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Previous: FIRST SIERRA RECEIVABLES III INC, 8-K, 1999-10-27 |
Next: FIRST SIERRA RECEIVABLES III INC, 8-K, 1999-10-27 |
<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)
September 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
September 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
2
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
1.1 Servicing Reports for the collection periods ending in
September 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 SEPTEMBER 1, 1999
<TABLE>
<S> <C> <C>
Available Amount to Note Holders: 7,980,595.00
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 9,848.46
(b) Servicer Fees from current and prior Collection Period 88,268.36
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 22,547.25
(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 75,131.74
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 25,698.27
(ix) Class B-2 Note Interest 16,647.85
(x) Class B-3 Note Interest 21,854.03
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 6,547,914.64
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 142,345.97
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 71,172.97
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 142,345.97
(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 SEPTEMBER 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 16,207,709.88 6,547,914.64 -- 6,547,914.64 9,659,795.24 0.1366556
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 247,741,596.00 193,262,165.88 6,547,914.64 -- 6,547,914.64 186,714,251.24 0.7536653
Class B-1 5,385,687.00 4,201,351.53 142,345.97 -- 142,345.97 4,059,005.56 0.7536653
Class B-2 2,692,843.00 2,100,675.38 71,172.97 -- 71,172.97 2,029,502.40 0.7536653
Class B-3 5,385,687.00 4,201,351.54 142,345.97 -- 142,345.97 4,059,005.56 0.7536653
-------------- -------------- ------------ ------------ ------------ --------------
Total 261,205,813.00 203,765,544.32 6,903,779.56 -- 6,903,779.56 196,861,764.76
</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 SEPTEMBER 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of August 31, 1999 2,954,871.31
Investment earnings on amounts in Collection Account 2,903.29
Payments due Collection Account from last 3 business days of Collection Period 1,858,556.23
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,164,264.17
------------
Available Funds on Payment Date 7,980,595.00
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 7,980,595.00
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 7,980,595.00
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 9,848.46
Unreimbursed Servicer Advances paid 9,848.46
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 7,970,746.54
SERVICER FEES
Servicer Fees due 88,268.36
Servicer Fees paid 88,268.36
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 7,882,478.18
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 7,882,478.18
PREMIUM AMOUNT
Premium Amount due 22,547.25
Premium Amount paid 22,547.25
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 7,859,930.92
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 7,859,514.26
</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 SEPTEMBER 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 7,859,514.26
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 75,131.74
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 891,534.55
--------------
REMAINING AVAILABLE FUNDS 6,967,979.71
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 25,698.27
Class B-1 Note Interest paid 25,698.27
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,942,281.44
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 16,647.85
Class B-2 Note Interest paid 16,647.85
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,925,633.59
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 21,854.03
Class B-3 Note Interest paid 21,854.03
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,903,779.56
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,547,914.64
Class A Note Principal Balance as of preceding Payment Date 193,262,165.88
--------------
Class A Base Principal Distribution Amount paid 6,547,914.64
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 16,207,709.88
Class A-1 Base Principal Distribution Amount paid 6,547,914.64
--------------
Class A-1 Note Principal Balance after distribution on Payment Date 9,659,795.24
--------------
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 SEPTEMBER 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 355,864.92
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
-------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 355,864.92
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,201,351.53
Class B-1 Base Principal Distribution due 142,345.97
Class B-1 Base Principal Distribution paid 142,345.97
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 4,059,005.56
REMAINING AVAILABLE FUNDS 213,518.95
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,100,675.38
Class B-2 Base Principal Distribution due 71,172.97
Class B-2 Base Principal Distribution paid 71,172.97
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 2,029,502.40
REMAINING AVAILABLE FUNDS 142,345.97
</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 SEPTEMBER 1, 1999
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 4,201,351.54
Class B-3 Base Principal Distribution due 142,345.97
Class B-3 Base Principal Distribution paid 142,345.97
------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 4,059,005.56
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 SEPTEMBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 211,844,074.32
ADCPB, end of Collection Period 204,940,294.76
--------------
Base Principal Amount 6,903,779.56
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,397,567.10
Servicing Advances collected during the current Collection Period 4,387,718.64
--------------
Unreimbursed Servicing Advances as of current Determination Date 9,848.46
</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 16,207,709.88 5.2150% 75,131.74 -- 75,131.74
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 4,201,351.53 7.3400% 25,698.27 -- 25,698.27
Class B-2 2,100,675.38 9.5100% 16,647.85 -- 16,647.85
Class B-3 4,201,351.54 6.2420% 21,854.03 -- 21,854.03
-------------- ------ ---------- -------- ----------
203,765,544.32 5.6284% 955,734.70 -- 955,734.70
</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% 6,547,914.64 -- 6,547,914.64
Class B-1 2.062% 142,345.97 -- 142,345.97
Class B-2 1.031% 71,172.97 -- 71,172.97
Class B-3 2.062% 142,345.97 -- 142,345.97
------------ ---------- ------------
6,903,779.56 -- 6,903,779.56
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 211,844,074.32
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 88,268.36
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 88,268.36
</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 SEPTEMBER 1, 1999
<TABLE>
<CAPTION>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 193,262,165.88
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 22,547.25
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 22,547.25
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 SEPTEMBER 1, 1999
<TABLE>
RESTRICTING EVENT DETERMINATION:
<S> <C> <C>
Yes/No
------
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
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
Yes/No
------
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 SEPTEMBER 1, 1999
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 1.90%
Gross Charge Off Ratio Prior Period 1.99%
Gross Charge Off Ratio Second Prior Period 0.36%
----
Average of Gross Charge Off Ratio for Three Periods 1.41%
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 373,481.97 49,575.43 323,906.54 204,940,294.76 1.90%
Prior Period 593,904.81 242,646.73 351,258.08 211,844,074.32 1.99%
Second Prior Period 155,220.16 89,853.47 65,366.69 218,697,835.91 0.36%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 3.68%
Delinquency Trigger Ratio Prior Period 3.50%
Delinquency Trigger Ratio Second Prior Period 3.47%
------
Average of Delinquency Trigger Ratios 3.55%
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 7,647,341.34 207,574,497.21 3.68%
Prior Period 7,505,281.28 214,657,605.46 3.50%
Second Prior Period 7,694,040.38 221,907,231.87 3.47%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
----------- -----------------
<S> <C> <C>
Current 199,927,156 96.32%
31-60 Days Past Due 4,152,718 2.00%
61-90 Days Past Due 1,409,409 0.68%
91+ Days Past Due 2,085,215 1.00%
----------- ------
TOTAL 207,574,497 100.00%
</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 846,911.25
Current month ADCPB Substituted 834,853.17
------------------
Cumulative ADCPB Substituted 1,681,764.42
</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 SEPTEMBER 1, 1999
<TABLE>
<CAPTION>
<S> <C> <C>
Available Amount to Note Holders: 8,546,315.12
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 24,263.73
(b) Servicer Fees from current and prior Collection Period 105,882.27
(c) Servicing Charges inadvertently deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 27,155.48
(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 179,286.96
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 27,872.32
(ix) Class B-2 Note Interest 21,062.37
(x) Class B-3 Note Interest 16,677.01
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 6,939,488.13
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 150,858.45
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 75,429.23
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 94,286.53
(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
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 SEPTEMBER 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 43,314,747.54 6,939,488.13 -- 6,939,488.13 36,375,259.41 0.5145817
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 260,135,498.00 232,761,251.54 6,939,488.13 -- 6,939,488.13 225,821,763.41 0.8680928
Class B-1 5,655,120.00 5,060,027.64 150,858.45 -- 150,858.45 4,909,169.18 0.8680928
Class B-2 2,827,560.00 2,530,013.82 75,429.23 -- 75,429.23 2,454,584.59 0.8680928
Class B-3 3,534,450.00 3,162,517.27 94,286.53 -- 94,286.53 3,068,230.74 0.8680928
-------------- -------------- ------------ ------------ ------------ --------------
Total 272,152,628.00 243,513,810.27 7,260,062.33 -- 7,260,062.33 236,253,747.93
</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 SEPTEMBER 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of August 31, 1999 1,880,901.43
Investment earnings on amounts in Collection Account 8,431.67
Payments due Collection Account from last 3 business days of Collection Period 2,276,650.46
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 4,380,331.56
------------
Available Funds on Payment Date 8,546,315.12
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 8,546,315.12
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 8,546,315.12
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 24,263.73
Unreimbursed Servicer Advances paid 24,263.73
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 8,522,051.39
SERVICER FEES
Servicer Fees due 105,882.27
Servicer Fees paid 105,882.27
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 8,416,169.12
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 8,416,169.12
PREMIUM AMOUNT
Premium Amount due 27,155.48
Premium Amount paid 27,155.48
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 8,389,013.64
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 8,388,596.97
</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 SEPTEMBER 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 8,388,596.97
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 179,286.96
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 1,062,922.95
--------------
REMAINING AVAILABLE FUNDS 7,325,674.03
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 27,872.32
Class B-1 Note Interest paid 27,872.32
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,297,801.71
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 21,062.37
Class B-2 Note Interest paid 21,062.37
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,276,739.34
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 16,677.01
Class B-3 Note Interest paid 16,677.01
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,260,062.33
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,939,488.13
Class A Note Principal Balance as of preceding Payment Date 232,761,251.54
--------------
Class A Base Principal Distribution Amount paid 6,939,488.13
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 43,314,747.54
Class A-1 Base Principal Distribution Amount paid 6,939,488.13
--------------
Class A-1 Note Principal Balance after distribution on Payment Date 36,375,259.41
--------------
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 SEPTEMBER 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 320,574.21
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
---------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 320,574.21
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 5,060,027.64
Class B-1 Base Principal Distribution due 150,858.45
Class B-1 Base Principal Distribution paid 150,858.45
---------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 4,909,169.18
REMAINING AVAILABLE FUNDS 169,715.76
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,530,013.82
Class B-2 Base Principal Distribution due 75,429.23
Class B-2 Base Principal Distribution paid 75,429.23
---------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 2,454,584.59
REMAINING AVAILABLE FUNDS 94,286.53
</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 SEPTEMBER 1, 1999
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 3,162,517.27
Class B-3 Base Principal Distribution due 94,286.53
Class B-3 Base Principal Distribution paid 94,286.53
------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 3,068,230.74
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> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED SEPTEMBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 254,117,448.35
ADCPB, end of Collection Period 246,857,386.02
--------------
Base Principal Amount 7,260,062.33
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 5,964,806.32
Servicing Advances collected during the current Collection Period 5,940,542.59
--------------
Unreimbursed Servicing Advances as of current Determination Date 24,263.73
</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 43,314,747.54 4.9670% 179,286.96 -- 179,286.96
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 5,060,027.64 6.6100% 27,872.32 -- 27,872.32
Class B-2 2,530,013.82 9.9900% 21,062.37 -- 21,062.37
Class B-3 3,162,517.27 6.3280% 16,677.01 -- 16,677.01
-------------- ------ ------------ --------- ------------
243,513,810.27 5.5613% 1,128,534.64 -- 1,128,534.64
</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% 6,939,488.13 -- 6,939,488.13
Class B-1 2.078% 150,858.45 -- 150,858.45
Class B-2 1.039% 75,429.23 -- 75,429.23
Class B-3 1.299% 94,286.53 0.00 94,286.53
------------ --------- ------------
7,260,062.33 0.00 7,260,062.34
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 254,117,448.35
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 105,882.27
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 105,882.27
</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 SEPTEMBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 232,761,251.54
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 27,155.48
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 27,155.48
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> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 1999
<TABLE>
<CAPTION>
RESTRICTING EVENT DETERMINATION:
<S> <C>
Yes/No
------
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
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
Yes/No
------
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 SEPTEMBER 1, 1999
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 2.95%
Gross Charge Off Ratio Prior Period 0.46%
Gross Charge Off Ratio Second Prior Period 0.01%
----
Average of Gross Charge Off Ratio for Three Periods 1.14%
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 660,126.79 54,261.42 605,865.37 246,857,386.02 2.95%
Prior Period 206,431.10 110,032.24 96,398.86 254,117,448.35 0.46%
Second Prior Period 10,330.45 9,066.45 1,264.00 261,668,567.99 0.01%
</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 96.03%
31-60 Days Past Due 4,707,254 1.87%
61-90 Days Past Due 1,484,365 0.59%
91+ Days Past Due 3,813,043 1.51%
--------- -----
TOTAL 252,197,208 100.00%
</TABLE>
Substitution Limits
<TABLE>
<CAPTION>
<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 47,010.85
Current month ADCPB Substituted 847,467.07
--------------
Cumulative ADCPB Substituted 894,477.92
</TABLE>
Page 10
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