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ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: December 1, 1998 - December 31, 1998
SETTLEMENT DATE: 15-Jan-99
A. SERIES INFORMATION
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
(a.) Beginning Aggregate Contract Principal Balance ("ACPB") .........................................$ 375,000,311.91
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(b.) Contract Principal Balance of all Collections allocable
to Contracts ....................................................$ 16,047,904.41
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(c.) Contract Principal Balance of Charged-Off Contracts ..............$ 930,260.91
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(d.) Total decline in Principal Balance ..............................................................$ 16,978,165.32
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PLEDGES ON THIS SETTLEMENT DATE
(e.) Aggregate Contract Principal Balance of all Contracts pledged
on this Settlement Date in accordance with section 1.03 of
the Supplement..................................................................................$ 16,978,165.76
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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 .....................................................................$ 375,000,312.35
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BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE RELATED
PAYMENT DATE
(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
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts
as of the related Calculation Date .............................................................$ 398,385,723.99
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(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date ............................................................................... 7.50%
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(b2.) Preceeding Month %: Nov-98 ................................................................ 7.86%
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(b3.) 2nd Preceeding Month %: Oct-98 ................................................................ 6.49%
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(b4.) Three month rolling average % of CBR 31 days or more
delinquent ..................................................................................... 7.28%
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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
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(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 ................................................. NO
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(If Yes, then an Amortization Event occurs)
(e1.) Monthly Net Loss Percentage for the related Collection Period ................................... 0.17%
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(e2.) Preceeding Month %: Nov-98 ................................................................ 0.12%
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(e3.) 2nd Preceeding Month %: Oct-98 ................................................................ 0.15%
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(e4.) Three month average % of Monthly Net Loss Percentage ............................................ 0.15%
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(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
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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
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(If Yes to f1 or f2 or f3, then a Residual Event occurs)
(g1.) Residual Realization for the related Collection Period
> 100% (YES/NO) ................................................................................ YES
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(g2.) Preceeding Month: Nov-98 > 100% (YES/NO) ............................................... YES
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(g3.) 2nd Preceeding Month: Oct-98 > 100% (YES/NO) YES
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(g4.) Three month rolling average Residual Realization Ratio
> 100% (YES/NO) ................................................................................ YES
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(If less than 100%, then a Residual Event Occurs)
III. FLOW OF FUNDS
The amount of available funds on deposit in the Series 1998-1
Facility Account ...............................................................................$ 19,175,289.92
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(1) On each Payment Date prior to the Amortization Date
(a.) To the Servicer, Nonrecoverable Servicer Advances and other
amounts due .................................................................................... 98,886.91
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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:
(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 .....................................$ 17,315,222.03
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From (x) the amount remaining in the Facility Account and ........$ 17,315,222.03
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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: ....................................$ 17,315,222.03
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(A) To the Series Obligors, an amount equal to the least of .....................................$ 16,047,904.41
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(i) the Available Additional Property Funding Amount ......$ 17,315,222.03
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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) ........................$ 16,047,904.41
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amount on deposit in the APFA on such payment
date and ............................................ 0.00
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(Additional Property Funding Requirement)
(iii) ACPB of all Additional Contracts actually pledged
on the Payment Date ..................................$ 16,978,165.32
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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 .............................$ 16,047,904.41
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(y) ACPB of all Additional Contracts actually pledged
on the Payment Date ..................................$ 16,978,165.32
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Subtotal .....................................................$ (930,260.91)
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and (ii) the remaining Available Additional Property
Funding Amount ..............................................$ 1,267,317.62
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(g1) Until the Reserve Account Funding Date:
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:
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:
(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
(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:
(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:
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):
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:
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:
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:
(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 .......................................................................$ 954,817.37
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of
the related Collection Period .............................................................. 5,716,274.59
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(b.) Servicer Advances reimbursed during the related
Collection Period .......................................................................... 127,512.41
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed
on the Settlement Date ..................................................................... 91,606.46
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(d.) Servicer Advances made during the related Collection
Period .....................................................................................$ -
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(e.) Aggregate amount of Servicer Advances at the end of the
Collection Period ..........................................................................$ 5,497,155.72
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V. RESERVE ACCOUNT
(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 ..........................................................$ 46,372.57
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(e.) Reserve Account Ending Balance before calculating
Required Reserve Amount ....................................................................$ 11,746,372.57
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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 ......................................................... 46,372.57
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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
(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
(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
(a.) Beginning aggregate Advance Payments ........................................................$ 1,923,715.93
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(b.) Amount of Advance Payments collected during the related
Collection Period ..........................................................................$ 2,312,671.44
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(c.) Investment earnings for the related Collection Period .......................................$ 13,082.27
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(d.) Amount of Advance Payments withdrawn for deposit into
Facility Account ...........................................................................$ 1,428,329.35
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(e.) Ending aggregate Advance Payments ...........................................................$ 2,821,140.29
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ SUSAN A. MCVEIGH
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TITLE: TREASURER
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DATE: 1/12/1999
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