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Previous: FIRST SIERRA RECEIVABLES III INC, 8-K, 1999-03-09 |
Next: CORPORATE EXECUTIVE BOARD CO, S-8, 1999-03-09 |
<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)
February 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 February
1, 1999.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
First Sierra Receivables II, Inc.
By: /s/ E. R. Gebhart
-----------------------------------
Name: E. R. Gebhart
Title: Vice President
2
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
1.1 Servicing Reports for the collection periods ending in February
1, 1999.
</TABLE>
<PAGE> 1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED FEBRUARY 1, 1999
<TABLE>
<S> <C>
Available Amount to Note Holders: 8,680,858.39
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances --
(b) Servicer Fees from current and prior Collection Period 109,050.23
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 28,066.23
(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 285,218.58
Class A-2 Note Interest 246,395.18
4 Days Class A-2 Note Interest Overpaid, collection period ending 1/1/99 32,852.69
------------
Adjusted Class A-2 Note Interest 213,542.49
Class A-3 Note Interest 238,484.95
4 Days Class A-3 Note Interest Overpaid, collection period ending 1/1/99 31,797.99
------------
Adjusted Class A-3 Note Interest 206,686.95
Class A-4 Note Interest 331,522.69
4 Days Class A-4 Note Interest Overpaid, collection period ending 1/1/99 44,203.02
------------
Adjusted Class A-4 Note Interest 287,319.66
(viii) Class B-1 Note Interest 31,988.53
4 Days Class B-1 Note Interest Overpaid, collection period ending 1/1/99 4,265.14
------------
Adjusted Class B-1 Note Interest 27,723.39
(ix) Class B-2 Note Interest 20,722.81
4 Days Class B-2 Note Interest Overpaid, collection period ending 1/1/99 2,763.04
------------
Adjusted Class B-2 Note Interest 17,959.77
(x) Class B-3 Note Interest 27,203.33
4 Days Class B-3 Note Interest Overpaid, collection period ending 1/1/99 3,627.11
------------
Adjusted Class B-3 Note Interest 23,576.22
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 6,995,025.97
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xii) Note Insuer Reimbursement Amount --
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1
Overdue Principal 152,065.79
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2
Overdue Principal 76,032.88
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3
Overdue Principal 152,065.79
(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 106,107.78
</TABLE>
Reviewed By:
--------------------------------------------------------
Sandy B. Ho
Executive Vice President and
Chief Financial Officer
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 FEBRUARY 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 63,513,244.90 6,995,025.97 -- 6,995,025.97 56,518,218.93 0.7995545
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 247,741,596.00 240,567,700.90 6,995,025.97 -- 6,995,025.97 233,572,674.93 0.9428077
Class B-1 5,385,687.00 5,229,732.75 152,065.79 -- 152,065.79 5,077,666.97 0.9428077
Class B-2 2,692,843.00 2,614,865.89 76,032.88 -- 76,032.88 2,538,833.01 0.9428077
Class B-3 5,385,687.00 5,229,732.75 152,065.79 -- 152,065.79 5,077,666.97 0.9428077
-------------- -------------- ------------ ------------ ------------ -------------- ---------
Total 261,205,813.00 253,642,032.30 7,375,190.42 -- 7,375,190.42 246,266,841.89
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED FEBRUARY 1, 1999
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of January 31, 1999 3,156,068.51
Investment earnings on amounts in Collection Account 10,919.39
Payments due Collection Account from last 3 business days of Collection Period 2,042,530.49
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,471,340.00
--------------
Available Funds on Payment Date 8,680,858.39
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 8,680,858.39
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 8,680,858.39
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,680,858.39
SERVICER FEES
Servicer Fees due 109,050.23
Servicer Fees paid 109,050.23
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,571,808.16
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 8,571,808.16
PREMIUM AMOUNT
Premium Amount due 28,066.23
Premium Amount paid 28,066.23
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,543,741.92
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 8,543,325.26
</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 FEBRUARY 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 8,543,325.26
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 285,218.58
Class A-2 Note Interest 213,542.49
Class A-3 Note Interest 206,686.95
Class A-4 Note Interest 287,319.66
--------------
Total Class A Interest due 992,767.68
--------------
REMAINING AVAILABLE FUNDS 7,550,557.58
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 27,723.39
Class B-1 Note Interest paid 27,723.39
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,522,834.19
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 17,959.77
Class B-2 Note Interest paid 17,959.77
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,504,874.42
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 23,576.22
Class B-3 Note Interest paid 23,576.22
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,481,298.20
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,995,025.97
Class A Note Principal Balance as of preceding Payment Date 240,567,700.90
--------------
Class A Base Principal Distribution Amount paid 6,995,025.97
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 63,513,244.90
Class A-1 Base Principal Distribution Amount paid 6,995,025.97
--------------
Class A-1 Note Principal Balance after distribution on Payment Date 56,518,218.93
--------------
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 FEBRUARY 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 486,272.23
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 486,272.23
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 5,229,732.75
Class B-1 Base Principal Distribution due 152,065.79
Class B-1 Base Principal Distribution paid 152,065.79
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 5,077,666.97
REMAINING AVAILABLE FUNDS 334,206.45
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,614,865.89
Class B-2 Base Principal Distribution due 76,032.88
Class B-2 Base Principal Distribution paid 76,032.88
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 2,538,833.01
REMAINING AVAILABLE FUNDS 258,173.57
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED FEBRUARY 1, 1999
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 5,229,732.75
Class B-3 Base Principal Distribution due 152,065.79
Class B-3 Base Principal Distribution paid 152,065.79
--------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 5,077,666.97
REMAINING AVAILABLE FUNDS 106,107.78
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 106,107.78
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 106,107.78
AMOUNT PAYABLE TO RESIDUAL HOLDER 106,107.78
</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 FEBRUARY 1, 1999
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 261,720,562.30
ADCPB, end of Collection Period 254,345,371.89
----------------
Base Principal Amount 7,375,190.42
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period --
Servicing Advances collected during the current Collection Period --
----------------
Unreimbursed Servicing Advances as of current Determination Date --
</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 63,513,244.90 5.2150% 285,218.58 -- 285,218.58
Class A-2 53,856,869.00 5.4900% 213,542.49 -- 213,542.49
Class A-3 52,510,447.00 5.4500% 206,686.95 -- 206,686.95
Class A-4 70,687,140.00 5.6280% 287,319.66 -- 287,319.66
Class B-1 5,229,732.75 7.3400% 27,723.39 -- 27,723.39
Class B-2 2,614,865.89 9.5100% 17,959.77 -- 17,959.77
Class B-3 5,229,732.75 6.2420% 23,576.22 -- 23,576.22
-------------- ------------ ---------- ------------
253,642,032.30 5.0245% 1,062,027.06 -- 1,062,027.06
</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% 6,995,025.97 -- 6,995,025.97
Class B-1 2.062% 152,065.79 -- 152,065.79
Class B-2 1.031% 76,032.88 -- 76,032.88
Class B-3 2.062% 152,065.79 -- 152,065.79
------------- --------- -------------
7,375,190.42 -- 7,375,190.42
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 261,720,562.30
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 109,050.23
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 109,050.23
</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 FEBRUARY 1, 1999
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 240,567,700.90
Premium Rate 0.140%
One-twelfth 1/12
----------------
Premium Amount due Current Period 28,066.23
Prior Premium Amount arrearage --
----------------
Total Premium Amount due 28,066.23
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> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED FEBRUARY 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
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
deposition the Collection Account of (y) on the Class A-1 Maturity Date,
the Class A-2 Maturity Date, the Class A-3 Maturity Date, the Class 4-A
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 w[ILLEGIBLE] 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
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