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Previous: DISTRIBUTION MANAGEMENT SERVICES INC, NT 10-Q, 2000-01-18 |
Next: EL PASO ENERGY CORP/DE, DEFA14A, 2000-01-18 |
<PAGE> 1
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Data of earliest event reported)
January 1, 2000
FIRST SIERRA RECEIVABLES III, INC.
----------------------------------
(exact name of Registrant as specified in its charter)
Delaware 333-12199-01 76-0589331
- ------------------------------- ------------ ----------
(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification No.
Suite 7050
600 Travis Street
Houston, TX 77002
- ----------- -----
(Address of Principal Executive) (Zip Code)
Registrant's telephone number, including area code: 713-221-8822
<PAGE> 2
Item 1. Business
The Registrant is a wholly-owned subsidiary of First Sierra Financial, Inc.
formed solely for the purpose of acquiring from First Sierra Financial, Inc.
certain leases ( the "Leases") and interests in equipment underlying the leases
( together the "Receivables") and securitizing the Receivables through the
issuance of Certificates. As a bankruptcy remote entity, the Registrant's
operations are restricted so that (a) it does not engage in business with, or
incur liabilities to, any other entity which may bring bankruptcy proceedings
against the Registrant and 9b) the risk is diminished that it will be
consolidated into the bankruptcy proceedings of any other entity. The Registrant
has no other assets except the Receivables and proceeds thereof.
Item 2. Acquisition or Disposition of Assets
None
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
1.1 Servicing Reports for the collection periods ending in January 1,
2000.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
First Sierra Receivables III, Inc.
By: /s/ E. R. Gebhart
-----------------------------------------
Name: E. R. Gebhart
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
- -------- -----------
<S> <C>
1.1 Servicing Reports for the collection periods ending in January 1,
2000.
</TABLE>
<PAGE> 1
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 8,398,839.00
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account -
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account -
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances -
(b) Servicer Fees from current and prior Collection Period 75,937.54
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 19,272.59
(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 192,131.99
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 21,965.97
(ix) Class B-2 Note Interest 14,229.99
(x) Class B-3 Note Interest 18,680.05
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount -
Class A-2 Principal Distribution Amount 7,081,488.43
Class A-3 Principal Distribution Amount -
Class A-4 Principal Distribution Amount -
(xii) Note Insurer Reimbursement Amount -
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 153,945.40
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 76,972.69
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 153,945.40
(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 19,844.65
</TABLE>
Reviewed By:
- --------------------------------------------------------------------------------
E. Roger Gebhart
Executive Vice President & Treasurer
Page 1
<PAGE> 2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED JANUARY 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 41,996,062.42 7,081,488.43 - 7,081,488.43 34,914,573.99 0.6482845
Class A-3 52,510,447.00 52,510,447.00 - - - 52,510,447.00 1.0000000
Class A-4 70,687,140.00 70,687,140.00 - - - 70,687,140.00 1.0000000
--------------- --------------- ------------- ------------- ------------ -------------- ---------
Total Class A 247,741,596.00 165,193,649.42 7,081,488.43 - 7,081,488.43 158,112,160.99 0.6382140
Class B-1 5,385,687.00 3,591,166.38 153,945.40 - 153,945.40 3,437,220.97 0.6382140
Class B-2 2,692,843.00 1,795,582.86 76,972.69 - 76,972.69 1,718,610.17 0.6382140
Class B-3 5,385,687.00 3,591,166.38 153,945.40 - 153,945.40 3,437,220.98 0.6382140
--------------- --------------- ------------- ------------- ------------ --------------
Total 261,205,813.00 174,171,565.03 7,466,351.92 - 7,466,351.92 166,705,213.11
</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 JANUARY 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 1999 2,401,501.13
Investment earnings on amounts in Collection Account 15,940.06
Payments due Collection Account from last 3 business days of Collection Period 904,978.87
Additional contribution for terminated trade-ups and rebooked leases 35,138.99
Servicer Advance on current Determination Date 5,041,279.95
--------------
Available Funds on Payment Date 8,398,839.00
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
--------------
REMAINING AVAILABLE FUNDS 8,398,839.00
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
--------------
REMAINING AVAILABLE FUNDS 8,398,839.00
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due -
Unreimbursed Servicer Advances paid -
--------------
Unreimbursed Servicer Advances remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 8,398,839.00
SERVICER FEES
Servicer Fees due 75,937.54
Servicer Fees paid 75,937.54
--------------
Servicer Fees remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 8,322,901.46
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
--------------
REMAINING AVAILABLE FUNDS 8,322,901.46
PREMIUM AMOUNT
Premium Amount due 19,272.59
Premium Amount paid 19,272.59
--------------
Premium Amount remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 8,303,628.87
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
--------------
Indenture Trustee Fee remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 8,303,212.20
</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 JANUARY 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 8,303,212.20
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest -
Class A-2 Note Interest 192,131.99
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
--------------
Total Class A Interest due 762,139.62
--------------
REMAINING AVAILABLE FUNDS 7,541,072.58
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 21,965.97
Class B-1 Note Interest paid 21,965.97
--------------
Class B-1 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 7,519,106.61
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 14,229.99
Class B-2 Note Interest paid 14,229.99
--------------
Class B-2 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 7,504,876.62
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 18,680.05
Class B-3 Note Interest paid 18,680.05
--------------
Class B-3 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 7,486,196.57
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 7,081,488.43
Class A Note Principal Balance as of preceding Payment Date 165,193,649.42
--------------
Class A Base Principal Distribution Amount paid 7,081,488.43
--------------
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 7,081,488.43
--------------
</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 JANUARY 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 41,996,062.42
Class A-2 Base Principal Distribution Amount paid 7,081,488.43
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 34,914,573.99
Remaining Class A Base Principal Distribution Amount -
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 52,510,447.00
Class A-3 Base Principal Distribution Amount paid -
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 52,510,447.00
Remaining Class A Base Principal Distribution Amount -
--------------
Class A-4 Note Principal Balance as of preceding Payment Date 70,687,140.00
Class A-4 Base Principal Distribution Amount paid -
-
Class A-4 Note Principal Balance after distribution on Payment Date 70,687,140.00
REMAINING AVAILABLE FUNDS 404,708.14
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due -
Note Insurer Reimbursement Amount paid -
--------------
Note Insurer Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 404,708.14
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,591,166.38
Class B-1 Base Principal Distribution due 153,945.40
Class B-1 Base Principal Distribution paid 153,945.40
--------------
Class B-1 Base Principal Distribution remaining unpaid -
Class B-1 Note Principal Balance after distribution on Payment Date 3,437,220.97
REMAINING AVAILABLE FUNDS 250,762.74
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,795,582.86
Class B-2 Base Principal Distribution due 76,972.69
Class B-2 Base Principal Distribution paid 76,972.69
--------------
Class B-2 Base Principal Distribution remaining unpaid -
Class B-2 Note Principal Balance after distribution on Payment Date 1,718,610.17
REMAINING AVAILABLE FUNDS 173,790.05
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 3,591,166.38
Class B-3 Base Principal Distribution due 153,945.40
Class B-3 Base Principal Distribution paid 153,945.40
--------------
Class B-3 Base Principal Distribution remaining unpaid -
Class B-3 Note Principal Balance after distribution on Payment Date 3,437,220.98
REMAINING AVAILABLE FUNDS 19,844.65
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 19,844.65
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 19,844.65
AMOUNT PAYABLE TO RESIDUAL HOLDER 19,844.65
</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 JANUARY 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 182,250,095.03
ADCPB, end of Collection Period 174,783,743.11
--------------
Base Principal Amount 7,466,351.92
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,498,808.19
Servicing Advances collected during the current Collection Period 3,498,808.19
--------------
Unreimbursed Servicing Advances as of current Determination Date --
</TABLE>
CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
----- ---------------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C>
Class A-1 -- 5.2150% -- -- --
Class A-2 41,996,062.42 5.4900% 192,131.99 -- 192,131.99
Class A-3 52,510,447.00 5.4500% 238,484.95 -- 238,484.95
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 3,591,166.38 7.3400% 21,965.97 -- 21,965.97
Class B-2 1,795,582.86 9.5100% 14,229.99 -- 14,229.99
Class B-3 3,591,166.38 6.2420% 18,680.05 -- 18,680.05
---------------- -------- ---------- ------- ----------
174,171,565.03 5.6290% 817,015.63 -- 817,015.63
</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% 7,081,488.43 -- 7,081,488.43
Class B-1 2.062% 153,945.40 -- 153,945.40
Class B-2 1.031% 76,972.69 -- 76,972.69
Class B-3 2.062% 153,945.40 -- 153,945.40
------------- --------- -------------
7,466,351.92 -- 7,466,351.92
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 182,250,095.03
Servicer Fee Rate 0.500%
One-twelfth 1/12
------------------
Servicer Fee due current period 75,937.54
Prior Servicer Fee arrearage --
------------------
Servicer Fee due 75,937.54
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 165,193,649.42
Premium Rate 0.140%
One-twelfth 1/12
------------------
Premium Amount due Current Period 19,272.59
Prior Premium Amount arrearage --
------------------
Total Premium Amount due 19,272.59
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
------------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
------------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
------------------
Total Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the
Indenture when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount equal to the principal due on the
Outstanding Notes as of such Payment Date to the extent that sufficient Available Funds are on deposit in the
Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity Date, the Class A-3 Maturity
Date,the Class A-4 Maturity Date, the Class B-1 Maturity Date, the Class B-2 Maturity Date, or the Class B-3
Maturity Date, as the case may be, on any remaining principal owed on the outstanding Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B-1 Notes, Class B-2 Notes, or Class B-3 Notes, as
the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
---------- --------------------------------------------------------------------------------------------------- ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
Available Amount to Note Holders: 11,216,950.09
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 34,683.42
(b) Servicer Fees from current and prior Collection Period 93,496.09
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 23,840.49
(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 69,899.19
Class A-2 Note Interest 260,047.14
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 24,469.82
(ix) Class B-2 Note Interest 18,491.19
(x) Class B-3 Note Interest 14,641.17
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount 9,570,425.74
Class A-2 Principal Distribution Amount -
Class A-3 Principal Distribution Amount -
Class A-4 Principal Distribution Amount -
(xii) Note Insurer Reimbursement Amount -
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 208,052.75
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 104,026.38
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 130,032.97
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) -
(xvii) Other Amounts Due Servicer under Servicing Agreement -
(xviii) Remaining Amount to Residual Holder 40,838.23
</TABLE>
Reviewed By:
- -------------------------------------------------------------------------------
E. Roger Gebhart
Executive Vice President & Treasurer
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 JANUARY 1, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Beginning Base Additional Total Ending Ending
Principal Principal Principal Principal Principal Principal Certificate
Class Balance Balance Distribution Distribution Distribution Balance Factor
- ------------ ------------- ------------- ------------ ------------ ------------ ------------ ----------
Class A-1 70,688,994.00 14,900,525.26 9,570,425.74 -- 9,570,425.74 5,330,099.52 0.0754021
Class A-2 57,258,085.00 57,258,085.00 -- -- -- 57,258,085.00 1.0000000
Class A-3 48,068,516.00 48,068,516.00 -- -- -- 48,068,516.00 1.0000000
Class A-4 84,119,903.00 84,119,903.00 -- -- -- 84,119,903.00 1.0000000
-------------- -------------- ------------ ------ ------------ -------------- ---------
Total Class A 260,135,498.00 204,347,029.26 9,570,425.74 -- 9,570,425.74 194,776,603.52 0.7487506
Class B-1 5,655,120.00 4,442,327.10 208,052.75 -- 208,052.75 4,234,274.35 0.7487506
Class B-2 2,827,560.00 2,221,163.55 104,026.38 -- 104,026.38 2,117,137.17 0.7487506
Class B-3 3,534,450.00 2,776,454.44 130,032.97 -- 130,032.97 2,646,421.47 0.7487506
-------------- -------------- ------------ ------ ------------ -------------- ---------
Total 272,152,628.00 213,786,974.35 10,012,537.84 -- 10,012,537.84 203,774,436.51
</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 JANUARY 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 1999 3,867,817.65
Investment earnings on amounts in Collection Account 12,022.28
Payments due Collection Account from last 3 business days of Collection Period 663,509.55
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 6,673,600.61
-------------
Available Funds on Payment Date 11,216,950.09
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 11,216,950.09
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 11,216,950.09
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 34,683.42
Unreimbursed Servicer Advances paid 34,683.42
-------------
Unreimbursed Servicer Advances remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 11,182,266.67
SERVICER FEES
Servicer Fees due 93,496.09
Servicer Fees paid 93,496.09
-------------
Servicer Fees remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 11,088,770.58
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 11,088,770.58
PREMIUM AMOUNT
Premium Amount due 23,840.49
Premium Amount paid 23,840.49
-------------
Premium Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 11,064,930.09
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 11,064,513.43
</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 JANUARY 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 11,064,513.43
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 69,899.19
Class A-2 Note Interest 260,047.14
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
--------------
Total Class A Interest due 953,535.18
--------------
REMAINING AVAILABLE FUNDS 10,110,978.25
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 24,469.82
Class B-1 Note Interest paid 24,469.82
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 10,086,508.43
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 18,491.19
Class B-2 Note Interest paid 18,491.19
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 10,068,017.24
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 14,641.17
Class B-3 Note Interest paid 14,641.17
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 10,053,376.07
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 9,570,425.74
Class A Note Principal Balance as of preceding Payment Date 204,347,029.26
--------------
Class A Base Principal Distribution Amount paid 9,570,425.74
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 14,900,525.26
Class A-1 Base Principal Distribution Amount paid 9,570,425.74
--------------
Class A-1 Note Principal Balance after distribution on Payment Date 5,330,099.52
--------------
Remaining Class A Base Principal Distribution Amount --
--------------
</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 JANUARY 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 57,258,085.00
Class A-2 Base Principal Distribution Amount paid --
-------------
Class A-2 Note Principal Balance after distribution on Payment Date 57,258,085.00
Remaining Class A Base Principal Distribution Amount --
-------------
Class A-3 Note Principal Balance as of preceding Payment Date 48,068,516.00
Class A-3 Base Principal Distribution Amount paid --
-------------
Class A-3 Note Principal Balance after distribution on Payment Date 48,068,516.00
Remaining Class A Base Principal Distribution Amount --
-------------
Class A-4 Note Principal Balance as of preceding Payment Date 84,119,903.00
Class A-4 Base Principal Distribution Amount paid --
-------------
Class A-4 Note Principal Balance after distribution on Payment Date 84,119,903.00
REMAINING AVAILABLE FUNDS 482,950.33
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
-------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 482,950.33
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,442,327.10
Class B-1 Base Principal Distribution due 208,052.75
Class B-1 Base Principal Distribution paid 208,052.75
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 4,234,274.35
REMAINING AVAILABLE FUNDS 274,897.58
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,221,163.55
Class B-2 Base Principal Distribution due 104,026.38
Class B-2 Base Principal Distribution paid 104,026.38
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 2,117,137.17
REMAINING AVAILABLE FUNDS 170,871.20
</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 JANUARY 1, 2000
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 2,776,454.44
Class B-3 Base Principal Distribution due 130,032.97
Class B-3 Base Principal Distribution paid 130,032.97
------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 2,646,421.47
REMAINING AVAILABLE FUNDS 40,838.23
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 40,838.23
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 40,838.23
AMOUNT PAYABLE TO RESIDUAL HOLDER 40,838.23
</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 JANUARY 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 224,390,612.44
ADCPB, end of Collection Period 214,378,074.60
---------------
Base Principal Amount 10,012,537.84
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 5,011,558.47
Servicing Advances collected during the current Collection Period 4,976,875.05
---------------
Unreimbursed Servicing Advances as of current Determination Date 34,683.42
</TABLE>
<TABLE>
<CAPTION>
CALCULATION OF INTEREST DUE
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
-------------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Class A-1 14,900,525.26 4.9670% 69,899.19 -- 69,899.19
Class A-2 57,258,085.00 5.4500% 260,047.14 -- 260,047.14
Class A-3 48,068,516.00 5.5400% 221,916.32 -- 221,916.32
Class A-4 84,119,903.00 5.7300% 401,672.54 -- 401,672.54
Class B-1 4,442,327.10 6.6100% 24,469.82 -- 24,469.82
Class B-2 2,221,163.55 9.9900% 18,491.19 -- 18,491.19
Class B-3 2,776,454.44 6.3280% 14,641.17 -- 14,641.17
-------------------- -------------- ------------- ------------- ------------- -------------
213,786,974.35 5.6756% 1,011,137.35 -- 1,011,137.35
</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 95.584% 9,570,425.74 -- 9,570,425.74
Class B-1 2.078% 208,052.75 -- 208,052.75
Class B-2 1.039% 104,026.38 -- 104,026.38
Class B-3 1.299% 130,032.97 -- 130,032.97
------------- ------------- -------------
10,012,537.84 -- 10,012,537.84
</TABLE>
<TABLE>
CALCULATION OF SERVICER FEE
<S> <C>
ADCPB as of the prior Calculation Date 224,390,612.44
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 93,496.09
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 93,496.09
</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 JANUARY 1, 2000
<TABLE>
CALCULATION OF PREMIUM AMOUNT
<S> <C>
Class A Principal Amount as of the immediately preceding Collection Period 204,347,029.26
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 23,840.49
Prior Premium Amount arrearage --------------
Total Premium Amount due 23,840.49
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 JANUARY 1, 2000
<TABLE>
<CAPTION>
RESTRICTING EVENT DETERMINATION:
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
<TABLE>
<CAPTION>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment
of Interest required to be made under the terms of such Notes or the
Indenture when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on
deposit in the Collection Account of (y) on the Class A-1 Maturity Date,
the Class A-2 Maturity Date, the Class A-3 Maturity Date, the Class A-4
Maturity Date, the Class B-1 Maturity Date, the Class B-2 Maturity Date,
or the Class B-3 Maturity Date, as the case may be, on any remaining
principal owed on the outstanding Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes, Class B-1 Notes, Class B-2 Notes, or
Class B-3 Notes, as the case may be No
</TABLE>
<TABLE>
<CAPTION>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
- --------- --------------------------------------------------------------------------------- ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing
Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 9
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 5,344,600.38
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 15,036.95
(b) Servicer Fees from current and prior Collection Period 69,093.05
(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 115,603.47
Class A-2 Note Interest 172,031.87
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
(vii) Class B Note Interest 82,327.82
(viii) Class C Note Interest 61,362.83
(ix) Class D Note Interest 18,732.42
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 4,330,492.67
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount --
(xii) Class C Base Principal Distribution Amount --
(xiii) Class D Base Principal Distribution Amount --
(xv) Class E Note Interest 13,848.50
(xvi) Class E Principal Distribution Amount --
(xviii) Reserve Account Reimbursement/(Withdrawal) (0.00)
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder --
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 8,454.23
</TABLE>
Reviewed By:
-----------------------------------------------------
ROBERT J. HENCHEY
PRESIDENT
Page 1
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 1999 1,684,343.65
Investment earnings on amounts in Collection Account 6,843.26
Payments due Collection Account from last 3 business days of Collection Period 261,286.83
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,392,126.64
---------------
AVAILABLE FUNDS ON PAYMENT DATE 5,344,600.38
Reserve Account balance 1,751,034.78
---------------
TOTAL AVAILABLE FUNDS 7,095,635.16
Initial Unpaid Amounts inadvertantly deposited in Collection Account --
---------------
REMAINING AVAILABLE FUNDS 7,095,635.16
Indemnity Payments paid inadvertantly deposited in Collection Account --
---------------
REMAINING AVAILABLE FUNDS 7,095,635.16
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 15,036.95
Unreimbursed Servicer Advances paid 15,036.95
---------------
Unreimbursed Servicer Advances remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,080,598.21
SERVICER FEES
Servicer Fees due 69,093.05
Servicer Fees paid 69,093.05
---------------
Servicer Fees remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,011,505.16
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 7,011,505.16
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
---------------
Indenture Trustee Fee remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,011,088.49
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due --
Cap on Indenture Trustee Expenses per 7.07 (a)(ii) 75,000.00
---------------
Total Indenture Trustee Expenses paid --
---------------
Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 7,011,088.49
</TABLE>
Page 2
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 115,603.47
Class A-2 Note Interest 172,031.87
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
Total Class A Interest due 753,289.48
---------------
REMAINING AVAILABLE FUNDS 6,257,799.01
CLASS B NOTE INTEREST
Class B Note Interest due 82,327.82
Class B Note Interest paid 82,327.82
---------------
Class B Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 6,175,471.19
CLASS C NOTE INTEREST
Class C Note Interest due 61,362.83
Class C Note Interest paid 61,362.83
---------------
Class C Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 6,114,108.36
CLASS D NOTE INTEREST
Class D Note Interest due 18,732.42
Class D Note Interest paid 18,732.42
---------------
Class D Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 6,095,375.94
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,226,560.85
Class A Note Principal Balance as of preceding Payment Date 134,304,699.08
---------------
Class A Base Principal Distribution Amount paid 4,226,560.85
---------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 21,538,059.08
Class A-1 Base Principal Distribution Amount paid 4,226,560.85
---------------
Class A-1 Note Principal Balance after distribution 17,311,498.23
---------------
Remaining Class A Base Principal Distribution Amount --
---------------
Class A-2 Note Principal Balance as of preceding Payment Date 31,956,385.00
Class A-2 Base Principal Distribution Amount paid --
---------------
Class A-2 Note Principal Balance after distribution 31,956,385.00
Remaining Class A Base Principal Distribution Amount --
---------------
Class A-3 Note Principal Balance as of preceding Payment Date 18,823,624.00
Class A-3 Base Principal Distribution Amount paid --
---------------
Class A-3 Note Principal Balance after distribution 18,823,624.00
Remaining Class A Base Principal Distribution Amount --
---------------
Class A-4 Note Principal Balance as of preceding Payment Date 61,986,631.00
Class A-4 Base Principal Distribution Amount paid --
---------------
Class A-4 Note Principal Balance after distribution 61,986,631.00
REMAINING AVAILABLE FUNDS 1,868,815.10
</TABLE>
Page 3
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 13,570,520.00
Class B Base Principal Distribution due --
Class B Base Principal Distribution paid --
---------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 13,570,520.00
REMAINING AVAILABLE FUNDS 1,868,815.10
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 9,192,933.00
Class C Base Principal Distribution due --
Class C Base Principal Distribution paid --
---------------
Class C Base Principal Distribution remaining unpaid --
Class C Note Principal Balance after distribution on Payment Date 9,192,933.00
REMAINING AVAILABLE FUNDS 1,868,815.10
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 2,188,793.00
Class D Base Principal Distribution due --
Class D Base Principal Distribution paid --
---------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 2,188,793.00
REMAINING AVAILABLE FUNDS 1,868,815.10
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 17,311,498.23
Class A-1 Reallocated Principal Distribution --
---------------
Class A-1 Note Principal Balance after Reallocation 17,311,498.23
Remaining Available Funds 1,868,815.10
---------------
Class A-2 Note Principal Balance after Base Principal 31,956,385.00
Class A-2 Reallocated Principal Distribution --
---------------
Class A-2 Note Principal Balance after Reallocation 31,956,385.00
Remaining Available Funds 1,868,815.10
---------------
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 1,868,815.10
---------------
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 1,868,815.10
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 13,570,520.00
Class B Reallocated Principal Distribution paid --
---------------
Class B Note Principal Balance after Reallocation 13,570,520.00
REMAINING AVAILABLE FUNDS 1,868,815.10
</TABLE>
Page 4
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 9,192,933.00
Class C Reallocated Principal Distribution paid --
---------------
Class C Note Principal Balance after Reallocation 9,192,933.00
REMAINING AVAILABLE FUNDS 1,868,815.10
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 2,188,793.00
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 2,188,793.00
REMAINING AVAILABLE FUNDS 1,868,815.10
CLASS E NOTE INTEREST
Class E Note Interest due 13,848.50
Class E Note Interest paid 13,848.50
---------------
Class E Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 1,854,966.60
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 2,363,897.00
Class E Base Principal Distribution due --
Class E Base Principal Distribution paid --
---------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 2,363,897.00
REMAINING AVAILABLE FUNDS 1,854,966.60
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 2,363,897.00
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 2,363,897.00
REMAINING AVAILABLE FUNDS 1,854,966.60
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 17,311,498.23
Class A-1 Supplemental Principal Distribution 103,931.82
---------------
Class A-1 Note Principal Balance after Supplemental 17,207,566.41
Remaining Available Funds 1,751,034.78
---------------
Class A-2 Note Principal Balance after Reallocated Principal 31,956,385.00
Class A-2 Supplemental Principal Distribution --
---------------
Class A-2 Note Principal Balance after Supplemental 31,956,385.00
Remaining Available Funds 1,751,034.78
---------------
Class A-3 Note Principal Balance after Reallocated Principal 18,823,624.00
Class A-3 Supplemental Principal Distribution --
---------------
Class A-3 Note Principal Balance after Supplemental 18,823,624.00
Remaining Available Funds 1,751,034.78
---------------
Class A-4 Note Principal Balance after Reallocated Principal 61,986,631.00
Class A-4 Supplemental Principal Distribution --
---------------
Class A-4 Note Principal Balance after Supplemental 61,986,631.00
REMAINING AVAILABLE FUNDS 1,751,034.78
</TABLE>
Page 5
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 13,570,520.00
Class B Supplemental Principal Distribution paid --
---------------
Class B Note Principal Balance after Supplemental 13,570,520.00
REMAINING AVAILABLE FUNDS 1,751,034.78
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 9,192,933.00
Class C Supplemental Principal Distribution paid --
---------------
Class C Note Principal Balance after Supplemental 9,192,933.00
REMAINING AVAILABLE FUNDS 1,751,034.78
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 2,188,793.00
Class D Supplemental Principal Distribution paid --
---------------
Class D Note Principal Balance after Supplemental 2,188,793.00
REMAINING AVAILABLE FUNDS 1,751,034.78
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,363,897.00
Class E Supplemental Principal Distribution paid --
---------------
Class E Note Principal Balance after Supplemental 2,363,897.00
REMAINING AVAILABLE FUNDS 1,751,034.78
RESERVE FUND
Required Reserve Fund Amount 1,751,034.78
Reserve Account Balance, Ending 1,751,034.78
Reserve Account Deposit/(Withdrawal) (0.00)
---------------
REMAINING AVAILABLE FUNDS --
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 --
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER --
</TABLE>
Page 6
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 165,823,325.08
ADCPB, end of Collection Period 161,492,832.41
---------------
Base Principal Amount 4,330,492.67
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,330,680.89
Servicing Advances collected during the current Collection Period 2,315,643.94
---------------
Unreimbursed Servicing Advances as of current Determination Date 15,036.95
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 165,823,325.08
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 69,093.05
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 69,093.05
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 157,720,437.75
31 - 60 days past due 1,561,070.45
61 - 90 days past due 1,221,050.21
91+ days past due 990,274.00
161,492,832.40
</TABLE>
Page 7
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 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 21,538,059.08 5.855% 115,603.47 115,603.47
A-2 31,956,385.00 31,956,385.00 6.460% 172,031.87 172,031.87
A-3 18,823,624.00 18,823,624.00 6.700% 105,098.57 105,098.57
A-4 61,986,631.00 61,986,631.00 6.980% 360,555.57 360,555.57
- --------------------------------------------------------------------------------------------
Class A 143,584,852.00 134,304,699.08 753,289.48 753,289.48
- --------------------------------------------------------------------------------------------
B 13,570,520.00 13,570,520.00 7.280% 82,327.82 82,327.82
C 9,192,933.00 9,192,933.00 8.010% 61,362.83 61,362.83
D 2,188,793.00 2,188,793.00 10.270% 18,732.42 18,732.42
E 2,363,897.00 2,363,897.00 7.030% 13,848.50 13,848.50
- --------------------------------------------------------------------------------------------
Total Notes 170,900,995.00 161,620,842.08 929,561.04 929,561.04
- --------------------------------------------------------------------------------------------
</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 21,538,059.08 4,226,560.85 0.00 103,931.82 4,330,492.67 17,207,566.41 0.5583571
A-2 31,956,385.00 0.00 0.00 0.00 0.00 31,956,385.00 1.0000000
A-3 18,823,624.00 0.00 0.00 0.00 0.00 18,823,624.00 1.0000000
A-4 61,986,631.00 0.00 0.00 0.00 0.00 61,986,631.00 1.0000000
- -------------------------------------------------------------------------------------------------------------
Class A 134,304,699.08 4,226,560.85 0.00 103,931.82 4,330,492.67 129,974,206.41
- -------------------------------------------------------------------------------------------------------------
B 13,570,520.00 0.00 0.00 0.00 0.00 13,570,520.00 1.0000000
C 9,192,933.00 0.00 0.00 0.00 0.00 9,192,933.00 1.0000000
D 2,188,793.00 0.00 0.00 0.00 0.00 2,188,793.00 1.0000000
E 2,363,897.00 0.00 0.00 0.00 0.00 2,363,897.00 1.0000000
- -------------------------------------------------------------------------------------------------------------
Total Notes 161,620,842.08 4,226,560.85 0.00 103,931.82 4,330,492.67 157,290,349.41
- -------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 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% 4,226,560.85 0.00 103,931.82 4,330,492.67 84.02%
B 7.75% 0.00 0.00 0.00 0.00 7.94%
C 5.25% 0.00 0.00 0.00 0.00 5.38%
D 1.25% 0.00 0.00 0.00 0.00 1.28%
E 1.35% 0.00 0.00 0.00 0.00 1.38%
- -------------------------------------------------------------------------------------------------------------
4,226,560.85 0.00 103,931.82 4,330,492.67 100.00%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
- -------------------------------------------------------------
<S> <C> <C> <C>
A N/A
B -- No --
C -- No --
D -- No --
E -- No --
- -------------------------------------------------------------
</TABLE>
(Retained) Certificate Balance 4,202,483.00
Initial OC Percentage 2.40%
Overcollateralization Balance (prior) 4,202,483.00
Overcollateralization Balance (current) 4,202,483.00
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 7,011,088.49
Page 9
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JANUARY 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture
when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on deposit
in the Collection Account of (y) on the Class A-1 Maturity Date, the Class
A-2 Maturity Date, the Class A-3 Maturity Date, the Class A-4 Maturity
Date, the Class B Maturity Date, the Class C Maturity Date, the Class D
Maturity Date, or the Class E Maturity Date, as the case may be, on any
remaining principal owed on the outstanding Class A-1 Notes, Class A-2
Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes,
Class D Notes, or Class E Notes, as the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment, deposit, transfer, or delivery
required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under
Servicing Agreement No
</TABLE>
Page 10
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