N/A
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(i.) To the Reserve Account, the amount needed to increase the amount on deposit in the Reserve
Account to the Required Reserve Amount for such Payment Date................................. N/A
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(j.) Upon the occurrence of a Residual Event the lesser of:
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(j1.) (A) the Available Funds remaining on deposit in the Facility
Account and.............................................. N/A
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(j2.) (B) the aggregate amount of Residual Receipts included in
Available Funds......................................... N/A
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(j3.) To be deposited to the Residual Account...................................................... N/A
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(k.) To Class D Noteholders for Principal Payment................................................. N/A
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(l.) To Class D Noteholders for Overdue Principal, if any......................................... N/A
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(3) To ABS, the Servicing Fee previously due, but deposited to the Reserve Account............... $ -
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(4) To the Series Obligors, as holders of the Residual Interest, any Available Funds
remaining on deposit in the Facility Account................................................. $ 529,608.77
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IV. SERVICER ADVANCES
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(a.) Aggregate amount of Servicer Advances at the beginning of the related Collection Period...... 2,798,024.74
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(b.) Servicer Advances reimbursed during the related Collection Period............................ 50,985.04
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the Settlement Date............. 0.00
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(d.) Servicer Advances made during the related Collection Period.................................. $ 1,173,228.05
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(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period....................................................................................... $ 3,920,267.75
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V. RESERVE ACCOUNT
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(a.) Amount on deposit at the beginning of the related Collection Period.......................... $ 11,700,000.00
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(b.) Amounts used to cover shortfalls, if any, for the related Collection Period.................. $ -
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(c.) Amounts transferred from the Facility Account, if applicable................................. $ -
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(d.) Interest earned on Reserve Balance........................................................... $ 45,967.62
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(e.) Reserve Account Ending Balance before calculating Required Reserve Amount.................... $ 11,745,967.62
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(f.) Required Reserve Amount needed as of the related Collection Period........................... $ 11,700,000.00
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(g1.) If (f) is greater than (e), then amount of shortfall......................................... 0.00
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(g2.) If (e) is greater than (f), then excess amount to be transferred to the Series Obligors...... 45,967.62
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(h.) Amounts on deposit as of this Settlement Date (e minus g2)................................... $ 11,700,000.00
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VI. RESIDUAL ACCOUNT
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(a.) Amount on deposit at the beginning of the related Collection Period.......................... 0.00
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(b.) Amounts transferred from the Facility Account................................................ 0.00
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(c.) Amounts used to cover shortfalls for the related Collection Period........................... 0.00
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(d.) Amount on deposit as of this Settlement Date................................................. 0.00
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VII. ADDITIONAL PROPERTY FUNDING ACCOUNT
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(a.) Amount on deposit at the beginning of the related Collection Period.......................... 0.00
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(b.) Amounts transferred from the Facility Account................................................ 0.00
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(c.) Amounts transferred to the Series Obligors................................................... 0.00
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(d.) Amount on deposit as of this Settlement Date................................................. 0.00
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VIII. ADVANCE PAYMENTS
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(a.) Beginning aggregate Advance Payments......................................................... $ 3,001,392.09
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(b.) Amount of Advance Payments collected during the related Collection Period.................... $ 1,847,853.09
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(c.) Investment earnings for the related Collection Period........................................ $ 24,265.28
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account....................... $ 2,409,708.95
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(e.) Ending aggregate Advance Payments............................................................ $ 2,463,801.51
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /S/ SUSAN McVEIGH
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SUSAN McVEIGH
TITLE: MGR. SECURITIZATION & TREASURY
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DATE: JUNE 11, 1998
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