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Previous: FIRST SIERRA RECEIVABLES III INC, 8-K, 2000-08-22 |
Next: FATBRAIN COM INC, 424B2, 2000-08-22 |
<PAGE> 1
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <C>
Available Amount to Note Holders: 6,518,239.76
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account -
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account -
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 46,656.75
(b) Servicer Fees from current and prior Collection Period 56,525.58
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 14,117.42
(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 228,533.37
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 16,090.35
(ix) Class B-2 Note Interest 10,423.65
(x) Class B-3 Note Interest 13,683.37
(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 5,501,286.95
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 119,593.20
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 59,796.59
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 119,593.20
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) -
(xvii) Other Amounts Due Servicer under Servicing Agreement -
(xviii) Remaining Amount to Residual Holder -
</TABLE>
Reviewed By:
---------------------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<CAPTION>
Initial Beginning Base Additional Total Ending Ending
Principal Principal Principal Principal Principal Principal Certificate
Class Balance Balance Distribution Distribution Distribution Balance Factor
------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 70,687,140.00 -- -- -- -- -- 0.0000000
Class A-2 53,856,869.00 -- -- -- -- -- 0.0000000
Class A-3 52,510,447.00 50,319,274.55 5,501,286.95 -- 5,501,286.95 44,817,987.60 0.8535061
Class A-4 70,687,140.00 70,687,140.00 -- -- 70,687,140.00 1.0000000
-------------- -------------- -------------- -------------- -------------- -------------- --------------
Total Class A 247,741,596.00 121,006,414.55 5,501,286.95 -- 5,501,286.95 115,505,127.60 0.4662323
Class B-1 5,385,687.00 2,630,574.29 119,593.20 -- 119,593.20 2,510,981.10 0.4662323
Class B-2 2,692,843.00 1,315,286.90 59,796.59 -- 59,796.59 1,255,490.31 0.4662323
Class B-3 5,385,687.00 2,630,574.30 119,593.20 -- 119,593.20 2,510,981.10 0.4662323
-------------- -------------- -------------- -------------- -------------- --------------
Total 261,205,813.00 127,582,850.04 5,800,269.93 -- 5,800,269.93 121,782,580.11
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of July 31, 2000 1,615,145.39
Investment earnings on amounts in Collection Account 10,604.93
Payments due Collection Account from last 3 business days of Collection Period 1,475,134.68
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,417,354.76
--------------
Available Funds on Payment Date 6,518,239.76
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,518,239.76
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,518,239.76
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 46,656.75
Unreimbursed Servicer Advances paid 46,656.75
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,471,583.01
SERVICER FEES
Servicer Fees due 56,525.58
Servicer Fees paid 56,525.58
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,415,057.43
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,415,057.43
PREMIUM AMOUNT
Premium Amount due 14,117.42
Premium Amount paid 14,117.42
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,400,940.02
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 6,400,523.35
</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 AUGUST 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 6,400,523.35
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 228,533.37
Class A-4 Note Interest 331,522.69
--------------
Total Class A Interest due 560,056.06
--------------
REMAINING AVAILABLE FUNDS 5,840,467.29
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 16,090.35
Class B-1 Note Interest paid 16,090.35
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,824,376.95
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 10,423.65
Class B-2 Note Interest paid 10,423.65
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,813,953.30
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 13,683.37
Class B-3 Note Interest paid 13,683.37
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,800,269.93
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 5,501,286.95
Class A Note Principal Balance as of preceding Payment Date 121,006,414.55
--------------
Class A Base Principal Distribution Amount paid 5,501,286.95
--------------
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 5,501,286.95
--------------
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
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 5,501,286.95
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 50,319,274.55
Class A-3 Base Principal Distribution Amount paid 5,501,286.95
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 44,817,987.60
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 298,982.98
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
--------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 298,982.98
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,630,574.29
Class B-1 Base Principal Distribution due 119,593.20
Class B-1 Base Principal Distribution paid 119,593.20
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,510,981.10
REMAINING AVAILABLE FUNDS 179,389.78
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,315,286.90
Class B-2 Base Principal Distribution due 59,796.59
Class B-2 Base Principal Distribution paid 59,796.59
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,255,490.31
REMAINING AVAILABLE FUNDS 119,593.20
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 2,630,574.30
Class B-3 Base Principal Distribution due 119,593.20
Class B-3 Base Principal Distribution paid 119,593.20
--------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 2,510,981.10
REMAINING AVAILABLE FUNDS --
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(A)(II)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
--------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due --
Other Amounts Due Servicer under Servicing Agreement paid --
--------------
Other Amounts Due Servicer under Servicing Agreement remaining unpaid --
REMAINING AVAILABLE FUNDS --
AMOUNT PAYABLE TO RESIDUAL HOLDER --
</TABLE>
Page 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 135,661,380.04
ADCPB, end of Collection Period 129,861,110.11
--------------
Base Principal Amount 5,800,269.93
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,139,417.76
Servicing Advances collected during the current Collection Period 4,092,761.01
--------------
Unreimbursed Servicing Advances as of current Determination Date 46,656.75
</TABLE>
CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
--------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Class A-1 -- 5.2150% -- -- --
Class A-2 -- 5.4900% -- -- --
Class A-3 50,319,274.55 5.4500% 228,533.37 -- 228,533.37
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 2,630,574.29 7.3400% 16,090.35 -- 16,090.35
Class B-2 1,315,286.90 9.5100% 10,423.65 -- 10,423.65
Class B-3 2,630,574.30 6.2420% 13,683.37 -- 13,683.37
-------------- -------------- -------------- -------------- --------------
127,582,850.04 5.6458% 600,253.42 -- 600,253.42
</TABLE>
CALCULATION OF PRINCIPAL DUE
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
--------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Class A 94.845% 5,501,286.95 -- 5,501,286.95
Class B-1 2.062% 119,593.20 -- 119,593.20
Class B-2 1.031% 59,796.59 -- 59,796.59
Class B-3 2.062% 119,593.20 -- 119,593.20
-------------- -------------- --------------
5,800,269.93 -- 5,800,269.93
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 135,661,380.04
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 56,525.58
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 56,525.58
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 121,006,414.55
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 14,117.42
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 14,117.42
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
--------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
--------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
--------------
Total Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture
when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on deposit in
the Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2
Maturity Date, the Class A-3 Maturity Date, the Class A-4 Maturity Date, the
Class B-1 Maturity Date, the Class B-2 Maturity Date, or the Class B-3
Maturity Date, as the case may be, on any remaining principal owed on the
outstanding Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes, Class B-1 Notes, Class B-2 Notes, or Class B-3 Notes, as the case may
be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
---------- ------ ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or
dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED AUGUST 1, 2000
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
--------------
<S> <C>
Gross Charge Off Ratio Current Period 1.91%
Gross Charge Off Ratio Prior Period 0.49%
Gross Charge Off Ratio Second Prior Period 0.04%
--------------
Average of Gross Charge Off Ratio for Three Periods 0.81%
Maximum Allowed 2.50%
</TABLE>
Gross Charge Off Ratio:
<TABLE>
<CAPTION>
Gross Charge
ADCPB of Off Ratio
All Defaulted Less End of Month Charge Offs/
Contracts Recoveries Charge Offs ADCPB ADCPB
------------ ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
Current Period 325,484.88 119,152.18 206,332.70 129,861,110.11 1.91%
Prior Period 259,909.49 204,422.77 55,486.72 135,661,380.04 0.49%
Second Prior Period 207,725.17 202,904.22 4,820.95 141,865,112.66 0.04%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Result
--------------
<S> <C>
Delinquency Trigger Ratio Current Period 4.01%
Delinquency Trigger Ratio Prior Period 3.96%
Delinquency Trigger Ratio Second Prior Period 3.47%
--------------
Average of Delinquency Trigger Ratios 3.82%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
--- --- -----
ADCPB of ADCPB of
Contract > 30 Days All Contracts Delinquency Trigger
Past Due As of Month-End Ratio:
------------------- ------------------- -------------------
<S> <C> <C> <C>
Current Period 5,315,320.08 132,549,329.47 4.01%
Prior Period 5,375,299.17 135,661,380.03 3.96%
Second Prior Period 5,013,263.34 144,311,900.96 3.47%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------------- -------------------
<S> <C> <C>
Current 127,234,009 95.99%
31-60 Days Past Due 2,651,348 2.00%
61-90 Days Past Due 1,358,149 1.02%
91+ Days Past Due 1,305,823 0.99%
------------------- -------------------
TOTAL 132,549,329 100.00%
</TABLE>
Substitution Limits
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 269,284,343.00
Maximum Substitution (10% of Initial) 26,928,434.30
Prior month Cumulative ADCPB Substituted 4,786,235.22
Current month ADCPB Substituted --
----------------
Cumulative ADCPB Substituted 4,786,235.22
</TABLE>
Page 10
<PAGE> 11
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <C>
Available Amount to Note Holders: 7,344,417.75
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account -
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account -
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 71,144.13
(b) Servicer Fees from current and prior Collection Period 72,626.54
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 22,818.79
(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 110,286.72
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 18,736.92
(ix) Class B-2 Note Interest 14,158.99
(x) Class B-3 Note Interest 11,210.97
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount -
Class A-2 Principal Distribution Amount 6,116,856.94
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 132,975.16
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 66,487.58
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 83,109.48
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) -
(xvii) Other Amounts Due Servicer under Servicing Agreement -
(xviii) Remaining Amount to Residual Holder 0.00
</TABLE>
Reviewed By:
-----------------------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
Page 1
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED AUGUST 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 24,283,314.24 6,116,856.94 -- 6,116,856.94 18,166,457.30 0.3172732
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 260,135,498.00 156,471,733.24 6,116,856.94 -- 6,116,856.94 150,354,876.30 0.5779868
Class B-1 5,655,120.00 3,401,559.71 132,975.16 -- 132,975.16 3,268,584.54 0.5779868
Class B-2 2,827,560.00 1,700,779.85 66,487.58 -- 66,487.58 1,634,292.27 0.5779868
Class B-3 3,534,450.00 2,125,974.82 83,109.48 -- 83,109.48 2,042,865.34 0.5779868
-------------- -------------- -------------- -------------- -------------- --------------
Total 272,152,628.00 163,700,047.62 6,399,429.16 -- 6,399,429.16 157,300,618.46
</TABLE>
Page 2
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of July 31, 2000 1,034,971.69
Investment earnings on amounts in Collection Account 11,490.84
Payments due Collection Account from last 3 business days of Collection Period 1,322,390.73
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 4,975,564.49
----------------
Available Funds on Payment Date 7,344,417.75
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
----------------
REMAINING AVAILABLE FUNDS 7,344,417.75
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
----------------
REMAINING AVAILABLE FUNDS 7,344,417.75
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 71,144.13
Unreimbursed Servicer Advances paid 71,144.13
----------------
Unreimbursed Servicer Advances remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 7,273,273.62
SERVICER FEES
Servicer Fees due 72,626.54
Servicer Fees paid 72,626.54
----------------
Servicer Fees remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 7,200,647.08
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
----------------
REMAINING AVAILABLE FUNDS 7,200,647.08
PREMIUM AMOUNT
Premium Amount due 22,818.79
Premium Amount paid 22,818.79
----------------
Premium Amount remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 7,177,828.29
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
----------------
Indenture Trustee Fee remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 7,177,411.62
</TABLE>
Page 3
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 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 7,177,411.62
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 110,286.72
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
----------------
Total Class A Interest due 733,875.57
----------------
REMAINING AVAILABLE FUNDS 6,443,536.05
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 18,736.92
Class B-1 Note Interest paid 18,736.92
----------------
Class B-1 Note Interest remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 6,424,799.13
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 14,158.99
Class B-2 Note Interest paid 14,158.99
----------------
Class B-2 Note Interest remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 6,410,640.13
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 11,210.97
Class B-3 Note Interest paid 11,210.97
----------------
Class B-3 Note Interest remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 6,399,429.16
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,116,856.94
Class A Note Principal Balance as of preceding Payment Date 156,471,733.24
----------------
Class A Base Principal Distribution Amount paid 6,116,856.94
----------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date --
Class A-1 Base Principal Distribution Amount paid --
----------------
Class A-1 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 6,116,856.94
----------------
</TABLE>
Page 4
<PAGE> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 24,283,314.24
Class A-2 Base Principal Distribution Amount paid 6,116,856.94
----------------
Class A-2 Note Principal Balance after distribution on Payment Date 18,166,457.30
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 282,572.22
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
----------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 282,572.22
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,401,559.71
Class B-1 Base Principal Distribution due 132,975.16
Class B-1 Base Principal Distribution paid 132,975.16
----------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,268,584.54
REMAINING AVAILABLE FUNDS 149,597.06
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,700,779.85
Class B-2 Base Principal Distribution due 66,487.58
Class B-2 Base Principal Distribution paid 66,487.58
----------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,634,292.27
REMAINING AVAILABLE FUNDS 83,109.48
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
</TABLE>
Page 5
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 2,125,974.82
Class B-3 Base Principal Distribution due 83,109.48
Class B-3 Base Principal Distribution paid 83,109.48
----------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 2,042,865.34
REMAINING AVAILABLE FUNDS 0.00
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
----------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 0.00
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due --
Other Amounts Due Servicer under Servicing Agreement paid --
----------------
Other Amounts Due Servicer under Servicing Agreement remaining unpaid --
REMAINING AVAILABLE FUNDS 0.00
AMOUNT PAYABLE TO RESIDUAL HOLDER 0.00
</TABLE>
Page 6
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 174,303,685.71
ADCPB, end of Collection Period 167,904,256.55
----------------
Base Principal Amount 6,399,429.16
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 5,464,917.24
Servicing Advances collected during the current Collection Period 5,393,773.11
----------------
Unreimbursed Servicing Advances as of current Determination Date 71,144.13
</TABLE>
CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
--------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Class A-1 -- 4.9670% -- -- --
Class A-2 24,283,314.24 5.4500% 110,286.72 -- 110,286.72
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 3,401,559.71 6.6100% 18,736.92 -- 18,736.92
Class B-2 1,700,779.85 9.9900% 14,158.99 -- 14,158.99
Class B-3 2,125,974.82 6.3280% 11,210.97 -- 11,210.97
-------------- -------------- -------------- -------------- --------------
163,700,047.62 5.7030% 777,982.46 -- 777,982.46
</TABLE>
CALCULATION OF PRINCIPAL DUE
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
--------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Class A 95.584% 6,116,856.94 -- 6,116,856.94
Class B-1 2.078% 132,975.16 -- 132,975.16
Class B-2 1.039% 66,487.58 -- 66,487.58
Class B-3 1.299% 83,109.48 0.00 83,109.48
-------------- -------------- --------------
6,399,429.16 0.00 6,399,429.16
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 174,303,685.71
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 72,626.54
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 72,626.54
</TABLE>
Page 7
<PAGE> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 156,471,733.24
Premium Rate 0.175%
One-twelfth 1/12
---------------
Premium Amount due Current Period 22,818.79
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 22,818.79
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
---------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
---------------
Total Other Amounts Due Servicer under Servicing Agreement --
</TABLE>
Page 8
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED AUGUST 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
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
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 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
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
------- ------ ------
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> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED AUGUST 1, 2000
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
--------------
<S> <C>
Gross Charge Off Ratio Current Period 0.53%
Gross Charge Off Ratio Prior Period 2.76%
Gross Charge Off Ratio Second Prior Period 0.55%
--------------
Average of Gross Charge Off Ratio for Three Periods 1.28%
Maximum Allowed 2.50%
</TABLE>
Gross Charge Off Ratio:
<TABLE>
<CAPTION>
Gross Charge
ADCPB of Off Ratio
All Defaulted Less End of Month Charge Offs/
Contracts Recoveries Charge Offs ADCPB ADCPB
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Current Period 185,064.71 110,264.46 74,800.25 167,904,256.55 0.53%
Prior Period 477,532.93 76,725.98 400,806.95 174,303,685.71 2.76%
Second Prior Period 214,892.40 131,987.05 82,905.35 180,248,409.68 0.55%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
--------------
<S> <C>
Delinquency Trigger Ratio Current Period 4.37%
Delinquency Trigger Ratio Prior Period 3.95%
Delinquency Trigger Ratio Second Prior Period 4.82%
--------------
Average of Delinquency Trigger Ratios 4.38%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
--- --- ---
ADCPB of ADCPB of
Contract > 30 Days All Contracts Delinquency Trigger
Past Due As of Month-End Ratio:
------------------ --------------- -------------------
<S> <C> <C> <C>
Current Period 7,502,153.06 171,771,327.79 4.37%
Prior Period 6,893,680.14 174,303,685.70 3.95%
Second Prior Period 8,855,823.31 183,708,031.20 4.82%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
----- -----------------
<S> <C> <C>
Current 164,269,175 95.63%
31-60 Days Past Due 4,051,000 2.36%
61-90 Days Past Due 1,878,866 1.09%
91+ Days Past Due 1,572,287 0.92%
----------- ------
TOTAL 171,771,328 100.00%
</TABLE>
Substitution Limits
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 226,204,781.43
Maximum Substitution (10% of Initial) 22,620,478.14
Prior month Cumulative ADCPB Substituted 16,217,900.82
Current month ADCPB Substituted 340,946.28
--------------
Cumulative ADCPB Substituted 16,558,847.10
</TABLE>
Page 10
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 4,117,435.07
Reserve Account balance, beginning 1,751,034.78
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account --
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 32,300.84
(b) Servicer Fees from current and prior Collection Period 58,963.28
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(v) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vi) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest --
Class A-2 Note Interest 159,621.25
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
(vii) Class B Note Interest 80,917.25
(viii) Class C Note Interest 60,311.47
(ix) Class D Note Interest 18,411.47
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 2,692,053.75
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount 254,431.91
(xii) Class C Base Principal Distribution Amount 172,357.10
(xiii) Class D Base Principal Distribution Amount 41,037.40
(xv) Class E Note Interest 13,611.22
(xvi) Class E Principal Distribution Amount 44,320.40
(xviii) Reserve Account Reimbursement/(Withdrawal) --
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder 23,026.93
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 9,629.52
</TABLE>
Reviewed By:
-----------------------------------------------------------------------
E. ROGER GEBHART
EXECUTIVE VICE PRESIDENT & TREASURER
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of July 31, 2000 580,206.53
Investment earnings on amounts in Collection Account 8,297.67
Payments due Collection Account from last 3 business days of Collection Period 668,578.21
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 2,860,352.66
------------
AVAILABLE FUNDS ON PAYMENT DATE 4,117,435.07
Reserve Account balance 1,751,034.78
------------
TOTAL AVAILABLE FUNDS 5,868,469.85
Initial Unpaid Amounts inadvertantly deposited in Collection Account --
------------
REMAINING AVAILABLE FUNDS 5,868,469.85
Indemnity Payments paid inadvertantly deposited in Collection Account --
------------
REMAINING AVAILABLE FUNDS 5,868,469.85
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 32,300.84
Unreimbursed Servicer Advances paid 32,300.84
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,836,169.01
SERVICER FEES
Servicer Fees due 58,963.28
Servicer Fees paid 58,963.28
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,777,205.73
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 5,777,205.73
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 5,776,789.07
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 5,776,789.07
</TABLE>
Page 2
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 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 159,621.25
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
Total Class A Interest due 625,275.39
--------------
REMAINING AVAILABLE FUNDS 5,151,513.68
CLASS B NOTE INTEREST
Class B Note Interest due 80,917.25
Class B Note Interest paid 80,917.25
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,070,596.42
CLASS C NOTE INTEREST
Class C Note Interest due 60,311.47
Class C Note Interest paid 60,311.47
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,010,284.96
CLASS D NOTE INTEREST
Class D Note Interest due 18,411.47
Class D Note Interest paid 18,411.47
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 4,991,873.49
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,627,444.46
Class A Note Principal Balance as of preceding Payment Date 110,461,261.38
--------------
Class A Base Principal Distribution Amount paid 2,627,444.46
--------------
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 2,627,444.46
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 29,651,006.38
Class A-2 Base Principal Distribution Amount paid 2,627,444.46
--------------
Class A-2 Note Principal Balance after distribution 27,023,561.92
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 2,364,429.03
</TABLE>
Page 3
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 13,338,008.98
Class B Base Principal Distribution due 248,325.54
Class B Base Principal Distribution paid 248,325.54
-------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 13,089,683.44
REMAINING AVAILABLE FUNDS 2,116,103.49
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 9,035,425.53
Class C Base Principal Distribution due 168,220.53
Class C Base Principal Distribution paid 168,220.53
-------------
Class C Base Principal Distribution remaining unpaid --
Class C Note Principal Balance after distribution on Payment Date 8,867,205.00
REMAINING AVAILABLE FUNDS 1,947,882.96
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 2,151,291.22
Class D Base Principal Distribution due 40,052.51
Class D Base Principal Distribution paid 40,052.51
-------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 2,111,238.72
REMAINING AVAILABLE FUNDS 1,907,830.45
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 1,907,830.45
-------------
Class A-2 Note Principal Balance after Base Principal 27,023,561.92
Class A-2 Reallocated Principal Distribution --
-------------
Class A-2 Note Principal Balance after Reallocation 27,023,561.92
Remaining Available Funds 1,907,830.45
-------------
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 1,907,830.45
-------------
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 1,907,830.45
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 13,089,683.44
Class B Reallocated Principal Distribution paid --
-------------
Class B Note Principal Balance after Reallocation 13,089,683.44
REMAINING AVAILABLE FUNDS 1,907,830.45
</TABLE>
Page 4
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 8,867,205.00
Class C Reallocated Principal Distribution paid --
-------------
Class C Note Principal Balance after Reallocation 8,867,205.00
REMAINING AVAILABLE FUNDS 1,907,830.45
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 2,111,238.72
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 2,111,238.72
REMAINING AVAILABLE FUNDS 1,907,830.45
CLASS E NOTE INTEREST
Class E Note Interest due 13,611.22
Class E Note Interest paid 13,611.22
-------------
Class E Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 1,894,219.23
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 2,323,395.08
Class E Base Principal Distribution due 43,256.71
Class E Base Principal Distribution paid 43,256.71
-------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 2,280,138.37
REMAINING AVAILABLE FUNDS 1,850,962.52
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 2,280,138.37
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 2,280,138.37
REMAINING AVAILABLE FUNDS 1,850,962.52
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 1,850,962.52
-------------
Class A-2 Note Principal Balance after Reallocated Principal 27,023,561.92
Class A-2 Supplemental Principal Distribution 64,609.29
-------------
Class A-2 Note Principal Balance after Supplemental 26,958,952.63
Remaining Available Funds 1,786,353.23
-------------
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 1,786,353.23
-------------
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 1,786,353.23
</TABLE>
Page 5
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 13,089,683.44
Class B Supplemental Principal Distribution paid 6,106.37
-------------
Class B Note Principal Balance after Supplemental 13,083,577.07
REMAINING AVAILABLE FUNDS 1,780,246.86
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 8,867,205.00
Class C Supplemental Principal Distribution paid 4,136.57
-------------
Class C Note Principal Balance after Supplemental 8,863,068.43
REMAINING AVAILABLE FUNDS 1,776,110.29
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 2,111,238.72
Class D Supplemental Principal Distribution paid 984.90
-------------
Class D Note Principal Balance after Supplemental 2,110,253.82
REMAINING AVAILABLE FUNDS 1,775,125.40
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,280,138.37
Class E Supplemental Principal Distribution paid 1,063.69
-------------
Class E Note Principal Balance after Supplemental 2,279,074.68
REMAINING AVAILABLE FUNDS 1,774,061.71
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 23,026.93
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 23,026.93
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 23,026.93
</TABLE>
Page 6
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 141,511,865.20
ADCPB, end of Collection Period 138,307,664.64
---------------
Base Principal Amount 3,204,200.56
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,039,790.68
Servicing Advances collected during the current Collection Period 3,007,489.84
---------------
Unreimbursed Servicing Advances as of current Determination Date 32,300.84
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 141,511,865.20
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 58,963.28
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 58,963.28
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 137,286,168.58 97.49%
31 - 60 days past due 2,007,330.10 1.43%
61 - 90 days past due 716,291.86 0.51%
91+ days past due 808,660.94 0.57%
--------------
140,818,451.48
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 215,132.33
Less Recoveries 238,411.81
---------------
Total Charge Offs for the period (23,279.48)
End of Month ADCPB 138,307,664.64
Gross Charge Off Ratio (Total Charge Offs/ADCPB) (0.02)%
</TABLE>
Page 7
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 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 29,651,006.38 6.460% 159,621.25 159,621.25
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 143,584,852.00 110,461,261.38 6.79% 625,275.39 625,275.39
-------------- -------------- -------------- -------------- --------------
B 13,570,520.00 13,338,008.98 7.280% 80,917.25 80,917.25
C 9,192,933.00 9,035,425.53 8.010% 60,311.47 60,311.47
D 2,188,793.00 2,151,291.22 10.270% 18,411.47 18,411.47
E 2,363,897.00 2,323,395.08 7.030% 13,611.22 13,611.22
-------------- -------------- -------------- -------------- --------------
Total Notes 170,900,995.00 137,309,382.20 6.98% 798,526.80 798,526.80
-------------- -------------- -------------- -------------- --------------
</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 29,651,006.38 2,627,444.46 0.00 64,609.29 2,692,053.75 26,958,952.63 0.8436171
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 110,461,261.38 2,627,444.46 0.00 64,609.29 2,692,053.75 107,769,207.63
-------------- -------------- -------------- -------------- -------------- --------------
B 13,338,008.98 248,325.54 0.00 6,106.37 254,431.91 13,083,577.07 0.9641176
C 9,035,425.53 168,220.53 0.00 4,136.57 172,357.10 8,863,068.43 0.9641176
D 2,151,291.22 40,052.51 0.00 984.90 41,037.40 2,110,253.82 0.9641176
E 2,323,395.08 43,256.71 0.00 1,063.69 44,320.40 2,279,074.68 0.9641176
-------------- -------------- -------------- -------------- -------------- --------------
Total Notes 137,309,382.20 3,127,299.75 0.00 76,900.81 3,204,200.56 134,105,181.64
-------------- -------------- -------------- -------------- -------------- --------------
</TABLE>
Page 8
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 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% 2,627,444.46 0.00 64,609.29 2,692,053.75 84.02%
B 7.75% 248,325.54 0.00 6,106.37 254,431.91 7.94%
C 5.25% 168,220.53 0.00 4,136.57 172,357.10 5.38%
D 1.25% 40,052.51 0.00 984.90 41,037.40 1.28%
E 1.35% 43,256.71 0.00 1,063.69 44,320.40 1.38%
----------- ------------ ------------ ------------ ------------ ------------
3,127,299.75 0.00 76,900.81 3,204,200.56 100.00%
----------- ------------ ------------ ------------ ------------ ------------
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
----- ------ ---------- -----------
<S> <C> <C> <C>
A N/A
B -- No 248,325.54
C -- No 168,220.53
D -- No 40,052.51
E -- No 43,256.71
</TABLE>
<TABLE>
<S> <C>
(Retained) Certificate Balance 4,202,483.00
Initial OC Percentage 2.40%
Overcollateralization Balance (prior) 4,202,483.00
Overcollateralization Balance (current) 4,202,483.00
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 5,776,789.07
</TABLE>
Page 9
<PAGE> 30
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED AUGUST 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> 31
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of July 31, 2000 452,763.61
Investment earnings on amounts in Collection Account 4,090.78
Payments due Collection Account from last 3 business days of Collection Period 503,485.30
Servicer Advance on current Determination Date 1,038,983.46
Additional Contribution for loss on termination 0.00
Deposit from Reserve Account (15,907.36)
Deposit from Letter of Credit Account 0.00
AVAILABLE FUNDS ON PAYMENT DATE 1,983,415.79
Initial Unpaid Amounts inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 1,983,415.79
Indemnity Payments paid inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 1,983,415.79
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 0.00
Unreimbursed Servicer Advances paid 0.00
-------------
Unreimbursed Servicer Advances remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 1,983,415.79
SERVICER FEES
Servicer Fees due 78,166.88
Servicer Fees paid 78,166.88
-------------
Servicer Fees remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 1,905,248.91
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT 0.00
REMAINING AVAILABLE FUNDS 1,905,248.91
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
-------------
Indenture Trustee Fee remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 1,904,832.25
REIMBURSABLE TRUSTEE EXPENSES PER SECTION 7.07(a)(ii)
Total Indenture Trustee Expenses due 0.00
Cap on Indenture Trustee Expenses per section 7.07(a)(ii) 75,000.00
Total Indenture Trustee Expenses paid 0.00
-------------
Indenture Trustee Expenses unpaid 0.00
REMAINING AVAILABLE FUNDS 1,904,832.25
CLASS A-1 THROUGH A-2 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest due 461,557.34
Class A-1 Note Interest paid 461,557.34
-------------
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
-------------
Class A-2 Interest remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 798,364.90
</TABLE>
Page 1
<PAGE> 32
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
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 705,265.57
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance as of preceding Payment Date 73,947,772.21
Class A-1 Base Principal Distribution due 660,857.20
Class A-1 Base Principal Distribution Amount paid 660,857.20
-------------
Class A-1 Base Principal Distribution remaining unpaid 0.00
Class A-1 Note Principal Balance after distribution on Payment Date 73,286,915.01
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 44,408.37
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 44,408.37
SUPPLEMENTAL INTEREST RESERVE ACCOUNT
Supplemental Interest Reserve Account Addition 44,408.37
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> 33
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
RESERVE ACCOUNT: SECTION 3.04(a)
Initial Reserve Account Balance 4,494,638.62
Plus: Earnings for Collection Period per Section 3.04(b) 24,650.21
Less: Withdrawal per Section 3.04(c) (15,907.36)
Ending Reserve Account Balance 4,535,196.19
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) 44,408.37
Supplemental Interest Reserve Account Addition (Up to Supplemental Interest 44,408.37
Required Amount)
Supplemental Interest Reserve Account Distribution to Collection Account --
Supplemental Interest Reserve Required Amount calculation
Beginning Balance 153,548.95
Plus: Additions (Up to 1% of Initial ADCPB) 44,408.37
Plus: Earnings for Collection Period 673.76
Less: Required Distributions, To Collection Account --
Ending Supplemental Interest Reserve Account Balance 198,631.08
</TABLE>
Page 3
<PAGE> 34
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 187,600,501.21
ADCPB, end of Collection Period 186,939,644.01
--------------
Base Principal Amount 660,857.20
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 1,116,344.59
Servicing Advances collected during the current Collection Period 1,116,344.59
--------------
Unreimbursed Servicing Advances as of current Determination Date 0.00
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 187,600,501.21
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 78,166.88
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 78,166.88
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> 35
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 1, 2000
INTEREST PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning Total
Initial of Period Interest Current Overdue Interest
Class Balance Balance Rate Interest Due Interest Due
----- ------- --------- -------- ------------ -------- --------
<S> <C> <C> <C> <C> <C> <C>
A-1 75,000,000.00 73,947,772.21 7.490% 461,557.34 0.00 461,557.34
A-2 99,600,000.00 99,600,000.00 7.770% 644,910.00 0.00 644,910.00
Class A 174,600,000.00 173,547,772.21 1,106,467.34 0.00 1,106,467.34
B 14,052,729.00 14,052,729.00 7.950% 93,099.33 0.00 93,099.33
-------------- -------------- ----- ------------ ---- ------------
Total Notes 188,652,729.00 187,600,501.21 1,199,566.67 0.00 1,199,566.67
============== ============== ============ ==== ============
<CAPTION>
Total
Interest Interest
Class Paid Shortfall
----- -------- ---------
<S> <C> <C>
A-1 461,557.34 0.00
A-2 644,910.00 0.00
Class A 1,106,467.34 0.00
B 93,099.33 0.00
------------ ----
Total Notes 1,199,566.67 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 73,947,772.21 660,857.20 660,857.20 73,286,915.01 0.97715887
A-2 99,600,000.00 0.00 0.00 99,600,000.00 1.00000000
Class A 173,547,772.21 660,857.20 660,857.20 172,886,915.01
B 14,052,729.00 0.00 0.00 14,052,729.00 1.00000000
-------------- -------------- -------------- -------------- --------------
Total Notes 187,600,501.21 660,857.20 660,857.20 186,939,644.01
============== ============== ============== ==============
</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% 173,547,772.21 0.00 660,857.20 660,857.20
Class B 0.00% 14,052,729.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<S> <C>
Base Principal Amount: 660,857.20
Gross Charge Off Event? No
Available Funds less Fees: 1,904,832.25
</TABLE>
Page 5
<PAGE> 36
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 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 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> 37
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
AGING DELINQUENCY STATISTICS - AS OF COLLECTION PERIOD END
<S> <C> <C>
Current 181,793,375.09 97.25%
31 - 60 days past due 4,752,067.03 2.54%
61 - 90 days past due 346,322.50 0.19%
91+ days past due 47,879.40 0.03%
--------------
186,939,644.01
PUTBACK SUMMARY
Defaults for Related Collection Period 244,917.35
Total Defaulted Contracts 0.00
Recoveries from Reserve Account for Current Period 260,824.71
Total Recoveries from Reserve Account 0.00
Net Remaining Defaulted 0.00
Recoveries from Source Recourse (Up to Available Source Recourse)
Recoveries from Draw on Letter of Credit Account
10% LIMITED RECOURSE AMOUNT
Beginning Amount available under 10% limited recourse 19,238,909.32
Beginning % available under 10% limited recourse 9.8727%
Current months buy backs under 10% limited recourse obligation 244,917.35
Cumulative amount bought back under 10% limited recourse obligation 244,917.35
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> 38
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<CAPTION>
GROSS CHARGE EVENT CALCULATION: Result
------
<S> <C>
Defaulted Contracts Current Period
Total Defaulted Contracts Prior Period 0.00%
Total Initial ADCPB 0.00%
-----
% Total Defaulted 0.00%
Maximum Allowed 10.00%
Gross Charge Off Event: No
</TABLE>
Page 8
<PAGE> 39
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <C>
Available Amount to Note Holders: 6,750,120.51
Reserve Account balance, beginning 2,114,952.31
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account --
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 561,133.29
(b) Servicer Fees from current and prior Collection Period 86,087.68
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(v) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vi) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest 269,628.55
Class A-2 Note Interest 187,402.40
Class A-3 Note Interest 331,472.77
Class A-4 Note Interest 217,539.77
(vii) Class B Note Interest 141,507.93
(viii) Class C Note Interest 89,603.48
(ix) Class D Note Interest 41,924.23
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 4,741,588.76
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 27,309.94
(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 54,505.04
Reserve Account balance, ending 2,114,952.31
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 11,605.08
</TABLE>
Reviewed By:
--------------------------------------------------------------------
SANDY B. HO
EVP & CFO
<PAGE> 40
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <C>
AVAILABLE FUNDS
Collection Account balance, as of July 31, 2000 1,671,188.57
Investment earnings on amounts in Collection Account 16,794.81
Payments due Collection Account from last 3 business days of Collection Period 1,460,187.28
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,601,949.85
--------------
AVAILABLE FUNDS ON PAYMENT DATE 6,750,120.51
Reserve Account balance 2,114,952.31
--------------
TOTAL AVAILABLE FUNDS 8,865,072.82
Initial Unpaid Amounts inadvertantly deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,865,072.82
Indemnity Payments paid inadvertantly deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,865,072.82
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 561,133.29
Unreimbursed Servicer Advances paid 561,133.29
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,303,939.53
SERVICER FEES
Servicer Fees due 86,087.68
Servicer Fees paid 86,087.68
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,217,851.85
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 8,217,851.85
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 8,217,435.18
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 8,217,435.18
</TABLE>
Page 2
<PAGE> 41
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 269,628.55
Class A-2 Note Interest 187,402.40
Class A-3 Note Interest 331,472.77
Class A-4 Note Interest 217,539.77
Total Class A Interest due 1,006,043.49
--------------
REMAINING AVAILABLE FUNDS 7,211,391.70
CLASS B NOTE INTEREST
Class B Note Interest due 141,507.93
Class B Note Interest paid 141,507.93
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,069,883.76
CLASS C NOTE INTEREST
Class C Note Interest due 89,603.48
Class C Note Interest paid 89,603.48
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,980,280.28
CLASS D NOTE INTEREST
Class D Note Interest due 41,924.23
Class D Note Interest paid 41,924.23
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,938,356.05
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,627,790.63
Class A Note Principal Balance as of preceding Payment Date 159,552,742.75
--------------
Class A Base Principal Distribution Amount paid 4,627,790.63
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 45,133,822.75
Class A-1 Base Principal Distribution Amount paid 4,627,790.63
--------------
Class A-1 Note Principal Balance after distribution 40,506,032.13
--------------
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 2,310,565.42
</TABLE>
Page 3
<PAGE> 42
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <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 2,310,565.42
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 2,310,565.42
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 2,310,565.42
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 40,506,032.13
Class A-1 Reallocated Principal Distribution --
--------------
Class A-1 Note Principal Balance after Reallocation 40,506,032.13
Remaining Available Funds 2,310,565.42
--------------
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 2,310,565.42
--------------
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 2,310,565.42
--------------
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 2,310,565.42
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 2,310,565.42
</TABLE>
Page 4
<PAGE> 43
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <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 2,310,565.42
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 2,310,565.42
CLASS E NOTE INTEREST
Class E Note Interest due 27,309.94
Class E Note Interest paid 27,309.94
--------------
Class E Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 2,283,255.48
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 2,283,255.48
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 2,283,255.48
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 40,506,032.13
Class A-1 Supplemental Principal Distribution 113,798.13
--------------
Class A-1 Note Principal Balance after Supplemental 40,392,234.00
Remaining Available Funds 2,169,457.35
--------------
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 2,169,457.35
--------------
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 2,169,457.35
--------------
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 2,169,457.35
</TABLE>
Page 5
<PAGE> 44
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <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 2,169,457.35
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 2,169,457.35
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 2,169,457.35
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 2,169,457.35
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 54,505.04
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 54,505.04
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 54,505.04
</TABLE>
Page 6
<PAGE> 45
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 206,610,431.89
ADCPB, end of Collection Period 201,868,843.14
---------------
Base Principal Amount 4,741,588.76
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,569,041.93
Servicing Advances collected during the current Collection Period 3,007,908.64
---------------
Unreimbursed Servicing Advances as of current Determination Date 561,133.29
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 206,610,431.89
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 86,087.68
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 86,087.68
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 200,219,414.68 97.42%
31 - 60 days past due 4,080,719.93 1.99%
61 - 90 days past due 1,121,582.52 0.55%
91+ days past due 107,704.72 0.05%
--------------
205,529,421.85
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 12,960.59
Less Recoveries 2,894.11
---------------
Total Charge Offs for the period 10,066.48
End of Month ADCPB 201,868,843.14
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.00%
</TABLE>
Page 7
<PAGE> 46
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 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 45,133,822.75 6.938% 269,628.55 269,628.55
A-2 29,609,332.00 29,609,332.00 7.350% 187,402.40 187,402.40
A-3 51,393,341.00 51,393,341.00 7.490% 331,472.77 331,472.77
A-4 33,416,247.00 33,416,247.00 7.560% 217,539.77 217,539.77
-------------- -------------- ---- ------------ ------------
Class A 164,437,542.00 159,552,742.75 7.32% 1,006,043.49 1,006,043.49
-------------- -------------- ---- ------------ ------------
B 21,149,523.00 21,149,523.00 7.770% 141,507.93 141,507.93
C 12,689,714.00 12,689,714.00 8.200% 89,603.48 89,603.48
D 4,229,905.00 4,229,905.00 11.510% 41,924.23 41,924.23
E 4,124,157.00 4,124,157.00 7.690% 27,309.94 27,309.94
-------------- -------------- ---- ------------ ------------
Total Notes 206,630,841.00 201,746,041.75 7.52% 1,306,389.07 1,306,389.07
-------------- -------------- ---- ------------ ------------
</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 45,133,822.75 4,627,790.63 0.00 113,798.13 4,741,588.76 40,392,234.00 0.8075439
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 159,552,742.75 4,627,790.63 0.00 113,798.13 4,741,588.76 154,811,154.00
-------------- ------------ ---- ---------- ------------ --------------
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 201,746,041.75 4,627,790.63 0.00 113,798.13 4,741,588.76 197,004,453.00
-------------- ------------ ---- ---------- ------------ --------------
</TABLE>
Page 8
<PAGE> 47
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 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% 4,627,790.63 0.00 113,798.13 4,741,588.76 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%
----- ------------ ---- ---------- ------------ -----
4,627,790.63 0.00 113,798.13 4,741,588.76 100.10%
------------ ---- ---------- ------------ -----
</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>
(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 8,217,435.18
Page 9
<PAGE> 48
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED AUGUST 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
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