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As of May 16, 2008

|   | Re: | Charming Shoppes Master Trust Class A      Floating Rate Asset Backed      Certificates, Series1999-2 |
|--------|-----|-------------------------------------------------------------------------------------------------------|

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| Sincerely      yours,                                                                                                                                                                                                                                                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                 |
| CLIPPER      RECEIVABLES COMPANY, LLC,                                                                                                                                                                                                                                                                                                                                                                               |
| as      the Class A Purchaser                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |
| By:  __________________________________                                                             |
| Name:  R.      Douglas Donaldson                                                                                                                                                                                                                                                                                                                                                                           |
| Title:    Treasurer                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |
| STATE      STREET GLOBAL MARKETS, LLC,                                                                                                                                                                                                                                                                                                                                                                               |
| as      the Administrator                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |
| By: ___________________________________                                                             |
| Name:  Thomas      Loughlin                                                                                                                                                                                                                                                                                                                                                                                |
| Title:    Senior      Vice President                                                                                                                                                                                                                                                                                                                                                             |

|   | S-1 |   |
|--------|-----|--------|

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| CHARMING      SHOPPES RECEIVABLES CORP.,                                                                                                                                                                                                                                                                                                                                                                                |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| as      the Seller and as the Class B Purchaser                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |
| By: ______________________________________                                                             |
| Name:  Kirk      R. Simme                                                                                                                                                                                                                                                                                                                                                                                     |
| Title:    Vice      President                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |
| SPIRIT      OF AMERICA, INC.                                                                                                                                                                                                                                                                                                                                                                                            |
| as      the Servicer                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |
| By: ______________________________________                                                             |
| Name:  Kirk      R. Simme                                                                                                                                                                                                                                                                                                                                                                                     |
| Title:    Vice      President                                                                                                                                                                                                                                                                                                                                                                       |

|   | S-2 |   |
|--------|-----|--------|

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| Acknowledged      and Agreed:                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| STATE      STREET BANK & TRUST COMPANY,                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| as      Liquidity Agent and Purchaser                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| By: ____________________________________                                                                           |
| Name:  Thomas      Loughlin                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Title:    Vice      President                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| By: ____________________________________                                                                           |
| Name:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Title:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

|   | S-3 |   |
|--------|-----|--------|

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