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Previous: FIRST SIERRA RECEIVABLES III INC, 8-K, 2000-06-22 |
Next: CORPORATE EXECUTIVE BOARD CO, S-8, 2000-06-22 |
<PAGE> 1
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 9,281,637.88
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 62,666.31
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 15,748.19
(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 53,925.13
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 17,949.03
(ix) Class B-2 Note Interest 11,627.74
(x) Class B-3 Note Interest 15,264.01
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 8,094,134.56
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xii) Note Insuer Reimbursement Amount --
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 175,959.45
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 87,979.71
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 175,959.45
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xvii) Other Amounts Due Servicer under Servicing Agreement --
(xviii) Remaining Amount to Residual Holder --
</TABLE>
Reviewed By:
------------------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED JUNE 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 11,786,914.70 8,094,134.56 -- 8,094,134.56 3,692,780.14 0.0685666
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 247,741,596.00 134,984,501.70 8,094,134.56 -- 8,094,134.56 126,890,367.14 0.5121884
Class B-1 5,385,687.00 2,934,445.76 175,959.45 -- 175,959.45 2,758,486.31 0.5121884
Class B-2 2,692,843.00 1,467,222.61 87,979.71 -- 87,979.71 1,379,242.90 0.5121884
Class B-3 5,385,687.00 2,934,445.76 175,959.45 -- 175,959.45 2,758,486.31 0.5121884
--------------- -------------- ------------ ------------- ------------ --------------
Total 261,205,813.00 142,320,615.83 8,534,033.17 -- 8,534,033.17 133,786,582.66
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
AVAILABLE FUNDS
<S> <C>
Collection Account balance, as of May 31, 2000 4,033,657.21
Investment earnings on amounts in Collection Account 16,102.78
Payments due Collection Account from last 3 business days of Collection Period 1,821,901.34
Additional contribution for terminated trade-ups and rebooked leases 153,554.88
Servicer Advance on current Determination Date 3,256,421.67
------------
Available Funds on Payment Date 9,281,637.88
------------
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 9,281,637.88
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 9,281,637.88
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 9,281,637.88
SERVICER FEES
Servicer Fees due 62,666.31
Servicer Fees paid 62,666.31
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 9,218,971.57
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 9,218,971.57
PREMIUM AMOUNT
Premium Amount due 15,748.19
Premium Amount paid 15,748.19
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 9,203,223.38
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 9,202,806.71
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<CAPTION>
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(II)
<S> <C>
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 9,202,806.71
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 53,925.13
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
--------------
Total Class A Interest due 623,932.77
--------------
REMAINING AVAILABLE FUNDS 8,578,873.94
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 17,949.03
Class B-1 Note Interest paid 17,949.03
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,560,924.92
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 11,627.74
Class B-2 Note Interest paid 11,627.74
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,549,297.18
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 15,264.01
Class B-3 Note Interest paid 15,264.01
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,534,033.17
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 8,094,134.56
Class A Note Principal Balance as of preceding Payment Date 134,984,501.70
--------------
Class A Base Principal Distribution Amount paid 8,094,134.56
--------------
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 8,094,134.56
--------------
</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 JUNE 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 11,786,914.70
Class A-2 Base Principal Distribution Amount paid 8,094,134.56
-------------
Class A-2 Note Principal Balance after distribution on Payment Date 3,692,780.14
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 439,898.61
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
-------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 439,898.61
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,934,445.76
Class B-1 Base Principal Distribution due 175,959.45
Class B-1 Base Principal Distribution paid 175,959.45
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,758,486.31
REMAINING AVAILABLE FUNDS 263,939.16
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,467,222.61
Class B-2 Base Principal Distribution due 87,979.71
Class B-2 Base Principal Distribution paid 87,979.71
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,379,242.90
REMAINING AVAILABLE FUNDS 175,959.45
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 2,934,445.76
Class B-3 Base Principal Distribution due 175,959.45
Class B-3 Base Principal Distribution paid 175,959.45
------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 2,758,486.31
REMAINING AVAILABLE FUNDS --
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(II)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due --
Other Amounts Due Servicer under Servicing Agreement paid --
------------
Other Amounts Due Servicer under Servicing Agreement remaining unpaid --
REMAINING AVAILABLE FUNDS --
AMOUNT PAYABLE TO RESIDUAL HOLDER --
</TABLE>
Page 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<CAPTION>
CALCULATION OF BASE PRINCIPAL AMOUNT
<S> <C>
ADCPB, beginning of Collection Period 150,399,145.83
ADCPB, end of Collection Period 141,865,112.66
--------------
Base Principal Amount 8,534,033.17
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,445,840.85
Servicing Advances collected during the current Collection Period 3,445,840.85
--------------
Unreimbursed Servicing Advances as of current Determination Date --
</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> <C>
Class A-1 -- 5.2150% -- -- --
Class A-2 11,786,914.70 5.4900% 53,925.13 -- 53,925.13
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 2,934,445.76 7.3400% 17,949.03 -- 17,949.03
Class B-2 1,467,222.61 9.5100% 11,627.74 -- 11,627.74
Class B-3 2,934,445.76 6.2420% 15,264.01 -- 15,264.01
-------------- ------- ---------- --------- ----------
142,320,615.83 5.6389% 668,773.54 -- 668,773.54
</TABLE>
<TABLE>
<CAPTION>
CALCULATION OF PRINCIPAL DUE
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
--------- ----------- --------- ---------- ------------
<S> <C> <C> <C>
Class A 94.845% 8,094,134.56 -- 8,094,134.56
Class B-1 2.062% 175,959.45 -- 175,959.45
Class B-2 1.031% 87,979.71 -- 87,979.71
Class B-3 2.062% 175,959.45 -- 175,959.45
------------ --------- ------------
8,534,033.17 -- 8,534,033.17
</TABLE>
<TABLE>
<CAPTION>
CALCULATION OF SERVICER FEE
<S> <C>
ADCPB as of the prior Calculation Date 150,399,145.83
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 62,666.31
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 62,666.31
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<CAPTION>
CALCULATION OF PREMIUM AMOUNT
<S> <C>
Class A Principal Amount as of the immediately preceding Collection Period 134,984,501.70
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 15,748.19
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 15,748.19
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
--------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
--------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
--------------
Total Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JUNE 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture when
due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such Payment
Date to the extent that sufficient Available Funds are on deposition the
Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity
Date, the Class A-3 Maturity Date,the Class 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>
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, No
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under
Servicing Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance
Agreement has occurred. No
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<CAPTION>
Gross Charge Event Calculation:
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 0.04%
Gross Charge Off Ratio Prior Period 2.49%
Gross Charge Off Ratio Second Prior Period (0.39)%
------
Average of Gross Charge Off Ratio for Three Periods 0.72%
Maximum Allowed 2.50%
</TABLE>
<TABLE>
<CAPTION>
Gross Charge Off Ratio:
-----------------------
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 207,725.17 202,904.22 4,820.95 141,865,112.66 0.04%
Prior Period 421,409.64 108,831.20 312,578.44 150,399,145.83 2.49%
Second Prior Period 82,079.16 132,305.22 (50,226.06) 156,394,568.87 (0.39)%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Event Calculation:
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 3.47%
Delinquency Trigger Ratio Prior Period 4.30%
Delinquency Trigger Ratio Second Prior Period 3.85%
-----
Average of Delinquency Trigger Ratios 3.87%
Maximum Allowed 7.50%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Trigger Ratio:
-------------------------
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 5,013,263.34 144,311,900.96 3.47%
Prior Period 6,597,439.91 153,380,670.94 4.30%
Second Prior Period 6,017,845.43 156,394,568.88 3.85%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------- ------------------
<S> <C> <C>
Current 139,298,638 96.53%
31-60 Days Past Due 2,545,181 1.76%
61-90 Days Past Due 1,498,369 1.04%
91+ Days Past Due 969,713 0.67%
----------- -------
TOTAL 144,311,901 100.00%
</TABLE>
<TABLE>
<CAPTION>
Substitution Limits
-------------------
<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 4,417,626.10
Current month ADCPB Substituted 368,609.12
--------------
Cumulative ADCPB Substituted 4,786,235.22
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 9,133,102.00
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 78,516.50
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 19,831.40
(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 171,652.45
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 20,354.90
(ix) Class B-2 Note Interest 15,381.66
(x) Class B-3 Note Interest 12,179.07
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 7,829,491.97
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 170,206.36
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 85,103.18
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 106,378.98
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xvii) Other Amounts Due Servicer under Servicing Agreement --
(xviii) Remaining Amount to Residual Holder 0.00
</TABLE>
Reviewed By:
--------------------------------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
Page 1
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED JUNE 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 37,795,035.86 7,829,491.97 -- 7,829,491.97 29,965,543.89 0.5233417
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 260,135,498.00 169,983,454.86 7,829,491.97 -- 7,829,491.97 162,153,962.89 0.6233442
Class B-1 5,655,120.00 3,695,292.81 170,206.36 -- 170,206.36 3,525,086.45 0.6233442
Class B-2 2,827,560.00 1,847,646.40 85,103.18 -- 85,103.18 1,762,543.22 0.6233442
Class B-3 3,534,450.00 2,309,558.01 106,378.98 -- 106,378.98 2,203,179.03 0.6233442
-------------- --------------- ------------ ------------- ------------ --------------
Total 272,152,628.00 177,835,952.08 8,191,180.49 -- 8,191,180.49 169,644,771.59
</TABLE>
Page 2
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of May 31, 2000 2,425,831.64
Investment earnings on amounts in Collection Account 11,378.95
Payments due Collection Account from last 3 business days of Collection Period 1,662,778.79
Additional contribution for terminated trade-ups and rebooked leases 2,079.25
Servicer Advance on current Determination Date 5,031,033.37
--------------
Available Funds on Payment Date 9,133,102.00
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 9,133,102.00
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 9,133,102.00
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 9,133,102.00
SERVICER FEES
Servicer Fees due 78,516.50
Servicer Fees paid 78,516.50
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 9,054,585.50
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 9,054,585.50
PREMIUM AMOUNT
Premium Amount due 19,831.40
Premium Amount paid 19,831.40
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 9,034,754.10
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 9,034,337.43
</TABLE>
Page 3
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 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 9,034,337.43
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 171,652.45
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
--------------
Total Class A Interest due 795,241.31
--------------
REMAINING AVAILABLE FUNDS 8,239,096.13
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 20,354.90
Class B-1 Note Interest paid 20,354.90
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,218,741.22
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 15,381.66
Class B-2 Note Interest paid 15,381.66
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,203,359.56
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 12,179.07
Class B-3 Note Interest paid 12,179.07
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,191,180.50
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 7,829,491.97
Class A Note Principal Balance as of preceding Payment Date 169,983,454.86
--------------
Class A Base Principal Distribution Amount paid 7,829,491.97
--------------
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 on Payment Date --
Remaining Class A Base Principal Distribution Amount 7,829,491.97
--------------
</TABLE>
Page 4
<PAGE> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 37,795,035.86
Class A-2 Base Principal Distribution Amount paid 7,829,491.97
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 29,965,543.89
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 361,688.53
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 361,688.53
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,695,292.81
Class B-1 Base Principal Distribution due 170,206.36
Class B-1 Base Principal Distribution paid 170,206.36
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,525,086.45
REMAINING AVAILABLE FUNDS 191,482.16
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,847,646.40
Class B-2 Base Principal Distribution due 85,103.18
Class B-2 Base Principal Distribution paid 85,103.18
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,762,543.22
REMAINING AVAILABLE FUNDS 106,378.98
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 2,309,558.01
Class B-3 Base Principal Distribution due 106,378.98
Class B-3 Base Principal Distribution paid 106,378.98
--------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 2,203,179.03
REMAINING AVAILABLE FUNDS 0.00
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(A)(II)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
--------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 0.00
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due --
Other Amounts Due Servicer under Servicing Agreement paid --
--------------
Other Amounts Due Servicer under Servicing Agreement remaining unpaid --
REMAINING AVAILABLE FUNDS 0.00
AMOUNT PAYABLE TO RESIDUAL HOLDER 0.00
</TABLE>
Page 6
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 188,439,590.17
ADCPB, end of Collection Period 180,248,409.68
--------------
Base Principal Amount 8,191,180.49
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 5,219,957.07
Servicing Advances collected during the current Collection Period 5,219,957.07
--------------
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 -- 4.9670% -- -- --
Class A-2 37,795,035.86 5.4500% 171,652.45 -- 171,652.45
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 3,695,292.81 6.6100% 20,354.90 -- 20,354.90
Class B-2 1,847,646.40 9.9900% 15,381.66 -- 15,381.66
Class B-3 2,309,558.01 6.3280% 12,179.07 -- 12,179.07
---------------- ---------- ----------- -------- ----------
177,835,952.08 5.6894% 843,156.94 -- 843,156.94
</TABLE>
CALCULATION OF PRINCIPAL DUE
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
--------- ----------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Class A 95.584% 7,829,491.97 -- 7,829,491.97
Class B-1 2.078% 170,206.36 -- 170,206.36
Class B-2 1.039% 85,103.18 -- 85,103.18
Class B-3 1.299% 106,378.98 0.00 106,378.98
------------ ------------- -------------
8,191,180.49 0.00 8,191,180.49
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 188,439,590.17
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 78,516.50
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 78,516.50
</TABLE>
Page 7
<PAGE> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 169,983,454.86
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 19,831.40
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 19,831.40
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
---------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
---------------
Total Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 8
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JUNE 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of Interest requried 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 depositin 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) Failue to make payment requried No
6.01(ii) Failue 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 volunatry petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dimissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 9
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 5,592,580.84
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 25,774.79
(b) Servicer Fees from current and prior Collection Period 62,113.63
(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 24,138.80
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 4,632,705.63
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount --
(xii) Class C Base Principal Distribution Amount --
(xiii) Class D Base Principal Distribution Amount --
(xv) Class E Note Interest 13,848.50
(xvi) Class E Principal Distribution Amount --
(xviii) Reserve Account Reimbursement/(Withdrawal) --
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder 33,473.75
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 9,135.62
</TABLE>
Reviewed By:
------------------------------------------------------
E. ROGER GEBHART
EXECUTIVE VICE PRESIDENT & TREASURER
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of May 31, 2000 1,921,183.43
Investment earnings on amounts in Collection Account 10,528.09
Payments due Collection Account from last 3 business days of Collection Period 1,128,633.81
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 2,532,235.51
---------------
AVAILABLE FUNDS ON PAYMENT DATE 5,592,580.84
Reserve Account balance 1,751,034.78
---------------
TOTAL AVAILABLE FUNDS 7,343,615.62
Initial Unpaid Amounts inadvertantly deposited in Collection Account --
---------------
REMAINING AVAILABLE FUNDS 7,343,615.62
Indemnity Payments paid inadvertantly deposited in Collection Account --
---------------
REMAINING AVAILABLE FUNDS 7,343,615.62
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 25,774.79
Unreimbursed Servicer Advances paid 25,774.79
---------------
Unreimbursed Servicer Advances remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,317,840.83
SERVICER FEES
Servicer Fees due 62,113.63
Servicer Fees paid 62,113.63
---------------
Servicer Fees remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,255,727.20
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 7,255,727.20
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 7,255,310.53
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 7,255,310.53
</TABLE>
Page 2
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 24,138.80
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 661,824.81
---------------
REMAINING AVAILABLE FUNDS 6,593,485.72
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 6,511,157.90
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 6,449,795.07
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 6,431,062.65
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,521,520.69
Class A Note Principal Balance as of preceding Payment Date 117,554,083.62
---------------
Class A Base Principal Distribution Amount paid 4,521,520.69
---------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 4,787,443.62
Class A-1 Base Principal Distribution Amount paid 4,521,520.69
---------------
Class A-1 Note Principal Balance after distribution 265,922.93
---------------
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 1,909,541.96
</TABLE>
Page 3
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 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 1,909,541.96
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 1,909,541.96
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 1,909,541.96
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 265,922.93
Class A-1 Reallocated Principal Distribution --
---------------
Class A-1 Note Principal Balance after Reallocation 265,922.93
Remaining Available Funds 1,909,541.96
---------------
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 1,909,541.96
---------------
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 1,909,541.96
---------------
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 1,909,541.96
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 1,909,541.96
</TABLE>
Page 4
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JUNE 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 1,909,541.96
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 1,909,541.96
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 1,895,693.46
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 1,895,693.46
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 1,895,693.46
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 265,922.93
Class A-1 Supplemental Principal Distribution 111,184.94
---------------
Class A-1 Note Principal Balance after Supplemental 154,737.99
Remaining Available Funds 1,784,508.53
---------------
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 1,784,508.53
---------------
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 1,784,508.53
---------------
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 1,784,508.53
</TABLE>
Page 5
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
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 1,784,508.53
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 1,784,508.53
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 1,784,508.53
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 33,473.75
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 33,473.75
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 33,473.75
</TABLE>
Page 6
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 149,072,709.62
ADCPB, end of Collection Period 144,440,003.99
---------------
Base Principal Amount 4,632,705.63
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,678,234.75
Servicing Advances collected during the current Collection Period 2,652,459.96
---------------
Unreimbursed Servicing Advances as of current Determination Date 25,774.79
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 149,072,709.62
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 62,113.63
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 62,113.63
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>
<TABLE>
<S> <C> <C>
AGING DELINQUENCY STATISTICS - AS OF PRIOR MONTH-END
Current 143,043,141.21 97.56%
31 - 60 days past due 1,781,859.07 1.22%
61 - 90 days past due 727,961.22 0.50%
91+ days past due 1,074,480.02 0.73%
--------------
146,627,441.51
</TABLE>
<TABLE>
<S> <C>
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 362,914.25
Less Recoveries 237,851.81
--------------
Total Charge Offs for the period 125,062.44
End of Month ADCPB 144,440,003.99
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.09%
</TABLE>
Page 7
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JUNE 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 4,787,443.62 5.855% 24,138.80 24,138.80
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 143,584,852.00 117,554,083.62 6.75% 661,824.81 661,824.81
-------------- -------------- ---- ---------- ----------
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 170,900,995.00 144,870,226.62 6.94% 838,096.38 838,096.38
-------------- -------------- ---- ---------- ----------
</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 4,787,443.62 4,521,520.69 0.00 111,184.94 4,632,705.63 154,737.99 0.0050210
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 117,554,083.62 4,521,520.69 0.00 111,184.94 4,632,705.63 112,921,377.99
-------------- ------------ ---- ---------- ------------ --------------
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 144,870,226.62 4,521,520.69 0.00 111,184.94 4,632,705.63 140,237,520.99
-------------- ------------ ---- ---------- ------------ --------------
</TABLE>
Page 8
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JUNE 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% 4,521,520.69 0.00 111,184.94 4,632,705.63 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%
------------ ---- ---------- ------------ ------
4,521,520.69 0.00 111,184.94 4,632,705.63 100.00%
------------ ---- ---------- ------------ ------
</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 7,255,310.53
Page 9
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JUNE 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
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
-------- ------ ------
<S> <C> <S>
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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: $1,671,907.14
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) $ 2,041.24
(b) Servicer Fees from current and prior Collection Period $ 78,450.78
(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 $ 468,125.00
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 $ 337,813.17
Class A-2 Principal Distribution Amount $ 0.00
(ix) Class B Base Principal Distribution Amount $ 0.00
(x) Supplemental Interest Reserve Account addition amount $ 47,050.95
(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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of May 31, 2000 324,691.19
Investment earnings on amounts in Collection Account 6,712.12
Payments due Collection Account from last 3 business days of Collection Period 556,598.26
Servicer Advance on current Determination Date 783,905.57
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 1,671,907.14
Initial Unpaid Amounts inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 1,671,907.14
Indemnity Payments paid inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 1,671,907.14
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 2,041.24
Unreimbursed Servicer Advances paid 2,041.24
-------------
Unreimbursed Servicer Advances remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 1,669,865.90
SERVICER FEES
Servicer Fees due 78,450.78
Servicer Fees paid 78,450.78
-------------
Servicer Fees remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 1,591,415.12
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT 0.00
REMAINING AVAILABLE FUNDS 1,591,415.12
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 1,590,998.45
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 1,590,998.45
CLASS A-1 THROUGH A-2 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest due 468,125.00
Class A-1 Note Interest paid 468,125.00
-------------
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
-------------
</TABLE>
Page 2
<PAGE> 32
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C>
Class A-2 Interest remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 477,963.45
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 384,864.12
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance as of preceding Payment Date 75,000,000.00
Class A-1 Base Principal Distribution due 337,813.17
Class A-1 Base Principal Distribution Amount paid 337,813.17
-------------
Class A-1 Base Principal Distribution remaining unpaid 0.00
Class A-1 Note Principal Balance after distribution on Payment Date 74,662,186.83
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 47,050.95
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 47,050.95
SUPPLEMENTAL INTEREST RESERVE ACC OUNT
Supplemental Interest Reserve Account Addition 47,050.95
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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C> <C>
RESERVE ACCOUNT: SECTION 3.04(a)
Initial Reserve Account Balance 4,447,811.70
Plus: Earnings for Collection Period per Section 3.04(b) 23,256.71
Less: Withdrawal per Section 3.04(c) --
Ending Reserve Account Balance 4,471,068.41
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) 47,050.95
Supplemental Interest Reserve Account Addition (Upto Supplemental Interest 47,050.95
Required Amount)
Supplemental Interest Reserve Account Distribution to Collection Account --
Supplemental Interest Reserve Required Amount calculation
Beginning Balance 56,486.95
Plus: Additions (Upto 1% of Initial ADCPB) 47,050.95
Plus: Earnings for Collection Period 121.86
Less: Required Distributions, To Collection Account --
Ending Supplemental Interest Reserve Account Balance 103,659.76
</TABLE>
Page 4
<PAGE> 34
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 188,281,882.14
ADCPB, end of Collection Period 187,944,068.96
--------------
Base Principal Amount 337,813.17
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 732,741.67
Servicing Advances collected during the current Collection Period 730,700.43
--------------
Unreimbursed Servicing Advances as of current Determination Date 2,041.24
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 188,281,882.14
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 78,450.78
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 78,450.78
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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 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 75,000,000.00 7.490% 468,125.00 0.00 468,125.00 468,125.00 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 174,600,000.00 174,600,000.00 1,113,035.00 0.00 1,113,035.00 1,113,035.00 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 188,652,729.00 188,652,729.00 1,206,134.33 0.00 1,206,134.33 1,206,134.33 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 75,000,000.00 337,813.17 337,813.17 74,662,186.83 0.99549582
A-2 99,600,000.00 0.00 0.00 99,600,000.00 1.00000000
---------------------------------------------------------------------------------------------
Class A 174,600,000.00 337,813.17 337,813.17 174,262,186.83
---------------------------------------------------------------------------------------------
B 14,052,729.00 0.00 0.00 14,052,729.00 1.00000000
---------------------------------------------------------------------------------------------
Total Notes 188,652,729.00 337,813.17 337,813.17 188,314,915.83
---------------------------------------------------------------------------------------------
</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% 174,600,000.00 0.00 337,813.17 337,813.17
Class B 0.00% 14,052,729.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------
</TABLE>
Base Principal Amount: 337,813.17
Gross Charge Off Event? No
Available Funds less Fees: 1,590,998.45
Page 6
<PAGE> 36
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C> <C>
a) Failure to distribute to the Noteholders all or part of any payment of Interest No
required to be made under the terms of such Notes or the Indenture when due; and,
b) Failure to distribute to the Noteholders (x) on any Payment Date, an amount equal to No
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.
c) Failure on the part of the Trust duly to observe or perform in any material respect No
any other Covenants or Agreements.
d) The Trust shall consent to the appointment of a Custodian, Receiver, Trustee, or No
Liquidator, etc.
e) The Trust shall file a voluntary petition in bankruptcy or a voluntary petition or No
answer seeking reorganization in a proceeding under any bankruptcy laws etc.
f) A petition against the Trust in a proceeding under applicable bank laws or other No
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.
</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 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 No
dismissed within 60 days
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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
<TABLE>
<S> <C> <C> <C>
AGING DELINQUENCY STATISTICS - AS OF COLLECTION PERIOD END
Current 186,358,703.40 99.16%
31 - 60 days past due 1,553,972.94 0.83%
61 - 90 days past due 31,392.63 0.02%
91+ days past due 0.00 0.00%
--------------
187,944,068.96
PUTBACK SUMMARY
Defaults for Related Collection Period 0.00
Total Defaulted Contracts 0.00
Recoveries from Reserve Account for Current Period 0.00
Total Recoveries from Reserve Account 0.00
Net Remaining Defaulted 0.00
Recoveries from Source Recourse (Up to Available Source Recourse)
Recoveries from Draw on Letter of Credit Account
10% LIMITED RECOURSE AMOUNT
Beginning Amount available under 10% limited recourse 19,238,909.32
Beginning % available under 10% limited recourse 10.0000%
Current months buy backs under 10% limited recourse obligation 0.00
Cumulative amount bought back under 10% limited recourse obligation 0.00
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
</TABLE>
LETTER OF CREDIT DRAW EVENTS
<TABLE>
<CAPTION>
(NO/YES)
--------
<S> <C> <C>
(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 RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JUNE 1, 2000
GROSS CHARGE EVENT CALCULATION:
<TABLE>
<CAPTION>
Result
------
<S> <C> <C>
Defaulted Contracts Current Period
Total Defaulted Contracts Prior Period 0.00%
Total Initial ADCPB 0.00%
------
% Total Defaulted 0.00%
Maximum Allowed 10.00%
Gross Charge Off Event: No
</TABLE>
Page 9
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