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Previous: EXCHANGE APPLICATIONS INC, 8-K, 1999-09-01 |
Next: FIRST SIERRA RECEIVABLES III INC, 8-K, 1999-09-01 |
<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)
July 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 July 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 II, Inc.
By: /s/ E. R. Gebhart
--------------------
Name: E. R. Gebhart
Title: Vice President
2
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
1.1 Servicing Reports for the collection periods ending in
July 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 JULY 1, 1999
<TABLE>
<S> <C> <C>
Available Amount to Note Holders: 8,187,788.98
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account --
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 10,501.24
(b) Servicer Fees from current and prior Collection Period 94,059.94
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 24,085.30
(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 127,728.40
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 27,451.26
(ix) Class B-2 Note Interest 17,783.48
(x) Class B-3 Note Interest 23,344.79
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 6,682,818.44
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 145,278.67
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 72,639.32
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 145,278.66
(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 JULY 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 29,391,003.23 6,682,818.44 -- 6,682,818.44 22,708,184.79 0.3212492
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 247,741,596.00 206,445,459.23 6,682,818.44 -- 6,682,818.44 199,762,640.79 0.8063347
Class B-1 5,385,687.00 4,487,944.87 145,278.67 -- 145,278.67 4,342,666.21 0.8063347
Class B-2 2,692,843.00 2,243,972.02 72,639.32 -- 72,639.32 2,171,332.70 0.8063347
Class B-3 5,385,687.00 4,487,944.87 145,278.66 -- 145,278.66 4,342,666.21 0.8063347
---------------- --------------- --------------- ---------- ---------------- ----------------
Total 261,205,813.00 217,665,321.00 7,046,015.09 -- 7,046,015.09 210,619,305.91
</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 JULY 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of June 30, 1999 2,740,744.00
Investment earnings on amounts in Collection Account 12,091.90
Payments due Collection Account from last 3 business days of Collection Period 1,734,021.70
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,700,931.38
---------------
Available Funds on Payment Date 8,187,788.98
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 8,187,788.98
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 8,187,788.98
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 10,501.24
Unreimbursed Servicer Advances paid 10,501.24
---------------
Unreimbursed Servicer Advances remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 8,177,287.74
SERVICER FEES
Servicer Fees due 94,059.94
Servicer Fees paid 94,059.94
---------------
Servicer Fees remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 8,083,227.80
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 8,083,227.80
PREMIUM AMOUNT
Premium Amount due 24,085.30
Premium Amount paid 24,085.30
---------------
Premium Amount remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 8,059,142.50
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 8,058,725.83
</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 JULY 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 8,058,725.83
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 127,728.40
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 944,131.21
--------------
REMAINING AVAILABLE FUNDS 7,114,594.62
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 27,451.26
Class B-1 Note Interest paid 27,451.26
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,087,143.36
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 17,783.48
Class B-2 Note Interest paid 17,783.48
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,069,359.88
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 23,344.79
Class B-3 Note Interest paid 23,344.79
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,046,015.09
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,682,818.44
Class A Note Principal Balance as of preceding Payment Date 206,445,459.23
--------------
Class A Base Principal Distribution Amount paid 6,682,818.44
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 29,391,003.23
Class A-1 Base Principal Distribution Amount paid 6,682,818.44
--------------
Class A-1 Note Principal Balance after distribution on Payment Date 22,708,184.79
--------------
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 JULY 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 363,196.65
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 363,196.65
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,487,944.87
Class B-1 Base Principal Distribution due 145,278.67
Class B-1 Base Principal Distribution paid 145,278.67
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 4,342,666.21
REMAINING AVAILABLE FUNDS 217,917.98
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,243,972.02
Class B-2 Base Principal Distribution due 72,639.32
Class B-2 Base Principal Distribution paid 72,639.32
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 2,171,332.70
REMAINING AVAILABLE FUNDS 145,278.66
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 JULY 1, 1999
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 4,487,944.87
Class B-3 Base Principal Distribution due 145,278.67
Class B-3 Base Principal Distribution paid 145,278.66
--------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 4,342,666.21
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 JULY 1, 1999
<TABLE>
<CAPTION>
CALCULATION OF BASE PRINCIPAL AMOUNT
<S> <C>
ADCPB, beginning of Collection Period 225,743,851.00
ADCPB, end of Collection Period 218,697,835.91
---------------
Base Principal Amount 7,046,015.09
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,383,167.42
Servicing Advances collected during the current Collection Period 3,372,666.18
---------------
Unreimbursed Servicing Advances as of current Determination Date 10,501.24
</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 29,391,003.23 5.2150% 127,728.40 -- 127,728.40
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 4,487,944.87 7.3400% 27,451.26 -- 27,451.26
Class B-2 2,243,972.02 9.5100% 17,783.48 -- 17,783.48
Class B-3 4,487,944.87 6.2420% 23,344.79 -- 23,344.79
--------------- ---------- ------------- ---------- -------------
217,665,321.00 5.5831% 1,012,710.74 -- 1,012,710.74
</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% 6,682,818.44 -- 6,682,818.44
Class B-1 2.062% 145,278.67 -- 145,278.67
Class B-2 1.031% 72,639.32 -- 72,639.32
Class B-3 2.062% 145,278.67 -- 145,278.67
------------- ---------- -------------
7,046,015.09 -- 7,046,015.09
</TABLE>
<TABLE>
CALCULATION OF SERVICER FEE
<S> <C>
ADCPB as of the prior Calculation Date 225,743,851.00
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 94,059.94
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 94,059.94
</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 JULY 1, 1999
<TABLE>
<CAPTION>
CALCULATION OF PREMIUM AMOUNT
<S> <C>
Class A Principal Amount as of the immediately preceding Collection Period 206,445,459.23
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 24,085.30
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 24,085.30
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 JULY 1, 1999
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C> <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
deposition 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 JULY 1, 1999
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
---------------
<S> <C>
Gross Charge Off Ratio Current Period 0.36%
Gross Charge Off Ratio Prior Period 1.39%
Gross Charge Off Ratio Second Prior Period 1.40%
-----
Average of Gross Charge Off Ratio for Three Periods 1.05%
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 155,220.16 89,853.47 65,366.69 218,697,835.91 0.36%
Prior Period 452,838.88 191,478.27 261,360.61 225,743,851.00 1.39%
Second Prior Period 479,196.02 207,864.18 271,331.84 232,988,986.66 1.40%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
---------------
<S> <C>
Delinquency Trigger Ratio Current Period 3.47%
Delinquency Trigger Ratio Prior Period 3.50%
Delinquency Trigger Ratio Second Prior Period 2.90%
-----
Average of Delinquency Trigger Ratios 3.29%
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 7,694,040.38 221,907,231.87 3.47%
Prior Period 7,908,908.45 225,743,851.00 3.50%
Second Prior Period 6,763,254.61 232,988,986.66 2.90%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------- -----------------
<S> <C> <C>
Current 214,213,191 96.53%
31-60 Days Past Due 4,185,711 1.89%
61-90 Days Past Due 1,670,760 0.75%
91+ Days Past Due 1,837,569 0.83%
--------- -----
TOTAL 221,907,232 100.00%
</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 --
Current month ADCPB Substituted 576,042.75
----------------
Cumulative ADCPB Substituted 576,042.75
</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 JULY 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 8,962,466.21
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account --
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances --
(b) Servicer Fees from current and prior Collection Period 112,179.50
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 28,840.85
(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 239,081.37
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 29,602.18
(ix) Class B-2 Note Interest 22,369.57
(x) Class B-3 Note Interest 17,712.04
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 7,228,307.53
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 157,137.13
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 78,568.57
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 98,210.71
(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 66,404.12
</TABLE>
Reviewed By:
-----------------------------------------------------------
E. Roger Gebhart
Senior Vice 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 JULY 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 57,760,748.62 7,228,307.53 -- 7,228,307.53 50,532,441.09 0.7148559
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 260,135,498.00 247,207,252.62 7,228,307.53 -- 7,228,307.53 239,978,945.09 0.9225152
Class B-1 5,655,120.00 5,374,071.16 157,137.13 -- 157,137.13 5,216,934.03 0.9225152
Class B-2 2,827,560.00 2,687,035.58 78,568.57 -- 78,568.57 2,608,467.02 0.9225152
Class B-3 3,534,450.00 3,358,794.48 98,210.71 -- 98,210.71 3,260,583.77 0.9225152
-------------- -------------- ------------ ------------ ------------ --------------
Total 272,152,628.00 258,627,153.84 7,562,223.94 -- 7,562,223.94 251,064,929.90
</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 JULY 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of June 30, 1999 1,840,631.44
Investment earnings on amounts in Collection Account 9,498.68
Payments due Collection Account from last 3 business days of Collection Period 2,228,436.08
Additional contribution for terminated trade-ups and rebooked leases 8,181.07
Servicer Advance on current Determination Date 4,875,718.94
---------------
Available Funds on Payment Date 8,962,466.21
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 8,962,466.21
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 8,962,466.21
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
---------------
Unreimbursed Servicer Advances remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 8,962,466.21
SERVICER FEES
Servicer Fees due 112,179.50
Servicer Fees paid 112,179.50
---------------
Servicer Fees remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 8,850,286.71
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 8,850,286.71
PREMIUM AMOUNT
Premium Amount due 28,840.85
Premium Amount paid 28,840.85
---------------
Premium Amount remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 8,821,445.87
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 8,821,029.20
</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 JULY 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 8,821,029.20
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 239,081.37
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 1,122,717.35
---------------
REMAINING AVAILABLE FUNDS 7,698,311.85
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 29,602.18
Class B-1 Note Interest paid 29,602.18
---------------
Class B-1 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,668,709.67
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 22,369.57
Class B-2 Note Interest paid 22,369.57
---------------
Class B-2 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,646,340.10
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 17,712.04
Class B-3 Note Interest paid 17,712.04
---------------
Class B-3 Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,628,628.06
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 7,228,307.53
Class A Note Principal Balance as of preceding Payment Date 247,207,252.62
---------------
Class A Base Principal Distribution Amount paid 7,228,307.53
---------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 57,760,748.62
Class A-1 Base Principal Distribution Amount paid 7,228,307.53
---------------
Class A-1 Note Principal Balance after distribution on Payment Date 50,532,441.09
---------------
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 JULY 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 400,320.53
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
---------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 400,320.53
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 5,374,071.16
Class B-1 Base Principal Distribution due 157,137.13
Class B-1 Base Principal Distribution paid 157,137.13
---------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 5,216,934.03
REMAINING AVAILABLE FUNDS 243,183.39
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,687,035.58
Class B-2 Base Principal Distribution due 78,568.57
Class B-2 Base Principal Distribution paid 78,568.57
---------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 2,608,467.02
Remaining Available Funds 164,614.83
</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 JULY 1, 1999
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 3,358,794.48
Class B-3 Base Principal Distribution due 98,210.71
Class B-3 Base Principal Distribution paid 98,210.71
---------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 3,260,583.77
REMAINING AVAILABLE FUNDS 66,404.12
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 66,404.12
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 66,404.12
AMOUNT PAYABLE TO RESIDUAL HOLDER 66,404.12
</TABLE>
Page 6
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PREFUNDING ACCOUNTS
COLLECTION PERIOD ENDED JULY 1, 1999
<TABLE>
<S> <C>
PREFUNDING ACCOUNT
Prefunded amount used to purchase Subsequent Contracts 54,430,525.00
Prefunding Earnings transferred to the Capitalized Interest Account 111,534.79
Prefunded amount distributed as Principal, if any --
CAPITALIZED INTEREST ACCOUNT
Prefunding Earnings transferred from the Capitalized Interest Account 111,534.79
Capitalized Interest Requirement, if any, transferred to the Collection Account --
Amount transferred to First Sierra, if any 676,251.59
</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 JULY 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 269,230,791.93
ADCPB, end of Collection Period 261,668,567.99
---------------
Base Principal Amount 7,562,223.94
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,503,412.10
Servicing Advances collected during the current Collection Period 4,503,412.10
---------------
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 57,760,748.62 4.9670% 239,081.37 -- 239,081.37
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 5,374,071.16 6.6100% 29,602.18 -- 29,602.18
Class B-2 2,687,035.58 9.9900% 22,369.57 -- 22,369.57
Class B-3 3,358,794.48 6.3280% 17,712.04 -- 17,712.04
--------------- ---------- ------------- ---------- -------------
258,627,153.84 5.5326% 1,192,401.14 -- 1,192,401.14
</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% 7,228,307.53 -- 7,228,307.53
Class B-1 2.078% 157,137.13 -- 157,137.13
Class B-2 1.039% 78,568.57 -- 78,568.57
Class B-3 1.299% 98,210.71 -- 98,210.71
------------- ---------- -------------
7,562,223.94 -- 7,562,223.94
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 269,230,791.93
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 112,179.50
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 112,179.50
</TABLE>
Page 8
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JULY 1, 1999
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 247,207,252.62
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 28,840.85
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 28,840.85
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 9
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JULY 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 deposition 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 10
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED JULY 1, 1999
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
---------------
<S> <C>
Gross Charge Off Ratio Current Period 0.01%
Gross Charge Off Ratio Prior Period 0.00%
Gross Charge Off Ratio Second Prior Period 0.07%
----
Average of Gross Charge Off Ratio for Three Periods 0.03%
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 10,330.45 9,066.45 1,264.00 261,668,567.99 0.01%
Prior Period 1,954.81 1,132.22 822.59 269,230,791.93 0.00%
Second Prior Period 30,075.25 12,970.46 17,104.79 276,678,016.18 0.07%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Result
---------------
<S> <C>
Delinquency Trigger Ratio Current Period 3.08%
Delinquency Trigger Ratio Prior Period 2.92%
Delinquency Trigger Ratio Second Prior Period 2.12%
----
Average of Delinquency Trigger Ratios 2.70%
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 8,192,375.88 266,200,965.67 3.08%
Prior Period 7,850,158.42 269,230,791.93 2.92%
Second Prior Period 4,663,279.81 220,126,531.09 2.12%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------ -----------------
<S> <C> <C>
Current 258,008,590 96.92%
31-60 Days Past Due 4,801,140 1.80%
61-90 Days Past Due 1,537,807 0.58%
91+ Days Past Due 1,853,429 0.70%
--------- -----
TOTAL 266,200,966 100.00%
</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 --
Current month ADCPB Substituted 47,010.85
---------
Cumulative ADCPB Substituted 47,010.85
</TABLE>
Page 11
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