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Previous: NATIONWIDE VL SEPARATE ACCOUNT-D, 485BPOS, 1999-12-23 |
Next: HOUSEHOLD AUTOMOBILE REVOLVING TRUST I, 8-K, 1999-12-23 |
<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)
December 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
December 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 NO. DESCRIPTION
- ----------- -----------
<S> <C>
1.1 Servicing Reports for the collection periods ending in
December 1, 1999.
</TABLE>
<PAGE> 1
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 7,334,717.15
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 78,599.61
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 19,979.55
(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 --
Class A-2 Note Interest 219,854.85
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 22,771.72
(ix) Class B-2 Note Interest 14,751.98
(x) Class B-3 Note Interest 19,365.27
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 6,059,641.52
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 131,731.34
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 65,865.66
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 131,731.34
(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 0.00
</TABLE>
Reviewed By:
--------------------------------------------------------------------
E. Roger Gebhart
Senior Vice President & Treasurer
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED DECEMBER 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 -- -- -- -- -- 0.0000000
Class A-2 53,856,869.00 48,055,703.94 6,059,641.52 -- 6,059,641.52 41,996,062.42 0.7797717
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 247,741,596.00 171,253,290.94 6,059,641.52 -- 6,059,641.52 165,193,649.42 0.6667982
Class B-1 5,385,687.00 3,722,897.72 131,731.34 -- 131,731.34 3,591,166.38 0.6667982
Class B-2 2,692,843.00 1,861,448.51 65,865.66 -- 65,865.66 1,795,582.86 0.6667982
Class B-3 5,385,687.00 3,722,897.72 131,731.34 -- 131,731.34 3,591,166.38 0.6667982
-------------- -------------- ------------- ------------ ------------ --------------
Total 261,205,813.00 180,560,534.90 6,388,969.86 -- 6,388,969.86 174,171,565.03
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 1999 2,117,886.40
Investment earnings on amounts in Collection Account 10,848.87
Payments due Collection Account from last 3 business days of Collection Period 1,693,806.55
Additional contribution for terminated trade-ups and rebooked leases 13,367.14
Servicer Advance on current Determination Date 3,498,808.19
------------
Available Funds on Payment Date 7,334,717.15
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 7,334,717.15
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 7,334,717.15
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 7,334,717.15
SERVICER FEES
Servicer Fees due 78,599.61
Servicer Fees paid 78,599.61
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 7,256,117.54
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 7,256,117.54
PREMIUM AMOUNT
Premium Amount due 19,979.55
Premium Amount paid 19,979.55
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 7,236,137.99
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 7,235,721.32
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 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 7,235,721.32
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 219,854.85
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
--------------
Total Class A Interest due 789,862.48
--------------
REMAINING AVAILABLE FUNDS 6,445,858.84
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 22,771.72
Class B-1 Note Interest paid 22,771.72
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,423,087.12
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 14,751.98
Class B-2 Note Interest paid 14,751.98
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,408,335.14
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 19,365.27
Class B-3 Note Interest paid 19,365.27
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,388,969.87
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,059,641.52
Class A Note Principal Balance as of preceding Payment Date 171,253,290.94
--------------
Class A Base Principal Distribution Amount paid 6,059,641.52
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date --
Class A-1 Base Principal Distribution Amount paid --
--------------
Class A-1 Note Principal Balance after distribution on Payment Date --
--------------
Remaining Class A Base Principal Distribution Amount 6,059,641.52
--------------
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 48,055,703.94
Class A-2 Base Principal Distribution Amount paid 6,059,641.52
-------------
Class A-2 Note Principal Balance after distribution on Payment Date 41,996,062.42
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 329,328.35
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
-------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 329,328.35
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,722,897.72
Class B-1 Base Principal Distribution due 131,731.34
Class B-1 Base Principal Distribution paid 131,731.34
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,591,166.38
REMAINING AVAILABLE FUNDS 197,597.01
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,861,448.51
Class B-2 Base Principal Distribution due 65,865.66
Class B-2 Base Principal Distribution paid 65,865.66
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,795,582.86
REMAINING AVAILABLE FUNDS 131,731.35
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 3,722,897.72
Class B-3 Base Principal Distribution due 131,731.34
Class B-3 Base Principal Distribution paid 131,731.34
------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 3,591,166.38
REMAINING AVAILABLE FUNDS 0.00
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 0.00
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 0.00
AMOUNT PAYABLE TO RESIDUAL HOLDER 0.00
</TABLE>
Page 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 188,639,064.89
ADCPB, end of Collection Period 182,250,095.03
--------------
Base Principal Amount 6,388,969.86
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,438,613.20
Servicing Advances collected during the current Collection Period 3,438,613.20
--------------
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 -- 5.2150% -- -- --
Class A-2 48,055,703.94 5.4900% 219,854.85 -- 219,854.85
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 3,722,897.72 7.3400% 22,771.72 -- 22,771.72
Class B-2 1,861,448.51 9.5100% 14,751.98 -- 14,751.98
Class B-3 3,722,897.72 6.2420% 19,365.27 -- 19,365.27
--------------- --------- ------------ -------- ------------
180,560,534.90 5.6275% 846,751.46 -- 846,751.46
</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% 6,059,641.52 -- 6,059,641.52
Class B-1 2.062% 131,731.34 -- 131,731.34
Class B-2 1.031% 65,865.66 -- 65,865.66
Class B-3 2.062% 131,731.34 0.00 131,731.34
------------ ---- ------------
6,388,969.86 0.00 6,388,969.86
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 188,639,064.89
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 78,599.61
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 78,599.61
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 171,253,290.94
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 19,979.55
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 19,979.55
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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 2.56%
Gross Charge Off Ratio Prior Period 2.11%
Gross Charge Off Ratio Second Prior Period -0.04%
-----
Average of Gross Charge Off Ratio for Three Periods 1.54%
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 577,662.88 188,393.97 389,268.91 182,250,095.03 2.56%
Prior Period 607,763.83 276,002.78 331,761.05 188,639,064.89 2.11%
Second Prior Period 211,495.69 218,750.30 -7,254.61 195,194,600.88 -0.04%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 5.14%
Delinquency Trigger Ratio Prior Period 5.40%
Delinquency Trigger Ratio Second Prior Period 4.00%
-----
Average of Delinquency Trigger Ratios 4.85%
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 9,523,656.86 185,155,322.76 5.14%
Prior Period 10,338,529.58 191,568,691.09 5.40%
Second Prior Period 8,048,334.34 201,008,526.95 4.00%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------------ -----------------
<S> <C> <C>
Current 175,631,666 94.86%
31-60 Days Past Due 4,803,231 2.59%
61-90 Days Past Due 1,893,940 1.02%
91+ Days Past Due 2,826,486 1.53%
----------- -------
TOTAL 185,155,323 100.00%
</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 2,165,058.26
Current month ADCPB Substituted 336,422.63
--------------
Cumulative ADCPB Substituted 2,501,480.89
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 8,488,593.45
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 96,551.53
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 24,658.23
(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 90,688.28
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 25,309.15
(ix) Class B-2 Note Interest 19,125.45
(x) Class B-3 Note Interest 15,143.37
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 7,009,267.08
Class A-2 Principal Distribution Amount -
Class A-3 Principal Distribution Amount -
Class A-4 Principal Distribution Amount -
(xii) Note Insurer Reimbursement Amount -
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 152,375.38
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 76,187.69
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 95,234.62
(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 0.00
</TABLE>
Reviewed By:
--------------------------------------------------------------------
E. Roger Gebhart
Senior Vice President & Treasurer
Page 1
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED DECEMBER 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 21,909,792.34 7,009,267.08 - 7,009,267.08 14,900,525.26 0.2107899
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 260,135,498.00 211,356,296.34 7,009,267.08 - 7,009,267.08 204,347,029.26 0.7855407
Class B-1 5,655,120.00 4,594,702.48 152,375.38 - 152,375.38 4,442,327.10 0.7855407
Class B-2 2,827,560.00 2,297,351.24 76,187.69 - 76,187.69 2,221,163.55 0.7855407
Class B-3 3,534,450.00 2,871,689.05 95,234.62 - 95,234.62 2,776,454.44 0.7855407
-------------- -------------- ------------ ------------ ------------ --------------
Total 272,152,628.00 221,120,039.12 7,333,064.77 - 7,333,064.77 213,786,974.35
</TABLE>
Page 2
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 1999 1,190,391.86
Investment earnings on amounts in Collection Account 19,197.37
Payments due Collection Account from last 3 business days of Collection Period 2,252,542.76
Additional contribution for terminated trade-ups and rebooked leases 14,902.99
Servicer Advance on current Determination Date 5,011,558.47
---------------
Available Funds on Payment Date 8,488,593.45
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
---------------
REMAINING AVAILABLE FUNDS 8,488,593.45
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
---------------
REMAINING AVAILABLE FUNDS 8,488,593.45
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due -
Unreimbursed Servicer Advances paid -
---------------
Unreimbursed Servicer Advances remaining unpaid -
---------------
REMAINING AVAILABLE FUNDS 8,488,593.45
SERVICER FEES
Servicer Fees due 96,551.53
Servicer Fees paid 96,551.53
---------------
Servicer Fees remaining unpaid -
---------------
REMAINING AVAILABLE FUNDS 8,392,041.92
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
---------------
REMAINING AVAILABLE FUNDS 8,392,041.92
PREMIUM AMOUNT
Premium Amount due 24,658.23
Premium Amount paid 24,658.23
---------------
Premium Amount remaining unpaid -
---------------
REMAINING AVAILABLE FUNDS 8,367,383.68
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 8,366,967.02
</TABLE>
Page 3
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 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 8,366,967.02
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 90,688.28
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 974,324.27
---------------
REMAINING AVAILABLE FUNDS 7,392,642.75
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 25,309.15
Class B-1 Note Interest paid 25,309.15
---------------
Class B-1 Note Interest remaining unpaid -
---------------
REMAINING AVAILABLE FUNDS 7,367,333.59
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 19,125.45
Class B-2 Note Interest paid 19,125.45
---------------
Class B-2 Note Interest remaining unpaid -
---------------
REMAINING AVAILABLE FUNDS 7,348,208.14
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 15,143.37
Class B-3 Note Interest paid 15,143.37
---------------
Class B-3 Note Interest remaining unpaid -
---------------
REMAINING AVAILABLE FUNDS 7,333,064.77
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 7,009,267.08
Class A Note Principal Balance as of preceding Payment Date 211,356,296.34
---------------
Class A Base Principal Distribution Amount paid 7,009,267.08
---------------
Class A Base Principal Distribution Amount remaining unpaid -
Class A-1 Note Principal Balance as of preceding Payment Date 21,909,792.34
Class A-1 Base Principal Distribution Amount paid 7,009,267.08
---------------
Class A-1 Note Principal Balance after distribution on Payment Date 14,900,525.26
---------------
Remaining Class A Base Principal Distribution Amount -
---------------
</TABLE>
Page 4
<PAGE> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 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 323,797.69
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due -
Note Insuer Reimbursement Amount paid -
---------------
Note Insuer Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 323,797.69
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,594,702.48
Class B-1 Base Principal Distribution due 152,375.38
Class B-1 Base Principal Distribution paid 152,375.38
---------------
Class B-1 Base Principal Distribution remaining unpaid -
Class B-1 Note Principal Balance after distribution on Payment Date 4,442,327.10
REMAINING AVAILABLE FUNDS 171,422.31
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,297,351.24
Class B-2 Base Principal Distribution due 76,187.69
Class B-2 Base Principal Distribution paid 76,187.69
---------------
Class B-2 Base Principal Distribution remaining unpaid -
Class B-2 Note Principal Balance after distribution on Payment Date 2,221,163.55
REMAINING AVAILABLE FUNDS 95,234.62
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 2,871,689.05
Class B-3 Base Principal Distribution due 95,234.62
Class B-3 Base Principal Distribution paid 95,234.62
---------------
Class B-3 Base Principal Distribution remaining unpaid -
Class B-3 Note Principal Balance after distribution on Payment Date 2,776,454.44
REMAINING AVAILABLE FUNDS 0.00
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 0.00
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 0.00
AMOUNT PAYABLE TO RESIDUAL HOLDER 0.00
</TABLE>
Page 6
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
CALCULATION OF BASE PRINCIPAL AMOUNT
<S> <C>
ADCPB, beginning of Collection Period 231,723,677.21
ADCPB, end of Collection Period 224,390,612.44
---------------
Base Principal Amount 7,333,064.77
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,798,674.66
Servicing Advances collected during the current Collection Period 4,798,674.66
---------------
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 21,909,792.34 4.9670% 90,688.28 -- 90,688.28
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 4,594,702.48 6.6100% 25,309.15 -- 25,309.15
Class B-2 2,297,351.24 9.9900% 19,125.45 -- 19,125.45
Class B-3 2,871,689.05 6.3280% 15,143.37 -- 15,143.37
--------------- --------------- --------------- --------------- ---------------
221,120,039.12 5.6109% 1,033,902.25 -- 1,033,902.25
</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% 7,009,267.08 -- 7,009,267.08
Class B-1 2.078% 152,375.38 -- 152,375.38
Class B-2 1.039% 76,187.69 -- 76,187.69
Class B-3 1.299% 95,234.62 -- 95,234.62
--------------- --------------- ---------------
7,333,064.77 -- 7,333,064.77
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<S> <C>
ADCPB as of the prior Calculation Date 231,723,677.21
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 96,551.53
Prior Servicer Fee arrearage
--
---------------
Servicer Fee due 96,551.53
</TABLE>
Page 7
<PAGE> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
CALCULATION OF PREMIUM AMOUNT
<S> <C>
Class A Principal Amount as of the immediately preceding Collection Period 211,356,296.34
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 24,658.23
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 24,658.23
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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<CAPTION>
RESTRICTING EVENT DETERMINATION:
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 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 3,937,910.47
Reserve Account balance, beginning 1,751,034.78
Disbursements from Collection Account: Section 3.05(a) 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 70,315.47
(c) Servicing Charges inadvertantly 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 119,409.47
Class A-2 Note Interest 172,031.87
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
(vii) Class B Note Interest 82,327.82
(viii) Class C Note Interest 61,362.83
(ix) Class D Note Interest 18,732.42
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 2,933,811.28
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 13,848.50
(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 0.00
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 7,807.83
</TABLE>
Reviewed By:
--------------------------------------------------------
Sandy B. Ho
Chief Financial Officer
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<CAPTION>
AVAILABLE FUNDS
<S> <C>
Collection Account balance, as of November 30, 1999 836,539.04
Investment earnings on amounts in Collection Account 8,670.23
Payments due Collection Account from last 3 business days of Collection Period
Additional contribution for terminated trade-ups and rebooked 757,550.55
leases 4,469.76 Servicer Advance on current Determination Date 2,330,680.89
------------
AVAILABLE FUNDS ON PAYMENT DATE 3,937,910.47
Reserve Account balance 1,751,034.78
------------
TOTAL AVAILABLE FUNDS 5,688,945.25
Initial Unpaid Amounts inadvertantly deposited in Collection Account -
------------
REMAINING AVAILABLE FUNDS 5,688,945.25
Indemnity Payments paid inadvertantly deposited in Collection Account -
------------
REMAINING AVAILABLE FUNDS 5,688,945.25
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due -
Unreimbursed Servicer Advances paid -
------------
Unreimbursed Servicer Advances remaining unpaid -
------------
REMAINING AVAILABLE FUNDS 5,688,945.25
SERVICER FEES
Servicer Fees due 70,315.47
Servicer Fees paid 70,315.47
------------
Servicer Fees remaining unpaid -
------------
REMAINING AVAILABLE FUNDS 5,618,629.78
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
REMAINING AVAILABLE FUNDS 5,618,629.78
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 5,618,213.11
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 5,618,213.11
</TABLE>
Page 2
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<CAPTION>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
<S> <C>
Class A-1 Note Interest 119,409.47
Class A-2 Note Interest 172,031.87
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
Total Class A Interest due 757,095.48
------------
REMAINING AVAILABLE FUNDS 4,861,117.63
CLASS B NOTE INTEREST
Class B Note Interest due 82,327.82
Class B Note Interest paid 82,327.82
------------
Class B Note Interest remaining unpaid -
------------
REMAINING AVAILABLE FUNDS 4,778,789.81
CLASS C NOTE INTEREST
Class C Note Interest due 61,362.83
Class C Note Interest paid 61,362.83
------------
Class C Note Interest remaining unpaid -
------------
REMAINING AVAILABLE FUNDS 4,717,426.98
CLASS D NOTE INTEREST
Class D Note Interest due 18,732.42
Class D Note Interest paid 18,732.42
------------
Class D Note Interest remaining unpaid -
------------
REMAINING AVAILABLE FUNDS 4,698,694.56
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,863,399.81
Class A Note Principal Balance as of preceding Payment Date 137,238,510.36
------------
Class A Base Principal Distribution Amount paid 2,863,399.81
------------
Class A Base Principal Distribution Amount remaining unpaid -
Class A-1 Note Principal Balance as of preceding Payment Date 24,471,870.36
Class A-1 Base Principal Distribution Amount paid 2,863,399.81
------------
Class A-1 Note Principal Balance after distribution 21,608,470.55
------------
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 1,835,294.75
</TABLE>
Page 3
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 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 1,835,294.75
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 1,835,294.75
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 1,835,294.75
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 21,608,470.55
Class A-1 Reallocated Principal Distribution -
------------
Class A-1 Note Principal Balance after Reallocation 21,608,470.55
Remaining Available Funds 1,835,294.75
------------
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 1,835,294.75
------------
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 1,835,294.75
------------
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 1,835,294.75
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 1,835,294.75
</TABLE>
Page 4
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENT
COLLECTION PERIOD ENDED DECEMBER 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 1,835,294.75
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 1,835,294.75
CLASS E NOTE INTEREST
Class E Note Interest due 13,848.50
Class E Note Interest paid 13,848.50
-------------
Class E Note Interest remaining unpaid -
-------------
REMAINING AVAILABLE FUNDS 1,821,446.25
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 1,821,446.25
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 1,821,446.25
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 21,608,470.55
Class A-1 Supplemental Principal Distribution 70,411.47
-------------
Class A-1 Note Principal Balance after Supplemental 21,538,059.08
Remaining Available Funds 1,751,034.78
-------------
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 1,751,034.78
-------------
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 1,751,034.78
-------------
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 1,751,034.78
</TABLE>
Page 5
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENT
COLLECTION PERIOD ENDED DECEMBER 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 1,751,034.78
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 1,751,034.78
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 1,751,034.78
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 1,751,034.78
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 0.00
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 0.00
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 0.00
</TABLE>
Page 6
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 168,757,136.36
ADCPB, end of Collection Period 165,823,325.08
--------------
Base Principal Amount 2,933,811.28
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,135,311.61
Servicing Advances collected during the current Collection Period 2,135,311.61
--------------
Unreimbursed Servicing Advances as of current Determination Date -
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 168,757,136.36
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 70,315.47
Prior Servicer Fee arrearage -
--------------
Servicer Fee due 70,315.47
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> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 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 24,471,870.36 5.855% 119,409.47 119,409.47
A-2 31,956,385.00 31,956,385.00 6.460% 172,031.87 172,031.87
A-3 18,823,624.00 18,823,624.00 6.700% 105,098.57 105,098.57
A-4 61,986,631.00 61,986,631.00 6.980% 360,555.57 360,555.57
- ----------------------------------------------------------------------------------------------
Class A 143,584,852.00 137,238,510.36 757,095.48 757,095.48
- ----------------------------------------------------------------------------------------------
B 13,570,520.00 13,570,520.00 7.280% 82,327.82 82,327.82
C 9,192,933.00 9,192,933.00 8.010% 61,362.83 61,362.83
D 2,188,793.00 2,188,793.00 10.270% 18,732.42 18,732.42
E 2,363,897.00 2,363,897.00 7.030% 13,848.50 13,848.50
- ----------------------------------------------------------------------------------------------
Total Notes 170,900,995.00 164,554,653.36 933,367.05 933,367.05
- ----------------------------------------------------------------------------------------------
</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 24,471,870.36 2,863,399.81 0.00 70,411.47 2,933,811.28 21,538,059.08 0.6988744
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 137,238,510.36 2,863,399.81 0.00 70,411.47 2,933,811.28 134,304,699.08
- --------------------------------------------------------------------------------------------------------------
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 164,554,653.36 2,863,399.81 0.00 70,411.47 2,933,811.28 161,620,842.08
- --------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 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% 2,863,399.81 0.00 70,411.47 2,933,811.28 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%
- ---------------------------------------------------------------------------------------------------------------
2,863,399.81 0.00 70,411.47 2,933,811.28 100.00%
- ---------------------------------------------------------------------------------------------------------------
</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 -
- --------------------------------------------------------------
</TABLE>
(Retained) Certificate Balance 4,202,483.00
Initial OC Percentage 2.40%
<TABLE>
<S> <C>
Overcollateralization Balance (prior) 4,202,483.00
Overcollateralization Balance (current) 4,202,483.00
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 5,618,213.11
</TABLE>
Page 9
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 1999
<TABLE>
<CAPTION>
RESTRICTING EVENT DETERMINATION:
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
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 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
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