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Previous: FIRST SIERRA RECEIVABLES III INC, 8-K, 2000-12-20 |
Next: GREENPOINT CREDIT LLC, 8-K, 2000-12-20 |
<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 DECEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 5,835,144.96
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 38,107.66
(b) Servicer Fees from current and prior Collection Period 47,211.87
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 11,644.00
(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 --
Class A-3 Note Interest 132,246.99
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 13,271.27
(ix) Class B-2 Note Interest 8,597.40
(x) Class B-3 Note Interest 11,286.00
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount 4,854,508.72
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 105,532.80
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 52,766.39
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 105,532.80
(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 122,499.69
</TABLE>
Reviewed By:
--------------------------------------
Sandy B. Ho
Executive Vice President & CFO
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 DECEMBER 1, 2000
<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 -- -- -- -- -- 0.0000000
Class A-3 52,510,447.00 29,118,604.18 4,854,508.72 -- 4,854,508.72 24,264,095.46 0.4620813
Class A-4 70,687,140.00 70,687,140.00 -- -- -- 70,687,140.00 1.0000000
-------------- -------------- -------------- -------------- -------------- --------------- --------------
Total Class A 247,741,596.00 99,805,744.18 4,854,508.72 -- 4,854,508.72 94,951,235.46 0.3832672
Class B-1 5,385,687.00 2,169,690.14 105,532.80 -- 105,532.80 2,064,157.34 0.3832672
Class B-2 2,692,843.00 1,084,844.87 52,766.39 -- 52,766.39 1,032,078.48 0.3832672
Class B-3 5,385,687.00 2,169,690.15 105,532.80 -- 105,532.80 2,064,157.35 0.3832672
-------------- -------------- -------------- -------------- -------------- ---------------
Total 261,205,813.00 105,229,969.34 5,118,340.71 -- 5,118,340.71 100,111,628.63
</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 DECEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 2000 1,148,465.54
Investment earnings on amounts in Collection Account 9,205.48
Payments due Collection Account from last 3 business days of Collection Period 1,537,472.07
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,140,001.87
-------------
Available Funds on Payment Date 5,835,144.96
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 5,835,144.96
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 5,835,144.96
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 38,107.66
Unreimbursed Servicer Advances paid 38,107.66
-------------
Unreimbursed Servicer Advances remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 5,797,037.30
SERVICER FEES
Servicer Fees due 47,211.87
Servicer Fees paid 47,211.87
-------------
Servicer Fees remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 5,749,825.43
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 5,749,825.43
PREMIUM AMOUNT
Premium Amount due 11,644.00
Premium Amount paid 11,644.00
-------------
Premium Amount remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 5,738,181.42
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 5,737,764.76
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 5,737,764.76
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest --
Class A-3 Note Interest 132,246.99
Class A-4 Note Interest 331,522.69
-------------
Total Class A Interest due 463,769.68
-------------
REMAINING AVAILABLE FUNDS 5,273,995.07
</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 DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 13,271.27
Class B-1 Note Interest paid 13,271.27
-------------
Class B-1 Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 5,260,723.80
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 8,597.40
Class B-2 Note Interest paid 8,597.40
-------------
Class B-2 Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 5,252,126.41
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 11,286.00
Class B-3 Note Interest paid 11,286.00
-------------
Class B-3 Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 5,240,840.40
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,854,508.72
Class A Note Principal Balance as of preceding Payment Date 99,805,744.18
-------------
Class A Base Principal Distribution Amount paid 4,854,508.72
-------------
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 4,854,508.72
-------------
Class A-2 Note Principal Balance as of preceding Payment Date --
Class A-2 Base Principal Distribution Amount paid --
-------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 4,854,508.72
-------------
Class A-3 Note Principal Balance as of preceding Payment Date 29,118,604.18
Class A-3 Base Principal Distribution Amount paid 4,854,508.72
-------------
Class A-3 Note Principal Balance after distribution on Payment Date 24,264,095.46
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 386,331.68
</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 DECEMBER 1, 2000
<TABLE>
<S> <C>
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
-------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 386,331.68
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,169,690.14
Class B-1 Base Principal Distribution due 105,532.80
Class B-1 Base Principal Distribution paid 105,532.80
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,064,157.34
REMAINING AVAILABLE FUNDS 280,798.88
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,084,844.87
Class B-2 Base Principal Distribution due 52,766.39
Class B-2 Base Principal Distribution paid 52,766.39
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,032,078.48
REMAINING AVAILABLE FUNDS 228,032.49
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 2,169,690.15
Class B-3 Base Principal Distribution due 105,532.80
Class B-3 Base Principal Distribution paid 105,532.80
-------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 2,064,157.35
REMAINING AVAILABLE FUNDS 122,499.69
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 122,499.69
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 122,499.69
AMOUNT PAYABLE TO RESIDUAL HOLDER 122,499.69
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 113,308,499.34
ADCPB, end of Collection Period 108,190,158.63
--------------
Base Principal Amount 5,118,340.71
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,746,131.84
Servicing Advances collected during the current Collection Period 2,708,024.18
--------------
Unreimbursed Servicing Advances as of current Determination Date 38,107.66
</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 -- 5.4900% -- -- --
Class A-3 29,118,604.18 5.4500% 132,246.99 -- 132,246.99
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 2,169,690.14 7.3400% 13,271.27 -- 13,271.27
Class B-2 1,084,844.87 9.5100% 8,597.40 -- 8,597.40
Class B-3 2,169,690.15 6.2420% 11,286.00 -- 11,286.00
---------------- ---------------- ---------------- ---------------- ----------------
105,229,969.34 5.6667% 496,924.35 -- 496,924.35
</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% 4,854,508.72 -- 4,854,508.72
Class B-1 2.062% 105,532.80 -- 105,532.80
Class B-2 1.031% 52,766.39 -- 52,766.39
Class B-3 2.062% 105,532.80 -- 105,532.80
------------- ------------- -------------
5,118,340.71 -- 5,118,340.71
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 113,308,499.34
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 47,211.87
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 47,211.87
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 99,805,744.18
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 11,644.00
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 11,644.00
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
</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 DECEMBER 1, 2000
<TABLE>
<S> <C>
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> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
RESTRICTING EVENT DETERMINATION:
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
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
---------- ---------------------------------------------------------------------------- ------
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 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period (0.14)%
Gross Charge Off Ratio Prior Period (0.18)%
Gross Charge Off Ratio Second Prior Period 1.87%
------
Average of Gross Charge Off Ratio for Three Periods 0.52%
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 2,666.80 15,278.67 (12,611.87) 108,190,158.63 (0.14)%
Prior Period 1,928.87 18,633.63 (16,704.76) 113,308,499.34 (0.18)%
Second Prior Period 246,495.01 61,558.94 184,936.07 118,718,825.67 1.87%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 4.58%
Delinquency Trigger Ratio Prior Period 4.05%
Delinquency Trigger Ratio Second Prior Period 4.30%
-------
Average of Delinquency Trigger Ratios 4.31%
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 5,061,654.77 110,551,668.51 4.58%
Prior Period 4,668,481.60 115,390,066.91 4.05%
Second Prior Period 5,107,775.41 118,718,825.67 4.30%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
----------- -----------------
<S> <C> <C>
Current 105,490,014 95.42%
31-60 Days Past Due 2,500,951 2.26%
61-90 Days Past Due 1,013,439 0.92%
91+ Days Past Due 1,547,266 1.40%
----------- -----------
TOTAL 110,551,669 100.00%
</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 5,731,775.35
Current month ADCPB Substituted 157,092.78
--------------
Cumulative ADCPB Substituted 5,888,868.13
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,742,981.06
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 77,709.78
(b) Servicer Fees from current and prior Collection Period 62,387.99
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 19,393.54
(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 3,614.37
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 15,924.38
(ix) Class B-2 Note Interest 12,033.63
(x) Class B-3 Note Interest 9,528.13
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 795,824.97
Class A-3 Principal Distribution Amount 4,696,061.92
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 119,388.86
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 59,694.43
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 74,618.03
(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 172,795.52
</TABLE>
Reviewed By:
----------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
Page 1
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<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 -- -- -- -- -- 0.0000000
Class A-2 57,258,085.00 795,824.97 795,824.97 -- 795,824.97 -- 0.0000000
Class A-3 48,068,516.00 48,068,516.00 4,696,061.92 -- 4,696,061.92 43,372,454.08 0.9023048
Class A-4 84,119,903.00 84,119,903.00 -- -- -- 84,119,903.00 1.0000000
-------------- -------------- -------------- -------------- -------------- -------------- -----------
Total Class A 260,135,498.00 132,984,243.97 5,491,886.89 -- 5,491,886.89 127,492,357.08 0.4900998
Class B-1 5,655,120.00 2,890,962.07 119,388.86 -- 119,388.86 2,771,573.21 0.4900998
Class B-2 2,827,560.00 1,445,481.03 59,694.43 -- 59,694.43 1,385,786.61 0.4900998
Class B-3 3,534,450.00 1,806,851.29 74,618.03 -- 74,618.03 1,732,233.26 0.4900998
-------------- -------------- -------------- -------------- -------------- --------------
Total 272,152,628.00 139,127,538.37 5,745,588.21 -- 5,745,588.21 133,381,950.16
</TABLE>
Page 2
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 2000 216,014.23
Investment earnings on amounts in Collection Account 9,135.40
Payments due Collection Account from last 3 business days of Collection Period 1,862,455.41
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 4,655,376.02
--------------
Available Funds on Payment Date 6,742,981.06
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,742,981.06
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,742,981.06
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 77,709.78
Unreimbursed Servicer Advances paid 77,709.78
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,665,271.28
SERVICER FEES
Servicer Fees due 62,387.99
Servicer Fees paid 62,387.99
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,602,883.29
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,602,883.29
PREMIUM AMOUNT
Premium Amount due 19,393.54
Premium Amount paid 19,393.54
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,583,489.75
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 6,583,073.09
</TABLE>
Page 3
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<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 6,583,073.09
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 3,614.37
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
--------------
Total Class A Interest due 627,203.22
--------------
REMAINING AVAILABLE FUNDS 5,955,869.86
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 15,924.38
Class B-1 Note Interest paid 15,924.38
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,939,945.48
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 12,033.63
Class B-2 Note Interest paid 12,033.63
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,927,911.85
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 9,528.13
Class B-3 Note Interest paid 9,528.13
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,918,383.72
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 5,491,886.89
Class A Note Principal Balance as of preceding Payment Date 132,984,243.97
--------------
Class A Base Principal Distribution Amount paid 5,491,886.89
--------------
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 5,491,886.89
--------------
</TABLE>
Page 4
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 795,824.97
Class A-2 Base Principal Distribution Amount paid 795,824.97
--------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 4,696,061.92
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 48,068,516.00
Class A-3 Base Principal Distribution Amount paid 4,696,061.92
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 43,372,454.08
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 426,496.83
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 426,496.83
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,890,962.07
Class B-1 Base Principal Distribution due 119,388.86
Class B-1 Base Principal Distribution paid 119,388.86
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,771,573.21
REMAINING AVAILABLE FUNDS 307,107.98
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,445,481.03
Class B-2 Base Principal Distribution due 59,694.43
Class B-2 Base Principal Distribution paid 59,694.43
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,385,786.61
REMAINING AVAILABLE FUNDS 247,413.55
</TABLE>
Page 5
<PAGE> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 1,806,851.29
Class B-3 Base Principal Distribution due 74,618.03
Class B-3 Base Principal Distribution paid 74,618.03
--------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 1,732,233.26
REMAINING AVAILABLE FUNDS 172,795.52
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 172,795.52
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 172,795.52
AMOUNT PAYABLE TO RESIDUAL HOLDER 172,795.52
</TABLE>
Page 6
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 149,731,176.46
ADCPB, end of Collection Period 143,985,588.25
--------------
Base Principal Amount 5,745,588.21
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,197,971.45
Servicing Advances collected during the current Collection Period 4,120,261.67
--------------
Unreimbursed Servicing Advances as of current Determination Date 77,709.78
</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 -- 4.9670% -- -- --
Class A-2 795,824.97 5.4500% 3,614.37 -- 3,614.37
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 2,890,962.07 6.6100% 15,924.38 -- 15,924.38
Class B-2 1,445,481.03 9.9900% 12,033.63 -- 12,033.63
Class B-3 1,806,851.29 6.3280% 9,528.13 -- 9,528.13
---------------- ---------------- ---------------- ---------------- ----------------
139,127,538.37 5.7331% 664,689.37 -- 664,689.37
</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% 5,491,886.89 -- 5,491,886.89
Class B-1 2.078% 119,388.86 -- 119,388.86
Class B-2 1.039% 59,694.43 -- 59,694.43
Class B-3 1.299% 74,618.03 -- 74,618.03
------------- ------------- -------------
5,745,588.21 -- 5,745,588.21
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 149,731,176.46
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 62,387.99
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 62,387.99
</TABLE>
Page 7
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 132,984,243.97
Premium Rate 0.175%
One-twelfth 1/12
---------------
Premium Amount due Current Period 19,393.54
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 19,393.54
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> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
RESTRICTING EVENT DETERMINATION:
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
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
---------- ---------------------------------------------------------------------------- ------
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> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period (0.10)%
Gross Charge Off Ratio Prior Period 0.05%
Gross Charge Off Ratio Second Prior Period 3.75%
------
Average of Gross Charge Off Ratio for Three Periods 1.23%
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 56,843.76 68,537.26 (11,693.50) 143,985,588.25 (0.10)%
Prior Period 10,842.15 4,393.82 6,448.33 149,731,176.46 0.05%
Second Prior Period 588,408.88 101,164.13 487,244.75 155,953,240.15 3.75%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 4.51%
Delinquency Trigger Ratio Prior Period 4.17%
Delinquency Trigger Ratio Second Prior Period 3.64%
-----
Average of Delinquency Trigger Ratios 4.11%
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 6,665,961.00 147,714,107.64 4.51%
Prior Period 6,380,506.46 152,926,530.27 4.17%
Second Prior Period 5,669,421.92 155,953,240.15 3.64%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
----------- -----------------
<S> <C> <C>
Current 141,048,147 95.49%
31-60 Days Past Due 3,926,508 2.66%
61-90 Days Past Due 1,274,635 0.86%
91+ Days Past Due 1,464,818 0.99%
----------- -----------
TOTAL 147,714,108 100.00%
</TABLE>
Substitution Limits
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 226,204,781.43
Maximum Substitution (10% of Initial) 22,620,478.14
Prior month Cumulative ADCPB Substituted 18,116,170.03
Current month ADCPB Substituted 487,125.01
--------------
Cumulative ADCPB Substituted 18,603,295.04
</TABLE>
Page 10
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 3,800,909.67
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 6,308.84
(b) Servicer Fees from current and prior Collection Period 53,923.11
(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 --
Class A-2 Note Interest 104,910.64
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
(vii) Class B Note Interest 75,090.08
(viii) Class C Note Interest 55,968.19
(ix) Class D Note Interest 17,085.58
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 2,433,800.18
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount 230,023.80
(xii) Class C Base Principal Distribution Amount 155,822.57
(xiii) Class D Base Principal Distribution Amount 37,100.61
(xv) Class E Note Interest 12,631.02
(xvi) Class E Principal Distribution Amount 40,068.66
(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 112,105.58
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 9,332.03
</TABLE>
Reviewed By:
----------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 1
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 2000 20,875.03
Investment earnings on amounts in Collection Account 5,329.62
Payments due Collection Account from last 3 business days of Collection Period 1,133,530.72
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 2,641,174.30
--------------
AVAILABLE FUNDS ON PAYMENT DATE 3,800,909.67
Reserve Account balance 1,751,034.78
--------------
TOTAL AVAILABLE FUNDS 5,551,944.45
Initial Unpaid Amounts inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 5,551,944.45
Indemnity Payments paid inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 5,551,944.45
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 6,308.84
Unreimbursed Servicer Advances paid 6,308.84
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,545,635.61
SERVICER FEES
Servicer Fees due 53,923.11
Servicer Fees paid 53,923.11
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,491,712.50
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 5,491,712.50
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
--------------
Indenture Trustee Fee remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,491,295.83
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 5,491,295.83
</TABLE>
Page 2
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 104,910.64
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
Total Class A Interest due 570,564.77
--------------
REMAINING AVAILABLE FUNDS 4,920,731.06
CLASS B NOTE INTEREST
Class B Note Interest due 75,090.08
Class B Note Interest paid 75,090.08
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 4,845,640.98
CLASS C NOTE INTEREST
Class C Note Interest due 55,968.19
Class C Note Interest paid 55,968.19
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 4,789,672.79
CLASS D NOTE INTEREST
Class D Note Interest due 17,085.58
Class D Note Interest paid 17,085.58
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 4,772,587.21
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,375,388.97
Class A Note Principal Balance as of preceding Payment Date 100,298,299.05
--------------
Class A Base Principal Distribution Amount paid 2,375,388.97
--------------
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 --
--------------
Remaining Class A Base Principal Distribution Amount 2,375,388.97
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 19,488,044.05
Class A-2 Base Principal Distribution Amount paid 2,375,388.97
--------------
Class A-2 Note Principal Balance after distribution 17,112,655.07
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 18,823,624.00
Class A-3 Base Principal Distribution Amount paid --
--------------
Class A-3 Note Principal Balance after distribution 18,823,624.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-4 Note Principal Balance as of preceding Payment Date 61,986,631.00
Class A-4 Base Principal Distribution Amount paid --
--------------
Class A-4 Note Principal Balance after distribution 61,986,631.00
REMAINING AVAILABLE FUNDS 2,397,198.23
</TABLE>
Page 3
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 12,377,485.10
Class B Base Principal Distribution due 224,503.23
Class B Base Principal Distribution paid 224,503.23
--------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 12,152,981.87
REMAINING AVAILABLE FUNDS 2,172,695.01
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 8,384,748.07
Class C Base Principal Distribution due 152,082.83
Class C Base Principal Distribution paid 152,082.83
--------------
Class C Base Principal Distribution remaining unpaid --
Class C Note Principal Balance after distribution on Payment Date 8,232,665.24
REMAINING AVAILABLE FUNDS 2,020,612.18
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 1,996,368.02
Class D Base Principal Distribution due 36,210.20
Class D Base Principal Distribution paid 36,210.20
--------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 1,960,157.82
REMAINING AVAILABLE FUNDS 1,984,401.98
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal --
Class A-1 Reallocated Principal Distribution --
--------------
Class A-1 Note Principal Balance after Reallocation --
Remaining Available Funds 1,984,401.98
--------------
Class A-2 Note Principal Balance after Base Principal 17,112,655.07
Class A-2 Reallocated Principal Distribution --
--------------
Class A-2 Note Principal Balance after Reallocation 17,112,655.07
Remaining Available Funds 1,984,401.98
--------------
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 1,984,401.98
--------------
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 1,984,401.98
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 12,152,981.87
Class B Reallocated Principal Distribution paid --
--------------
Class B Note Principal Balance after Reallocation 12,152,981.87
REMAINING AVAILABLE FUNDS 1,984,401.98
</TABLE>
Page 4
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 8,232,665.24
Class C Reallocated Principal Distribution paid --
--------------
Class C Note Principal Balance after Reallocation 8,232,665.24
REMAINING AVAILABLE FUNDS 1,984,401.98
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 1,960,157.82
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 1,960,157.82
REMAINING AVAILABLE FUNDS 1,984,401.98
CLASS E NOTE INTEREST
Class E Note Interest due 12,631.02
Class E Note Interest paid 12,631.02
--------------
Class E Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 1,971,770.95
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 2,156,078.02
Class E Base Principal Distribution due 39,107.01
Class E Base Principal Distribution paid 39,107.01
--------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 2,116,971.00
REMAINING AVAILABLE FUNDS 1,932,663.94
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 2,116,971.00
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 2,116,971.00
REMAINING AVAILABLE FUNDS 1,932,663.94
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal --
Class A-1 Supplemental Principal Distribution --
--------------
Class A-1 Note Principal Balance after Supplemental --
Remaining Available Funds 1,932,663.94
--------------
Class A-2 Note Principal Balance after Reallocated Principal 17,112,655.07
Class A-2 Supplemental Principal Distribution 58,411.20
--------------
Class A-2 Note Principal Balance after Supplemental 17,054,243.87
Remaining Available Funds 1,874,252.74
--------------
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 1,874,252.74
--------------
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 1,874,252.74
</TABLE>
Page 5
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 12,152,981.87
Class B Supplemental Principal Distribution paid 5,520.57
--------------
Class B Note Principal Balance after Supplemental 12,147,461.30
REMAINING AVAILABLE FUNDS 1,868,732.17
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 8,232,665.24
Class C Supplemental Principal Distribution paid 3,739.74
--------------
Class C Note Principal Balance after Supplemental 8,228,925.50
REMAINING AVAILABLE FUNDS 1,864,992.42
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 1,960,157.82
Class D Supplemental Principal Distribution paid 890.41
--------------
Class D Note Principal Balance after Supplemental 1,959,267.40
REMAINING AVAILABLE FUNDS 1,864,102.01
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,116,971.00
Class E Supplemental Principal Distribution paid 961.65
--------------
Class E Note Principal Balance after Supplemental 2,116,009.36
REMAINING AVAILABLE FUNDS 1,863,140.36
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 112,105.58
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 112,105.58
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 112,105.58
</TABLE>
Page 6
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 129,415,461.25
ADCPB, end of Collection Period 126,518,645.43
---------------
Base Principal Amount 2,896,815.82
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,241,237.73
Servicing Advances collected during the current Collection Period 2,234,928.89
---------------
Unreimbursed Servicing Advances as of current Determination Date 6,308.84
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 129,415,461.25
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 53,923.11
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 53,923.11
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>
AGING DELINQUENCY STATISTICS - AS OF PRIOR MONTH-END
<TABLE>
<S> <C> <C>
Current 125,887,124.93 97.60%
31 - 60 days past due 1,700,556.10 1.32%
61 - 90 days past due 378,539.04 0.29%
91+ days past due 1,011,427.03 0.78%
--------------
128,977,647.10
</TABLE>
GROSS CHARGE OFF
<TABLE>
<S> <C>
ADCPB of All Defaulted Contracts 2,742.04
Less Recoveries 10,211.18
--------------
Total Charge Offs for the period (7,469.14)
End of Month ADCPB 126,518,645.43
Gross Charge Off Ratio (Total Charge Offs/ADCPB) (0.01)%
</TABLE>
Page 7
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
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 0.00 5.855% 0.00 0.00
A-2 31,956,385.00 19,488,044.05 6.460% 104,910.64 104,910.64
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 143,584,852.00 100,298,299.05 6.83% 570,564.77 570,564.77
-------------- -------------- -------------- -------------- --------------
B 13,570,520.00 12,377,485.10 7.280% 75,090.08 75,090.08
C 9,192,933.00 8,384,748.07 8.010% 55,968.19 55,968.19
D 2,188,793.00 1,996,368.02 10.270% 17,085.58 17,085.58
E 2,363,897.00 2,156,078.02 7.030% 12,631.02 12,631.02
-------------- -------------- -------------- -------------- --------------
Total Notes 170,900,995.00 125,212,978.25 7.01% 731,339.65 731,339.65
-------------- -------------- -------------- -------------- --------------
</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 0.00 0.00 0.00 0.00 0.00 0.00 0.0000000
A-2 19,488,044.05 2,375,388.97 0.00 58,411.20 2,433,800.18 17,054,243.87 0.5336725
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 100,298,299.05 2,375,388.97 0.00 58,411.20 2,433,800.18 97,864,498.87
-------------- -------------- -------------- -------------- -------------- --------------
B 12,377,485.10 224,503.23 0.00 5,520.57 230,023.80 12,147,461.30 0.8951360
C 8,384,748.07 152,082.83 0.00 3,739.74 155,822.57 8,228,925.50 0.8951360
D 1,996,368.02 36,210.20 0.00 890.41 37,100.61 1,959,267.40 0.8951360
E 2,156,078.02 39,107.01 0.00 961.65 40,068.66 2,116,009.36 0.8951360
-------------- -------------- -------------- -------------- -------------- --------------
Total Notes 125,212,978.25 2,827,292.24 0.00 69,523.58 2,896,815.82 122,316,162.43
-------------- -------------- -------------- -------------- -------------- --------------
</TABLE>
Page 8
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
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% 2,375,388.97 0.00 58,411.20 2,433,800.18 84.02%
B 7.75% 224,503.23 0.00 5,520.57 230,023.80 7.94%
C 5.25% 152,082.83 0.00 3,739.74 155,822.57 5.38%
D 1.25% 36,210.20 0.00 890.41 37,100.61 1.28%
E 1.35% 39,107.01 0.00 961.65 40,068.66 1.38%
------------ ------------ ------------ ------------ ------------ ------------
2,827,292.24 0.00 69,523.58 2,896,815.82 100.00%
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
----- ------ ---------- ------------
<S> <C> <C> <C>
A N/A
B -- No 224,503.23
C -- No 152,082.83
D -- No 36,210.20
E -- No 39,107.01
------ ----- ------------
</TABLE>
<TABLE>
<S> <C> <C>
(Retained) Certificate Balance 4,202,483.00
Initial OC Percentage 2.40%
Overcollateralization Balance (prior) 4,202,483.00
Overcollateralization Balance (current) 4,202,483.00
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 5,491,295.83
</TABLE>
Page 9
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture
when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on deposit
in the Collection Account of (y) on the Class A-1 Maturity Date, the Class
A-2 Maturity Date, the Class A-3 Maturity Date, the Class A-4 Maturity
Date, the Class B Maturity Date, the Class C Maturity Date, the Class D
Maturity Date, or the Class E Maturity Date, as the case may be, on any
remaining principal owed on the outstanding Class A-1 Notes, Class A-2
Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes,
Class D Notes, or Class E Notes, as the case may be. No
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
---------- ------------------------------------------------------------------------ ------
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
<PAGE> 30
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
Available Funds $2,237,395.83
Deposit from Reserve Account $ 0.00
-------------
Total Available Amount to Note Holders: $2,237,395.83
Disbursements from Collection Account: Section 3.05 of the Indenture
(i) Initial Unpaid Amounts or servicing charges inadvertently deposited in Collection Account $ 0.00
(ii) Indemnity Payments paid inadvertently deposited in Collection Account $ 0.00
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances (Other than current Collection Period) $ 13,023.65
(b) Servicer Fees from current and prior Collection Period $ 76,204.38
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees $ 416.67
(v) Reimbursable Trustee Expenses: Section 7.07(a)(ii) $ 0.00
(vi) Class A-1 through A-2 Note Interest on a pari passu basis:
Class A-1 Note Interest $ 432,159.21
Class A-2 Note Interest $ 644,910.00
(vii) Class B Note Interest $ 93,099.33
(viii) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount $ 929,508.07
Class A-2 Principal Distribution Amount $ 0.00
(ix) Class B Base Principal Distribution Amount $ 0.00
(x) Supplemental Interest Reserve Account addition amount $ 48,074.52
(xi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) $ 0.00
(xii) Excess to Trust Certificate Holder $ 0.00
</TABLE>
Reviewed By:
-----------------------------------------------------------
E. Roger Gebhart
Executive Vice President and Treasurer
Page 1
<PAGE> 31
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 2000 362,941.12
Investment earnings on amounts in Collection Account 8,069.13
Payments due Collection Account from last 3 business days of Collection Period 766,116.18
Servicer Advance on current Determination Date 1,100,269.40
Additional Contribution for loss on termination 0.00
Deposit from Reserve Account 0.00
Deposit from Letter of Credit Account 0.00
AVAILABLE FUNDS ON PAYMENT DATE 2,237,395.83
Initial Unpaid Amounts inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 2,237,395.83
Indemnity Payments paid inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 2,237,395.83
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 13,023.65
Unreimbursed Servicer Advances paid 13,023.65
-------------
Unreimbursed Servicer Advances remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,224,372.18
SERVICER FEES
Servicer Fees due 76,204.38
Servicer Fees paid 76,204.38
-------------
Servicer Fees remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,148,167.80
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT 0.00
REMAINING AVAILABLE FUNDS 2,148,167.80
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 0.00
REMAINING AVAILABLE FUNDS 2,147,751.13
REIMBURSABLE TRUSTEE EXPENSES PER SECTION 7.07(a)(ii)
Total Indenture Trustee Expenses due 0.00
Cap on Indenture Trustee Expenses per section 7.07(a)(ii) 75,000.00
Total Indenture Trustee Expenses paid 0.00
-------------
Indenture Trustee Expenses unpaid 0.00
REMAINING AVAILABLE FUNDS 2,147,751.13
CLASS A-1 THROUGH A-2 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest due 432,159.21
Class A-1 Note Interest paid 432,159.21
-------------
Class A-1 Interest remaining unpaid 0.00
Class A-2 Note Interest due 644,910.00
Class A-2 Note Interest paid 644,910.00
-------------
Class A-2 Interest remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 1,070,681.92
</TABLE>
Page 2
<PAGE> 32
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B NOTE INTEREST
Class B Note Interest due 93,099.33
Class B Note Interest paid 93,099.33
-------------
Class B Note Interest remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 977,582.59
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance as of preceding Payment Date 69,237,791.13
Class A-1 Base Principal Distribution due 929,508.07
Class A-1 Base Principal Distribution Amount paid 929,508.07
-------------
Class A-1 Base Principal Distribution remaining unpaid 0.00
Class A-1 Note Principal Balance after distribution on Payment Date 68,308,283.06
Class A-2 Note Principal Balance as of preceding Payment Date 99,600,000.00
Class A-2 Base Principal Distribution due 0.00
Class A-2 Base Principal Distribution Amount paid 0.00
-------------
Class A-2 Base Principal Distribution remaining unpaid 0.00
Class A-2 Note Principal Balance after distribution on Payment Date 99,600,000.00
REMAINING AVAILABLE FUNDS 48,074.52
CLASS B BASE PRINCIPAL DISTRIBUTION (BEGINNING JUNE 2001)
Class B Note Principal Balance as of preceding Payment Date 14,052,729.00
Class B Base Principal Distribution due 0.00
Class B Base Principal Distribution paid 0.00
-------------
Class B Base Principal Distribution remaining unpaid 0.00
Class B Note Principal Balance after distribution on Payment Date 14,052,729.00
REMAINING AVAILABLE FUNDS 48,074.52
SUPPLEMENTAL INTEREST RESERVE ACCOUNT
Supplemental Interest Reserve Account Addition 48,074.52
REMAINING AVAILABLE FUNDS 0.00
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above 0.00
Remaining Indenture Trustee Expenses paid 0.00
-------------
Remaining Indenture Trustee Expenses unpaid 0.00
REMAINING AVAILABLE FUNDS 0.00
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 0.00
</TABLE>
Page 3
<PAGE> 33
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
RESERVE ACCOUNT: SECTION 3.04(a)
Initial Reserve Account Balance 3,615,803.24
Plus: Earnings for Collection Period per Section 3.04(b) 20,297.82
Less: Withdrawal per Section 3.04(c) --
Ending Reserve Account Balance 3,636,101.06
LETTER OF CREDIT ACCOUNT: SECTION 3.08(a)
Initial Letter of Credit Account Balance --
Plus: Earnings for Collection Period --
Plus: Additions from draws under Section 3.08(b) --
Less: Withdrawal pursuant to Section 3.08(c), To Collection Account --
Ending Letter of Credit Account Balance --
SUPPLEMENTAL INTEREST RESERVE ACCOUNT: SECTION 3.09(b)
Available Amounts for Related Collection Period less: Items 3.05(i) through (ix) 48,074.52
Supplemental Interest Reserve Account Addition (Up to Supplemental Interest 48,074.52
Required Amount)
Supplemental Interest Reserve Account Distribution to Collection Account --
Supplemental Interest Reserve Required Amount calculation
Beginning Balance 383,129.10
Plus: Additions (Up to 1% of Initial ADCPB) 48,074.52
Plus: Earnings for Collection Period 1,923.67
Less: Required Distributions, To Collection Account --
Ending Supplemental Interest Reserve Account Balance 433,127.29
</TABLE>
Page 4
<PAGE> 34
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 182,890,520.13
ADCPB, end of Collection Period 181,961,012.06
---------------
Base Principal Amount 929,508.07
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 765,596.71
Servicing Advances collected during the current Collection Period 752,573.06
---------------
Unreimbursed Servicing Advances as of current Determination Date 13,023.65
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 182,890,520.13
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 76,204.38
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 76,204.38
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage 0.00
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due 0.00
Prior Indenture Trustee Expenses arrearage 0.00
---------------
Total Indenture Trustee Expenses due 0.00
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period 0.00
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage 0.00
---------------
Total Other Amounts Due Servicer under Servicing Agreement 0.00
</TABLE>
Page 5
<PAGE> 35
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
INTEREST PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning Total Total
Initial of Period Interest Current Overdue Interest Interest Interest
Class Balance Balance Rate Interest Due Interest Due Paid Shortfall
----------- -------------- -------------- -------- -------------- --------- -------------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 75,000,000.00 69,237,791.13 7.490% 432,159.21 0.00 432,159.21 432,159.21 0.00
A-2 99,600,000.00 99,600,000.00 7.770% 644,910.00 0.00 644,910.00 644,910.00 0.00
-------------- -------------- -------- -------------- --------- -------------- -------------- ---------
Class A 174,600,000.00 168,837,791.13 1,077,069.21 0.00 1,077,069.21 1,077,069.21 0.00
-------------- -------------- -------- -------------- --------- -------------- -------------- ---------
B 14,052,729.00 14,052,729.00 7.950% 93,099.33 0.00 93,099.33 93,099.33 0.00
-------------- -------------- -------- -------------- --------- -------------- -------------- ---------
Total Notes 188,652,729.00 182,890,520.13 1,170,168.54 0.00 1,170,168.54 1,170,168.54 0.00
-------------- -------------- -------- -------------- --------- -------------- -------------- ---------
</TABLE>
PRINCIPAL PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning Current End Ending
of Period Principal Principal of Period Certificate
Class Balance Due Paid Balance Factor
----------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
A-1 69,237,791.13 929,508.07 929,508.07 68,308,283.06 0.91077711
A-2 99,600,000.00 0.00 0.00 99,600,000.00 1.00000000
-------------- -------------- -------------- -------------- --------------
Class A 168,837,791.13 929,508.07 929,508.07 167,908,283.06
-------------- -------------- -------------- -------------- --------------
B 14,052,729.00 0.00 0.00 14,052,729.00 1.00000000
-------------- -------------- -------------- -------------- --------------
Total Notes 182,890,520.13 929,508.07 929,508.07 181,961,012.06
-------------- -------------- -------------- -------------- --------------
</TABLE>
<TABLE>
<CAPTION>
Beginning Base Principal Principal
Principal of Period Overdue Distribution Payment
Percent Balance Principal Amount Amount
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Class A 100.00% 168,837,791.13 0.00 929,508.07 929,508.07
Class B 0.00% 14,052,729.00 0.00 0.00 0.00
-------------- -------------- -------------- -------------- --------------
</TABLE>
<TABLE>
<S> <C>
Base Principal Amount: 929,508.07
Gross Charge Off Event? No
Available Funds less Fees: 2,147,751.13
</TABLE>
Page 6
<PAGE> 36
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<S> <C>
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 B Maturity Date, as the case may be, on any
remaining principal owed on the outstanding Class A-1 Notes, Class A-2
Notes, Class B Notes, as the case may be. No
c) Failure on the part of the Trust duly to observe or perform in any
material respect any other Covenants or Agreements. No
d) The Trust shall consent to the appointment of a Custodian, Receiver,
Trustee, or Liquidator, etc. No
e) The Trust shall file a voluntary petition in bankruptcy or a voluntary
petition or answer seeking reorganization in a proceeding under any
bankruptcy laws etc. No
f) A petition against the Trust in a proceeding under applicable bank laws
or other insolvency laws, as now or hereafter in effect, shall be filled
and shall be consented to by the Trust or shall not be stayed, withdrawn,
or dismissed within 60 days thereafter, etc. No
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
--------- ------------------------------------------------------------------------- ------
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 or Agreements in Transaction Documents 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 7
<PAGE> 37
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C> <C>
AGING DELINQUENCY STATISTICS - AS OF COLLECTION PERIOD END
Current 178,902,412.43 98.32%
31 - 60 days past due 2,709,829.03 1.49%
61 - 90 days past due 348,770.59 0.19%
91+ days past due 0.00 0.00%
--------------
181,961,012.06
</TABLE>
<TABLE>
<S> <C>
PUTBACK SUMMARY
Defaults for Related Collection Period 0.00
Total Defaulted Contracts 1,196,279.67
Recoveries from Reserve Account for Current Period 0.00
Total Recoveries from Reserve Account 972,482.23
Net Remaining Defaulted 223,797.44
Recoveries from Source Recourse (Up to Available Source Recourse) 0.00
Recoveries from Draw on Letter of Credit Account 0.00
10% LIMITED RECOURSE AMOUNT
Beginning Amount available under 10% limited recourse 19,238,909.32
Beginning % available under 10% limited recourse 9.4037%
Current months buy backs under 10% limited recourse obligation 0.00
Cumulative amount bought back under 10% limited recourse obligation 1,147,272.39
Cumulative % bought back under 10% limited recourse obligation 0.0000%
LETTERS OF CREDIT
Beginning Value of the 2 Letters of Credit 20,000,000.00
Amount of step down in the Letters of Credit 0.00
Ending Value of the 2 Letters of Credit 20,000,000.00
LETTER OF CREDIT DRAW EVENTS (NO/YES)
--------
(i) Non Performance of Buy Back Obligation - Deposit full amount of both LOCs (No/Yes): No
(ii) Downgrade by Confirming bank - Deposit full amount of relevant LOC:
Northern Trust Company (Downgraded below Aa/AA by Moodys and S&P
respectively) No
Bank One (Downgraded below Aa/A by Moodys and S&P respectively) No
(iii) Non-Renewal of Letters of Credit for 364 days by issuing or confirming bank: No
Deposit full amount of relevant LOC:
Draw on Letters of Credit? No
If a draw on the letters of credit, amount deposited in Letter of Credit Account 0.00
</TABLE>
Page 8
<PAGE> 38
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<CAPTION>
GROSS CHARGE EVENT CALCULATION: Result
-----------
<S> <C>
Defaulted Contracts Current Period 0
Total Defaulted Contracts Prior Period 1,196,280
-----------
Total ADCPB of all Defaulted Contracts 1,196,280
Total Initial ADCPB 188,652,729
-----------
% Total Defaulted 0.63%
Maximum Allowed 10.00%
Gross Charge Off Event: No
</TABLE>
Page 9
<PAGE> 39
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,093,523.46
Reserve Account balance, beginning 2,114,952.31
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 24,807.26
(b) Servicer Fees from current and prior Collection Period 78,065.34
(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 139,645.78
Class A-2 Note Interest 181,357.16
Class A-3 Note Interest 320,780.10
Class A-4 Note Interest 210,522.36
(vii) Class B Note Interest 136,943.16
(viii) Class C Note Interest 86,713.05
(ix) Class D Note Interest 40,571.84
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 4,749,351.13
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 26,428.97
(xvi) Class E Principal Distribution Amount --
(xviii) Reserve Account Reimbursement/(Withdrawal) 0.00
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder 97,920.65
Reserve Account balance, ending 2,114,952.31
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 11,279.79
</TABLE>
Reviewed By:
------------------------------------------------------
SANDY B. HO
EVP & CFO
Page 1
<PAGE> 40
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 2000 558,775.49
Investment earnings on amounts in Collection Account 14,177.16
Payments due Collection Account from last 3 business days of Collection Period 1,658,622.54
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,861,948.27
--------------
AVAILABLE FUNDS ON PAYMENT DATE 6,093,523.46
Reserve Account balance 2,114,952.31
--------------
TOTAL AVAILABLE FUNDS 8,208,475.77
Initial Unpaid Amounts inadvertantly deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,208,475.77
Indemnity Payments paid inadvertantly deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,208,475.77
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 24,807.26
Unreimbursed Servicer Advances paid 24,807.26
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,183,668.51
SERVICER FEES
Servicer Fees due 78,065.34
Servicer Fees paid 78,065.34
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,105,603.17
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 8,105,603.17
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 8,105,186.50
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 8,105,186.50
</TABLE>
Page 2
<PAGE> 41
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 139,645.78
Class A-2 Note Interest 181,357.16
Class A-3 Note Interest 320,780.10
Class A-4 Note Interest 210,522.36
Total Class A Interest due 852,305.39
--------------
REMAINING AVAILABLE FUNDS 7,252,881.11
CLASS B NOTE INTEREST
Class B Note Interest due 136,943.16
Class B Note Interest paid 136,943.16
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,115,937.95
CLASS C NOTE INTEREST
Class C Note Interest due 86,713.05
Class C Note Interest paid 86,713.05
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,029,224.90
CLASS D NOTE INTEREST
Class D Note Interest due 40,571.84
Class D Note Interest paid 40,571.84
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,988,653.06
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,640,116.05
Class A Note Principal Balance as of preceding Payment Date 140,299,124.84
--------------
Class A Base Principal Distribution Amount paid 4,640,116.05
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 25,880,204.84
Class A-1 Base Principal Distribution Amount paid 4,640,116.05
--------------
Class A-1 Note Principal Balance after distribution 21,240,088.79
--------------
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 29,609,332.00
Class A-2 Base Principal Distribution Amount paid --
--------------
Class A-2 Note Principal Balance after distribution 29,609,332.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 51,393,341.00
Class A-3 Base Principal Distribution Amount paid --
--------------
Class A-3 Note Principal Balance after distribution 51,393,341.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-4 Note Principal Balance as of preceding Payment Date 33,416,247.00
Class A-4 Base Principal Distribution Amount paid --
--------------
Class A-4 Note Principal Balance after distribution 33,416,247.00
REMAINING AVAILABLE FUNDS 2,348,537.01
</TABLE>
Page 3
<PAGE> 42
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 21,149,523.00
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 21,149,523.00
REMAINING AVAILABLE FUNDS 2,348,537.01
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 12,689,714.00
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 12,689,714.00
REMAINING AVAILABLE FUNDS 2,348,537.01
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 4,229,905.00
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 4,229,905.00
REMAINING AVAILABLE FUNDS 2,348,537.01
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 21,240,088.79
Class A-1 Reallocated Principal Distribution --
--------------
Class A-1 Note Principal Balance after Reallocation 21,240,088.79
Remaining Available Funds 2,348,537.01
--------------
Class A-2 Note Principal Balance after Base Principal 29,609,332.00
Class A-2 Reallocated Principal Distribution --
--------------
Class A-2 Note Principal Balance after Reallocation 29,609,332.00
Remaining Available Funds 2,348,537.01
--------------
Class A-3 Note Principal Balance after Base Principal 51,393,341.00
Class A-3 Reallocated Principal Distribution --
--------------
Class A-3 Note Principal Balance after Reallocation 51,393,341.00
Remaining Available Funds 2,348,537.01
--------------
Class A-4 Note Principal Balance after Base Principal 33,416,247.00
Class A-4 Reallocated Principal Distribution --
--------------
Class A-4 Note Principal Balance after Reallocation 33,416,247.00
REMAINING AVAILABLE FUNDS 2,348,537.01
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 21,149,523.00
Class B Reallocated Principal Distribution paid --
--------------
Class B Note Principal Balance after Reallocation 21,149,523.00
REMAINING AVAILABLE FUNDS 2,348,537.01
</TABLE>
Page 4
<PAGE> 43
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 12,689,714.00
Class C Reallocated Principal Distribution paid --
--------------
Class C Note Principal Balance after Reallocation 12,689,714.00
REMAINING AVAILABLE FUNDS 2,348,537.01
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 4,229,905.00
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 4,229,905.00
REMAINING AVAILABLE FUNDS 2,348,537.01
CLASS E NOTE INTEREST
Class E Note Interest due 26,428.97
Class E Note Interest paid 26,428.97
--------------
Class E Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 2,322,108.04
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 4,124,157.00
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 4,124,157.00
REMAINING AVAILABLE FUNDS 2,322,108.04
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 4,124,157.00
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 4,124,157.00
REMAINING AVAILABLE FUNDS 2,322,108.04
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 21,240,088.79
Class A-1 Supplemental Principal Distribution 109,235.08
--------------
Class A-1 Note Principal Balance after Supplemental 21,130,853.71
Remaining Available Funds 2,212,872.96
--------------
Class A-2 Note Principal Balance after Reallocated Principal 29,609,332.00
Class A-2 Supplemental Principal Distribution --
--------------
Class A-2 Note Principal Balance after Supplemental 29,609,332.00
Remaining Available Funds 2,212,872.96
--------------
Class A-3 Note Principal Balance after Reallocated Principal 51,393,341.00
Class A-3 Supplemental Principal Distribution --
--------------
Class A-3 Note Principal Balance after Supplemental 51,393,341.00
Remaining Available Funds 2,212,872.96
--------------
Class A-4 Note Principal Balance after Reallocated Principal 33,416,247.00
Class A-4 Supplemental Principal Distribution --
--------------
Class A-4 Note Principal Balance after Supplemental 33,416,247.00
REMAINING AVAILABLE FUNDS 2,212,872.96
</TABLE>
Page 5
<PAGE> 44
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 21,149,523.00
Class B Supplemental Principal Distribution paid --
--------------
Class B Note Principal Balance after Supplemental 21,149,523.00
REMAINING AVAILABLE FUNDS 2,212,872.96
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 12,689,714.00
Class C Supplemental Principal Distribution paid --
--------------
Class C Note Principal Balance after Supplemental 12,689,714.00
REMAINING AVAILABLE FUNDS 2,212,872.96
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 4,229,905.00
Class D Supplemental Principal Distribution paid --
--------------
Class D Note Principal Balance after Supplemental 4,229,905.00
REMAINING AVAILABLE FUNDS 2,212,872.96
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 4,124,157.00
Class E Supplemental Principal Distribution paid --
--------------
Class E Note Principal Balance after Supplemental 4,124,157.00
REMAINING AVAILABLE FUNDS 2,212,872.96
RESERVE FUND
Required Reserve Fund Amount 2,114,952.31
Reserve Account Balance, Ending 2,114,952.31
Reserve Account Deposit/(Withdrawal) 0.00
--------------
REMAINING AVAILABLE FUNDS 97,920.65
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 97,920.65
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 97,920.65
</TABLE>
Page 6
<PAGE> 45
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 187,356,813.98
ADCPB, end of Collection Period 182,607,462.86
---------------
Base Principal Amount 4,749,351.13
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,394,385.41
Servicing Advances collected during the current Collection Period 3,369,578.15
---------------
Unreimbursed Servicing Advances as of current Determination Date 24,807.26
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 187,356,813.98
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 78,065.34
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 78,065.34
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 --
AGING DELINQUENCY STATISTICS - AS OF PRIOR MONTH-END
Current 181,522,854.02 97.49%
31 - 60 days past due 2,280,222.60 1.22%
61 - 90 days past due 1,087,248.36 0.58%
91+ days past due 1,302,071.26 0.70%
---------------
186,192,396.25
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 145,865.40
Less Recoveries 157,971.99
---------------
Total Charge Offs for the period (12,106.59)
End of Month ADCPB 182,607,462.86
Gross Charge Off Ratio (Total Charge Offs/ADCPB) (0.01)%
</TABLE>
Page 7
<PAGE> 46
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
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 50,018,622.00 25,880,204.84 6.938% 139,645.78 139,645.78
A-2 29,609,332.00 29,609,332.00 7.350% 181,357.16 181,357.16
A-3 51,393,341.00 51,393,341.00 7.490% 320,780.10 320,780.10
A-4 33,416,247.00 33,416,247.00 7.560% 210,522.36 210,522.36
-------------- -------------- -------------- -------------- --------------
Class A 164,437,542.00 140,299,124.84 7.38% 852,305.39 852,305.39
-------------- -------------- -------------- -------------- --------------
B 21,149,523.00 21,149,523.00 7.770% 136,943.16 136,943.16
C 12,689,714.00 12,689,714.00 8.200% 86,713.05 86,713.05
D 4,229,905.00 4,229,905.00 11.510% 40,571.84 40,571.84
E 4,124,157.00 4,124,157.00 7.690% 26,428.97 26,428.97
-------------- -------------- -------------- -------------- --------------
Total Notes 206,630,841.00 182,492,423.84 7.58% 1,142,962.41 1,142,962.41
-------------- -------------- -------------- -------------- --------------
</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 25,880,204.84 4,640,116.05 0.00 109,235.08 4,749,351.13 21,130,853.71 0.4224597
A-2 29,609,332.00 0.00 0.00 0.00 0.00 29,609,332.00 1.0000000
A-3 51,393,341.00 0.00 0.00 0.00 0.00 51,393,341.00 1.0000000
A-4 33,416,247.00 0.00 0.00 0.00 0.00 33,416,247.00 1.0000000
-------------- -------------- -------------- -------------- -------------- --------------
Class A 140,299,124.84 4,640,116.05 0.00 109,235.08 4,749,351.13 135,549,773.71
-------------- -------------- -------------- -------------- -------------- --------------
B 21,149,523.00 0.00 0.00 0.00 0.00 21,149,523.00 1.0000000
C 12,689,714.00 0.00 0.00 0.00 0.00 12,689,714.00 1.0000000
D 4,229,905.00 0.00 0.00 0.00 0.00 4,229,905.00 1.0000000
E 4,124,157.00 0.00 0.00 0.00 0.00 4,124,157.00 1.0000000
-------------- -------------- -------------- -------------- -------------- --------------
Total Notes 182,492,423.84 4,640,116.05 0.00 109,235.08 4,749,351.13 177,743,072.71
-------------- -------------- -------------- -------------- -------------- --------------
</TABLE>
Page 8
<PAGE> 47
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
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 77.75% 4,640,116.05 0.00 109,235.08 4,749,351.13 79.58%
B 10.00% 0.00 0.00 0.00 0.00 10.24%
C 6.00% 0.00 0.00 0.00 0.00 6.14%
D 2.00% 0.00 0.00 0.00 0.00 2.05%
E 1.95% 0.00 0.00 0.00 0.00 2.00%
------------ ------------ ------------ ------------ ------------ ------------
4,640,116.05 0.00 109,235.08 4,749,351.13 100.00%
------------ ------------ ------------ ------------ ------------ ------------
</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>
<TABLE>
<S> <C> <C>
(Retained) Certificate Balance 4,864,390.14
Initial OC Percentage 2.30%
Overcollateralization Balance (prior) 4,864,390.14
Overcollateralization Balance (current) 4,864,390.14
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 8,105,186.50
</TABLE>
Page 9
<PAGE> 48
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<S> <C>
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 Ouststanding 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
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
--------- --------------------------------------------------------------------------- ------
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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