<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 (Data of earliest event reported)
October 1, 1999
FIRST SIERRA RECEIVABLES III, INC.
------------------------------------------------------
(exact name of Registrant as specified in its charter)
Delaware 333-12199-01 76-0589331
-------------------------------- ---------------- -------------------
(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification No.)
Suite 7050
600 Travis Street
Houston, TX 77002
- ----------- ----------
(Address of Principal Executive) (Zip Code)
Registrant's telephone number, including area code: 713-221-8822
<PAGE> 2
Item 1. Business
The Registrant is a wholly-owned subsidiary of First Sierra Financial, Inc.
formed solely for the purpose of acquiring from First Sierra Financial, Inc.
certain leases ( the "Leases") and interests in equipment underlying the leases
( together the "Receivables") and securitizing the Receivables through the
issuance of Certificates. As a bankruptcy remote entity, the Registrant's
operations are restricted so that (a) it does not engage in business with, or
incur liabilities to, any other entity which may bring bankruptcy proceedings
against the Registrant and 9b) the risk is diminished that it will be
consolidated into the bankruptcy proceedings of any other entity. The Registrant
has no other assets except the Receivables and proceeds thereof.
Item 2. Acquisition or Disposition of Assets
None
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
1.1 Servicing Reports for the collection periods ending in October 1,
1999.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
First Sierra Receivables III, Inc.
By: /s/ E. R. Gebhart
---------------------------------------
Name: E. R. Gebhart
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------ -----------
<S> <C>
1.1 Servicing Reports for the collection periods ending in October 1, 1999.
</TABLE>
<PAGE> 1
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 10,772,293.99
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances --
(b) Servicer Fees from current and prior Collection Period 85,391.79
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 21,783.33
(v) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(vi) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vii) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest 40,580.53
Class A-2 Note Interest 246,395.18
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 24,827.58
(ix) Class B-2 Note Interest 16,083.81
(x) Class B-3 Note Interest 21,113.59
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 9,243,338.53
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xii) Note Insuer Reimbursement Amount --
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 200,942.15
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 100,471.05
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 200,942.15
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xvii) Other Amounts Due Servicer under Servicing Agreement --
(xviii) Remaining Amount to Residual Holder --
</TABLE>
Reviewed By:
--------------------------------------------------------------
E. Roger Gebhart
Senior Vice President & Treasurer
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<CAPTION>
Initial Beginning Base Additional Total Ending Ending
Principal Principal Principal Principal Principal Principal Certificate
Class Balance Balance Distribution Distribution Distribution Balance Factor
- ------------- --------------- --------------- -------------- -------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 70,687,140.00 9,659,795.24 9,243,338.53 -- 9,243,338.53 416,456.71 0.0058915
Class A-2 53,856,869.00 53,856,869.00 -- -- -- 53,856,869.00 1.0000000
Class A-3 52,510,447.00 52,510,447.00 -- -- -- 52,510,447.00 1.0000000
Class A-4 70,687,140.00 70,687,140.00 -- -- -- 70,687,140.00 1.0000000
--------------- --------------- -------------- -------------- --------------- --------------- -------------
Total Class A 247,741,596.00 186,714,251.24 9,243,338.53 -- 9,243,338.53 177,470,912.71 0.7163549
Class B-1 5,385,687.00 4,059,005.56 200,942.15 -- 200,942.15 3,858,063.41 0.7163549
Class B-2 2,692,843.00 2,029,502.40 100,471.05 -- 100,471.05 1,929,031.35 0.7163549
Class B-3 5,385,687.00 4,059,005.56 200,942.15 -- 200,942.15 3,858,063.42 0.7163549
--------------- --------------- -------------- -------------- --------------- ---------------
Total 261,205,813.00 196,861,764.76 9,745,693.88 -- 9,745,693.88 187,116,070.89
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 1999 2,764,669.66
Investment earnings on amounts in Collection Account 13,108.26
Payments due Collection Account from last 3 business days of Collection Period 3,950,428.17
Additional contribution for terminated trade-ups and rebooked leases 202,772.88
Servicer Advance on current Determination Date 3,841,315.02
--------------
Available Funds on Payment Date 10,772,293.99
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 10,772,293.99
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 10,772,293.99
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 10,772,293.99
SERVICER FEES
Servicer Fees due 85,391.79
Servicer Fees paid 85,391.79
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 10,686,902.20
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 10,686,902.20
PREMIUM AMOUNT
Premium Amount due 21,783.33
Premium Amount paid 21,783.33
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 10,665,118.87
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
--------------
Indenture Trustee Fee remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 10,664,702.20
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due --
Cap on Indenture Trustee Expenses per 7.07 (a)(ii) 75,000.00
---------------
Total Indenture Trustee Expenses paid --
---------------
Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 10,664,702.20
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 40,580.53
Class A-2 Note Interest 246,395.18
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
---------------
Total Class A Interest due 856,983.34
---------------
REMAINING AVAILABLE FUNDS 9,807,718.86
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 24,827.58
Class B-1 Note Interest paid 24,827.58
---------------
Class B-1 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 9,782,891.28
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 16,083.81
Class B-2 Note Interest paid 16,083.81
---------------
Class B-2 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 9,766,807.47
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 21,113.59
Class B-3 Note Interest paid 21,113.59
---------------
Class B-3 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 9,745,693.88
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 9,243,338.53
Class A Note Principal Balance as of preceding Payment Date 186,714,251.24
---------------
Class A Base Principal Distribution Amount paid 9,243,338.53
---------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 9,659,795.24
Class A-1 Base Principal Distribution Amount paid 9,243,338.53
---------------
Class A-1 Note Principal Balance after distribution on Payment Date 416,456.71
---------------
Remaining Class A Base Principal Distribution Amount --
---------------
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 53,856,869.00
Class A-2 Base Principal Distribution Amount paid --
---------------
Class A-2 Note Principal Balance after distribution on Payment Date 53,856,869.00
Remaining Class A Base Principal Distribution Amount --
---------------
Class A-3 Note Principal Balance as of preceding Payment Date 52,510,447.00
Class A-3 Base Principal Distribution Amount paid --
---------------
Class A-3 Note Principal Balance after distribution on Payment Date 52,510,447.00
Remaining Class A Base Principal Distribution Amount --
---------------
Class A-4 Note Principal Balance as of preceding Payment Date 70,687,140.00
Class A-4 Base Principal Distribution Amount paid --
---------------
Class A-4 Note Principal Balance after distribution on Payment Date 70,687,140.00
REMAINING AVAILABLE FUNDS 502,355.35
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
---------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 502,355.35
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,059,005.56
Class B-1 Base Principal Distribution due 200,942.15
Class B-1 Base Principal Distribution paid 200,942.15
---------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,858,063.41
REMAINING AVAILABLE FUNDS 301,413.20
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,029,502.40
Class B-2 Base Principal Distribution due 100,471.05
Class B-2 Base Principal Distribution paid 100,471.05
---------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,929,031.35
REMAINING AVAILABLE FUNDS 200,942.15
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 4,059,005.56
Class B-3 Base Principal Distribution due 200,942.15
Class B-3 Base Principal Distribution paid 200,942.15
---------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 3,858,063.42
REMAINING AVAILABLE FUNDS --
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
---------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due --
Other Amounts Due Servicer under Servicing Agreement paid --
---------------
Other Amounts Due Servicer under Servicing Agreement remaining unpaid --
REMAINING AVAILABLE FUNDS --
AMOUNT PAYABLE TO RESIDUAL HOLDER --
</TABLE>
Page 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 204,940,294.76
ADCPB, end of Collection Period 195,194,600.88
---------------
Base Principal Amount 9,745,693.88
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,164,264.17
Servicing Advances collected during the current Collection Period 3,164,264.17
---------------
Unreimbursed Servicing Advances as of current Determination Date --
</TABLE>
CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
--------- -------------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C>
Class A-1 9,659,795.24 5.2150% 40,580.53 -- 40,580.53
Class A-2 53,856,869.00 5.4900% 246,395.18 -- 246,395.18
Class A-3 52,510,447.00 5.4500% 238,484.95 -- 238,484.95
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 4,059,005.56 7.3400% 24,827.58 -- 24,827.58
Class B-2 2,029,502.40 9.5100% 16,083.81 -- 16,083.81
Class B-3 4,059,005.56 6.2420% 21,113.59 -- 21,113.59
-------------- ------ ---------- ---- ----------
196,861,764.76 5.6020% 919,008.33 -- 919,008.33
</TABLE>
CALCULATION OF PRINCIPAL DUE
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
---------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Class A 94.845% 9,243,338.53 -- 9,243,338.53
Class B-1 2.062% 200,942.15 -- 200,942.15
Class B-2 1.031% 100,471.05 -- 100,471.05
Class B-3 2.062% 200,942.15 0.00 200,942.15
------------ ---- ------------
9,745,693.88 0.00 9,745,693.88
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<S> <C>
ADCPB as of the prior Calculation Date 204,940,294.76
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 85,391.79
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 85,391.79
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 186,714,251.24
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 21,783.33
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 21,783.33
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
---------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
---------------
Total Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE TESTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture when
due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount
equal to the principal due on the Outstanding Notes as of such Payment Date to
the extent that sufficient Available Funds are on deposit in the Collection
Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity Date, the
Class A-3 Maturity Date,the Class A-4 Maturity Date, the Class B-1 Maturity
Date, the Class B-2 Maturity Date, or the Class B-3 Maturity Date, as the case
may be, on any remaining principal owed on the outstanding Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B-1 Notes, Class B-2
Notes, or Class B-3 Notes, as the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
---------- --------------------------------------------------------------- --------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing
Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement
has occurred. No
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period (0.04)%
Gross Charge Off Ratio Prior Period 1.90%
Gross Charge Off Ratio Second Prior Period 1.99%
------
Average of Gross Charge Off Ratio for Three Periods 1.28%
Maximum Allowed 2.50%
</TABLE>
Gross Charge Off Ratio:
<TABLE>
<CAPTION>
ADCPB of Gross Charge Off Ratio
All Defaulted Less End of Month Charge Offs/
Contracts Recoveries Charge Offs ADCPB ADCPB
------------- ------------ ------------- --------------- -----------------------
<S> <C> <C> <C> <C> <C>
Current Period 211,495.69 218,750.30 (7,254.61) 195,194,600.88 (0.04)%
Prior Period 373,481.97 49,575.43 323,906.54 204,940,294.76 1.90%
Second Prior Period 593,904.81 242,646.73 351,258.08 211,844,074.32 1.99%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 4.00%
Delinquency Trigger Ratio Prior Period 3.68%
Delinquency Trigger Ratio Second Prior Period 3.50%
------
Average of Delinquency Trigger Ratios 3.73%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
--- --- ---
ADCPB of ADCPB of
Contract > 30 Days: All Contracts Delinquency Trigger
Past Due As of Month-End Ratio:
------------------- --------------- -------------------
<S> <C> <C> <C>
Current Period 8,048,334.34 201,008,526.95 4.00%
Prior Period 7,647,341.34 207,574,497.21 3.68%
Second Prior Period 7,505,281.28 214,657,605.46 3.50%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------ -----------------
<S> <C> <C>
Current 192,960,193 96.00%
31-60 Days Past Due 4,783,523 2.38%
61-90 Days Past Due 1,591,368 0.79%
91+ Days Past Due 1,673,443 0.83%
----------- ------
TOTAL 201,008,527 100.00%
</TABLE>
Substitution Limits
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 269,284,343.00
Maximum Substitution (10% of Initial) 26,928,434.30
Prior month Cumulative ADCPB Substituted 1,681,764.42
Current month ADCPB Substituted 483,293.84
---------------
Cumulative ADCPB Substituted 2,165,058.26
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 8,551,724.05
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances --
(b) Servicer Fees from current and prior Collection Period 102,857.24
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 26,345.87
(v) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(vi) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vii) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest 150,563.26
Class A-2 Note Interest 260,047.14
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 27,041.34
(ix) Class B-2 Note Interest 20,434.42
(x) Class B-3 Note Interest 16,179.80
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 7,000,841.02
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xii) Note Insuer Reimbursement Amount --
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 152,192.21
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 76,096.10
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 95,120.13
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xvii) Other Amounts Due Servicer under Servicing Agreement --
(xviii) Remaining Amount to Residual Holder --
</TABLE>
Reviewed By:
-------------------------------------------------------------
Robert J. Henchey
President
Page 1
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<CAPTION>
Initial Beginning Base Additional Total Ending Ending
Principal Principal Principal Principal Principal Principal Certificate
Class Balance Balance Distribution Distribution Distribution Balance Factor
- --------------- --------------- --------------- ------------- ------------- --------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 70,688,994.00 36,375,259.41 7,000,841.02 -- 7,000,841.02 29,374,418.40 0.4155444
Class A-2 57,258,085.00 57,258,085.00 -- -- -- 57,258,085.00 1.0000000
Class A-3 48,068,516.00 48,068,516.00 -- -- -- 48,068,516.00 1.0000000
Class A-4 84,119,903.00 84,119,903.00 -- -- -- 84,119,903.00 1.0000000
--------------- --------------- ------------- ------------- --------------- -------------- ---------
Total Class A 260,135,498.00 225,821,763.41 7,000,841.02 -- 7,000,841.02 218,820,922.40 0.8411806
Class B-1 5,655,120.00 4,909,169.18 152,192.21 -- 152,192.21 4,756,976.98 0.8411806
Class B-2 2,827,560.00 2,454,584.59 76,096.10 -- 76,096.10 2,378,488.49 0.8411806
Class B-3 3,534,450.00 3,068,230.74 95,120.13 -- 95,120.13 2,973,110.61 0.8411806
--------------- --------------- ------------- ------------- --------------- --------------
Total 272,152,628.00 236,253,747.93 7,324,249.46 -- 7,324,249.46 228,929,498.47
</TABLE>
Page 2
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 1999 1,910,737.79
Investment earnings on amounts in Collection Account 11,132.25
Payments due Collection Account from last 3 business days of Collection Period 1,172,441.74
Additional contribution for terminated trade-ups and rebooked leases 16,659.43
Servicer Advance on current Determination Date 5,440,752.84
-------------
Available Funds on Payment Date 8,551,724.05
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 8,551,724.05
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 8,551,724.05
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
-------------
Unreimbursed Servicer Advances remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 8,551,724.05
SERVICER FEES
Servicer Fees due 102,857.24
Servicer Fees paid 102,857.24
-------------
Servicer Fees remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 8,448,866.81
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 8,448,866.81
PREMIUM AMOUNT
Premium Amount due 26,345.87
Premium Amount paid 26,345.87
-------------
Premium Amount remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 8,422,520.93
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
-------------
Indenture Trustee Fee remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 8,422,104.27
</TABLE>
Page 3
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due --
Cap on Indenture Trustee Expenses per 7.07 (a)(ii) 75,000.00
---------------
Total Indenture Trustee Expenses paid --
---------------
Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 8,422,104.27
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 150,563.26
Class A-2 Note Interest 260,047.14
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
---------------
Total Class A Interest due 1,034,199.25
---------------
REMAINING AVAILABLE FUNDS 7,387,905.02
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 27,041.34
Class B-1 Note Interest paid 27,041.34
---------------
Class B-1 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,360,863.68
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 20,434.42
Class B-2 Note Interest paid 20,434.42
---------------
Class B-2 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,340,429.26
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 16,179.80
Class B-3 Note Interest paid 16,179.80
---------------
Class B-3 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,324,249.46
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 7,000,841.02
Class A Note Principal Balance as of preceding Payment Date 225,821,763.41
---------------
Class A Base Principal Distribution Amount paid 7,000,841.02
---------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 36,375,259.41
Class A-1 Base Principal Distribution Amount paid 7,000,841.02
---------------
Class A-1 Note Principal Balance after distribution on Payment Date 29,374,418.40
---------------
Remaining Class A Base Principal Distribution Amount --
---------------
</TABLE>
Page 4
<PAGE> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 57,258,085.00
Class A-2 Base Principal Distribution Amount paid --
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 57,258,085.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 48,068,516.00
Class A-3 Base Principal Distribution Amount paid --
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 48,068,516.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-4 Note Principal Balance as of preceding Payment Date 84,119,903.00
Class A-4 Base Principal Distribution Amount paid --
--------------
Class A-4 Note Principal Balance after distribution on Payment Date 84,119,903.00
REMAINING AVAILABLE FUNDS 323,408.44
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 323,408.44
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,909,169.18
Class B-1 Base Principal Distribution due 152,192.21
Class B-1 Base Principal Distribution paid 152,192.21
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 4,756,976.98
REMAINING AVAILABLE FUNDS 171,216.23
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,454,584.59
Class B-2 Base Principal Distribution due 76,096.10
Class B-2 Base Principal Distribution paid 76,096.10
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 2,378,488.49
REMAINING AVAILABLE FUNDS 95,120.13
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 3,068,230.74
Class B-3 Base Principal Distribution due 95,120.13
Class B-3 Base Principal Distribution paid 95,120.13
--------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 2,973,110.61
REMAINING AVAILABLE FUNDS --
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(II)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
--------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due 4,915,021.55
Other Amounts Due Servicer under Servicing Agreement paid --
--------------
Other Amounts Due Servicer under Servicing Agreement remaining unpaid 4,915,021.55
REMAINING AVAILABLE FUNDS --
AMOUNT PAYABLE TO RESIDUAL HOLDER --
</TABLE>
Page 6
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 246,857,386.02
ADCPB, end of Collection Period 239,533,136.56
---------------
Base Principal Amount 7,324,249.46
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,380,331.56
Servicing Advances collected during the current Collection Period 4,380,331.56
---------------
Unreimbursed Servicing Advances as of current Determination Date --
</TABLE>
CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
--------- -------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C>
Class A-1 36,375,259.41 4.9670% 150,563.26 -- 150,563.26
Class A-2 57,258,085.00 5.4500% 260,047.14 -- 260,047.14
Class A-3 48,068,516.00 5.5400% 221,916.32 -- 221,916.32
Class A-4 84,119,903.00 5.7300% 401,672.54 -- 401,672.54
Class B-1 4,909,169.18 6.6100% 27,041.34 -- 27,041.34
Class B-2 2,454,584.59 9.9900% 20,434.42 -- 20,434.42
Class B-3 3,068,230.74 6.3280% 16,179.80 -- 16,179.80
-------------- --------- ------------- ---------- -------------
236,253,747.93 5.5763% 1,097,854.81 -- 1,097,854.81
</TABLE>
CALCULATION OF PRINCIPAL DUE
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
---------- ------------ ------------- ----------- -------------
<S> <C> <C> <C> <C>
Class A 95.584% 7,000,841.02 -- 7,000,841.02
Class B-1 2.078% 152,192.21 -- 152,192.21
Class B-2 1.039% 76,096.10 -- 76,096.10
Class B-3 1.299% 95,120.13 0.00 95,120.13
------------- ----------- -------------
7,324,249.46 0.00 7,324,249.46
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<S> <C>
ADCPB as of the prior Calculation Date 246,857,386.02
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 102,857.24
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 102,857.24
</TABLE>
Page 7
<PAGE> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 225,821,763.41
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 26,345.87
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 26,345.87
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
---------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period 4,915,021.55
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
---------------
Total Other Amounts Due Servicer under Servicing Agreement 4,915,021.55
</TABLE>
Page 8
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE TESTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture when
due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount
equal to the principal due on the Outstanding Notes as of such Payment Date to
the extent that sufficient Available Funds are on deposit in the Collection
Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity Date, the
Class A-3 Maturity Date,the Class A-4 Maturity Date, the Class B-1 Maturity
Date, the Class B-2 Maturity Date, or the Class B-3 Maturity Date, as the case
may be, on any remaining principal owed on the outstanding Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B-1 Notes, Class B-2
Notes, or Class B-3 Notes, as the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
---------- --------------------------------------------------------------- --------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing
Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement
has occurred. No
</TABLE>
Page 9
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 0.14%
Gross Charge Off Ratio Prior Period 2.95%
Gross Charge Off Ratio Second Prior Period 0.46%
----
Average of Gross Charge Off Ratio for Three Periods 1.18%
Maximum Allowed 2.50%
</TABLE>
Gross Charge Off Ratio:
<TABLE>
<CAPTION>
ADCPB of Gross Charge Off Ratio
All Defaulted Less End of Month Charge Offs/
Contracts Recoveries Charge Offs ADCPB ADCPB
------------- ------------ ------------- --------------- -----------------------
<S> <C> <C> <C> <C> <C>
Current Period 152,617.12 125,065.75 27,551.37 239,533,136.56 0.14%
Prior Period 660,126.79 54,261.42 605,865.37 246,857,386.02 2.95%
Second Prior Period 206,431.10 110,032.24 96,398.86 254,117,448.35 0.46%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 3.97%
Delinquency Trigger Ratio Prior Period 3.50%
Delinquency Trigger Ratio Second Prior Period 3.08%
----
Average of Delinquency Trigger Ratios 3.51%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
--- --- ---
ADCPB of ADCPB of
Contract > 30 Days: All Contracts Delinquency Trigger
Past Due As of Month-End Ratio:
------------------- --------------- -------------------
<S> <C> <C> <C>
Current Period 10,004,662.57 252,197,207.71 3.97%
Prior Period 9,041,435.17 258,373,369.89 3.50%
Second Prior Period 8,192,375.88 266,200,965.67 3.08%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------ -----------------
<S> <C> <C>
Current 242,192,545 99.14%
31-60 Days Past Due 4,707,254 1.93%
61-90 Days Past Due 1,484,365 0.61%
91+ Days Past Due 3,813,043 1.56%
------------ -------
TOTAL 244,282,226 100.00%
</TABLE>
Substitution Limits
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 226,204,781.43
Maximum Substitution (10% of Initial) 22,620,478.14
Prior month Cumulative ADCPB Substituted 894,477.92
Current month ADCPB Substituted --
---------------
Cumulative ADCPB Substituted 894,477.92
</TABLE>
Page 10
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 4,099,450.73
Reserve Account balance, beginning 1,751,034.78
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances --
(b) Servicer Fees from current and prior Collection Period 72,923.28
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(v) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vi) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest 95,238.25
Class A-2 Note Interest 97,484.73
Class A-3 Note Interest 59,555.85
Class A-4 Note Interest 204,314.82
(vii) Class B Note Interest 46,652.43
(viii) Class C Note Interest 34,772.27
(ix) Class D Note Interest 10,615.04
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 3,064,682.16
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount --
(xii) Class C Base Principal Distribution Amount --
(xiii) Class D Base Principal Distribution Amount --
(xv) Class E Note Interest 7,847.48
(xvi) Class E Principal Distribution Amount --
(xviii) Reserve Account Reimbursement/(Withdrawal) --
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder 404,947.75
Reserve Account balance, ending 1,751,034.78
</TABLE>
Reviewed By:
----------------------------------------------------------------
E. Roger Gebhart
Senior Vice President
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 1999 1,788,500.37
Investment earnings on amounts in Collection Account 245.55
Investment earnings on amounts in Reserve Account 503.42
Payments due Collection Account from last 3 business days of Collection Period --
Additional contribution for terminated trade-ups and rebooked leases 18,161.38
Servicer Advance on current Determination Date 2,292,040.01
------------
AVAILABLE FUNDS ON PAYMENT DATE 4,099,450.73
Reserve Account balance 1,751,034.78
------------
TOTAL AVAILABLE FUNDS 5,850,485.51
Initial Unpaid Amounts inadvertently deposited in Collection Account --
------------
REMAINING AVAILABLE FUNDS 5,850,485.51
Indemnity Payments paid inadvertently deposited in Collection Account --
------------
REMAINING AVAILABLE FUNDS 5,850,485.51
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,850,485.51
SERVICER FEES
Servicer Fees due 72,923.28
Servicer Fees paid 72,923.28
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,777,562.23
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 5,777,562.23
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
------------
Indenture Trustee Fee remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,777,145.57
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due --
Cap on Indenture Trustee Expenses per 7.07(a)(ii) 75,000.00
------------
Total Indenture Trustee Expenses paid --
------------
Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 5,777,145.57
</TABLE>
Page 2
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 95,238.25
Class A-2 Note Interest 97,484.73
Class A-3 Note Interest 59,555.85
Class A-4 Note Interest 204,314.82
Total Class A Interest due 456,593.65
--------------
REMAINING AVAILABLE FUNDS 5,320,551.91
CLASS B NOTE INTEREST
Class B Note Interest due 46,652.43
Class B Note Interest paid 46,652.43
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,273,899.48
CLASS C NOTE INTEREST
Class C Note Interest due 34,772.27
Class C Note Interest paid 34,772.27
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,239,127.21
CLASS D NOTE INTEREST
Class D Note Interest due 10,615.04
Class D Note Interest paid 10,615.04
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,228,512.17
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,991,129.79
Class A Note Principal Balance as of preceding Payment Date 143,584,852.00
--------------
Class A Base Principal Distribution Amount paid 2,991,129.79
Class A Base Principal Distribution Amount remaining unpaid --
--------------
Class A-1 Note Principal Balance as of preceding Payment Date 30,818,212.00
Class A-1 Base Principal Distribution Amount paid 2,991,129.79
--------------
Class A-1 Note Principal Balance after distribution 27,827,082.21
--------------
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 31,956,385.00
Class A-2 Base Principal Distribution Amount paid --
--------------
Class A-2 Note Principal Balance after distribution 31,956,385.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 18,823,624.00
Class A-3 Base Principal Distribution Amount paid --
--------------
Class A-3 Note Principal Balance after distribution 18,823,624.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-4 Note Principal Balance as of preceding Payment Date 61,986,631.00
Class A-4 Base Principal Distribution Amount paid --
--------------
Class A-4 Note Principal Balance after distribution 61,986,631.00
REMAINING AVAILABLE FUNDS 2,237,382.39
</TABLE>
Page 3
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 13,570,520.00
Class B Base Principal Distribution due --
Class B Base Principal Distribution paid --
--------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 13,570,520.00
REMAINING AVAILABLE FUNDS 2,237,382.39
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 9,192,933.00
Class C Base Principal Distribution due --
Class C Base Principal Distribution paid --
Class C Base Principal Distribution remaining unpaid --
--------------
Class C Note Principal Balance after distribution on Payment Date 9,192,933.00
REMAINING AVAILABLE FUNDS 2,237,382.39
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 2,188,793.00
Class D Base Principal Distribution due --
Class D Base Principal Distribution paid --
--------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 2,188,793.00
REMAINING AVAILABLE FUNDS 2,237,382.39
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 27,827,082.21
Class A-1 Reallocated Principal Distribution --
--------------
Class A-1 Note Principal Balance after Reallocation 27,827,082.21
Remaining Available Funds 2,237,382.39
--------------
Class A-2 Note Principal Balance after Base Principal 31,956,385.00
Class A-2 Reallocated Principal Distribution --
--------------
Class A-2 Note Principal Balance after Reallocation 31,956,385.00
Remaining Available Funds 2,237,382.39
--------------
Class A-3 Note Principal Balance after Base Principal 18,823,624.00
Class A-3 Reallocated Principal Distribution --
--------------
Class A-3 Note Principal Balance after Reallocation 18,823,624.00
Remaining Available Funds 2,237,382.39
--------------
Class A-4 Note Principal Balance after Base Principal 61,986,631.00
Class A-4 Reallocated Principal Distribution --
--------------
Class A-4 Note Principal Balance after Reallocation 61,986,631.00
REMAINING AVAILABLE FUNDS 2,237,382.39
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 13,570,520.00
Class B Reallocated Principal Distribution paid --
--------------
Class B Note Principal Balance after Reallocation 13,570,520.00
REMAINING AVAILABLE FUNDS 2,237,382.39
</TABLE>
Page 4
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 9,192,933.00
Class C Reallocated Principal Distribution paid --
--------------
Class C Note Principal Balance after Reallocation 9,192,933.00
REMAINING AVAILABLE FUNDS 2,237,382.39
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 2,188,793.00
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 2,188,793.00
REMAINING AVAILABLE FUNDS 2,237,382.39
CLASS E NOTE INTEREST
Class E Note Interest due 7,847.48
Class E Note Interest paid 7,847.48
--------------
Class E Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 2,229,534.90
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 2,363,897.00
Class E Base Principal Distribution due --
Class E Base Principal Distribution paid --
--------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 2,363,897.00
REMAINING AVAILABLE FUNDS 2,229,534.90
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 2,363,897.00
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 2,363,897.00
REMAINING AVAILABLE FUNDS 2,229,534.90
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 27,827,082.21
Class A-1 Supplemental Principal Distribution 73,552.37
--------------
Class A-1 Note Principal Balance after Supplemental 27,753,529.84
Remaining Available Funds 2,155,982.53
--------------
Class A-2 Note Principal Balance after Reallocated Principal 31,956,385.00
Class A-2 Supplemental Principal Distribution --
--------------
Class A-2 Note Principal Balance after Supplemental 31,956,385.00
Remaining Available Funds 2,155,982.53
--------------
Class A-3 Note Principal Balance after Reallocated Principal 18,823,624.00
Class A-3 Supplemental Principal Distribution --
--------------
Class A-3 Note Principal Balance after Supplemental 18,823,624.00
Remaining Available Funds 2,155,982.53
--------------
Class A-4 Note Principal Balance after Reallocated Principal 61,986,631.00
Class A-4 Supplemental Principal Distribution --
--------------
Class A-4 Note Principal Balance after Supplemental 61,986,631.00
REMAINING AVAILABLE FUNDS 2,155,982.53
</TABLE>
Page 5
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 13,570,520.00
Class B Supplemental Principal Distribution paid --
-------------
Class B Note Principal Balance after Supplemental 13,570,520.00
REMAINING AVAILABLE FUNDS 2,155,982.53
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 9,192,933.00
Class C Supplemental Principal Distribution paid --
-------------
Class C Note Principal Balance after Supplemental 9,192,933.00
REMAINING AVAILABLE FUNDS 2,155,982.53
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 2,188,793.00
Class D Supplemental Principal Distribution paid --
-------------
Class D Note Principal Balance after Supplemental 2,188,793.00
REMAINING AVAILABLE FUNDS 2,155,982.53
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,363,897.00
Class E Supplemental Principal Distribution paid --
-------------
Class E Note Principal Balance after Supplemental 2,363,897.00
REMAINING AVAILABLE FUNDS 2,155,982.53
RESERVE FUND
Required Reserve Fund Amount 1,751,034.78
Reserve Account Balance, Ending 1,751,034.78
Reserve Account Deposit/(Withdrawal) 0.00
REMAINING AVAILABLE FUNDS 404,947.75
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
-------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 404,947.75
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 404,947.75
</TABLE>
Page 6
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 175,015,862.00
ADCPB, end of Collection Period 171,951,179.84
--------------
Base Principal Amount 3,064,682.16
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period --
Servicing Advances collected during the current Collection Period --
--------------
Unreimbursed Servicing Advances as of current Determination Date --
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 175,015,862.00
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 72,923.28
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 72,923.28
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
--------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
--------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
--------------
Total Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 7
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 1999
INTEREST PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning
Initial of Period Interest Interest
Class Balance Balance Rate Interest Due Paid
----- -------------- -------------- ------- ------------ ----------
<S> <C> <C> <C> <C> <C>
A-1 30,818,212.00 30,818,212.00 5.855% 95,238.25 95,238.25
A-2 31,956,385.00 31,956,385.00 6.460% 97,484.73 97,484.73
A-3 18,823,624.00 18,823,624.00 6.700% 59,555.85 59,555.85
A-4 61,986,631.00 61,986,631.00 6.980% 204,314.82 204,314.82
-------------- -------------- ------ ---------- ----------
Class A 143,584,852.00 143,584,852.00 456,593.65 456,593.65
-------------- -------------- ------ ---------- ----------
B 13,570,520.00 13,570,520.00 7.280% 46,652.43 46,652.43
C 9,192,933.00 9,192,933.00 8.010% 34,772.27 34,772.27
D 2,188,793.00 2,188,793.00 10.270% 10,615.04 10,615.04
E 2,363,897.00 2,363,897.00 7.030% 7,847.48 7,847.48
-------------- -------------- ------ ---------- ----------
Total Notes 170,900,995.00 170,900,995.00 556,480.87 556,480.87
-------------- -------------- ------ ---------- ----------
</TABLE>
PRINCIPAL PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning (Monthly) (Reallocated) (Supplemental) Total End Ending
of Period Principal Principal Principal Principal of Period Certificate
Class Balance Paid Paid Paid Paid Balance Factor
----- -------------- ------------ ---- --------- ------------ -------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 30,818,212.00 2,991,129.79 0.00 73,552.37 3,064,682.16 27,753,529.84 0.9005561
A-2 31,956,385.00 0.00 0.00 0.00 0.00 31,956,385.00 1.0000000
A-3 18,823,624.00 0.00 0.00 0.00 0.00 18,823,624.00 1.0000000
A-4 61,986,631.00 0.00 0.00 0.00 0.00 61,986,631.00 1.0000000
-------------- ------------ ---- --------- ------------ --------------
Class A 143,584,852.00 2,991,129.79 0.00 73,552.37 3,064,682.16 140,520,169.84
-------------- ------------ ---- --------- ------------ --------------
B 13,570,520.00 0.00 0.00 0.00 0.00 13,570,520.00 1.0000000
C 9,192,933.00 0.00 0.00 0.00 0.00 9,192,933.00 1.0000000
D 2,188,793.00 0.00 0.00 0.00 0.00 2,188,793.00 1.0000000
E 2,363,897.00 0.00 0.00 0.00 0.00 2,363,897.00 1.0000000
-------------- ------------ ---- --------- ------------ --------------
Total Notes 170,900,995.00 2,991,129.79 0.00 73,552.37 3,064,682.16 167,836,312.84
-------------- ------------ ---- --------- ------------ --------------
</TABLE>
Page 8
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 1999
PRINCIPAL PAYMENT CALCULATION
<TABLE>
<CAPTION>
Investor Investor Investor Supplemental
(defined) Monthly Reallocated Supplemental Total Percentage
Class Principal Principal Principal Principal of Principal
Class Percentage Amount Amount Amount Amount Allocated
----- ---------- ------------ ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
A 82.00% 2,991,129.79 0.00 73,552.37 3,064,682.16 84.02%
B 7.75% 0.00 0.00 0.00 0.00 7.94%
C 5.25% 0.00 0.00 0.00 0.00 5.38%
D 1.25% 0.00 0.00 0.00 0.00 1.28%
E 1.35% 0.00 0.00 0.00 0.00 1.38%
----- ------------ ---- --------- ------------ ------
2,991,129.79 0.00 73,552.37 3,064,682.16 100.00%
----- ------------ ---- --------- ------------ ------
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
----- ------ ----- -----------
<S> <C> <C> <C>
A N/A
B -- No --
C -- No --
D -- No --
E -- No --
(Retained) Certificate Balance 4,114,867.00
Initial OC Percentage 2.40%
Overcollateralization Balance (prior) 4,114,867.00
Overcollateralization Balance (current) 4,114,867.00
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 5,777,145.57
</TABLE>
Page 9
<PAGE> 30
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED OCTOBER 1, 1999
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of Interest required to
be made under the terms of such Notes or the Indenture when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount equal to the
principal due on the Outstanding Notes as of such Payment Date to the extent that sufficient
Available Funds are on deposit in the Collection Account of (y) on the Class A-1 Maturity Date,
the Class A-2 Maturity Date, the Class A-3 Maturity Date, the Class A-4 Maturity Date, the Class
B Maturity Date, the Class C Maturity Date, the Class D Maturity Date, or the Class E Maturity
Date, as the case may be, on any remaining principal owed on the outstanding Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes, Class D Notes,
or Class E Notes, as the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
- ------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment, deposit, transfer, or delivery required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed
within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
</TABLE>
Page 10
