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Previous: FIRST SIERRA RECEIVABLES III INC, 8-K, 2000-09-19 |
Next: GREENPOINT CREDIT LLC, S-3, 2000-09-19 |
<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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,559,564.21
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 32,327.01
(b) Servicer Fees from current and prior Collection Period 54,108.80
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 13,475.60
(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 203,548.36
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 15,358.83
(ix) Class B-2 Note Interest 9,949.76
(x) Class B-3 Note Interest 13,061.29
(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 5,582,403.71
Class A-4 Principal Distribution Amount --
(xii) Note Insuer Reimbursement Amount --
(xiii) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 121,356.61
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 60,678.29
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 121,356.61
(xvi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xvii) Other Amounts Due Servicer under Servicing Agreement --
(xviii) Remaining Amount to Residual Holder 0.00
</TABLE>
Reviewed By:
-------------------------------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED SEPTEMBER 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 44,817,987.60 5,582,403.71 -- 5,582,403.71 39,235,583.90 0.7471958
Class A-4 70,687,140.00 70,687,140.00 -- -- -- 70,687,140.00 1.0000000
-------------- -------------- ------------- ------------- ------------ -------------- -----------
Total Class A 247,741,596.00 115,505,127.60 5,582,403.71 -- 5,582,403.71 109,922,723.90 0.4436991
Class B-1 5,385,687.00 2,510,981.10 121,356.61 -- 121,356.61 2,389,624.49 0.4436991
Class B-2 2,692,843.00 1,255,490.31 60,678.29 -- 60,678.29 1,194,812.02 0.4436991
Class B-3 5,385,687.00 2,510,981.10 121,356.61 -- 121,356.61 2,389,624.49 0.4436991
-------------- -------------- ------------- ------------- ------------ --------------
Total 261,205,813.00 121,782,580.11 5,885,795.21 -- 5,885,795.21 115,896,784.90
</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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of August 31, 2000 2,202,158.09
Investment earnings on amounts in Collection Account 13,672.53
Payments due Collection Account from last 3 business days of Collection Period 1,231,693.45
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,112,040.14
------------
Available Funds on Payment Date 6,559,564.21
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,559,564.21
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,559,564.21
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 32,327.01
Unreimbursed Servicer Advances paid 32,327.01
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,527,237.20
SERVICER FEES
Servicer Fees due 54,108.80
Servicer Fees paid 54,108.80
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,473,128.40
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 6,473,128.40
PREMIUM AMOUNT
Premium Amount due 13,475.60
Premium Amount paid 13,475.60
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 6,459,652.81
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 6,459,236.14
</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 SEPTEMBER 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 6,459,236.14
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 203,548.36
Class A-4 Note Interest 331,522.69
--------------
Total Class A Interest due 535,071.05
--------------
REMAINING AVAILABLE FUNDS 5,924,165.09
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 15,358.83
Class B-1 Note Interest paid 15,358.83
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,908,806.26
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 9,949.76
Class B-2 Note Interest paid 9,949.76
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,898,856.50
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 13,061.29
Class B-3 Note Interest paid 13,061.29
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,885,795.21
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 5,582,403.71
Class A Note Principal Balance as of preceding Payment Date 115,505,127.60
--------------
Class A Base Principal Distribution Amount paid 5,582,403.71
--------------
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 5,582,403.71
--------------
</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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date --
Class A-2 Base Principal Distribution Amount paid --
-------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 5,582,403.71
-------------
Class A-3 Note Principal Balance as of preceding Payment Date 44,817,987.60
Class A-3 Base Principal Distribution Amount paid 5,582,403.71
-------------
Class A-3 Note Principal Balance after distribution on Payment Date 39,235,583.90
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 303,391.50
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
-------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 303,391.50
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,510,981.10
Class B-1 Base Principal Distribution due 121,356.61
Class B-1 Base Principal Distribution paid 121,356.61
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,389,624.49
REMAINING AVAILABLE FUNDS 182,034.90
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,255,490.31
Class B-2 Base Principal Distribution due 60,678.29
Class B-2 Base Principal Distribution paid 60,678.29
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,194,812.02
REMAINING AVAILABLE FUNDS 121,356.61
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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 2,510,981.10
Class B-3 Base Principal Distribution due 121,356.61
Class B-3 Base Principal Distribution paid 121,356.61
------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 2,389,624.49
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> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 129,861,110.11
ADCPB, end of Collection Period 123,975,314.90
--------------
Base Principal Amount 5,885,795.21
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,417,354.76
Servicing Advances collected during the current Collection Period 3,385,027.75
--------------
Unreimbursed Servicing Advances as of current Determination Date 32,327.01
</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 44,817,987.60 5.4500% 203,548.36 -- 203,548.36
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 2,510,981.10 7.3400% 15,358.83 -- 15,358.83
Class B-2 1,255,490.31 9.5100% 9,949.76 -- 9,949.76
Class B-3 2,510,981.10 6.2420% 13,061.29 -- 13,061.29
---------------- ---------------- ---------------- ---------------- ----------------
121,782,580.11 5.6505% 573,440.93 -- 573,440.93
</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% 5,582,403.71 -- 5,582,403.71
Class B-1 2.062% 121,356.61 -- 121,356.61
Class B-2 1.031% 60,678.29 -- 60,678.29
Class B-3 2.062% 121,356.61 0.00 121,356.61
------------- ------------- -------------
5,885,795.21 0.00 5,885,795.21
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<S> <C>
ADCPB as of the prior Calculation Date 129,861,110.11
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 54,108.80
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 54,108.80
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 115,505,127.60
Premium Rate 0.140%
One-twelfth 1/12
---------------
Premium Amount due Current Period 13,475.60
Prior Premium Amount arrearage --
---------------
Total Premium Amount due 13,475.60
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 SEPTEMBER 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
<TABLE>
<CAPTION>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture
when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on 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 SEPTEMBER 1, 2000
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 1.42%
Gross Charge Off Ratio Prior Period 1.91%
Gross Charge Off Ratio Second Prior Period 0.49%
----
Average of Gross Charge Off Ratio for Three Periods 1.27%
Maximum Allowed 2.50%
</TABLE>
Gross Charge Off Ratio:
<TABLE>
<CAPTION>
ADCPB of Gross Charge Off Ratio
All Defaulted Less End of Month Charge Offs/
Contracts Recoveries Charge Offs ADCPB ADCPB
------------- ---------- ----------- ------------ ----------------------
<S> <C> <C> <C> <C> <C>
Current Period 236,749.59 90,036.11 146,713.48 123,975,314.90 1.42%
Prior Period 325,484.88 119,152.18 206,332.70 129,861,110.11 1.91%
Second Prior Period 259,909.49 204,422.77 55,486.72 135,661,380.04 0.49%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 4.22%
Delinquency Trigger Ratio Prior Period 4.01%
Delinquency Trigger Ratio Second Prior Period 3.96%
----
Average of Delinquency Trigger Ratios 4.06%
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 5,325,385.94 126,258,089.84 4.22%
Prior Period 5,315,320.08 132,549,329.47 4.01%
Second Prior Period 5,375,299.17 135,661,380.03 3.96%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
------------------ -----------------
<S> <C> <C>
Current 120,932,704 95.78%
31-60 Days Past Due 2,839,727 2.25%
61-90 Days Past Due 888,635 0.70%
91+ Days Past Due 1,597,024 1.26%
------------------ -----------------
TOTAL 126,258,090 100.00%
</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 117,523.23
--------------
Cumulative ADCPB Substituted 4,903,758.45
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 7,153,934.67
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 29,217.36
(b) Servicer Fees from current and prior Collection Period 69,960.11
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 21,926.75
(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 82,505.99
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 18,004.45
(ix) Class B-2 Note Interest 13,605.48
(x) Class B-3 Note Interest 10,772.71
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount -
Class A-2 Principal Distribution Amount 6,006,463.76
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 130,575.31
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 65,287.66
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 81,609.57
(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> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED SEPTEMBER 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> <C>
Class A-1 70,688,994.00 -- -- -- -- -- 0.0000000
Class A-2 57,258,085.00 18,166,457.30 6,006,463.76 -- 6,006,463.76 12,159,993.54 0.2123716
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 260,135,498.00 150,354,876.30 6,006,463.76 -- 6,006,463.76 144,348,412.54 0.5548970
Class B-1 5,655,120.00 3,268,584.54 130,575.31 -- 130,575.31 3,138,009.23 0.5548970
Class B-2 2,827,560.00 1,634,292.27 65,287.66 -- 65,287.66 1,569,004.62 0.5548970
Class B-3 3,534,450.00 2,042,865.34 81,609.57 -- 81,609.57 1,961,255.77 0.5548970
-------------- -------------- ------------ ------------ ------------- --------------
Total 272,152,628.00 157,300,618.46 6,283,936.29 -- 6,283,936.29 151,016,682.17
</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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of August 31, 2000 1,964,702.13
Investment earnings on amounts in Collection Account 13,799.22
Payments due Collection Account from last 3 business days of Collection Period 426,034.78
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 4,749,398.54
--------------
Available Funds on Payment Date 7,153,934.67
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 7,153,934.67
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 7,153,934.67
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 29,217.36
Unreimbursed Servicer Advances paid 29,217.36
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,124,717.31
SERVICER FEES
Servicer Fees due 69,960.11
Servicer Fees paid 69,960.11
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,054,757.20
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 7,054,757.20
PREMIUM AMOUNT
Premium Amount due 21,926.75
Premium Amount paid 21,926.75
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 7,032,830.45
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 7,032,413.78
</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 SEPTEMBER 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 7,032,413.78
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest 82,505.99
Class A-3 Note Interest 221,916.32
Class A-4 Note Interest 401,672.54
--------------
Total Class A Interest due 706,094.85
--------------
REMAINING AVAILABLE FUNDS 6,326,318.94
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 18,004.45
Class B-1 Note Interest paid 18,004.45
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,308,314.48
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 13,605.48
Class B-2 Note Interest paid 13,605.48
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,294,709.00
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 10,772.71
Class B-3 Note Interest paid 10,772.71
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,283,936.29
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 6,006,463.76
Class A Note Principal Balance as of preceding Payment Date 150,354,876.30
--------------
Class A Base Principal Distribution Amount paid 6,006,463.76
--------------
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 6,006,463.76
--------------
</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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 18,166,457.30
Class A-2 Base Principal Distribution Amount paid 6,006,463.76
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 12,159,993.54
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 277,472.53
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
--------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 277,472.53
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,268,584.54
Class B-1 Base Principal Distribution due 130,575.31
Class B-1 Base Principal Distribution paid 130,575.31
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 3,138,009.23
REMAINING AVAILABLE FUNDS 146,897.22
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,634,292.27
Class B-2 Base Principal Distribution due 65,287.66
Class B-2 Base Principal Distribution paid 65,287.66
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,569,004.62
REMAINING AVAILABLE FUNDS 81,609.57
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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Class B-3 Note Principal Balance as of preceding Payment Date 2,042,865.34
Class B-3 Base Principal Distribution due 81,609.57
Class B-3 Base Principal Distribution paid 81,609.57
--------------
Class B-3 Base Principal Distribution remaining unpaid 0.00
Class B-3 Note Principal Balance after distribution on Payment Date 1,961,255.77
REMAINING AVAILABLE FUNDS --
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(A)(II)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
--------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due --
Other Amounts Due Servicer under Servicing Agreement paid --
--------------
Other Amounts Due Servicer under Servicing Agreement remaining unpaid --
REMAINING AVAILABLE FUNDS --
AMOUNT PAYABLE TO RESIDUAL HOLDER --
</TABLE>
Page 6
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 167,904,256.55
ADCPB, end of Collection Period 161,620,320.25
--------------
Base Principal Amount 6,283,936.29
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,975,564.49
Servicing Advances collected during the current Collection Period 4,946,347.13
--------------
Unreimbursed Servicing Advances as of current Determination Date 29,217.36
</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 18,166,457.30 5.4500% 82,505.99 - 82,505.99
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 3,268,584.54 6.6100% 18,004.45 - 18,004.45
Class B-2 1,634,292.27 9.9900% 13,605.48 - 13,605.48
Class B-3 2,042,865.34 6.3280% 10,772.71 - 10,772.71
-------------- ------- ---------- -- ----------
157,300,618.46 5.7099% 748,477.49 - 748,477.49
</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% 6,006,463.76 - 6,006,463.76
Class B-1 2.078% 130,575.31 - 130,575.31
Class B-2 1.039% 65,287.66 - 65,287.66
Class B-3 1.299% 81,609.57 - 81,609.57
------------ -- ------------
6,283,936.29 - 6,283,936.29
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<S> <C>
ADCPB as of the prior Calculation Date 167,904,256.55
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 69,960.11
Prior Servicer Fee arrearage -
--------------
Servicer Fee due 69,960.11
</TABLE>
Page 7
<PAGE> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 150,354,876.30
Premium Rate 0.175%
One-twelfth 1/12
--------------
Premium Amount due Current Period 21,926.75
Prior Premium Amount arrearage -
--------------
Total Premium Amount due 21,926.75
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 SEPTEMBER 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<S> <C>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture
when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on deposit in
the Collection Account of (y) on the Class A-1 Maturity Date, the Class A-2
Maturity Date, the Class A-3 Maturity Date, the Class A-4 Maturity Date, the
Class B-1 Maturity Date, the Class B-2 Maturity Date, or the Class B-3
Maturity Date, as the case may be, on any remaining principal owed on the
outstanding Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes, Class B-1 Notes, Class B-2 Notes, or Class B-3 Notes, as the case No
may be.
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment 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 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 4,018,349.88
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 21,017.47
(b) Servicer Fees from current and prior Collection Period 57,628.19
(c) Servicing Charges inadvertantly deposited in Collection Account --
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(v) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vi) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest --
Class A-2 Note Interest 145,129.03
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
(vii) Class B Note Interest 79,373.70
(viii) Class C Note Interest 59,160.98
(ix) Class D Note Interest 18,060.26
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 2,652,830.52
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount 250,724.84
(xii) Class C Base Principal Distribution Amount 169,845.86
(xiii) Class D Base Principal Distribution Amount 40,439.49
(xv) Class E Note Interest 13,351.58
(xvi) Class E Principal Distribution Amount 43,674.65
(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 1,042.52
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 9,643.71
</TABLE>
Reviewed By:
---------------------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 1
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of August 31, 2000 503,013.02
Investment earnings on amounts in Collection Account 6,694.38
Payments due Collection Account from last 3 business days of Collection Period 909,248.60
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 2,599,393.88
------------
AVAILABLE FUNDS ON PAYMENT DATE 4,018,349.88
Reserve Account balance 1,751,034.78
------------
TOTAL AVAILABLE FUNDS 5,769,384.66
Initial Unpaid Amounts inadvertantly deposited in Collection Account --
------------
REMAINING AVAILABLE FUNDS 5,769,384.66
Indemnity Payments paid inadvertantly deposited in Collection Account --
------------
REMAINING AVAILABLE FUNDS 5,769,384.66
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 21,017.47
Unreimbursed Servicer Advances paid 21,017.47
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,748,367.19
SERVICER FEES
Servicer Fees due 57,628.19
Servicer Fees paid 57,628.19
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 5,690,739.00
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 5,690,739.00
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 5,690,322.33
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 5,690,322.33
</TABLE>
Page 2
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 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 145,129.03
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
Total Class A Interest due 610,783.17
--------------
REMAINING AVAILABLE FUNDS 5,079,539.16
CLASS B NOTE INTEREST
Class B Note Interest due 79,373.70
Class B Note Interest paid 79,373.70
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,000,165.46
CLASS C NOTE INTEREST
Class C Note Interest due 59,160.98
Class C Note Interest paid 59,160.98
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 4,941,004.48
CLASS D NOTE INTEREST
Class D Note Interest due 18,060.26
Class D Note Interest paid 18,060.26
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 4,922,944.23
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,589,162.59
Class A Note Principal Balance as of preceding Payment Date 107,769,207.63
--------------
Class A Base Principal Distribution Amount paid 2,589,162.59
--------------
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 2,589,162.59
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 26,958,952.63
Class A-2 Base Principal Distribution Amount paid 2,589,162.59
--------------
Class A-2 Note Principal Balance after distribution 24,369,790.05
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 2,333,781.64
</TABLE>
Page 3
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 13,083,577.07
Class B Base Principal Distribution due 244,707.44
Class B Base Principal Distribution paid 244,707.44
-------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 12,838,869.63
REMAINING AVAILABLE FUNDS 2,089,074.20
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 8,863,068.43
Class C Base Principal Distribution due 165,769.56
Class C Base Principal Distribution paid 165,769.56
-------------
Class C Base Principal Distribution remaining unpaid --
Class C Note Principal Balance after distribution on Payment Date 8,697,298.88
REMAINING AVAILABLE FUNDS 1,923,304.64
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 2,110,253.82
Class D Base Principal Distribution due 39,468.94
Class D Base Principal Distribution paid 39,468.94
-------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 2,070,784.88
REMAINING AVAILABLE FUNDS 1,883,835.70
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 1,883,835.70
-------------
Class A-2 Note Principal Balance after Base Principal 24,369,790.05
Class A-2 Reallocated Principal Distribution --
-------------
Class A-2 Note Principal Balance after Reallocation 24,369,790.05
Remaining Available Funds 1,883,835.70
-------------
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 1,883,835.70
-------------
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 1,883,835.70
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 12,838,869.63
Class B Reallocated Principal Distribution paid --
-------------
Class B Note Principal Balance after Reallocation 12,838,869.63
REMAINING AVAILABLE FUNDS 1,883,835.70
</TABLE>
Page 4
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 8,697,298.88
Class C Reallocated Principal Distribution paid --
-------------
Class C Note Principal Balance after Reallocation 8,697,298.88
REMAINING AVAILABLE FUNDS 1,883,835.70
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 2,070,784.88
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 2,070,784.88
REMAINING AVAILABLE FUNDS 1,883,835.70
CLASS E NOTE INTEREST
Class E Note Interest due 13,351.58
Class E Note Interest paid 13,351.58
-------------
Class E Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 1,870,484.12
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 2,279,074.68
Class E Base Principal Distribution due 42,626.46
Class E Base Principal Distribution paid 42,626.46
-------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 2,236,448.23
REMAINING AVAILABLE FUNDS 1,827,857.66
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 2,236,448.23
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 2,236,448.23
REMAINING AVAILABLE FUNDS 1,827,857.66
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 1,827,857.66
-------------
Class A-2 Note Principal Balance after Reallocated Principal 24,369,790.05
Class A-2 Supplemental Principal Distribution 63,667.93
-------------
Class A-2 Note Principal Balance after Supplemental 24,306,122.12
Remaining Available Funds 1,764,189.73
-------------
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 1,764,189.73
-------------
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 1,764,189.73
</TABLE>
Page 5
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 12,838,869.63
Class B Supplemental Principal Distribution paid 6,017.40
-------------
Class B Note Principal Balance after Supplemental 12,832,852.23
REMAINING AVAILABLE FUNDS 1,758,172.34
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 8,697,298.88
Class C Supplemental Principal Distribution paid 4,076.30
-------------
Class C Note Principal Balance after Supplemental 8,693,222.58
REMAINING AVAILABLE FUNDS 1,754,096.04
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 2,070,784.88
Class D Supplemental Principal Distribution paid 970.55
-------------
Class D Note Principal Balance after Supplemental 2,069,814.33
REMAINING AVAILABLE FUNDS 1,753,125.49
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,236,448.23
Class E Supplemental Principal Distribution paid 1,048.19
-------------
Class E Note Principal Balance after Supplemental 2,235,400.03
REMAINING AVAILABLE FUNDS 1,752,077.30
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 1,042.52
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 1,042.52
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 1,042.52
</TABLE>
Page 6
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 138,307,664.64
ADCPB, end of Collection Period 135,150,149.29
---------------
Base Principal Amount 3,157,515.35
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,860,352.66
Servicing Advances collected during the current Collection Period 2,839,335.19
---------------
Unreimbursed Servicing Advances as of current Determination Date 21,017.47
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 138,307,664.64
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 57,628.19
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 57,628.19
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage --
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due --
Prior Indenture Trustee Expenses arrearage --
---------------
Total Indenture Trustee Expenses due --
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period --
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage --
---------------
Total Other Amounts Due Servicer under Servicing Agreement --
AGING DELINQUENCY STATISTICS - AS OF PRIOR MONTH-END
Current 133,984,324.09 97.50%
31 - 60 days past due 1,725,029.49 1.26%
61 - 90 days past due 657,248.37 0.48%
91+ days past due 1,046,898.39 0.76%
--------------
137,413,500.34
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 47,402.62
Less Recoveries 23,161.55
---------------
Total Charge Offs for the period 24,241.07
End of Month ADCPB 135,150,149.29
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.02%
</TABLE>
Page 7
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED SEPTEMBER 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 26,958,952.63 6.460% 145,129.03 145,129.03
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 143,584,852.00 107,769,207.63 6.80% 610,783.17 610,783.17
-------------- --------------- -------- ------------ -----------
B 13,570,520.00 13,083,577.07 7.280% 79,373.70 79,373.70
C 9,192,933.00 8,863,068.43 8.010% 59,160.98 59,160.98
D 2,188,793.00 2,110,253.82 10.270% 18,060.26 18,060.26
E 2,363,897.00 2,279,074.68 7.030% 13,351.58 13,351.58
-------------- --------------- -------- ------------ -----------
Total Notes 170,900,995.00 134,105,181.64 6.99% 780,729.68 780,729.68
-------------- --------------- -------- ------------ -----------
</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 26,958,952.63 2,589,162.59 0.00 63,667.93 2,652,830.52 24,306,122.12 0.7606030
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 107,769,207.63 2,589,162.59 0.00 63,667.93 2,652,830.52 105,116,377.12
--------------- ------------- ------------- --------------- ------------- ---------------
B 13,083,577.07 244,707.44 0.00 6,017.40 250,724.84 12,832,852.23 0.9456419
C 8,863,068.43 165,769.56 0.00 4,076.30 169,845.86 8,693,222.58 0.9456419
D 2,110,253.82 39,468.94 0.00 970.55 40,439.49 2,069,814.33 0.9456419
E 2,279,074.68 42,626.46 0.00 1,048.19 43,674.65 2,235,400.03 0.9456419
--------------- ------------- ------------- --------------- ------------- ---------------
Total Notes 134,105,181.64 3,081,734.98 0.00 75,780.37 3,157,515.35 130,947,666.29
--------------- ------------- ------------- --------------- ------------- ---------------
</TABLE>
Page 8
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED SEPTEMBER 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% 2,589,162.59 0.00 63,667.93 2,652,830.52 84.02%
B 7.75% 244,707.44 0.00 6,017.40 250,724.84 7.94%
C 5.25% 165,769.56 0.00 4,076.30 169,845.86 5.38%
D 1.25% 39,468.94 0.00 970.55 40,439.49 1.28%
E 1.35% 42,626.46 0.00 1,048.19 43,674.65 1.38%
---------- ------------- ----------- ------------ ------------- ------------
3,081,734.98 0.00 75,780.37 3,157,515.35 100.00%
---------- ------------- ----------- ------------ ------------- ------------
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
----- ------- ---------- ------------
<S> <C> <C> <C>
A N/A
B - No 244,707.44
C - No 165,769.56
D - No 39,468.94
E - No 42,626.46
------- ---------- ------------
</TABLE>
<TABLE>
<S> <C> <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 5,690,322.33
</TABLE>
Page 9
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED SEPTEMBER 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> 30
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: $2,202,890.85
Disbursements from Collection Account: Section 3.05 of the Indenture
(i) Initial Unpaid Amounts or servicing charges inadvertently deposited in Collection Account $ 0.00
(ii) Indemnity Payments paid inadvertently deposited in Collection Account $ 0.00
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances (Other than current Collection Period) $ 473.53
(b) Servicer Fees from current and prior Collection Period $ 77,891.52
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees $ 416.67
(v) Reimbursable Trustee Expenses: Section 7.07(a)(ii) $ 0.00
(vi) Class A-1 through A-2 Note Interest on a pari passu basis:
Class A-1 Note Interest $ 457,432.49
Class A-2 Note Interest $ 644,910.00
(vii) Class B Note Interest $ 93,099.33
(viii) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount $ 883,128.19
Class A-2 Principal Distribution Amount $ 0.00
(ix) Class B Base Principal Distribution Amount $ 0.00
(x) Supplemental Interest Reserve Account addition amount $ 45,539.12
(xi) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) $ 0.00
(xii) Excess to Trust Certificate Holder $ 0.00
</TABLE>
Reviewed By:
----------------------------------------------------------------------
E. Roger Gebhart
Executive Vice President and Treasurer
Page 1
<PAGE> 31
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of August 31, 2000 159,538.12
Investment earnings on amounts in Collection Account 5,170.50
Payments due Collection Account from last 3 business days of Collection Period 447,038.87
Servicer Advance on current Determination Date 939,985.96
Additional Contribution for loss on termination 0.00
Deposit from Reserve Account 651,157.40
Deposit from Letter of Credit Account 0.00
AVAILABLE FUNDS ON PAYMENT DATE 2,202,890.85
Initial Unpaid Amounts inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 2,202,890.85
Indemnity Payments paid inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 2,202,890.85
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 473.53
Unreimbursed Servicer Advances paid 473.53
-------------
Unreimbursed Servicer Advances remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,202,417.32
SERVICER FEES
Servicer Fees due 77,891.52
Servicer Fees paid 77,891.52
-------------
Servicer Fees remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,124,525.80
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT 0.00
REMAINING AVAILABLE FUNDS 2,124,525.80
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
-------------
Indenture Trustee Fee remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,124,109.13
REIMBURSABLE TRUSTEE EXPENSES PER SECTION 7.07(a)(ii)
Total Indenture Trustee Expenses due 0.00
Cap on Indenture Trustee Expenses per section 7.07(a)(ii) 75,000.00
Total Indenture Trustee Expenses paid 0.00
-------------
Indenture Trustee Expenses unpaid 0.00
REMAINING AVAILABLE FUNDS 2,124,109.13
CLASS A-1 THROUGH A-2 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest due 457,432.49
Class A-1 Note Interest paid 457,432.49
-------------
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 1,021,766.64
</TABLE>
Page 2
<PAGE> 32
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 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 928,667.31
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance as of preceding Payment Date 73,286,915.01
Class A-1 Base Principal Distribution due 883,128.19
Class A-1 Base Principal Distribution Amount paid 883,128.19
-------------
Class A-1 Base Principal Distribution remaining unpaid 0.00
Class A-1 Note Principal Balance after distribution on Payment Date 72,403,786.82
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 45,539.12
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 45,539.12
SUPPLEMENTAL INTEREST RESERVE ACCOUNT
Supplemental Interest Reserve Account Addition 45,539.12
REMAINING AVAILABLE FUNDS 0.00
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above 0.00
Remaining Indenture Trustee Expenses paid 0.00
-------------
Remaining Indenture Trustee Expenses unpaid 0.00
REMAINING AVAILABLE FUNDS 0.00
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 0.00
</TABLE>
Page 3
<PAGE> 33
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
RESERVE ACCOUNT: SECTION 3.04(a)
Initial Reserve Account Balance 4,519,288.83
Plus: Earnings for Collection Period per Section 3.04(b) 24,819.42
Less: Withdrawal per Section 3.04(c) 651,157.40
Ending Reserve Account Balance 3,892,950.85
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) 45,539.12
Supplemental Interest Reserve Account Addition (Up to Supplemental Interest 45,539.12
Required Amount)
Supplemental Interest Reserve Account Distribution to Collection Account --
Supplemental Interest Reserve Required Amount calculation
Beginning Balance 198,631.08
Plus: Additions (Up to 1% of Initial ADCPB) 45,539.12
Plus: Earnings for Collection Period 957.44
Less: Required Distributions, To Collection Account --
Ending Supplemental Interest Reserve Account Balance 245,127.64
</TABLE>
Page 4
<PAGE> 34
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 186,939,644.01
ADCPB, end of Collection Period 186,056,515.82
---------------
Base Principal Amount 883,128.19
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 1,038,983.46
Servicing Advances collected during the current Collection Period 1,038,509.93
---------------
Unreimbursed Servicing Advances as of current Determination Date 473.53
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 186,939,644.01
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 77,891.52
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 77,891.52
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 416.67
Prior Indenture Trustee Fee arrearage 0.00
---------------
Total Indenture Trustee Fee due 416.67
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due 0.00
Prior Indenture Trustee Expenses arrearage 0.00
---------------
Total Indenture Trustee Expenses due 0.00
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement - current period 0.00
Prior Other Amounts Due Servicer under Servicing Agreement - arrearage 0.00
---------------
Total Other Amounts Due Servicer under Servicing Agreement 0.00
</TABLE>
Page 5
<PAGE> 35
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
INTEREST PAYMENTS TO NOTEHOLDERS
<TABLE>
<CAPTION>
Beginning Total Total
Initial of Period Interest Current Overdue Interest Interest Interest
Class Balance Balance Rate Interest Due Interest Due Paid Shortfall
----- -------------- -------------- -------- ------------ -------- ------------ ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 75,000,000.00 73,286,915.01 7.490% 457,432.49 0.00 457,432.49 457,432.49 0.00
A-2 99,600,000.00 99,600,000.00 7.770% 644,910.00 0.00 644,910.00 644,910.00 0.00
-------------- -------------- -------- ------------ -------- ------------ ------------ --------
Class A 174,600,000.00 172,886,915.01 1,102,342.49 0.00 1,102,342.49 1,102,342.49 0.00
-------------- -------------- ------------ -------- ------------ ------------ --------
B 14,052,729.00 14,052,729.00 7.950% 93,099.33 0.00 93,099.33 93,099.33 0.00
-------------- -------------- -------- ------------ -------- ------------ ------------ --------
Total Notes 188,652,729.00 186,939,644.01 1,195,441.82 0.00 1,195,441.82 1,195,441.82 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 73,286,915.01 883,128.19 883,128.19 72,403,786.82 0.96538382
A-2 99,600,000.00 0.00 0.00 99,600,000.00 1.00000000
-------------- ---------- ---------- -------------- ----------
Class A 172,886,915.01 883,128.19 883,128.19 172,003,786.82
-------------- ---------- ---------- --------------
B 14,052,729.00 0.00 0.00 14,052,729.00 1.00000000
-------------- ---------- ---------- -------------- ----------
Total Notes 186,939,644.01 883,128.19 883,128.19 186,056,515.82
-------------- ---------- ---------- --------------
</TABLE>
<TABLE>
<CAPTION>
Beginning Base Principal Principal
Principal of Period Overdue Distribution Payment
Percent Balance Principal Amount Amount
--------- -------------- --------- -------------- ----------
<S> <C> <C> <C> <C> <C>
Class A 100.00% 172,886,915.01 0.00 883,128.19 883,128.19
Class B 0.00% 14,052,729.00 0.00 0.00 0.00
------ -------------- ---- ---------- ----------
</TABLE>
Base Principal Amount: 883,128.19
Gross Charge Off Event? No
Available Funds less Fees: 2,124,109.13
Page 6
<PAGE> 36
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C> <C>
a) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the
Indenture when due; and, No
b) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on
deposit in the Collection Account of (y) on the Class A-1 Maturity
Date, the Class A-2 Maturity Date, the Class B Maturity Date, as the
case may be, on any remaining principal owed on the outstanding Class
A-1 Notes, Class A-2 Notes, Class B Notes, as the case may be. No
c) Failure on the part of the Trust duly to observe or perform in any
material respect any other Covenants or Agreements. No
d) The Trust shall consent to the appointment of a Custodian, Receiver,
Trustee, or Liquidator, etc. No
e) The Trust shall file a voluntary petition in bankruptcy or a voluntary
petition or answer seeking reorganization in a proceeding under any
bankruptcy laws etc. No
f) A petition against the Trust in a proceeding under applicable bank
laws or other insolvency laws, as now or hereafter in effect, shall be
filled and shall be consented to by the Trust or shall not be stayed,
withdrawn, or dismissed within 60 days thereafter, etc. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment, deposit, transfer, or delivery required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants or Agreements in Transaction Documents No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing
Agreement No
</TABLE>
Page 7
<PAGE> 37
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<S> <C> <C>
AGING DELINQUENCY STATISTICS - AS OF COLLECTION PERIOD END
Current 182,235,983.63 97.95%
31 - 60 days past due 3,414,099.34 1.83%
61 - 90 days past due 406,432.85 0.22%
91+ days past due 0.00 0.00%
--------------
186,056,515.82
PUTBACK SUMMARY
Defaults for Related Collection Period 394,107.08
Total Defaulted Contracts 0.00
Recoveries from Reserve Account for Current Period 0.00
Total Recoveries from Reserve Account 0.00
Net Remaining Defaulted 0.00
Recoveries from Source Recourse (Up to Available Source Recourse)
Recoveries from Draw on Letter of Credit Account
10% LIMITED RECOURSE AMOUNT
Beginning Amount available under 10% limited recourse 19,238,909.32
Beginning % available under 10% limited recourse 9.6678%
Current months buy backs under 10% limited recourse obligation 394,107.08
Cumulative amount bought back under 10% limited recourse obligation 639,024.43
Cumulative % bought back under 10% limited recourse obligation 0.0000%
LETTERS OF CREDIT
Beginning Value of the 2 Letters of Credit 20,000,000.00
Amount of step down in the Letters of Credit 0.00
Ending Value of the 2 Letters of Credit 20,000,000.00
</TABLE>
<TABLE>
<CAPTION>
LETTER OF CREDIT DRAW EVENTS (NO/YES)
--------
<S> <C>
(i) Non Performance of Buy Back Obligation - Deposit full
amount of both LOCs (No/Yes): No
(ii) Downgrade by Confirming bank - Deposit full amount of
relevant LOC:
Northern Trust Company (Downgraded below Aa/AA by Moodys and
S&P respectively) No
Bank One (Downgraded below Aa/A by Moodys and S&P
respectively) No
(iii) Non-Renewal of Letters of Credit for 364 days by
issuing or confirming bank: No
Deposit full amount of relevant LOC:
Draw on Letters of Credit? No
If a draw on the letters of credit, amount deposited in
Letter of Credit Account 0.00
</TABLE>
Page 8
<PAGE> 38
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
GROSS CHARGE EVENT CALCULATION:
<TABLE>
<CAPTION>
Result
------------
<S> <C> <C>
Defaulted Contracts Current Period
Total Defaulted Contracts Prior Period 24491735.00%
Total Initial ADCPB 0.00%
------------
% Total Defaulted 0.00%
Maximum Allowed 10.00%
Gross Charge Off Event: No
</TABLE>
Page 9
<PAGE> 39
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<CAPTION>
<S> <C>
Available Amount to Note Holders: 5,990,904.27
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 --
(b) Servicer Fees from current and prior Collection Period 84,112.02
(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 241,302.39
Class A-2 Note Interest 175,311.92
Class A-3 Note Interest 310,087.43
Class A-4 Note Interest 203,504.94
(vii) Class B Note Interest 132,378.39
(viii) Class C Note Interest 83,822.61
(ix) Class D Note Interest 39,219.44
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 4,600,260.05
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 25,548.01
(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 94,940.40
Reserve Account balance, ending 2,114,952.31
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 11,649.95
</TABLE>
Reviewed By:
--------------------------------------------------------------------
SANDY B. HO
EVP & CFO
Page 1
<PAGE> 40
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
<TABLE>
<CAPTION>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of August 31, 2000 1,435,429.10
Investment earnings on amounts in Collection Account 15,562.82
Payments due Collection Account from last 3 business days of Collection Period 1,080,964.94
Additional contribution for terminated trade-ups and rebooked leases 52,532.37
Servicer Advance on current Determination Date 3,406,415.04
-------------
AVAILABLE FUNDS ON PAYMENT DATE 5,990,904.27
Reserve Account balance 2,114,952.31
-------------
TOTAL AVAILABLE FUNDS 8,105,856.58
Initial Unpaid Amounts inadvertantly deposited in Collection Account --
-------------
REMAINING AVAILABLE FUNDS 8,105,856.58
Indemnity Payments paid inadvertantly deposited in Collection Account --
-------------
REMAINING AVAILABLE FUNDS 8,105,856.58
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
-------------
Unreimbursed Servicer Advances remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 8,105,856.58
SERVICER FEES
Servicer Fees due 84,112.02
Servicer Fees paid 84,112.02
-------------
Servicer Fees remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 8,021,744.56
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
-------------
REMAINING AVAILABLE FUNDS 8,021,744.56
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 8,021,327.90
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 8,021,327.90
</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 SEPTEMBER 1, 2000
<TABLE>
<CAPTION>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 241,302.39
Class A-2 Note Interest 175,311.92
Class A-3 Note Interest 310,087.43
Class A-4 Note Interest 203,504.94
Total Class A Interest due 930,206.69
--------------
REMAINING AVAILABLE FUNDS 7,091,121.21
CLASS B NOTE INTEREST
Class B Note Interest due 132,378.39
Class B Note Interest paid 132,378.39
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,958,742.82
CLASS C NOTE INTEREST
Class C Note Interest due 83,822.61
Class C Note Interest paid 83,822.61
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,874,920.21
CLASS D NOTE INTEREST
Class D Note Interest due 39,219.44
Class D Note Interest paid 39,219.44
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,835,700.76
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,489,853.81
Class A Note Principal Balance as of preceding Payment Date 154,811,154.00
--------------
Class A Base Principal Distribution Amount paid 4,489,853.81
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 40,392,234.00
Class A-1 Base Principal Distribution Amount paid 4,489,853.81
------------
Class A-1 Note Principal Balance after distribution 35,902,380.19
-------------
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 2,345,846.96
</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 SEPTEMBER 1, 2000
<TABLE>
<CAPTION>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 21,149,523.00
Class B Base Principal Distribution due --
Class B Base Principal Distribution paid --
--------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 21,149,523.00
REMAINING AVAILABLE FUNDS 2,345,846.96
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 2,345,846.96
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 2,345,846.96
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 35,902,380.19
Class A-1 Reallocated Principal Distribution --
--------------
Class A-1 Note Principal Balance after Reallocation 35,902,380.19
Remaining Available Funds 2,345,846.96
--------------
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 2,345,846.96
--------------
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 2,345,846.96
--------------
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 2,345,846.96
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 2,345,846.96
</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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 12,689,714.00
Class C Reallocated Principal Distribution paid --
--------------
Class C Note Principal Balance after Reallocation 12,689,714.00
REMAINING AVAILABLE FUNDS 2,345,846.96
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 2,345,846.96
CLASS E NOTE INTEREST
Class E Note Interest due 25,548.01
Class E Note Interest paid 25,548.01
--------------
Class E Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 2,320,298.95
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 2,320,298.95
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 2,320,298.95
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 35,902,380.19
Class A-1 Supplemental Principal Distribution 110,406.24
--------------
Class A-1 Note Principal Balance after Supplemental 35,791,973.95
Remaining Available Funds 2,209,892.71
--------------
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 2,209,892.71
--------------
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 2,209,892.71
--------------
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 2,209,892.71
</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 SEPTEMBER 1, 2000
<TABLE>
<CAPTION>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 21,149,523.00
Class B Supplemental Principal Distribution paid --
--------------
Class B Note Principal Balance after Supplemental 21,149,523.00
REMAINING AVAILABLE FUNDS 2,209,892.71
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 2,209,892.71
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 2,209,892.71
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 2,209,892.71
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 94,940.40
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 94,940.40
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 94,940.40
</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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 201,868,843.14
ADCPB, end of Collection Period 197,268,583.09
---------------
Base Principal Amount 4,600,260.05
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,601,949.85
Servicing Advances collected during the current Collection Period 3,601,949.85
---------------
Unreimbursed Servicing Advances as of current Determination Date --
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 201,868,843.14
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 84,112.02
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 84,112.02
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 195,656,923.12 97.55%
31 - 60 days past due 2,842,466.47 1.42%
61 - 90 days past due 1,370,981.00 0.68%
91+ days past due 695,800.60 0.35%
---------------
200,566,171.18
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 20,451.04
Less Recoveries 9,576.52
---------------
Total Charge Offs for the period 10,874.52
End of Month ADCPB 197,268,583.09
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.01%
</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 SEPTEMBER 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 40,392,234.00 6.938% 241,302.39 241,302.39
A-2 29,609,332.00 29,609,332.00 7.350% 175,311.92 175,311.92
A-3 51,393,341.00 51,393,341.00 7.490% 310,087.43 310,087.43
A-4 33,416,247.00 33,416,247.00 7.560% 203,504.94 203,504.94
--------------- ---------------- ----------- -------------- -------------
Class A 164,437,542.00 154,811,154.00 7.33% 930,206.69 930,206.69
--------------- ---------------- ----------- -------------- -------------
B 21,149,523.00 21,149,523.00 7.770% 132,378.39 132,378.39
C 12,689,714.00 12,689,714.00 8.200% 83,822.61 83,822.61
D 4,229,905.00 4,229,905.00 11.510% 39,219.44 39,219.44
E 4,124,157.00 4,124,157.00 7.690% 25,548.01 25,548.01
--------------- ---------------- ----------- -------------- -------------
Total Notes 206,630,841.00 197,004,453.00 7.53% 1,211,175.14 1,211,175.14
--------------- ---------------- ----------- -------------- -------------
</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 40,392,234.00 4,489,853.81 0.00 110,406.24 4,600,260.05 35,791,973.95 0.7155730
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 154,811,154.00 4,489,853.81 0.00 110,406.24 4,600,260.05 150,210,893.95
--------------- --------------- ------------- ------------- ------------- ---------------
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 197,004,453.00 4,489,853.81 0.00 110,406.24 4,600,260.05 192,404,192.95
--------------- --------------- ------------- ------------- ------------- ---------------
</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 SEPTEMBER 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% 4,489,853.81 0.00 110,406.24 4,600,260.05 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%
-------------- ----------- ------------- ------------- -------------
4,489,853.81 0.00 110,406.24 4,600,260.05 100.10%
-------------- ----------- ------------- ------------- -------------
</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 --
(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 8,021,327.90
</TABLE>
Page 9
<PAGE> 48
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED SEPTEMBER 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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