<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report November 11, 1998
ADVANTA BUSINESS SERVICES CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 333-38575 23-2333786
- --------------------------------------- ---------------- -------------------------------
(State or Other (Commission File (I.R.S. Employer Identification
Jurisdiction of Incorporation) Number) No.)
1020 Laurel Oak Road
Voorhees, New Jersey 08043
- --------------------------------------- ------------------------------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (609) 782-7300
--------------
No Change
-----------------------------------------------------------------
(Former name or former address, if changed since last report)
ADVANTA LEASING RECEIVABLES CORP. IV
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-38575-01 88-0387072
-------------------------------------------- --------------- -------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
1325 Airmotive Way
Reno, Nevada 89502
- --------------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (702) 322-2221
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ADVANTA LEASING RECEIVABLES CORP. V
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-38575-02 88-0387073
- ---------------------------------------------- --------------- ------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File (I.R.S. Employer Identification
Number) No.)
1325 Airmotive Way
Reno, Nevada 89502
---------------------------------------- ---------
(Address of Principal Executive Offices)
</TABLE>
Registrant's telephone number, including area code (702) 322-2221
--------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 3
Item 5. Other Events
Year 2000. With the approach of the Year 2000, Advanta
Business Services ("ABS") as Originator and Servicer is actively managing the
Year 2000 issue. This issue results from computer programs, which use two
digits, rather than four digits to define a year. ABS has instituted a
corporate-wide effort to address and resolve the system/application tasks
associated with Year 2000. In the event that the project plans are not timely
or successfully completed, there can be no assurance that the Year 2000 Issue
will not have a material adverse effect on the operations of the Originator and
Servicer, including a shut-down of operations for a period of time, which may,
in turn, have a material adverse effect on the Offered Notes.
ABS is also in the process of reviewing their exposure to Year 2000 issues
resulting from third party vendors and brokers from whom we purchase equipment
leases, and outside service provider's computer systems. ABS, and it's parent
Advanta Corp., are in the process of contacting outside service providers
regarding the state of their remediation activities for material Year 2000
issues. There can be no assurance that the systems used by outside service
providers or other third parties upon which ABS's systems rely, will be timely
converted and compliant with Year 2000 issues.
Item 7. Financial Statements and Exhibits
The following exhibit is furnished herewith:
21 Monthly Servicer's Certificate issued on November 11, 1998
relating to the Equipment Receivables Asset-Backed Notes,
Series 1998-1, prepared by the Servicer and sent to the
Trustee pursuant to Section 3.06(a) of the Series 1998-1
Supplement dated as of April 14, 1998 covering the period of
October 1, 1998 through October 31, 1998.
3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
<TABLE>
<S> <C> <C>
ADVANTA BUSINESS SERVICES CORP.,
As Registrant
By /s/ SUSAN A. MCVEIGH
---------------------
Name: Susan A. McVeigh
Title: Treasurer
Dated: November 11, 1998
</TABLE>
4
<PAGE> 5
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
<TABLE>
<S> <C> <C>
ADVANTA LEASING RECEIVABLES CORP. IV,
As Registrant
By /s/ SUSAN A. McVEIGH
---------------------
Name: Susan A. McVeigh
Title: Director
Dated: November 11, 1998
</TABLE>
5
<PAGE> 6
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
<TABLE>
<S> <C> <C>
ADVANTA LEASING RECEIVABLES CORP. V,
As Registrant
By /s/ SUSAN A. McVEIGH
---------------------
Name: Susan A. McVeigh
Title: Director
Dated: November 11, 1998
</TABLE>
6
<PAGE> 7
Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Page
- ----------- ----
<S> <C> <C>
21.1 Monthly Servicer's Certificate dated November 11, 1998 prepared by the 8
Servicer and sent to the Trustee pursuant to Section 3.06(a) of the
Series 1998-1 Supplement covering the period of October 1, 1998
through October 31, 1998. 7
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
ASSET-BACKED FINANCING FACILITY
ADVANTA BUSINESS SERVICES CORP., AS SERVICER
MONTHLY SERVICER CERTIFICATE
COLLECTION PERIOD: October 1, 1998 - October 31, 1998
-----------------------------------
SETTLEMENT DATE: 16-Nov-98
------------------------
<S> <C>
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") . . . . . . . . . . . . . . . . . . . . . $375,000,311.61
---------------
(b.) Contract Principal Balance of all Collections allocable to Contracts . . . . . . $ 15,703,614.96
---------------
(c.) Contract Principal Balance of Charged-Off Contracts .. . . . . . . . . . . . . . $ 832,714.04
---------------
(d.) Total decline in Principal Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,536,329.00
---------------
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 . . . . . . . . . . . . . . . . . $ 16,536,328.26
---------------
(f.) Amounts to be on deposited in Additional Property Funding Account as of this
Settlement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
(g.) Ending Aggregate Contract Principal Balance of all Contracts as of this
Settlement Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $375,000,310.87
---------------
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
---------------
(Class A Note Factor) 1.0000000
------------------------
(i1.) Class A-1 Principal Balance . . . . . . . . . . . . . . . $ 72,000,000.00
----------------
(i2.) Class A-2 Principal Balance . . . . . . . . . . . . . . . $ 190,000,000.00
----------------
(i3.) Class A-3 Principal Balance . . . . . . . . . . . . . . . $ 23,300,000.00
----------------
(i4.) Class A-4 Principal Balance . . . . . . . . . . . . . . . $ 45,900,000.00
----------------
(j.) Class B Principal Balance as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . $ 18,938,000.00
---------------
(Class B Note Factor) 1.0000000
------------------------
(k.) Class C Principal Balance as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . $ 9,862,000.00
---------------
(Class C Note Factor) 1.0000000
------------------------
(l.) Class D Principal Balance as of this Settlement Date . . . . . . . . . . . . . . . . . . . . . $ 15,000,304.00
---------------
(Class D Note Factor) 1.0000000
------------------------
II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of all Contracts as of the
related Calculation Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $398,632,693.90
---------------
(b1.) % of CBR 31 days or more delinquent as of the related Calculation Date . . . . . . . . . . . . . 6.49%
---------------
(b2.) Preceeding Month %: Sep-98 . . . . . . . . . . . . . . . . . 5.81%
------------------------ ---------------
(b3.) 2nd Preceeding Month %: Aug-98 . . . . . . . . . . . . . . . . . 5.12%
------------------------ ---------------
(b4.) Three month rolling average % of CBR 31 days or more delinquent . . . . . . . . . . . . . . . . . 5.81%
---------------
(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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . NO
---------------
(If Yes, then an Amortization Event occurs)
(e1.) Monthly Net Loss Percentage for the related Collection Period . . . . . . . . . . . . . . . . 0.15%
---------------
(e2.) Preceeding Month %: Sep-98 . . . . . . . . . . . . . . . . 0.13%
------------------------ ---------------
(e3.) 2nd Preceeding Month %: Aug-98 . . . . . . . . . . . . . . . . 0.13%
------------------------ ---------------
(e4.) Three month average % of Monthly Net Loss Percentage . . . . . . . . . . . . . . . . . . . . . 0.14%
---------------
(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
</TABLE>
Page 1 of 4
<PAGE> 2
<TABLE>
<S> <C>
(f1.) 4.0 % from the Beginning Period to and including 12th Collection
Period ? Y or N. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
---------------
(f2.) 5.5 % from 13th Collection Period to and including 24th Collection
Period ? Y or N . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . N/A
---------------
(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
> 100% (YES/NO). . . . . . . . . .. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . YES
---------------
(g2.) Preceeding Month: Sep-98 > 100% (YES/NO) . . . . . . . . . . . . YES
------------------------ ---------------
(g3.) 2nd Preceeding Month: Aug-98 > 100% (YES/NO) . . . . . . . . . . . . YES
------------------------ ---------------
(g4.) Three month rolling average Residual Realization Ratio
> 100% (YES/NO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . YES
---------------
(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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,719,737.00
---------------
(1) On each Payment Date prior to the Amortization Date
(a.) To the Servicer, Nonrecoverable Servicer Advances and other amounts due . . . . . . . . . . 39,430.81
---------------
(b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary
Servicing Income, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
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
---------------
Interest on Class A-1 Notes . . . . . . . . . . . . . . . . . . $ 346,200.00 6,200.00
----------------
Interest on Class A-2 Notes . . . . . . . . . . . . . . . . . . $ 921,500.00 1,500.00
----------------
Interest on Class A-3 Notes . . . . . . . . . . . . . . . . . . $ 115,140.83 5,140.83
----------------
Interest on Class A-4 Notes . . . . . . . . . . . . . . . . . . $ 228,735.00 8,735.00
----------------
(d.) Interest on Class B Notes for the related period . . . . . . . . . . . . . . . $ 96,268.17
---------------
(e.) Interest on Class C Notes for the related period. . . . . . .. . . . . . . . . . . . . . . . . . $ 53,336.98
---------------
(f.) Available Funds remaining in Series 1998-1 Facility Account . . . . . . . . . . . . . . . . . . $ 16,919,125.21
---------------
From (x) the amount remaining in the Facility Account and . . . . . . . . . . . $ 16,919,125.21
----------------
(y) the amount on deposit in the Additional Property Funding
Account ("APFA") . . . 0.00
----------------
("Available Additional Property Funding Amount") as follows: . . . . . . . . . . . . . . . . . . $ 16,919,125.21
---------------
(A) To the Series Obligors, an amount equal to the least of . . . . . . . . . . . . . . . . . . . $ 15,703,614.96
---------------
(i) the Available Additional Property Funding Amount . . . . . . . . . . . . . $ 16,919,125.21
----------------
(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) . . . . . . . . . . $ 15,703,614.96
----------------
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 and . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,536,328.26
----------------
(B) To the Additional Property Funding Account, the lesser of 0.00
---------------
(i) the excess, if any, (x) Additional Property Funding Requirement over . . . . $ 15,703,614.96
----------------
(y) ACPB of all Additional Contracts actually pledged on the Payment Date . . . $ 16,536,328.26
----------------
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (832,713.30)
----------------
and (ii) the remaining Available Additional Property Funding Amount . . . . . . $ 1,215,510.25
----------------
(g1) Until the Reserve Account Funding Date:
To the Reserve Account, the amount equal to the Servicing Fee otherwise
payable to ABS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
---------------
(g2) After the Reserve Account Funding Date:
To the Servicer, ABS, the Servicing Fee plus Ancillary Servicing Income, if
any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,500.25
---------------
(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
---------------
(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
------------------
(B) the aggregate amount of Residual Receipts included in Available Funds . . . . . 0.00
------------------
To be deposited to the Residual Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
(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
---------------
</TABLE>
Page 2 of 4
<PAGE> 3
<TABLE>
<S> <C>
(b.) To the Servicer, if ABS is not the Servicer, Servicing Fee and Ancillary
Servicing Income, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
---------------
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
---------------
Interest on Class A-1 Notes . . . . . . . .. . . . . .. . . .. . N/A
------------------
Interest on Class A-2 Notes . . . . . . . .. . . . . .. . . .. . N/A
------------------
Interest on Class A-3 Notes . . . . . . . .. . . . . .. . . .. . N/A
------------------
Interest on Class A-4 Notes . . . . . . . .. . . . . .. . . .. . N/A
------------------
(d.) Interest on Class B Notes for the related period. . . . . . .. . . . . . . . . . . . . . . . . . . N/A
---------------
(e.) Interest on Class C Notes for the related period. . . . . . .. . . . . . . . . . . . . . . . . . . N/A
---------------
(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue Principal, if any . . . . . . . . . . N/A
---------------
Principal Payment to Class A-1 Noteholders . . . . . .. . . . . N/A
------------------
Principal Payment to Class A-2 Noteholders . . . . . .. . . . . N/A
------------------
Principal Payment to Class A-3 Noteholders . . . . . .. . . . . N/A
------------------
Principal Payment to Class A-4 Noteholders . . . . . .. . . . . N/A
------------------
To Class B for Principal Payment and Overdue Principal, if any . . . . . . . . . . . . . . . . . . N/A
---------------
To Class C for Principal Payment and Overdue Principal, if any . . . . . . . . . . . . . . . . . . N/A
---------------
(g) Overdue Principal (included in the Principal Payments per above, if any):
To Class A, total for Overdue Principal . . . . . . . . . . . . . . . . .. . . . N/A
------------------
Overdue Principal to Class A-1 N/A
----------
Overdue Principal to Class A-2 N/A
----------
Overdue Principal to Class A-3 N/A
----------
Overdue Principal to Class A-4 N/A
----------
To Class B for Overdue Principal . . . . . . . . . . . . . . . . .. . . . . . . N/A
------------------
To Class C for Overdue Principal . . . . . . . . . . . . . . . . .. . . . . . . N/A
------------------
(h1.) Until the Reserve Account Funding Date:
To the Reserve Account, the amount equal to the Servicing Fee otherwise
payable to ABS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
---------------
(h2.) After the Reserve Account Funding Date:
To the Servicer, ABS, the Servicing Fee plus Ancillary Servicing Income,
if any . . . . .. . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
---------------
(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
---------------
(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
------------------
(j2.) (B) the aggregate amount of Residual Receipts included in Available Funds . . . N/A
------------------
(j3.) To be deposited to the Residual Account . . . . . . . . . . .. .. . . . . . . . . . . . . . . . . N/A
---------------
(k.) To Class D Noteholders for Principal Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
---------------
(l.) To Class D Noteholders for Overdue Principal, if any . . .. . . . . . . . . . . . . . . . . . . . N/A
---------------
(3) To ABS, the Servicing Fee previously due, but deposited to the Reserve
Account . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -
---------------
(4) To the Series Obligors, as holders of the Residual Interest, any Available
Funds remaining on deposit
in the Facility Account . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . $ 903,010.00
---------------
IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the related Collection
Period. . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,206,795.25
---------------
(b.) Servicer Advances reimbursed during the related Collection Period . . . . . . . . . . . . . . . . 95,798.62
---------------
(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,430.81
---------------
(d.) Servicer Advances made during the related Collection Period . . . . . . . . . . . . . . . . . . .
---------------
(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .5,071,565.82
---------------
V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period. . . . . . . . . . . . . . . $ 11,700,000.00
---------------
(b.) Amounts used to cover shortfalls, if any, for the related Collection Period . . . . . . . . . . $ -
---------------
(c.) Amounts transferred from the Facility Account, if applicable. . . . . . . . . . . . . . . . . . $ -
---------------
(d.) Interest earned on Reserve Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 48,128.53
---------------
(e.) Reserve Account Ending Balance before calculating Required Reserve Amount . . . . . . . . . . . . $ 11,748,128.53
---------------
---------------
(f.) Required Reserve Amount needed as of the related Collection Period . . . . . . . . . . . . . . . $ 11,700,000.00
---------------
</TABLE>
Page 3 of 4
<PAGE> 4
<TABLE>
<S> <C>
(g1.) If (f) is greater than (e), then amount of shortfall . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
(g2.) If (e) is greater than (f), then excess amount to be transferred to the Series
Obligors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,128.53
---------------
(h.) Amounts on deposit as of this Settlement Date (e minus g2). . . . . . . . . . . . . . . . . . . $ 11,700,000.00
---------------
VI. RESIDUAL ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period. . . . . . . . . . . . . . 0.00
---------------
(b.) Amounts transferred from the Facility Account . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
(c.) Amounts used to cover shortfalls for the related Collection Period . . . . . . . . . . . . . . 0.00
---------------
(d.) Amount on deposit as of this Settlement Date. . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
VII. ADDITIONAL PROPERTY FUNDING ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period. . . . . . . . . . . . . . 0.00
---------------
(b.) Amounts transferred from the Facility Account . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
(c.) Amounts transferred to the Series Obligors . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
(d.) Amount on deposit as of this Settlement Date. . . . . . . . . . . . . . . . . . . . . . . . . 0.00
---------------
VIII. ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,635,850.91
---------------
(b.) Amount of Advance Payments collected during the related Collection Period . . . . . . . . . . . $ 2,204,013.29
---------------
(c.) Investment earnings for the related Collection Period . . . . . . . . . . . . . . . . . . . . $ 15,529.44
---------------
(d.) Amount of Advance Payments withdrawn for deposit into Facility Account . . . . . . . . . . . . $ 2,248,501.73
---------------
(e.) Ending aggregate Advance Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,606,891.91
---------------
</TABLE>
Page 4 of 4
