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<PAGE> 1
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Data of earliest event reported)
March 1, 2000
FIRST SIERRA RECEIVABLES III, INC.
------------------------------------------------------
(exact name of Registrant as specified in its charter)
Delaware 333-12199-01 76-0589331
-------- ------------ ----------
(State or Other (Commission File (IRS Employer
Jurisdiction of Incorporation) Number) Identification No.)
Suite 7050
600 Travis Street
Houston, TX 77002
- ----------- -----
(Address of Principal Executive) (Zip Code)
Registrant's telephone number, including area code: 713-221-8822
<PAGE> 2
Item 1. Business
The Registrant is a wholly-owned subsidiary of First Sierra Financial, Inc.
formed solely for the purpose of acquiring from First Sierra Financial, Inc.
certain leases ( the "Leases") and interests in equipment underlying the leases
( together the "Receivables") and securitizing the Receivables through the
issuance of Certificates. As a bankruptcy remote entity, the Registrant's
operations are restricted so that (a) it does not engage in business with, or
incur liabilities to, any other entity which may bring bankruptcy proceedings
against the Registrant and 9b) the risk is diminished that it will be
consolidated into the bankruptcy proceedings of any other entity. The Registrant
has no other assets except the Receivables and proceeds thereof.
Item 2. Acquisition or Disposition of Assets
None
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
1.1 Servicing Reports for the collection periods ending in March 1, 2000.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
First Sierra Receivables III, Inc.
By: /s/ E. R. Gebhart
----------------------------------------
Name: E. R. Gebhart
Title: Vice President
2
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
1.1 Servicing Reports for the collection periods ending in March 1, 2000.
</TABLE>
<PAGE> 1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED MARCH 1, 2000
<TABLE>
<S> <C> <C>
Available Amount to Note Holders: 6,659,815.78
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 70,124.80
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 17,728.92
(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 131,598.01
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 20,206.57
(ix) Class B-2 Note Interest 13,090.22
(x) Class B-3 Note Interest 17,183.84
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount -
Class A-2 Principal Distribution Amount 5,519,487.01
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 119,988.85
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 59,994.41
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 119,988.85
(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:
-------------------------------------------------------------------
E. Roger Gebhart
Executive Vice President & Treasurer
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 MARCH 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 28,764,592.05 5,519,487.01 -- 5,519,487.01 23,245,105.03 0.4316089
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 247,741,596.00 151,962,179.05 5,519,487.01 -- 5,519,487.01 146,442,692.03 0.5911106
Class B-1 5,385,687.00 3,303,525.71 119,988.85 -- 119,988.85 3,183,536.86 0.5911106
Class B-2 2,692,843.00 1,651,762.55 59,994.41 -- 59,994.41 1,591,768.13 0.5911106
Class B-3 5,385,687.00 3,303,525.71 119,988.85 -- 119,988.85 3,183,536.87 0.5911106
-------------- -------------- ------------ ------------ ------------ ---------------
Total 261,205,813.00 160,220,993.02 5,819,459.13 -- 5,819,459.13 154,401,533.90
</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 MARCH 1, 2000
<TABLE>
<S> <C> <C>
AVAILABLE FUNDS
Collection Account balance, as of February 29, 2000 1,528,945.47
Investment earnings on amounts in Collection Account 10,260.05
Payments due Collection Account from last 3 business days of Collection Period 669,992.08
Additional contribution for terminated trade-ups and rebooked leases 5,686.35
Servicer Advance on current Determination Date 4,444,931.83
------------
Available Funds on Payment Date 6,659,815.78
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,659,815.78
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,659,815.78
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,659,815.78
SERVICER FEES
Servicer Fees due 70,124.80
Servicer Fees paid 70,124.80
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,589,690.98
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,589,690.98
PREMIUM AMOUNT
Premium Amount due 17,728.92
Premium Amount paid 17,728.92
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,571,962.06
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
------------
Indenture Trustee Fee remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,571,545.39
</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 MARCH 1, 2000
<TABLE>
<S> <C>
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due --
Cap on Indenture Trustee Expenses per 7.07(a)(ii) 75,000.00
--------------
Total Indenture Trustee Expenses paid --
--------------
Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 6,571,545.39
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 131,598.01
Class A-3 Note Interest 238,484.95
Class A-4 Note Interest 331,522.69
--------------
Total Class A Interest due 701,605.64
--------------
REMAINING AVAILABLE FUNDS 5,869,939.75
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 20,206.57
Class B-1 Note Interest paid 20,206.57
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,849,733.18
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 13,090.22
Class B-2 Note Interest paid 13,090.22
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,836,642.97
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 17,183.84
Class B-3 Note Interest paid 17,183.84
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,819,459.13
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 5,519,487.01
Class A Note Principal Balance as of preceding Payment Date 151,962,179.05
--------------
Class A Base Principal Distribution Amount paid 5,519,487.01
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date --
Class A-1 Base Principal Distribution Amount paid --
--------------
Class A-1 Note Principal Balance after distribution on Payment Date --
--------------
Remaining Class A Base Principal Distribution Amount 5,519,487.01
--------------
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MARCH 1, 2000
<TABLE>
<S> <C> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 28,764,592.05
Class A-2 Base Principal Distribution Amount paid 5,519,487.01
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 23,245,105.03
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 299,972.11
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 299,972.11
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,303,525.71
Class B-1 Base Principal Distribution due 119,988.85
Class B-1 Base Principal Distribution paid 119,988.85
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,183,536.86
REMAINING AVAILABLE FUNDS 179,983.26
Class B-2 Base Principal Distribution
Class B-2 Note Principal Balance as of preceding Payment Date 1,651,762.55
Class B-2 Base Principal Distribution due 59,994.41
Class B-2 Base Principal Distribution paid 59,994.41
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,591,768.13
REMAINING AVAILABLE FUNDS 119,988.85
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 MARCH 1, 2000
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 3,303,525.71
Class B-3 Base Principal Distribution due 119,988.85
Class B-3 Base Principal Distribution paid 119,988.85
--------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 3,183,536.87
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 MARCH 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 168,299,523.02
ADCPB, end of Collection Period 162,480,063.89
--------------
Base Principal Amount 5,819,459.13
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,057,392.31
Servicing Advances collected during the current Collection Period 4,057,392.31
Unreimbursed Servicing Advances as of current Determination Date -
</TABLE>
CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
- ----- -------------- --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C>
Class A-1 -- 5.2150% -- -- --
Class A-2 28,764,592.05 5.4900% 131,598.01 -- 131,598.01
Class A-3 52,510,447.00 5.4500% 238,484.95 -- 238,484.95
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 3,303,525.71 7.3400% 20,206.57 -- 20,206.57
Class B-2 1,651,762.55 9.5100% 13,090.22 -- 13,090.22
Class B-3 3,303,525.71 6.2420% 17,183.84 -- 17,183.84
-------------- ------ ---------- ------ -----------
160,220,993.02 5.6329% 752,086.27 -- 752,086.27
</TABLE>
CALCULATION OF PRINCIPAL DUE
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
- ----- ----------- ------------ --------- ------------
<S> <C> <C> <C> <C>
Class A 94.845% 5,519,487.01 -- 5,519,487.01
Class B-1 2.062% 119,988.85 -- 119,988.85
Class B-2 1.031% 59,994.41 -- 59,994.41
Class B-3 2.062% 119,988.85 0.00 119,988.85
------------ --------- ------------
5,819,459.13 0.00 5,819,459.13
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 168,299,523.02
Servicer Fee Rate 0.500%
One-twelfth 1/12
----
Servicer Fee due current period 70,124.80
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 70,124.80
</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 MARCH 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 151,962,179.05
Premium Rate 0.140%
One-twelfth 1/12
----
Premium Amount due Current Period 17,728.92
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 17,728.92
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 MARCH 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 deposit
in the Collection Account of (y) on the Class A-1 Maturity Date, the Class
A-2 Maturity Date, the Class A-3 Maturity Date, the Class A-4 Maturity
Date, the Class B-1 Maturity Date, the Class B-2 Maturity Date, or the
Class B-3 Maturity Date, as the case may be, on any remaining principal
owed on the outstanding Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes, Class B-1 Notes, Class B-2 Notes, or Class B-3 Notes, as
the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
-------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed 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 MARCH 1, 2000
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 0.73%
Gross Charge Off Ratio Prior Period 0.75%
Gross Charge Off Ratio Second Prior Period -0.18%
------
Average of Gross Charge Off Ratio for Three Periods 0.43%
Maximum Allowed 2.50%
</TABLE>
Gross Charge Off Ratio:
<TABLE>
<CAPTION>
ADCPB of Gross Charge Off Ratio
All Defaulted Less End of Month Charge Offs/
Contracts Recoveries Charge Offs ADCPB ADCPB
------------- ---------- ----------- -------------- ----------------------
<S> <C> <C> <C> <C> <C>
Current Period 357,024.46 258,509.66 98,514.80 162,480,063.89 0.73%
Prior Period 181,821.03 76,180.09 105,640.94 168,299,523.02 0.75%
Second Prior Period 428,991.40 455,639.65 -26,648.25 174,783,743.11 -0.18%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Event Calculation:
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 5.06%
Delinquency Trigger Ratio Prior Period 4.96%
Delinquency Trigger Ratio Second Prior Period 4.71%
-----
Average of Delinquency Trigger Ratios 4.91%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
--- --- ---
ADCPB of ADCPB of
Contract > 30 All Contracts Delinquency Trigger
Days Past Due As of Month-End Ratio:
------------- ----------------- -------------------
<S> <C> <C> <C>
Current Period 8,342,668.22 164,941,553.82 5.06%
Prior Period 8,502,388.47 171,265,576.95 4.96%
Second Prior Period 8,224,834.44 174,783,743.11 4.71%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------- -----------------
<S> <C> <C>
Current 156,598,886 94.94%
31-60 Days Past Due 5,214,177 3.16%
61-90 Days Past Due 1,375,684 0.83%
91+ Days Past Due 1,752,807 1.06%
----------- ------
TOTAL 164,941,554 100.00%
</TABLE>
Substitution Limits
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 269,284,343.00
Maximum Substitution (10% of Initial) 26,928,434.30
Prior month Cumulative ADCPB Substituted 2,873,675.97
Current month ADCPB Substituted 1,047,110.92
------------
Cumulative ADCPB Substituted 3,920,786.89
</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 MARCH 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 7,696,767.80
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 6,453.40
(b) Servicer Fees from current and prior Collection Period 86,650.71
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 22,008.41
(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 256,400.37
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 22,589.38
(ix) Class B-2 Note Interest 17,070.19
(x) Class B-3 Note Interest 13,516.04
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount -
Class A-2 Principal Distribution Amount 6,354,522.45
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 138,141.80
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 69,070.90
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 86,338.62
(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:
-------------------------------------------------------------------
E. Roger Gebhart
Executive Vice President & Treasurer
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 MARCH 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 56,455,127.50 6,354,522.45 -- 6,354,522.45 50,100,605.06 0.8749962
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 260,135,498.00 188,643,546.50 6,354,522.45 -- 6,354,522.45 182,289,024.06 0.7007464
Class B-1 5,655,120.00 4,100,947.01 138,141.80 -- 138,141.80 3,962,805.21 0.7007464
Class B-2 2,827,560.00 2,050,473.50 69,070.90 -- 69,070.90 1,981,402.60 0.7007464
Class B-3 3,534,450.00 2,563,091.88 86,338.62 -- 86,338.62 2,476,753.26 0.7007464
-------------- -------------- ------------ ------------ -------------- --------------
Total 272,152,628.00 197,358,058.90 6,648,073.78 -- 6,648,073.78 190,709,985.13
</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 MARCH 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of February 29, 2000 418,195.55
Investment earnings on amounts in Collection Account 6,882.74
Payments due Collection Account from last 3 business days of Collection Period 1,328,260.87
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 5,943,428.64
--------------
Available Funds on Payment Date 7,696,767.80
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 7,696,767.80
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 7,696,767.80
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 6,453.40
Unreimbursed Servicer Advances paid 6,453.40
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,690,314.40
SERVICER FEES
Servicer Fees due 86,650.71
Servicer Fees paid 86,650.71
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,603,663.69
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 7,603,663.69
PREMIUM AMOUNT
Premium Amount due 22,008.41
Premium Amount paid 22,008.41
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,581,655.28
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 7,581,238.61
</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 MARCH 1, 2000
<TABLE>
<S> <C> <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 7,581,238.61
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 256,400.37
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
--------------
Total Class A Interest due 879,989.22
--------------
REMAINING AVAILABLE FUNDS 6,701,249.39
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 22,589.38
Class B-1 Note Interest paid 22,589.38
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,678,660.01
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 17,070.19
Class B-2 Note Interest paid 17,070.19
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,661,589.81
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 13,516.04
Class B-3 Note Interest paid 13,516.04
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,648,073.78
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,354,522.45
Class A Note Principal Balance as of preceding Payment Date 188,643,546.50
--------------
Class A Base Principal Distribution Amount paid 6,354,522.45
--------------
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 6,354,522.45
--------------
</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 MARCH 1, 2000
<TABLE>
<S> <C> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 56,455,127.50
Class A-2 Base Principal Distribution Amount paid 6,354,522.45
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 50,100,605.06
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 293,551.33
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 293,551.33
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,100,947.01
Class B-1 Base Principal Distribution due 138,141.80
Class B-1 Base Principal Distribution paid 138,141.80
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,962,805.21
REMAINING AVAILABLE FUNDS 155,409.53
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 2,050,473.50
Class B-2 Base Principal Distribution due 69,070.90
Class B-2 Base Principal Distribution paid 69,070.90
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,981,402.60
REMAINING AVAILABLE FUNDS 86,338.62
</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 MARCH 1, 2000
<TABLE>
<S> <C> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 2,563,091.88
Class B-3 Base Principal Distribution due 86,338.63
Class B-3 Base Principal Distribution paid 86,338.62
--------------
Class B-3 Base Principal Distribution remaining unpaid 0.01
Class B-3 Note Principal Balance after distribution on Payment Date 2,476,753.26
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> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED MARCH 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 207,961,696.99
ADCPB, end of Collection Period 201,313,623.21
--------------
Base Principal Amount 6,648,073.78
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 5,392,866.61
Servicing Advances collected during the current Collection Period 5,386,413.21
--------------
Unreimbursed Servicing Advances as of current Determination Date 6,453.40
</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> <C>
Class A-1 -- 4.9670% -- -- --
Class A-2 56,455,127.50 5.4500% 256,400.37 -- 256,400.37
Class A-3 48,068,516.00 5.5400% 221,916.32 -- 221,916.32
Class A-4 84,119,903.00 5.7300% 401,672.54 -- 401,672.54
Class B-1 4,100,947.01 6.6100% 22,589.38 -- 22,589.38
Class B-2 2,050,473.50 9.9900% 17,070.19 -- 17,070.19
Class B-3 2,563,091.88 6.3280% 13,516.04 -- 13,516.04
-------------- -------- ---------- ---------- ----------
197,358,058.90 5.6739% 933,164.84 -- 933,164.84
</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% 6,354,522.45 -- 6,354,522.45
Class B-1 2.078% 138,141.80 -- 138,141.80
Class B-2 1.039% 69,070.90 -- 69,070.90
Class B-3 1.299% 86,338.63 0.00 86,338.63
------------ ----------- ------------
6,648,073.78 0.00 6,648,073.78
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<S> <C> <C>
ADCPB as of the prior Calculation Date 207,961,696.99
Servicer Fee Rate 0.500%
One-twelfth 1/12
Servicer Fee due current period 86,650.71
--------------
Prior Servicer Fee arrearage --
Servicer Fee due 86,650.71
</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 MARCH 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 188,643,546.50
Premium Rate 0.140%
One-twelfth 1/12
-----
Premium Amount due Current Period 22,008.41
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 22,008.41
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 MARCH 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the term of such Notes or the Indenture when
due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such Payment
Date to the extent that sufficient Available Funds are on deposit in the
Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity
Date, the Class A-3 Maturity Date, the Class A-4 Maturity Date, the Class B-1
Maturity Date, the Class B-2 Maturity Date, or the Class B-3 Maturity Date, as
the case may be, on any remaining principal owed on the outstanding Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B-1 Notes, Class
B-2 Notes, or Class B-3 Notes, as the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed 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 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED MARCH 1, 2000
GROSS CHARGE EVENT CALCULATION:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 0.88%
Gross Charge Off Ratio Prior Period 1.38%
Gross Charge Off Ratio Second Prior Period 0.11%
----
Average of Gross Charge Off Ratio for Three Periods 0.79%
Maximum Allowed 2.50%
</TABLE>
GROSS CHARGE OFF RATIO:
<TABLE>
<CAPTION>
ADCPB of Gross Charge Off Ratio
All Defaulted Less End of Month Charge Offs/
Contracts Recoveries Charge Offs ADCPB ADCPB
-------------- ---------- ----------- -------------- ----------------------
<S> <C> <C> <C> <C> <C>
Current Period 251,656.12 104,454.27 147,201.85 201,313,623.21 0.88%
Prior Period 281,935.39 42,075.70 239,859.69 207,961,696.99 1.38%
Second Prior Period 303,771.84 283,615.93 20,155.91 214,378,074.60 0.11%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Delinquency Trigger Ratio Current Period 4.99%
Delinquency Trigger Ratio Prior Period 6.28%
Delinquency Trigger Ratio Second Prior Period 5.08%
----
Average of Delinquency Trigger Ratios 5.45%
Maximum Allowed 7.50%
</TABLE>
DELINQUENCY TRIGGER RATIO:
<TABLE>
<CAPTION>
A B A/B
--- --- ---
ADCPB of ADCPB of
Contract > 30 Days All Contracts Delinquency Trigger
Past Due As of Month-End Ratio:
------------- ----------------- -------------------
<S> <C> <C> <C>
Current Period 10,244,680.40 205,144,240.48 4.99%
Prior Period 13,396,180.37 213,270,231.97 6.28%
Second Prior Period 10,900,616.82 214,378,074.60 5.08%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------- -----------------
<S> <C> <C>
Current 194,899,560 95.01%
31-60 Days Past Due 5,794,504 2.82%
61-90 Days Past Due 2,159,687 1.05%
91+ Days Past Due 2,290,489 1.12%
TOTAL 205,144,240 100.00%
</TABLE>
SUBSTITUTION LIMITS
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 226,204,781.43
Maximum Substitution (10% of Initial) 22,620,478.14
Prior month Cumulative ADCPB Substituted 11,381,080.56
Current month ADCPB Substituted 2,384,187.64
--------------
Cumulative ADCPB Substituted 13,765,268.20
</TABLE>
Page 10
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED MARCH 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 4,230,126.62
Reserve Account balance, beginning 1,751,034.78
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account -
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account -
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 6,698.59
(b) Servicer Fees from current and prior Collection Period 66,060.19
(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 67,257.93
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 3,275,735.66
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 0.00
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 7,954.48
</TABLE>
Reviewed By:
-------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 1
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MARCH 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of February 29, 2000 933,555.32
Investment earnings on amounts in Collection Account 6,118.60
Payments due Collection Account from last 3 business days of Collection Period 277,693.09
Additional contribution for terminated trade-ups and rebooked leases -
Servicer Advance on current Determination Date 3,012,759.61
--------------
AVAILABLE FUNDS ON PAYMENT DATE 4,230,126.62
Reserve Account balance 1,751,034.78
--------------
TOTAL AVAILABLE FUNDS 5,981,161.40
Initial Unpaid Amounts inadvertantly deposited in Collection Account -
--------------
REMAINING AVAILABLE FUNDS 5,981,161.40
Indemnity Payments paid inadvertantly deposited in Collection Account -
--------------
REMAINING AVAILABLE FUNDS 5,981,161.40
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 6,698.59
Unreimbursed Servicer Advances paid 6,698.59
--------------
Unreimbursed Servicer Advances remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,974,462.81
SERVICER FEES
Servicer Fees due 66,060.19
Servicer Fees paid 66,060.19
--------------
Servicer Fees remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,908,402.62
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
--------------
REMAINING AVAILABLE FUNDS 5,908,402.62
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
--------------
Indenture Trustee Fee remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,907,985.95
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due -
Cap on Indenture Trustee Expenses per 7.07 (a)(ii) 75,000.00
--------------
Total Indenture Trustee Expenses paid -
--------------
Indenture Trustee Expenses unpaid -
REMAINING AVAILABLE FUNDS 5,907,985.95
</TABLE>
Page 2
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MARCH 1, 2000
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 67,257.93
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 704,943.94
--------------
REMAINING AVAILABLE FUNDS 5,203,042.01
CLASS B NOTE INTEREST
Class B Note Interest due 82,327.82
Class B Note Interest paid 82,327.82
--------------
Class B Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,120,714.19
CLASS C NOTE INTEREST
Class C Note Interest due 61,362.83
Class C Note Interest paid 61,362.83
--------------
Class C Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,059,351.36
CLASS D NOTE INTEREST
Class D Note Interest due 18,732.42
Class D Note Interest paid 18,732.42
--------------
Class D Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,040,618.94
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 3,197,118.00
Class A Note Principal Balance as of preceding Payment Date 127,025,839.63
--------------
Class A Base Principal Distribution Amount paid 3,197,118.00
--------------
Class A Base Principal Distribution Amount remaining unpaid -
Class A-1 Note Principal Balance as of preceding Payment Date 14,259,199.63
Class A-1 Base Principal Distribution Amount paid 3,197,118.00
--------------
Class A-1 Note Principal Balance after distribution 11,062,081.63
--------------
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 1,843,500.93
</TABLE>
Page 3
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MARCH 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 1,843,500.93
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 1,843,500.93
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 1,843,500.93
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 11,062,081.63
Class A-1 Reallocated Principal Distribution -
--------------
Class A-1 Note Principal Balance after Reallocation 11,062,081.63
Remaining Available Funds 1,843,500.93
--------------
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 1,843,500.93
--------------
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 1,843,500.93
--------------
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 1,843,500.93
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 1,843,500.93
</TABLE>
Page 4
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MARCH 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 1,843,500.93
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 1,843,500.93
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 1,829,652.44
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 1,829,652.44
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 1,829,652.44
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 11,062,081.63
Class A-1 Supplemental Principal Distribution 78,617.66
--------------
Class A-1 Note Principal Balance after Supplemental 10,983,463.97
Remaining Available Funds 1,751,034.78
--------------
Class A-2 Note Principal Balance after Reallocated Principal 31,956,385.00
Class A-2 Supplemental Principal Distribution -
--------------
Class A-2 Note Principal Balance after Supplemental 31,956,385.00
Remaining Available Funds 1,751,034.78
--------------
Class A-3 Note Principal Balance after Reallocated Principal 18,823,624.00
Class A-3 Supplemental Principal Distribution -
--------------
Class A-3 Note Principal Balance after Supplemental 18,823,624.00
Remaining Available Funds 1,751,034.78
--------------
Class A-4 Note Principal Balance after Reallocated Principal 61,986,631.00
Class A-4 Supplemental Principal Distribution -
--------------
Class A-4 Note Principal Balance after Supplemental 61,986,631.00
REMAINING AVAILABLE FUNDS 1,751,034.78
</TABLE>
Page 5
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVEABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MARCH 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 13,570,520.00
Class B Supplemental Principal Distribution paid -
--------------
Class B Note Principal Balance after Supplemental 13,570,520.00
Remaining Available Funds 1,751,034.78
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 9,192,933.00
Class C Supplemental Principal Distribution paid -
--------------
Class C Note Principal Balance after Supplemental 9,192,933.00
REMAINING AVAILABLE FUNDS 1,751,034.78
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 2,188,793.00
Class D Supplemental Principal Distribution paid -
--------------
Class D Note Principal Balance after Supplemental 2,188,793.00
REMAINING AVAILABLE FUNDS 1,751,034.78
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,363,897.00
Class E Supplemental Principal Distribution paid -
--------------
Class E Note Principal Balance after Supplemental 2,363,897.00
REMAINING AVAILABLE FUNDS 1,751,034.78
RESERVE FUND
Required Reserve Fund Amount 1,751,034.78
Reserve Account Balance, Ending 1,751,034.78
Reserve Account Deposit/(Withdrawal) 0.00
--------------
REMAINING AVAILABLE FUNDS 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
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 0.00
</TABLE>
Page 6
<PAGE> 27
First Sierra Equipment Contract Trust Series 1999-2
First Sierra Receiveables III, Inc.
Monthly Servicer Certificate - Fee Calculation
Collection Period Ended March 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 158,544,465.63
ADCPB, end of Collection Period 155,268,729.97
--------------
Base Principal Amount 3,275,735.66
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,519,824.70
Servicing Advances collected during the current Collection Period 2,513,126.11
--------------
Unreimbursed Servicing Advances as of current Determination Date 6,698.59
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 158,544,465.63
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 66,060.19
Prior Servicer Fee arrearage -
--------------
Servicer Fee due 66,060.19
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>
<TABLE>
<S> <C> <C> <C>
AGING DELINQUENCY STATISTICS - AS OF PRIOR MONTH-END
Current 152,859,462.70 96.93%
31 - 60 days past due 2,830,018.79 1.79%
61 - 90 days past due 765,191.61 0.49%
91+ days past due 1,252,661.76 0.79%
--------------
157,707,334.87
</TABLE>
<TABLE>
<S> <C>
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 376,960.06
Less Recoveries 34,211.62
--------------
Total Charge Offs for the period 342,748.44
End of Month ADCPB 155,268,729.97
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.22%
</TABLE>
Page 7
<PAGE> 28
First Sierra Equipment Contract Trust Series 1999-2
First Sierra Receiveables III, Inc.
Monthly Servicer Certificate - Payment Summary
Collection Period Ended March 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 14,259,199.63 5.855% 67,257.93 67,257.93
------------- ------------- -------------- ------------- ----------------
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 143,584,852.00 127,025,839.63 704,943.94 704,943.94
------------- ------------- -------------- ------------- ----------------
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 170,900,995.00 154,341,982.63 881,215.51 881,215.51
------------- ------------- -------------- ------------- ----------------
</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 14,259,199.63 3,197,118.00 0.00 78,617.66 3,275,735.66 10,983,463.97 0.3563952
-------------- ------------- -------------- ------------- -------------- ------------
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 127,025,839.63 3,197,118.00 0.00 78,617.66 3,275,735.66 123,750,103.97
-------------- ------------- -------------- ------------- -------------- ------------
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 154,341,982.63 3,197,118.00 0.00 78,617.66 3,275,735.66 151,066,246.97
-------------- ------------- -------------- ------------- -------------- ------------
</TABLE>
Page 8
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED MARCH 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% 3,197,118.00 0.00 78,617.66 3,275,735.66 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%
- ----------- ------------- ------------ ------------- -------------- ------------- -------------
3,197,118.00 0.00 78,617.66 3,275,735.66 100.00%
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
- ---------- ----------- ----------- -------------
<S> <C> <C> <C>
A N/A
B - No -
C - No -
D - No -
E - No -
</TABLE>
<TABLE>
<S> <C>
(Retained) Certificate Balance 4,202,483.00
Initial OC Percentage 2.40%
Overcollateralization Balance (prior) 4,202,483.00
Overcollateralization Balance (current) 4,202,483.00
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 5,907,985.95
</TABLE>
Page 9
<PAGE> 30
First Sierra Equipment Contract Trust Series 1999-2
First Sierra Receiveables III, Inc.
Monthly Servicer Certificate - Tests
Collection Period Ended March 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 Ouststanding Notes as of such Payment
Date to the extent that sufficient Available Funds are on deposit in the
Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity
Date, the Class A-3 Maturity Date, the Class A-4 Maturity Date, the Class B
Maturity Date, the Class C Maturity Date, the Class D Maturity Date, or the
Class E Maturity Date, as the case may be, on any remaining principal owed on
the outstanding Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes, Class B Notes, Class C Notes, Class D Notes, or Class E Notes, as the
case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
- ------------- -------------------------------------------------------------------- ------
<S> <C> <C>
6.01(i) Failure to make payment, deposit, transfer, or delivery required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing
Agreement No
</TABLE>
Page 10
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