|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE> 1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 4,146,841.23
Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 535,373.28
(b) Servicer Fees from current and prior Collection Period 31,001.03
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Current and unpaid Back-up Servicing Fees 1,240.04
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 7,812.12
Adjustment to prior month premium amount --
(vi) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 291.67
(vii) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(viii) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest --
Adjustment to prior month Class A-1 Note Interest --
Class A-2 Note Interest --
Class A-3 Note Interest 151,992.89
Class A-4 Note Interest 202,342.75
(ix) Class B-1 Note Interest 8,351.94
(x) Letter of Credit Bank Fee and unpaid amounts 667.18
(xi) Class B-2 Note Interest 7,824.25
(xii) Class A-1 through A-4 Principal Distribution Amount:
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount 2,950,909.41
Class A-4 Principal Distribution Amount --
(xiii) Note Insurer Reimbursement Amount --
(xiv) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 64,150.20
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 64,150.20
(xvi) Letter of Credit Reimbursement Amount --
(xvii) Class B-3 Note Interest 8,491.44
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 64,150.20
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Letter of Credit Additional Reimbursement Amount --
(xxi) Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
(xxii) Remaining Amount to Residual Holder --
Additional Principal Distribution Amount to Noteholders
Class A-1 additional Principal Distribution Amount --
Class A-2 additional Principal Distribution Amount --
Class A-3 additional Principal Distribution Amount 45,148.16
Class A-4 additional Principal Distribution Amount --
Class B-1 additional Principal Distribution Amount 981.48
Class B-2 additional Principal Distribution Amount 981.48
Class B-3 additional Principal Distribution Amount 981.48
</TABLE>
Reviewed By:
-------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<CAPTION>
Initial Beginning Base Additional Total
Principal Principal Principal Principal Principal
Class Balance Balance Distribution Distribution Distribution
------ --------- --------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Class A-1 32,998,000.00 -- -- -- --
Class A-2 85,479,000.00 -- -- -- --
Class A-3 51,527,000.00 28,723,065.13 2,950,909.41 45,148.16 2,996,057.57
Class A-4 38,238,000.00 38,238,000.00 -- -- --
-------------- -------------- ------------ --------- ------------
Total Class A 208,242,000.00 66,961,065.13 2,950,909.41 45,148.16 2,996,057.57
Class B-1 4,527,000.00 1,455,675.33 64,150.20 981.48 65,131.69
Class B-2 4,527,000.00 1,455,675.33 64,150.20 981.48 65,131.69
Class B-3 4,527,000.00 1,455,675.33 64,150.20 981.48 65,131.69
-------------- -------------- ------------ --------- ------------
Total 221,823,000.00 71,328,091.12 3,143,360.03 48,092.60 3,191,452.63
ADCPB at end of Collection Period
Excess of ending ADCPB over ending note balance
Floor
Difference
<CAPTION>
Ending Ending
Principal Certificate
Class Balance Factor
------ --------- -----------
<S> <C> <C>
Class A-1 -- 0.0000000
Class A-2 -- 0.0000000
Class A-3 25,727,007.56 0.4992918
Class A-4 38,238,000.00 1.0000000
------------- ---------
Total Class A 63,965,007.56 0.3071667
Class B-1 1,390,543.65 0.3071667
Class B-2 1,390,543.65 0.3071667
Class B-3 1,390,543.65 0.3071667
-------------
Total 68,136,638.49
ADCPB at end of Collection Period 71,194,971.22
-------------
Excess of ending ADCPB over ending note balance 3,058,332.73
Floor 4,527,025.86
-------------
Difference (1,468,693.13)
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of June 30, 2000 2,165,131.32
Investment earnings on amounts in Collection Account 10,321.27
Payments due Collection Account from last 3 business days of Collection Period 212,746.05
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 1,758,642.59
------------
Available Funds on Payment Date 4,146,841.23
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 4,146,841.23
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 4,146,841.23
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 535,373.28
Unreimbursed Servicer Advances paid 535,373.28
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,611,467.95
SERVICER FEES
Servicer Fees due 31,001.03
Servicer Fees paid 31,001.03
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,580,466.92
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 3,580,466.92
BACK-UP SERVICER FEES
Back-up Servicer Fees due 1,240.04
Back-up Servicer Fees paid 1,240.04
------------
Back-up Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,579,226.87
PREMIUM AMOUNT
Premium Amount due 7,812.12
Premium Amount paid 7,812.12
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,571,414.75
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 291.67
Indenture Trustee Fee paid 291.67
------------
Indenture Trustee Fee remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,571,123.08
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JULY 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 3,571,123.08
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest --
Class A-3 Note Interest 151,992.89
Class A-4 Note Interest 202,342.75
-------------
Total Class A Interest due 354,335.64
-------------
REMAINING AVAILABLE FUNDS 3,216,787.44
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 8,351.94
Class B-1 Note Interest paid 8,351.94
-------------
Class B-1 Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 3,208,435.51
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 667.18
Letter of Credit Bank Fee paid 667.18
-------------
Letter of Credit Bank Fee remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 3,207,768.32
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 7,824.25
Class B-2 Note Interest paid 7,824.25
-------------
Class B-2 Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 3,199,944.07
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,950,909.41
Class A Note Principal Balance as of preceding Payment Date 66,961,065.13
-------------
Class A Base Principal Distribution Amount paid 2,950,909.41
-------------
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 2,950,909.41
-------------
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date --
Class A-2 Base Principal Distribution Amount paid --
-------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 2,950,909.41
-------------
Class A-3 Note Principal Balance as of preceding Payment Date 28,723,065.13
Class A-3 Base Principal Distribution Amount paid 2,950,909.41
-------------
Class A-3 Note Principal Balance after distribution on Payment Date 25,772,155.71
Remaining Class A Base Principal Distribution Amount --
-------------
Class A-4 Note Principal Balance as of preceding Payment Date 38,238,000.00
Class A-4 Base Principal Distribution Amount paid --
-------------
Class A-4 Note Principal Balance after distribution on Payment Date 38,238,000.00
REMAINING AVAILABLE FUNDS 249,034.65
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
-------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 249,034.65
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 1,455,675.33
Class B-1 Base Principal Distribution due 64,150.20
Class B-1 Base Principal Distribution paid 64,150.20
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 1,391,525.13
REMAINING AVAILABLE FUNDS 184,884.45
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,455,675.33
Class B-2 Base Principal Distribution due 64,150.20
Class B-2 Base Principal Distribution paid 64,150.20
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,391,525.13
REMAINING AVAILABLE FUNDS 120,734.24
</TABLE>
Page 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
LETTER OF CREDIT REIMBURSEMENT AMOUNT
Letter of Credit Reimbursement Amount due --
Letter of Credit Reimbursement Amount paid --
------------
Letter of Credit Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 120,734.24
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 8,491.44
Class B-3 Note Interest paid 8,491.44
------------
Class B-3 Note Interest remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 112,242.81
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 1,455,675.33
Class B-3 Base Principal Distribution due 64,150.20
Class B-3 Base Principal Distribution paid 64,150.20
------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 1,391,525.13
REMAINING AVAILABLE FUNDS 48,092.60
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 48,092.60
ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
Additional Letter of Credit Reimbursement Amount due --
Additional Letter of Credit Reimbursement Amount paid --
------------
Additional Letter of Credit Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 48,092.60
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 48,092.60
DIFFERENCE BETWEEN EXCESS OF ADCPB OVER ENDING NOTE BALANCES AND FLOOR 1,516,785.73
AMOUNT PAYABLE TO RESIDUAL HOLDER --
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 48,092.60
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 48,092.60
Adjusted Principal Distribution Sharing Ratio 93.878%
-------------
Additional Principal Distribution to Class A 45,148.16
Class A Note Principal Balance after payment above 64,010,155.71
-------------
Class A additional Principal Distribution Amount paid 45,148.16
-------------
Excess cash after payment of additional Class A Principal Distribution --
Class A-1 Note Principal Balance after payment above --
Class A-1 additional Principal Distribution Amount paid --
-------------
Class A-1 Note Principal Balance after distribution on Payment Date --
-------------
Remaining Class A additional Principal Distribution Amount 45,148.16
-------------
Class A-2 Note Principal Balance after payment above --
Class A-2 additional Principal Distribution Amount paid --
-------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A additional Principal Distribution Amount 45,148.16
-------------
Class A-3 Note Principal Balance after payment above 25,772,155.71
Class A-3 additional Principal Distribution Amount paid 45,148.16
-------------
Class A-3 Note Principal Balance after distribution on Payment Date 25,727,007.56
Remaining Class A additional Principal Distribution Amount --
-------------
Class A-4 Note Principal Balance after payment above 38,238,000.00
Class A-4 additional Principal Distribution Amount paid --
-------------
Class A-4 Note Principal Balance after distribution on Payment Date 38,238,000.00
CLASS B-1 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 48,092.60
Adjusted Principal Distribution Sharing Ratio 2.041%
-------------
Additional Principal Distribution to Class B-1 981.48
Class B-1 Note Principal Balance after payment above 1,391,525.13
Class B-1 additional Principal Distribution paid 981.48
-------------
Class B-1 Note Principal Balance after distribution on Payment Date 1,390,543.65
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 48,092.60
Adjusted Principal Distribution Sharing Ratio 2.041%
-------------
Additional Principal Distribution to Class B-2 981.48
Class B-2 Note Principal Balance after payment above 1,391,525.13
Class B-2 additional Principal Distribution paid 981.48
-------------
Class B-2 Note Principal Balance after distribution on Payment Date 1,390,543.65
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 48,092.60
Adjusted Principal Distribution Sharing Ratio 2.041%
-------------
Additional Principal Distribution to Class B-3 981.48
Class B-3 Note Principal Balance after payment above 1,391,525.13
Class B-3 additional Principal Distribution paid 981.48
-------------
Class B-3 Note Principal Balance after distribution on Payment Date 1,390,543.65
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 74,402,481.45
ADCPB, end of Collection Period 71,194,971.22
-------------
Base Principal Amount 3,207,510.23
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 1,470,092.25
Servicing Advances collected during the current Collection Period 934,718.97
------------
Unreimbursed Servicing Advances as of current Determination Date 535,373.28
</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 -- 5.7325% -- -- --
Class A-2 -- 6.3500% -- -- --
Class A-3 28,723,065.13 6.3500% 151,992.89 -- 151,992.89
Class A-4 38,238,000.00 6.3500% 202,342.75 -- 202,342.75
Class B-1 1,455,675.33 6.8850% 8,351.94 -- 8,351.94
Class B-2 1,455,675.33 6.4500% 7,824.25 -- 7,824.25
Class B-3 1,455,675.33 7.0000% 8,491.44 -- 8,491.44
------------- ---------- ------------ ----------
71,328,091.12 6.3762% 379,003.27 -- 379,003.27
</TABLE>
<TABLE>
<CAPTION>
CALCULATION OF PRINCIPAL DUE
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
--------- ----------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Class A 92.0% 2,950,909.41 -- 2,950,909.41
Class B-1 2.0% 64,150.20 -- 64,150.20
Class B-2 2.0% 64,150.20 -- 64,150.20
Class B-3 2.0% 64,150.20 -- 64,150.20
------------ ---------- ------------
3,143,360.03 -- 3,143,360.03
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 74,402,481.45
Servicer Fee Rate 0.500%
One-twelfth 1/12
-------------
Servicer Fee due current period 31,001.03
Prior Servicer Fee arrearage --
-------------
Servicer Fee due 31,001.03
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BACK-UP SERVICER FEE
ADCPB as of the prior Calculation Date 74,402,481.45
Back-up Servicer Fee Rate 0.020%
One-twelfth 1/12
-------------
Back-up Servicer Fee due Current Period 1,240.04
less overpayment from prior period --
Prior Back-up Servicer Fee Arrearage --
-------------
Back-up Servicer Fee due 1,240.04
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 66,961,065.13
Premium Rate 0.140%
One-twelfth 1/12
-------------
Premium Amount due Current Period 7,812.12
Prior Premium Amount arrearage --
-------------
Total Premium Amount due 7,812.12
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 291.67
Prior Indenture Trustee Fee arrearage --
-------------
Total Indenture Trustee Fee due 291.67
CALCULATION OF LETTER OF CREDIT BANK FEE
Total Facility Face Amount (Class B-2 Note Principal Balance as of Deter. Date) 1,455,675.33
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
-------------
Letter of Credit Bank Fee due Current Period 667.18
Letter of Credit Bank Fee arrearage --
-------------
Total Letter of Credit Bank Fee arrearage due 667.18
LETTER OF CREDIT REIMBURSEMENT AMOUNT
Letter of Credit Reimbursement Amount due current period --
Prior Letter of Credit Reimbursement Amount arrearage --
-------------
Total Letter of Credit Reimbursement Amount due --
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
-------------
Total Indenture Trustee Expenses due --
</TABLE>
Page 11
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JULY 1, 2000
<TABLE>
<S> <C>
ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
Additional Letter of Credit Reimbursement Amount due current period --
Prior Additional Letter of Credit Reimbursement Amount arrearage --
--------------
Total Additional Letter of Credit Reimbursement Amount 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 --
FLOOR CALCULATION
Initial ADCPB 226,351,292.85
Floor percent 2.00%
--------------
Floor 4,527,025.86
ADCPB as of end of immediately preceding Collection Period 71,194,971.22
Aggregate Note Balances prior to any payment on current Payment Date 71,328,091.12
Payments on payment date prior to application of Floor Amount, if any
Class A 2,950,909.41
Class B-1 64,150.20
Class B-2 64,150.20
Class B-3 64,150.20
--------------
Total Base Principal Amount distributions on current payment date 3,143,360.03
--------------
Aggregate Note Balance after payment of Base Principal Amount 68,184,731.09
--------------
Excess of ADCPB over Ending Note Balances 3,010,240.12
Difference between excess and floor 1,516,785.73
</TABLE>
Page 12
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JULY 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>
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 depositing
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) Order of judgement in excess of $500,000 No
6.01(vii) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(viii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(ix) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 13
|
|