<PAGE> 1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 5,888,387.79
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 20,768.11
(b) Servicer Fees from current and prior Collection Period 51,656.38
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 12,824.32
(v) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(vi) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vii) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest --
Class A-2 Note Interest --
Class A-3 Note Interest 178,194.94
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 14,616.54
(ix) Class B-2 Note Interest 9,468.89
(x) Class B-3 Note Interest 12,430.03
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount 4,985,536.18
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 108,381.22
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 54,190.60
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 108,381.22
(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> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 2000 1,811,970.21
Investment earnings on amounts in Collection Account 10,085.41
Payments due Collection Account from last 3 business days of Collection Period 343,763.96
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,722,568.21
------------
Available Funds on Payment Date 5,888,387.79
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 5,888,387.79
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 5,888,387.79
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 20,768.11
Unreimbursed Servicer Advances paid 20,768.11
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,867,619.68
SERVICER FEES
Servicer Fees due 51,656.38
Servicer Fees paid 51,656.38
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,815,963.30
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 5,815,963.30
PREMIUM AMOUNT
Premium Amount due 12,824.32
Premium Amount paid 12,824.32
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,803,138.98
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 5,802,722.31
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 5,802,722.31
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 178,194.94
Class A-4 Note Interest 331,522.69
------------
Total Class A Interest due 509,717.63
------------
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
REMAINING AVAILABLE FUNDS 5,293,004.68
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 14,616.54
Class B-1 Note Interest paid 14,616.54
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,278,388.15
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 9,468.89
Class B-2 Note Interest paid 9,468.89
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,268,919.26
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 12,430.03
Class B-3 Note Interest paid 12,430.03
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,256,489.23
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,985,536.18
Class A Note Principal Balance as of preceding Payment Date 109,922,723.90
--------------
Class A Base Principal Distribution Amount paid 4,985,536.18
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date --
Class A-1 Base Principal Distribution Amount paid --
--------------
Class A-1 Note Principal Balance after distribution on Payment Date --
--------------
Remaining Class A Base Principal Distribution Amount 4,985,536.18
--------------
Class A-2 Note Principal Balance as of preceding Payment Date --
Class A-2 Base Principal Distribution Amount paid --
--------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 4,985,536.18
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 39,235,583.90
Class A-3 Base Principal Distribution Amount paid 4,985,536.18
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 34,250,047.72
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 270,953.05
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 270,953.05
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,389,624.49
Class B-1 Base Principal Distribution due 108,381.22
Class B-1 Base Principal Distribution paid 108,381.22
------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,281,243.27
REMAINING AVAILABLE FUNDS 162,571.83
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,194,812.02
Class B-2 Base Principal Distribution due 54,190.60
Class B-2 Base Principal Distribution paid 54,190.60
------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,140,621.42
REMAINING AVAILABLE FUNDS 108,381.23
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 2,389,624.49
Class B-3 Base Principal Distribution due 108,381.22
Class B-3 Base Principal Distribution paid 108,381.22
------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 2,281,243.27
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 4
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 123,975,314.90
ADCPB, end of Collection Period 118,718,825.67
--------------
Base Principal Amount 5,256,489.23
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,112,040.14
Servicing Advances collected during the current Collection Period 3,091,272.03
--------------
Unreimbursed Servicing Advances as of current Determination Date 20,768.11
</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 -- 5.2150% -- -- --
Class A-2 -- 5.4900% -- -- --
Class A-3 39,235,583.90 5.4500% 178,194.94 -- 178,194.94
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 2,389,624.49 7.3400% 14,616.54 -- 14,616.54
Class B-2 1,194,812.02 9.5100% 9,468.89 -- 9,468.89
Class B-3 2,389,624.49 6.2420% 12,430.03 -- 12,430.03
-------------- -------------- -------------- -------------- --------------
115,896,784.90 5.6557% 546,233.08 -- 546,233.08
</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 94.845% 4,985,536.18 -- 4,985,536.18
Class B-1 2.062% 108,381.22 -- 108,381.22
Class B-2 1.031% 54,190.60 -- 54,190.60
Class B-3 2.062% 108,381.22 -- 108,381.22
------------ ------------ ------------
5,256,489.23 -- 5,256,489.23
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 123,975,314.90
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 51,656.38
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 51,656.38
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 109,922,723.90
Premium Rate 0.140%
One-twelfth 1/12
---------------
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
Premium Amount due Current Period 12,824.32
Prior Premium Amount arrearage --
---------
Total Premium Amount due 12,824.32
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 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED OCTOBER 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
<CAPTION>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture
when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on
the Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2
Maturity Date, the Class A-3 Maturity Date,the Class A-4 Maturity Date, the
Class B-1 Maturity Date, the Class B-2 Maturity Date, or the Class B-3
Maturity Date, as the case may be, on any remaining principal owed on the
outstanding Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes, Class B-1 Notes, Class B-2 Notes, or Class B-3 Notes, as the case
may be. No
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<CAPTION>
Section Event Yes/No
------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed
within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<CAPTION>
Gross Charge Event Calculation:
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 1.87%
Gross Charge Off Ratio Prior Period 1.42%
Gross Charge Off Ratio Second Prior Period 1.91%
----
Average of Gross Charge Off Ratio for Three Periods 1.73%
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 246,495.01 61,558.94 184,936.07 118,718,825.67 1.87%
Prior Period 236,749.59 90,036.11 146,713.48 123,975,314.90 1.42%
Second Prior Period 325,484.88 119,152.18 206,332.70 129,861,110.11 1.91%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Event Calculation:
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 4.30%
Delinquency Trigger Ratio Prior Period 4.22%
Delinquency Trigger Ratio Second Prior Period 4.01%
-----
Average of Delinquency Trigger Ratios 4.18%
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 5,107,775.41 118,718,825.67 4.30%
Prior Period 5,325,385.94 126,258,089.84 4.22%
Second Prior Period 5,315,320.08 132,549,329.47 4.01%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------ -----------------
<S> <C> <C>
Current 113,611,050 95.70%
31-60 Days Past Due 2,347,214 1.98%
61-90 Days Past Due 1,161,072 0.98%
91+ Days Past Due 1,599,490 1.35%
----------- -------
TOTAL 118,718,826 100.00%
</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 4,903,758.45
Current month ADCPB Substituted 364,126.25
--------------
Cumulative ADCPB Substituted 5,267,884.70
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,547,710.31
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 72,315.92
(b) Servicer Fees from current and prior Collection Period 67,341.80
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 21,050.81
(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 55,226.64
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 17,285.20
(ix) Class B-2 Note Interest 13,061.96
(x) Class B-3 Note Interest 10,342.36
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 5,416,845.38
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 117,757.52
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 58,878.76
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 73,598.45
(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> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED OCTOBER 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 12,159,993.54 5,416,845.38 -- 5,416,845.38 6,743,148.17 0.1177676
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 260,135,498.00 144,348,412.54 5,416,845.38 -- 5,416,845.38 138,931,567.17 0.5340739
Class B-1 5,655,120.00 3,138,009.23 117,757.52 -- 117,757.52 3,020,251.72 0.5340739
Class B-2 2,827,560.00 1,569,004.62 58,878.76 -- 58,878.76 1,510,125.86 0.5340739
Class B-3 3,534,450.00 1,961,255.77 73,598.45 -- 73,598.45 1,887,657.32 0.5340739
------------- ------------- ------------ ------------ ------------ --------------
Total 272,152,628.00 151,016,682.17 5,667,080.10 -- 5,667,080.10 145,349,602.06
</TABLE>
Page 2
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 2000 937,577.35
Investment earnings on amounts in Collection Account 9,345.02
Payments due Collection Account from last 3 business days of Collection Period 489,417.83
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 5,111,370.11
------------
Available Funds on Payment Date 6,547,710.31
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,547,710.31
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,547,710.31
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 72,315.92
Unreimbursed Servicer Advances paid 72,315.92
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,475,394.39
SERVICER FEES
Servicer Fees due 67,341.80
Servicer Fees paid 67,341.80
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,408,052.59
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,408,052.59
PREMIUM AMOUNT
Premium Amount due 21,050.81
Premium Amount paid 21,050.81
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,387,001.78
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 6,386,585.11
</TABLE>
Page 3
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 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 6,386,585.11
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 55,226.64
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
--------------
Total Class A Interest due 678,815.49
--------------
REMAINING AVAILABLE FUNDS 5,707,769.62
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 17,285.20
Class B-1 Note Interest paid 17,285.20
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,690,484.42
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 13,061.96
Class B-2 Note Interest paid 13,061.96
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,677,422.46
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 10,342.36
Class B-3 Note Interest paid 10,342.36
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,667,080.10
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 5,416,845.38
Class A Note Principal Balance as of preceding Payment Date 144,348,412.54
--------------
Class A Base Principal Distribution Amount paid 5,416,845.38
--------------
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 5,416,845.38
--------------
</TABLE>
Page 4
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 12,159,993.54
Class A-2 Base Principal Distribution Amount paid 5,416,845.38
-------------
Class A-2 Note Principal Balance after distribution on Payment Date 6,743,148.17
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 250,234.73
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
-------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 250,234.73
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,138,009.23
Class B-1 Base Principal Distribution due 117,757.52
Class B-1 Base Principal Distribution paid 117,757.52
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,020,251.72
REMAINING AVAILABLE FUNDS 132,477.21
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,569,004.62
Class B-2 Base Principal Distribution due 58,878.76
Class B-2 Base Principal Distribution paid 58,878.76
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,510,125.86
REMAINING AVAILABLE FUNDS 73,598.45
</TABLE>
Page 5
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 1,961,255.77
Class B-3 Base Principal Distribution due 73,598.45
Class B-3 Base Principal Distribution paid 73,598.45
------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 1,887,657.32
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> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 161,620,320.25
ADCPB, end of Collection Period 155,953,240.15
--------------
Base Principal Amount 5,667,080.10
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,749,398.54
Servicing Advances collected during the current Collection Period 4,677,082.62
--------------
Unreimbursed Servicing Advances as of current Determination Date 72,315.92
</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 -- 4.9670% -- -- --
Class A-2 12,159,993.54 5.4500% 55,226.64 -- 55,226.64
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 3,138,009.23 6.6100% 17,285.20 -- 17,285.20
Class B-2 1,569,004.62 9.9900% 13,061.96 -- 13,061.96
Class B-3 1,961,255.77 6.3280% 10,342.36 -- 10,342.36
-------------- ------------ -------------- ------------ -------------
151,016,682.17 5.7173% 719,505.01 -- 719,505.01
</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 95.584% 5,416,845.38 -- 5,416,845.38
Class B-1 2.078% 117,757.52 -- 117,757.52
Class B-2 1.039% 58,878.76 -- 58,878.76
Class B-3 1.299% 73,598.45 0.00 73,598.45
------------ ----------- ------------
5,667,080.10 0.00 5,667,080.10
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 161,620,320.25
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 67,341.80
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 67,341.80
</TABLE>
Page 7
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 144,348,412.54
Premium Rate 0.175%
One-twelfth 1/12
---------------
Premium Amount due Current Period 21,050.81
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 21,050.81
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> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of
any payment of Interest required to be made under the terms
of such Notes or the Indenture when due; and, No
B) Failure to distribute to the Noteholders (x) on any
Payment Date, an amount equal to the principal due on the
Outstanding Notes as of such Payment Date to the extent that
sufficient Available Funds are on 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) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed
within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 9
<PAGE> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 3,659,189.39
Reserve Account balance, beginning 1,751,034.78
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 5,583.58
(b) Servicer Fees from current and prior Collection Period 56,312.56
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(v) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vi) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest --
Class A-2 Note Interest 130,847.96
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
(vii) Class B Note Interest 77,852.64
(viii) Class C Note Interest 58,027.26
(ix) Class D Note Interest 17,714.16
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 2,380,759.69
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount 225,010.82
(xii) Class C Base Principal Distribution Amount 152,426.69
(xiii) Class D Base Principal Distribution Amount 36,292.07
(xv) Class E Note Interest 13,095.72
(xvi) Class E Principal Distribution Amount 39,195.43
(xviii) Reserve Account Reimbursement/(Withdrawal) 0.00
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder --
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 9,336.16
Reviewed By:
</TABLE>
--------------------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 2000 366,659.75
Investment earnings on amounts in Collection Account 6,530.93
Payments due Collection Account from last 3 business days of Collection Period 385,311.62
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 2,900,687.09
---------------
AVAILABLE FUNDS ON PAYMENT DATE 3,659,189.39
Reserve Account balance 1,751,034.78
---------------
TOTAL AVAILABLE FUNDS 5,410,224.17
Initial Unpaid Amounts inadvertently deposited in Collection Account --
---------------
REMAINING AVAILABLE FUNDS 5,410,224.17
Indemnity Payments paid inadvertently deposited in Collection Account --
---------------
REMAINING AVAILABLE FUNDS 5,410,224.17
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 5,583.58
Unreimbursed Servicer Advances paid 5,583.58
---------------
Unreimbursed Servicer Advances remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 5,404,640.59
SERVICER FEES
Servicer Fees due 56,312.56
Servicer Fees paid 56,312.56
---------------
Servicer Fees remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 5,348,328.03
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
---------------
REMAINING AVAILABLE FUNDS 5,348,328.03
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 5,347,911.36
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 5,347,911.36
</TABLE>
Page 2
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 130,847.96
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
Total Class A Interest due 596,502.10
---------------
REMAINING AVAILABLE FUNDS 4,751,409.27
CLASS B NOTE INTEREST
Class B Note Interest due 77,852.64
Class B Note Interest paid 77,852.64
---------------
Class B Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 4,673,556.63
CLASS C NOTE INTEREST
Class C Note Interest due 58,027.26
Class C Note Interest paid 58,027.26
---------------
Class C Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 4,615,529.37
CLASS D NOTE INTEREST
Class D Note Interest due 17,714.16
Class D Note Interest paid 17,714.16
---------------
Class D Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 4,597,815.21
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,323,621.46
Class A Note Principal Balance as of preceding Payment Date 105,116,377.12
---------------
Class A Base Principal Distribution Amount paid 2,323,621.46
---------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date --
Class A-1 Base Principal Distribution Amount paid --
---------------
Class A-1 Note Principal Balance after distribution --
---------------
Remaining Class A Base Principal Distribution Amount 2,323,621.46
---------------
Class A-2 Note Principal Balance as of preceding Payment Date 24,306,122.12
Class A-2 Base Principal Distribution Amount paid 2,323,621.46
---------------
Class A-2 Note Principal Balance after distribution 21,982,500.65
Remaining Class A Base Principal Distribution Amount --
---------------
Class A-3 Note Principal Balance as of preceding Payment Date 18,823,624.00
Class A-3 Base Principal Distribution Amount paid --
---------------
Class A-3 Note Principal Balance after distribution 18,823,624.00
Remaining Class A Base Principal Distribution Amount --
---------------
Class A-4 Note Principal Balance as of preceding Payment Date 61,986,631.00
Class A-4 Base Principal Distribution Amount paid --
---------------
Class A-4 Note Principal Balance after distribution 61,986,631.00
REMAINING AVAILABLE FUNDS 2,274,193.75
</TABLE>
Page 3
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 12,832,852.23
Class B Base Principal Distribution due 219,610.56
Class B Base Principal Distribution paid 219,610.56
-------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 12,613,241.67
REMAINING AVAILABLE FUNDS 2,054,583.18
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 8,693,222.58
Class C Base Principal Distribution due 148,768.45
Class C Base Principal Distribution paid 148,768.45
-------------
Class C Base Principal Distribution remaining unpaid --
Class C Note Principal Balance after distribution on Payment Date 8,544,454.13
REMAINING AVAILABLE FUNDS 1,905,814.73
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 2,069,814.33
Class D Base Principal Distribution due 35,421.06
Class D Base Principal Distribution paid 35,421.06
-------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 2,034,393.27
REMAINING AVAILABLE FUNDS 1,870,393.68
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal --
Class A-1 Reallocated Principal Distribution --
-------------
Class A-1 Note Principal Balance after Reallocation --
Remaining Available Funds 1,870,393.68
-------------
Class A-2 Note Principal Balance after Base Principal 21,982,500.65
Class A-2 Reallocated Principal Distribution --
-------------
Class A-2 Note Principal Balance after Reallocation 21,982,500.65
Remaining Available Funds 1,870,393.68
-------------
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 1,870,393.68
-------------
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 1,870,393.68
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 12,613,241.67
Class B Reallocated Principal Distribution paid --
-------------
Class B Note Principal Balance after Reallocation 12,613,241.67
REMAINING AVAILABLE FUNDS 1,870,393.68
</TABLE>
Page 4
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 8,544,454.13
Class C Reallocated Principal Distribution paid --
-------------
Class C Note Principal Balance after Reallocation 8,544,454.13
REMAINING AVAILABLE FUNDS 1,870,393.68
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 2,034,393.27
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 2,034,393.27
REMAINING AVAILABLE FUNDS 1,870,393.68
CLASS E NOTE INTEREST
Class E Note Interest due 13,095.72
Class E Note Interest paid 13,095.72
-------------
Class E Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 1,857,297.96
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 2,235,400.03
Class E Base Principal Distribution due 38,254.74
Class E Base Principal Distribution paid 38,254.74
-------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 2,197,145.29
REMAINING AVAILABLE FUNDS 1,819,043.21
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 2,197,145.29
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 2,197,145.29
REMAINING AVAILABLE FUNDS 1,819,043.21
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal --
Class A-1 Supplemental Principal Distribution --
-------------
Class A-1 Note Principal Balance after Supplemental --
Remaining Available Funds 1,819,043.21
-------------
Class A-2 Note Principal Balance after Reallocated Principal 21,982,500.65
Class A-2 Supplemental Principal Distribution 57,138.23
-------------
Class A-2 Note Principal Balance after Supplemental 21,925,362.42
Remaining Available Funds 1,761,904.98
-------------
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 1,761,904.98
-------------
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 1,761,904.98
</TABLE>
Page 5
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 12,613,241.67
Class B Supplemental Principal Distribution paid 5,400.26
-------------
Class B Note Principal Balance after Supplemental 12,607,841.41
REMAINING AVAILABLE FUNDS 1,756,504.72
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 8,544,454.13
Class C Supplemental Principal Distribution paid 3,658.24
-------------
Class C Note Principal Balance after Supplemental 8,540,795.89
REMAINING AVAILABLE FUNDS 1,752,846.48
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 2,034,393.27
Class D Supplemental Principal Distribution paid 871.01
-------------
Class D Note Principal Balance after Supplemental 2,033,522.26
REMAINING AVAILABLE FUNDS 1,751,975.47
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,197,145.29
Class E Supplemental Principal Distribution paid 940.69
-------------
Class E Note Principal Balance after Supplemental 2,196,204.60
REMAINING AVAILABLE FUNDS 1,751,034.78
RESERVE FUND
Required Reserve Fund Amount 1,751,034.78
Reserve Account Balance, Ending 1,751,034.78
Reserve Account Deposit/(Withdrawal) 0.00
-------------
REMAINING AVAILABLE FUNDS --
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
-------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS --
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER --
</TABLE>
Page 6
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 135,150,149.29
ADCPB, end of Collection Period 132,316,464.58
---------------
Base Principal Amount 2,833,684.71
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,599,393.88
Servicing Advances collected during the current Collection Period 2,593,810.30
---------------
Unreimbursed Servicing Advances as of current Determination Date 5,583.58
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 135,150,149.29
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 56,312.56
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 56,312.56
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
---------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
---------------
Total Other Amounts Due Servicer under Servicing Agreement --
AGING DELINQUENCY STATISTICS - AS OF PRIOR MONTH-END
Current 129,261,019.15 97.69%
31 - 60 days past due 1,701,870.89 1.29%
61 - 90 days past due 496,003.39 0.37%
91+ days past due 857,571.15 0.65%
----------
132,316,464.58
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 147,707.87
Less Recoveries 48,677.78
---------------
Total Charge Offs for the period 99,030.09
End of Month ADCPB 132,316,464.58
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.07%
</TABLE>
Page 7
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
INTEREST PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning
Initial of Period Interest Interest
Class Balance Balance Rate Interest Due Paid
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 30,818,212.00 0.00 5.855% 0.00 0.00
A-2 31,956,385.00 24,306,122.12 6.460% 130,847.96 130,847.96
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 143,584,852.00 105,116,377.12 6.81% 596,502.10 596,502.10
----------------------------------------------------------------------------------------------
B 13,570,520.00 12,832,852.23 7.280% 77,852.64 77,852.64
C 9,192,933.00 8,693,222.58 8.010% 58,027.26 58,027.26
D 2,188,793.00 2,069,814.33 10.270% 17,714.16 17,714.16
E 2,363,897.00 2,235,400.03 7.030% 13,095.72 13,095.72
----------------------------------------------------------------------------------------------
Total Notes 170,900,995.00 130,947,666.29 6.99% 763,191.87 763,191.87
----------------------------------------------------------------------------------------------
</TABLE>
PRINCIPAL PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning (Monthly) (Reallocated) (Supplemental) Total End Ending
of Period Principal Principal Principal Principal of Period Certificate
Class Balance Paid Paid Paid Paid Balance Factor
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 0.00 0.00 0.00 0.0000000
A-2 24,306,122.12 2,323,621.46 0.00 57,138.23 2,380,759.69 21,925,362.42 0.6861027
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 105,116,377.12 2,323,621.46 0.00 57,138.23 2,380,759.69 102,735,617.42
---------------------------------------------------------------------------------------------------------------
B 12,832,852.23 219,610.56 0.00 5,400.26 225,010.82 12,607,841.41 0.9290610
C 8,693,222.58 148,768.45 0.00 3,658.24 152,426.69 8,540,795.89 0.9290610
D 2,069,814.33 35,421.06 0.00 871.01 36,292.07 2,033,522.26 0.9290610
E 2,235,400.03 38,254.74 0.00 940.69 39,195.43 2,196,204.60 0.9290610
---------------------------------------------------------------------------------------------------------------
Total Notes 130,947,666.29 2,765,676.28 0.00 68,008.43 2,833,684.71 128,113,981.58
---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
PRINCIPAL PAYMENT CALCULATION
<TABLE>
<CAPTION>
Investor Investor Investor Supplemental
(defined) Monthly Reallocated Supplemental Total Percentage
Class Principal Principal Principal Principal of Principal
Class Percentage Amount Amount Amount Amount Allocated
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 82.00% 2,323,621.46 0.00 57,138.23 2,380,759.69 84.02%
B 7.75% 219,610.56 0.00 5,400.26 225,010.82 7.94%
C 5.25% 148,768.45 0.00 3,658.24 152,426.69 5.38%
D 1.25% 35,421.06 0.00 871.01 36,292.07 1.28%
E 1.35% 38,254.74 0.00 940.69 39,195.43 1.38%
---------------------------------------------------------------------------------------------------------------
2,765,676.28 0.00 68,008.43 2,833,684.71 100.00%
---------------------------------------------------------------------------------------------------------------
</TABLE>
FLOOR CALCULATION
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
---------------------------------------------------------------
A N/A
B - No 219,610.56
C - No 148,768.45
D - No 35,421.06
E - No 38,254.74
---------------------------------------------------------------
(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 5,347,911.36
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<S> <C>
Yes/No
A) Failure to distribute to the Noteholders all or part of any payment of ------
Interest required to be made under the terms of such Notes or the Indenture when
due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such Payment
Date to the extent that sufficient Available Funds are on deposit in the
Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity
Date, the Class 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 No
case may be.
</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 No
or dismissed within 60 days
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
</TABLE>
Page 10
<PAGE> 28
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 2000 1,299,248.51
Investment earnings on amounts in Collection Account 6,968.27
Payments due Collection Account from last 3 business days of Collection Period 633,051.19
Servicer Advance on current Determination Date 1,179,911.91
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 3,119,179.88
Initial Unpaid Amounts inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 3,119,179.88
Indemnity Payments paid inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 3,119,179.88
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 88,161.06
Unreimbursed Servicer Advances paid 88,161.06
-------------
Unreimbursed Servicer Advances remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 3,031,018.82
SERVICER FEES
Servicer Fees due 77,523.55
Servicer Fees paid 77,523.55
-------------
Servicer Fees remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,953,495.27
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT 0.00
REMAINING AVAILABLE FUNDS 2,953,495.27
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
-------------
Indenture Trustee Fee remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,953,078.61
REIMBURSABLE TRUSTEE EXPENSES PER SECTION 7.07(a)(ii)
Total Indenture Trustee Expenses due 0.00
Cap on Indenture Trustee Expenses per section 7.07(a)(ii) 75,000.00
Total Indenture Trustee Expenses paid 0.00
-------------
Indenture Trustee Expenses unpaid 0.00
REMAINING AVAILABLE FUNDS 2,953,078.61
CLASS A-1 THROUGH A-2 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest due 451,920.30
Class A-1 Note Interest paid 451,920.30
-------------
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 1
<PAGE> 29
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
Class A-2 Interest remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 1,856,248.30
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 1,763,148.97
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance as of preceding Payment Date 72,403,786.82
Class A-1 Base Principal Distribution due 1,661,306.60
Class A-1 Base Principal Distribution Amount paid 1,661,306.60
-------------
Class A-1 Base Principal Distribution remaining unpaid 0.00
Class A-1 Note Principal Balance after distribution on Payment Date 70,742,480.22
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 101,842.37
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 101,842.37
SUPPLEMENTAL INTEREST RESERVE ACCOUNT
Supplemental Interest Reserve Account Addition 101,842.37
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 2
<PAGE> 30
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
RESERVE ACCOUNT: SECTION 3.04(a)
Initial Reserve Account Balance 3,892,950.85
Plus: Earnings for Collection Period per Section 3.04(b) 22,646.91
Less: Withdrawal per Section 3.04(c) --
Ending Reserve Account Balance 3,915,597.76
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) 101,842.37
Supplemental Interest Reserve Account Addition (Up to Supplemental Interest 101,842.37
Required Amount)
Supplemental Interest Reserve Account Distribution to Collection Account --
Supplemental Interest Reserve Required Amount calculation
Beginning Balance 232,994.67
Plus: Additions (Up to 1% of Initial ADCPB) 101,842.37
Plus: Earnings for Collection Period 1,137.70
Less: Required Distributions, To Collection Account --
Ending Supplemental Interest Reserve Account Balance 335,974.74
</TABLE>
Page 3
<PAGE> 31
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 186,056,515.82
ADCPB, end of Collection Period 184,395,209.22
---------------
Base Principal Amount 1,661,306.60
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 939,985.96
Servicing Advances collected during the current Collection Period 851,824.90
---------------
Unreimbursed Servicing Advances as of current Determination Date 88,161.06
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 186,056,515.82
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 77,523.55
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 77,523.55
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 4
<PAGE> 32
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 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 72,403,786.82 7.490% 451,920.30 0.00 451,920.30 451,920.30 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 174,600,000.00 172,003,786.82 1,096,830.30 0.00 1,096,830.30 1,096,830.30 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 188,652,729.00 186,056,515.82 1,189,929.63 0.00 1,189,929.63 1,189,929.63 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 72,403,786.82 1,661,306.60 1,661,306.60 70,742,480.22 0.94323307
A-2 99,600,000.00 0.00 0.00 99,600,000.00 1.00000000
---------------------------------------------------------------------------------------------
Class A 172,003,786.82 1,661,306.60 1,661,306.60 170,342,480.22
---------------------------------------------------------------------------------------------
B 14,052,729.00 0.00 0.00 14,052,729.00 1.00000000
---------------------------------------------------------------------------------------------
Total Notes 186,056,515.82 1,661,306.60 1,661,306.60 184,395,209.22
---------------------------------------------------------------------------------------------
</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% 172,003,786.82 0.00 1,661,306.60 1,661,306.60
Class B 0.00% 14,052,729.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Base Principal Amount: 1,661,306.60
Gross Charge Off Event? No
Available Funds less Fees: 2,953,078.61
</TABLE>
Page 5
<PAGE> 33
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 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 required to be made
under the terms of such Notes or the Indenture when due; and, No
b) Failure to distribute to the Noteholders (x) on any Payment Date, an amount equal to the principal due
on the Outstanding Notes as of such Payment Date to the extent that sufficient Available Funds are on
deposit in the Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity Date, the
Class B Maturity Date, as the case may be, on any remaining principal owed on the outstanding Class A-
1 Notes, Class A-2 Notes, Class B Notes, as the case may be. No
c) Failure on the part of the Trust duly to observe or perform in any material respect any other Covenants
or Agreements. No
d) The Trust shall consent to the appointment of a Custodian, Receiver, Trustee, or Liquidator, etc. No
e) The Trust shall file a voluntary petition in bankruptcy or a voluntary petition or answer seeking
reorganization in a proceeding under any bankruptcy laws etc. No
f) A petition against the Trust in a proceeding under applicable bank laws or other insolvency laws, as
now or hereafter in effect, shall be filled and shall be consented to by the Trust or shall not be stayed,
withdrawn, or dismissed within 60 days thereafter, etc. No
</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 dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
</TABLE>
Page 6
<PAGE> 34
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<CAPTION>
AGING DELINQUENCY STATISTICS - AS OF COLLECTION PERIOD END
<S> <C> <C>
Current 183,882,651.21 99.72%
31 - 60 days past due 310,489.51 0.17%
61 - 90 days past due 202,068.50 0.11%
91+ days past due 0.00 0.00%
--------------
184,395,209.22
</TABLE>
<TABLE>
<S> <C>
PUTBACK SUMMARY
Defaults for Related Collection Period 0.00
Total Defaulted Contracts 651,157.40
Recoveries from Reserve Account for Current Period 0.00
Total Recoveries from Reserve Account 651,157.40
Net Remaining Defaulted 0.00
Recoveries from Source Recourse (Up to Available Source Recourse) 0.00
Recoveries from Draw on Letter of Credit Account 0.00
10% LIMITED RECOURSE AMOUNT
Beginning Amount available under 10% limited recourse 19,238,909.32
Beginning % available under 10% limited recourse 9.6678%
Current months buy backs under 10% limited recourse obligation 0.00
Cumulative amount bought back under 10% limited recourse obligation 639,024.43
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>
<TABLE>
<CAPTION>
LETTER OF CREDIT DRAW EVENTS (NO/YES)
--------
<S> <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 7
<PAGE> 35
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<CAPTION>
GROSS CHARGE EVENT CALCULATION: Result
-----------
<S> <C>
Defaulted Contracts Current Period 0
Total Defaulted Contracts Prior Period 651,157
-----------
Total ADCPB of all Defaulted Contracts 651,157
Total Initial ADCPB 188,652,729
-----------
% Total Defaulted 0.35%
Maximum Allowed 10.00%
Gross Charge Off Event: No
</TABLE>
Page 8
<PAGE> 36
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 2000 1,377,701.15
Investment earnings on amounts in Collection Account 11,135.17
Payments due Collection Account from last 3 business days of Collection Period 542,199.20
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 4,348,473.12
--------------
AVAILABLE FUNDS ON PAYMENT DATE 6,279,508.64
Reserve Account balance 2,114,952.31
--------------
TOTAL AVAILABLE FUNDS 8,394,460.95
Initial Unpaid Amounts inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,394,460.95
Indemnity Payments paid inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,394,460.95
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 14,811.74
Unreimbursed Servicer Advances paid 14,811.74
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,379,649.21
SERVICER FEES
Servicer Fees due 82,195.24
Servicer Fees paid 82,195.24
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,297,453.97
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 8,297,453.97
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
--------------
Indenture Trustee Fee remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,297,037.30
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due --
Cap on Indenture Trustee Expenses per 7.07(a)(ii) 75,000.00
--------------
Total Indenture Trustee Expenses paid --
--------------
Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 8,297,037.30
</TABLE>
Page 2
<PAGE> 37
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 206,923.10
Class A-2 Note Interest 181,357.16
Class A-3 Note Interest 320,780.10
Class A-4 Note Interest 210,522.36
Total Class A Interest due 919,582.71
--------------
REMAINING AVAILABLE FUNDS 7,377,454.59
CLASS B NOTE INTEREST
Class B Note Interest due 136,943.16
Class B Note Interest paid 136,943.16
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,240,511.43
CLASS C NOTE INTEREST
Class C Note Interest due 86,713.05
Class C Note Interest paid 86,713.05
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,153,798.38
CLASS D NOTE INTEREST
Class D Note Interest due 40,571.84
Class D Note Interest paid 40,571.84
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,113,226.54
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,785,306.44
Class A Note Principal Balance as of preceding Payment Date 150,210,893.95
--------------
Class A Base Principal Distribution Amount paid 4,785,306.44
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 35,791,973.95
Class A-1 Base Principal Distribution Amount paid 4,785,306.44
--------------
Class A-1 Note Principal Balance after distribution 31,006,667.51
--------------
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 29,609,332.00
Class A-2 Base Principal Distribution Amount paid --
--------------
Class A-2 Note Principal Balance after distribution 29,609,332.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 51,393,341.00
Class A-3 Base Principal Distribution Amount paid --
--------------
Class A-3 Note Principal Balance after distribution 51,393,341.00
Remaining Class A Base Principal Distribution Amount --
--------------
Class A-4 Note Principal Balance as of preceding Payment Date 33,416,247.00
Class A-4 Base Principal Distribution Amount paid --
--------------
Class A-4 Note Principal Balance after distribution 33,416,247.00
REMAINING AVAILABLE FUNDS 2,327,920.10
</TABLE>
Page 3
<PAGE> 38
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 21,149,523.00
Class B Base Principal Distribution due --
Class B Base Principal Distribution paid --
--------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 21,149,523.00
REMAINING AVAILABLE FUNDS 2,327,920.10
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 12,689,714.00
Class C Base Principal Distribution due --
Class C Base Principal Distribution paid --
--------------
Class C Base Principal Distribution remaining unpaid --
Class C Note Principal Balance after distribution on Payment Date 12,689,714.00
REMAINING AVAILABLE FUNDS 2,327,920.10
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 4,229,905.00
Class D Base Principal Distribution due --
Class D Base Principal Distribution paid --
--------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 4,229,905.00
REMAINING AVAILABLE FUNDS 2,327,920.10
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 31,006,667.51
Class A-1 Reallocated Principal Distribution --
--------------
Class A-1 Note Principal Balance after Reallocation 31,006,667.51
Remaining Available Funds 2,327,920.10
--------------
Class A-2 Note Principal Balance after Base Principal 29,609,332.00
Class A-2 Reallocated Principal Distribution --
--------------
Class A-2 Note Principal Balance after Reallocation 29,609,332.00
Remaining Available Funds 2,327,920.10
--------------
Class A-3 Note Principal Balance after Base Principal 51,393,341.00
Class A-3 Reallocated Principal Distribution --
--------------
Class A-3 Note Principal Balance after Reallocation 51,393,341.00
Remaining Available Funds 2,327,920.10
--------------
Class A-4 Note Principal Balance after Base Principal 33,416,247.00
Class A-4 Reallocated Principal Distribution --
--------------
Class A-4 Note Principal Balance after Reallocation 33,416,247.00
REMAINING AVAILABLE FUNDS 2,327,920.10
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 21,149,523.00
Class B Reallocated Principal Distribution paid --
--------------
Class B Note Principal Balance after Reallocation 21,149,523.00
REMAINING AVAILABLE FUNDS 2,327,920.10
</TABLE>
Page 4
<PAGE> 39
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 12,689,714.00
Class C Reallocated Principal Distribution paid --
--------------
Class C Note Principal Balance after Reallocation 12,689,714.00
REMAINING AVAILABLE FUNDS 2,327,920.10
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 4,229,905.00
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 4,229,905.00
REMAINING AVAILABLE FUNDS 2,327,920.10
CLASS E NOTE INTEREST
Class E Note Interest due 26,428.97
Class E Note Interest paid 26,428.97
--------------
Class E Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 2,301,491.13
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 4,124,157.00
Class E Base Principal Distribution due --
Class E Base Principal Distribution paid --
--------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 4,124,157.00
REMAINING AVAILABLE FUNDS 2,301,491.13
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 4,124,157.00
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 4,124,157.00
REMAINING AVAILABLE FUNDS 2,301,491.13
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 31,006,667.51
Class A-1 Supplemental Principal Distribution 117,671.47
--------------
Class A-1 Note Principal Balance after Supplemental 30,888,996.04
Remaining Available Funds 2,183,819.66
--------------
Class A-2 Note Principal Balance after Reallocated Principal 29,609,332.00
Class A-2 Supplemental Principal Distribution --
--------------
Class A-2 Note Principal Balance after Supplemental 29,609,332.00
Remaining Available Funds 2,183,819.66
--------------
Class A-3 Note Principal Balance after Reallocated Principal 51,393,341.00
Class A-3 Supplemental Principal Distribution --
--------------
Class A-3 Note Principal Balance after Supplemental 51,393,341.00
Remaining Available Funds 2,183,819.66
--------------
Class A-4 Note Principal Balance after Reallocated Principal 33,416,247.00
Class A-4 Supplemental Principal Distribution --
--------------
Class A-4 Note Principal Balance after Supplemental 33,416,247.00
REMAINING AVAILABLE FUNDS 2,183,819.66
</TABLE>
Page 5
<PAGE> 40
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 21,149,523.00
Class B Supplemental Principal Distribution paid --
--------------
Class B Note Principal Balance after Supplemental 21,149,523.00
REMAINING AVAILABLE FUNDS 2,183,819.66
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 12,689,714.00
Class C Supplemental Principal Distribution paid --
--------------
Class C Note Principal Balance after Supplemental 12,689,714.00
REMAINING AVAILABLE FUNDS 2,183,819.66
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 4,229,905.00
Class D Supplemental Principal Distribution paid --
--------------
Class D Note Principal Balance after Supplemental 4,229,905.00
REMAINING AVAILABLE FUNDS 2,183,819.66
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 4,124,157.00
Class E Supplemental Principal Distribution paid --
--------------
Class E Note Principal Balance after Supplemental 4,124,157.00
REMAINING AVAILABLE FUNDS 2,183,819.66
RESERVE FUND
Required Reserve Fund Amount 2,114,952.31
Reserve Account Balance, Ending 2,114,952.31
Reserve Account Deposit/(Withdrawal) 0.00
--------------
REMAINING AVAILABLE FUNDS 68,867.35
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 68,867.35
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 68,867.35
</TABLE>
Page 6
<PAGE> 41
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 197,268,583.09
ADCPB, end of Collection Period 192,365,605.18
---------------
Base Principal Amount 4,902,977.91
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,406,415.04
Servicing Advances collected during the current Collection Period 3,391,603.30
---------------
Unreimbursed Servicing Advances as of current Determination Date 14,811.74
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 197,268,583.09
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 82,195.24
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 82,195.24
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
---------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
---------------
Total Other Amounts Due Servicer under Servicing Agreement --
AGING DELINQUENCY STATISTICS - AS OF PRIOR MONTH-END
Current 187,032,900.04 97.23%
31 - 60 days past due 2,896,377.79 1.51%
61 - 90 days past due 888,566.78 0.46%
91+ days past due 1,547,760.57 0.80%
---------------
192,365,605.18
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 165,057.60
Less Recoveries 166,277.27
---------------
Total Charge Offs for the period (1,219.67)
End of Month ADCPB 192,365,605.18
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.00%
</TABLE>
Page 7
<PAGE> 42
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
INTEREST PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning
Initial of Period Interest Interest
Class Balance Balance Rate Interest Due Paid
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 50,018,622.00 35,791,973.95 6.938% 206,923.10 206,923.10
A-2 29,609,332.00 29,609,332.00 7.350% 181,357.16 181,357.16
A-3 51,393,341.00 51,393,341.00 7.490% 320,780.10 320,780.10
A-4 33,416,247.00 33,416,247.00 7.560% 210,522.36 210,522.36
----------------------------------------------------------------------------------------------
Class A 164,437,542.00 150,210,893.95 7.35% 919,582.71 919,582.71
----------------------------------------------------------------------------------------------
B 21,149,523.00 21,149,523.00 7.770% 136,943.16 136,943.16
C 12,689,714.00 12,689,714.00 8.200% 86,713.05 86,713.05
D 4,229,905.00 4,229,905.00 11.510% 40,571.84 40,571.84
E 4,124,157.00 4,124,157.00 7.690% 26,428.97 26,428.97
----------------------------------------------------------------------------------------------
Total Notes 206,630,841.00 192,404,192.95 7.55% 1,210,239.73 1,210,239.73
----------------------------------------------------------------------------------------------
</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 35,791,973.95 4,785,306.44 0.00 117,671.47 4,902,977.91 30,888,996.04 0.6175499
A-2 29,609,332.00 0.00 0.00 0.00 0.00 29,609,332.00 1.0000000
A-3 51,393,341.00 0.00 0.00 0.00 0.00 51,393,341.00 1.0000000
A-4 33,416,247.00 0.00 0.00 0.00 0.00 33,416,247.00 1.0000000
---------------------------------------------------------------------------------------------------------------
Class A 150,210,893.95 4,785,306.44 0.00 117,671.47 4,902,977.91 145,307,916.04
---------------------------------------------------------------------------------------------------------------
B 21,149,523.00 0.00 0.00 0.00 0.00 21,149,523.00 1.0000000
C 12,689,714.00 0.00 0.00 0.00 0.00 12,689,714.00 1.0000000
D 4,229,905.00 0.00 0.00 0.00 0.00 4,229,905.00 1.0000000
E 4,124,157.00 0.00 0.00 0.00 0.00 4,124,157.00 1.0000000
---------------------------------------------------------------------------------------------------------------
Total Notes 192,404,192.95 4,785,306.44 0.00 117,671.47 4,902,977.91 187,501,215.04
---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 43
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
PRINCIPAL PAYMENT CALCULATION
<TABLE>
<CAPTION>
Investor Investor Investor Supplemental
(defined) Monthly Reallocated Supplemental Total Percentage
Class Principal Principal Principal Principal of Principal
Class Percentage Amount Amount Amount Amount Allocated
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 77.75% 4,785,306.44 0.00 117,671.47 4,902,977.91 79.66%
B 10.00% 0.00 0.00 0.00 0.00 10.25%
C 6.00% 0.00 0.00 0.00 0.00 6.15%
D 2.00% 0.00 0.00 0.00 0.00 2.05%
E 1.95% 0.00 0.00 0.00 0.00 2.00%
---------------------------------------------------------------------------------------------------------------
4,785,306.44 0.00 117,671.47 4,902,977.91 100.10%
---------------------------------------------------------------------------------------------------------------
</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 4,864,390.14
Initial OC Percentage 2.40%
Overcollateralization Balance (prior) 4,864,390.14
Overcollateralization Balance (current) 4,864,390.14
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 8,297,037.30
</TABLE>
<PAGE> 44
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED OCTOBER 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> <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
<PAGE> 45
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED OCTOBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,279,508.64
Reserve Account balance, beginning 2,114,952.31
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 14,811.74
(b) Servicer Fees from current and prior Collection Period 82,195.24
(c) Servicing Charges inadvertently 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 206,923.10
Class A-2 Note Interest 181,357.16
Class A-3 Note Interest 320,780.10
Class A-4 Note Interest 210,522.36
(vii) Class B Note Interest 136,943.16
(viii) Class C Note Interest 86,713.05
(ix) Class D Note Interest 40,571.84
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 4,902,977.91
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount --
(xii) Class C Base Principal Distribution Amount --
(xiii) Class D Base Principal Distribution Amount --
(xv) Class E Note Interest 26,428.97
(xvi) Class E Principal Distribution Amount --
(xviii) Reserve Account Reimbursement/(Withdrawal) 0.00
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder 68,867.35
Reserve Account balance, ending 2,114,952.31
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 11,274.44
</TABLE>
Reviewed By:
--------------------------------------------------------------------
SANDY B. HO
EVP & CFO
10/18/00
