<PAGE> 1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 5,835,144.96
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 38,107.66
(b) Servicer Fees from current and prior Collection Period 47,211.87
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 11,644.00
(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 132,246.99
Class A-4 Note Interest 331,522.69
(viii) Class B-1 Note Interest 13,271.27
(ix) Class B-2 Note Interest 8,597.40
(x) Class B-3 Note Interest 11,286.00
(xi) Class A Base Principal Distribution Amount plus Class A Overdue Principal
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount 4,854,508.72
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 105,532.80
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 52,766.39
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 105,532.80
(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 122,499.69
</TABLE>
Reviewed By:
--------------------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
1/18/01 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 DECEMBER 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 29,118,604.18 4,854,508.72 -- 4,854,508.72 24,264,095.46 0.4620813
Class A-4 70,687,140.00 70,687,140.00 -- -- -- 70,687,140.00 1.0000000
--------------- --------------- -------------- -------------- -------------- --------------- -----------
Total Class A 247,741,596.00 99,805,744.18 4,854,508.72 -- 4,854,508.72 94,951,235.46 0.3832672
Class B-1 5,385,687.00 2,169,690.14 105,532.80 -- 105,532.80 2,064,157.34 0.3832672
Class B-2 2,692,843.00 1,084,844.87 52,766.39 -- 52,766.39 1,032,078.48 0.3832672
Class B-3 5,385,687.00 2,169,690.15 105,532.80 -- 105,532.80 2,064,157.35 0.3832672
--------------- --------------- -------------- -------------- -------------- ---------------
Total 261,205,813.00 105,229,969.34 5,118,340.71 -- 5,118,340.71 100,111,628.63
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 2000 1,148,465.54
Investment earnings on amounts in Collection Account 9,205.48
Payments due Collection Account from last 3 business days of Collection Period 1,537,472.07
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,140,001.87
--------------
Available Funds on Payment Date 5,835,144.96
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 5,835,144.96
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 5,835,144.96
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 38,107.66
Unreimbursed Servicer Advances paid 38,107.66
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,797,037.30
SERVICER FEES
Servicer Fees due 47,211.87
Servicer Fees paid 47,211.87
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,749,825.43
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 5,749,825.43
PREMIUM AMOUNT
Premium Amount due 11,644.00
Premium Amount paid 11,644.00
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,738,181.42
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 5,737,764.76
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 5,737,764.76
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 132,246.99
Class A-4 Note Interest 331,522.69
--------------
</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 DECEMBER 1, 2000
<TABLE>
<S> <C>
Total Class A Interest due 463,769.68
--------------
REMAINING AVAILABLE FUNDS 5,273,995.07
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 13,271.27
Class B-1 Note Interest paid 13,271.27
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,260,723.80
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 8,597.40
Class B-2 Note Interest paid 8,597.40
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,252,126.41
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 11,286.00
Class B-3 Note Interest paid 11,286.00
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,240,840.40
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,854,508.72
Class A Note Principal Balance as of preceding Payment Date 99,805,744.18
--------------
Class A Base Principal Distribution Amount paid 4,854,508.72
--------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date --
Class A-1 Base Principal Distribution Amount paid --
--------------
Class A-1 Note Principal Balance after distribution on Payment Date --
--------------
Remaining Class A Base Principal Distribution Amount 4,854,508.72
--------------
Class A-2 Note Principal Balance as of preceding Payment Date --
Class A-2 Base Principal Distribution Amount paid --
--------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 4,854,508.72
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 29,118,604.18
Class A-3 Base Principal Distribution Amount paid 4,854,508.72
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 24,264,095.46
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
</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 DECEMBER 1, 2000
<TABLE>
<S> <C>
REMAINING AVAILABLE FUNDS 386,331.68
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
--------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 386,331.68
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,169,690.14
Class B-1 Base Principal Distribution due 105,532.80
Class B-1 Base Principal Distribution paid 105,532.80
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,064,157.34
REMAINING AVAILABLE FUNDS 280,798.88
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,084,844.87
Class B-2 Base Principal Distribution due 52,766.39
Class B-2 Base Principal Distribution paid 52,766.39
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,032,078.48
REMAINING AVAILABLE FUNDS 228,032.49
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 2,169,690.15
Class B-3 Base Principal Distribution due 105,532.80
Class B-3 Base Principal Distribution paid 105,532.80
--------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 2,064,157.35
REMAINING AVAILABLE FUNDS 122,499.69
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 122,499.69
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 122,499.69
AMOUNT PAYABLE TO RESIDUAL HOLDER 122,499.69
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 113,308,499.34
ADCPB, end of Collection Period 108,190,158.63
---------------
Base Principal Amount 5,118,340.71
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,746,131.84
Servicing Advances collected during the current Collection Period 2,708,024.18
---------------
Unreimbursed Servicing Advances as of current Determination Date 38,107.66
</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 29,118,604.18 5.4500% 132,246.99 -- 132,246.99
Class A-4 70,687,140.00 5.6280% 331,522.69 -- 331,522.69
Class B-1 2,169,690.14 7.3400% 13,271.27 -- 13,271.27
Class B-2 1,084,844.87 9.5100% 8,597.40 -- 8,597.40
Class B-3 2,169,690.15 6.2420% 11,286.00 -- 11,286.00
--------------- -------- ----------- ---------- -----------
105,229,969.34 5.6667% 496,924.35 -- 496,924.35
</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% 4,854,508.72 -- 4,854,508.72
Class B-1 2.062% 105,532.80 -- 105,532.80
Class B-2 1.031% 52,766.39 -- 52,766.39
Class B-3 2.062% 105,532.80 -- 105,532.80
------------- ----------- -------------
5,118,340.71 -- 5,118,340.71
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 113,308,499.34
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 47,211.87
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 47,211.87
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 99,805,744.18
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 11,644.00
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 11,644.00
</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 DECEMBER 1, 2000
<TABLE>
<S> <C>
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 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture when
due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount
equal to the principal due on the Outstanding Notes as of such Payment Date to
the extent that sufficient Available Funds are on deposit in the Collection
Account of (y) on the Class A-1 Maturity Date, the Class A-2 Maturity Date, the
Class A-3 Maturity Date, the Class A-4 Maturity Date, the Class B-1 Maturity
Date, the Class B-2 Maturity Date, or the Class B-3 Maturity Date, as the case
may be, on any remaining principal owed on the outstanding Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B-1 Notes, Class B-2
Notes, or Class B-3 Notes, as the case may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
----------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1998-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED DECEMBER 1, 2000
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period (0.14)%
Gross Charge Off Ratio Prior Period (0.18)%
Gross Charge Off Ratio Second Prior Period 1.87%
------
Average of Gross Charge Off Ratio for Three Periods 0.52%
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 2,666.80 15,278.67 (12,611.87) 108,190,158.63 (0.14)%
Prior Period 1,928.87 18,633.63 (16,704.76) 113,308,499.34 (0.18)%
Second Prior Period 246,495.01 61,558.94 184,936.07 118,718,825.67 1.87%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 4.58%
Delinquency Trigger Ratio Prior Period 4.05%
Delinquency Trigger Ratio Second Prior Period 4.30%
-------
Average of Delinquency Trigger Ratios 4.31%
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 5,061,654.77 110,551,668.51 4.58%
Prior Period 4,668,481.60 115,390,066.91 4.05%
Second Prior Period 5,107,775.41 118,718,825.67 4.30%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
----------- -----------------
<S> <C> <C>
Current 105,490,014 95.42%
31-60 Days Past Due 2,500,951 2.26%
61-90 Days Past Due 1,013,439 0.92%
91+ Days Past Due 1,547,266 1.40%
----------- ------
TOTAL 110,551,669 100.00%
</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 5,731,775.35
Current month ADCPB Substituted 157,092.78
--------------
Cumulative ADCPB Substituted 5,888,868.13
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,296,862.12
Disbursements from Collection Account: Section 3.04(b) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 66,144.71
(b) Servicer Fees from current and prior Collection Period 59,994.00
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Premium Amount due on Payment Date and unpaid Premium Amounts 18,592.64
(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 200,236.16
Class A-4 Note Interest 401,672.54
(viii) Class B-1 Note Interest 15,266.75
(ix) Class B-2 Note Interest 11,536.67
(x) Class B-3 Note Interest 9,134.64
(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 5,146,669.68
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 111,884.13
(xiv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 55,942.07
(xv) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 69,927.58
(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 129,443.88
</TABLE>
Reviewed By:
--------------------------------------------------------------------
Sandy B. Ho
Executive Vice President & CFO
Page 1
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<CAPTION>
Initial Beginning Base Additional Total Ending Ending
Principal Principal Principal Principal Principal Principal Certificate
Class Balance Balance Distribution Distribution Distribution Balance Factor
----- -------------- -------------- ------------ ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 70,688,994.00 -- -- -- -- -- 0.0000000
Class A-2 57,258,085.00 -- -- -- -- -- 0.0000000
Class A-3 48,068,516.00 43,372,454.08 5,146,669.68 -- 5,146,669.68 38,225,784.40 0.7952354
Class A-4 84,119,903.00 84,119,903.00 -- -- 84,119,903.00 1.0000000
-------------- -------------- ------------ ------------ ------------ -------------- --------------
Total Class A 260,135,498.00 127,492,357.08 5,146,669.68 -- 5,146,669.68 122,345,687.40 0.4703152
Class B-1 5,655,120.00 2,771,573.21 111,884.13 -- 111,884.13 2,659,689.08 0.4703152
Class B-2 2,827,560.00 1,385,786.61 55,942.07 -- 55,942.07 1,329,844.54 0.4703152
Class B-3 3,534,450.00 1,732,233.26 69,927.58 -- 69,927.58 1,662,305.68 0.4703152
-------------- -------------- ------------ ------------ ------------ --------------
Total 272,152,628.00 133,381,950.16 5,384,423.47 -- 5,384,423.47 127,997,526.70
</TABLE>
Page 2
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 2000 861,083.86
Add: Investment earnings on amounts in Collection Account 9,094.53
Add: Payments due Collection Account from last 3 business days of Collection Period 92,478.45
Less: Amounts inadvertently deposited into collection account 162,586.75
Add: Additional contribution for terminated trade-ups and rebooked leases --
Add: Servicer Advance on current Determination Date 5,496,792.03
--------------
Available Funds on Payment Date 6,296,862.12
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,296,862.12
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,296,862.12
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 66,144.71
Unreimbursed Servicer Advances paid 66,144.71
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,230,717.41
SERVICER FEES
Servicer Fees due 59,994.00
Servicer Fees paid 59,994.00
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,170,723.41
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 6,170,723.41
PREMIUM AMOUNT
Premium Amount due 18,592.64
Premium Amount paid 18,592.64
--------------
Premium Amount remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,152,130.78
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
--------------
Indenture Trustee Fee remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 6,151,714.11
</TABLE>
Page 3
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<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 6,151,714.11
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 200,236.16
Class A-4 Note Interest 401,672.54
--------------
Total Class A Interest due 601,908.70
--------------
REMAINING AVAILABLE FUNDS 5,549,805.41
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 15,266.75
Class B-1 Note Interest paid 15,266.75
--------------
Class B-1 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,534,538.66
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 11,536.67
Class B-2 Note Interest paid 11,536.67
--------------
Class B-2 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,523,001.99
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 9,134.64
Class B-3 Note Interest paid 9,134.64
--------------
Class B-3 Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,513,867.35
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 5,146,669.68
Class A Note Principal Balance as of preceding Payment Date 127,492,357.08
--------------
Class A Base Principal Distribution Amount paid 5,146,669.68
--------------
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 5,146,669.68
--------------
</TABLE>
Page 4
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<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 5,146,669.68
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 43,372,454.08
Class A-3 Base Principal Distribution Amount paid 5,146,669.68
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 38,225,784.40
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 367,197.66
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
--------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 367,197.66
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 2,771,573.21
Class B-1 Base Principal Distribution due 111,884.13
Class B-1 Base Principal Distribution paid 111,884.13
--------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 2,659,689.08
REMAINING AVAILABLE FUNDS 255,313.53
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,385,786.61
Class B-2 Base Principal Distribution due 55,942.07
Class B-2 Base Principal Distribution paid 55,942.07
--------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,329,844.54
REMAINING AVAILABLE FUNDS 199,371.46
</TABLE>
Page 5
<PAGE> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 1,732,233.26
Class B-3 Base Principal Distribution due 69,927.58
Class B-3 Base Principal Distribution paid 69,927.58
--------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 1,662,305.68
REMAINING AVAILABLE FUNDS 129,443.88
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 129,443.88
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 129,443.88
AMOUNT PAYABLE TO RESIDUAL HOLDER 129,443.88
</TABLE>
Page 6
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 143,985,588.25
ADCPB, end of Collection Period 138,601,164.79
--------------
Base Principal Amount 5,384,423.47
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 4,655,376.02
Servicing Advances collected during the current Collection Period 4,589,231.31
--------------
Unreimbursed Servicing Advances as of current Determination Date 66,144.71
</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 -- 5.4500% -- -- --
Class A-3 43,372,454.08 5.5400% 200,236.16 -- 200,236.16
Class A-4 84,119,903.00 5.7300% 401,672.54 -- 401,672.54
Class B-1 2,771,573.21 6.6100% 15,266.75 -- 15,266.75
Class B-2 1,385,786.61 9.9900% 11,536.67 -- 11,536.67
Class B-3 1,732,233.26 6.3280% 9,134.64 -- 9,134.64
-------------- -------------- -------------- -------------- --------------
133,381,950.16 5.7385% 637,846.77 -- 637,846.77
</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% 5,146,669.68 -- 5,146,669.68
Class B-1 2.078% 111,884.13 -- 111,884.13
Class B-2 1.039% 55,942.07 -- 55,942.07
Class B-3 1.299% 69,927.58 -- 69,927.58
-------------- -------------- --------------
5,384,423.47 -- 5,384,423.47
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 143,985,588.25
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 59,994.00
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 59,994.00
</TABLE>
Page 7
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 127,492,357.08
Premium Rate 0.175%
One-twelfth 1/12
--------------
Premium Amount due Current Period 18,592.64
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 18,592.64
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> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Failure to distribute to the Noteholders all or part of any payment of
Interest required to be made under the terms of such Notes or the Indenture
when due; and, No
B) Failure to distribute to the Noteholders (x) on any Payment Date, an
amount equal to the principal due on the Outstanding Notes as of such
Payment Date to the extent that sufficient Available Funds are on deposit
in the Collection Account of (y) on the Class A-1 Maturity Date, the Class
A-2 Maturity Date, the Class A-3 Maturity Date,the Class A-4 Maturity Date,
the Class B-1 Maturity Date, the Class B-2 Maturity Date, or the Class B-3
Maturity Date, as the case may be, on any remaining principal owed on the
outstanding Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes, Class B-1 Notes, Class B-2 Notes, or Class B-3 Notes, as the case
may be. No
</TABLE>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
<TABLE>
<CAPTION>
Section Event Yes/No
------- ----- ------
<S> <C> <C>
6.01(i) Failure to make payment required No
6.01(ii) Failure to submit Monthly Statement No
6.01(iii) Failure to Observe Covenants in Servicing Agreement No
6.01(iv) Servicer consents to appointment of custodian, receiver, etc. No
6.01(v) Servicer files a voluntary petition for bankruptcy No
6.01(vi) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days No
6.01(vii) Assignment by Servicer to a delegate its rights under Servicing
Agreement No
6.01(viii) Servicer Trigger Event as contained in the Insurance Agreement
has occurred. No
</TABLE>
Page 9
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
Available Amount to Note Holders: 4,124,062.10
Reserve Account balance, beginning 1,751,034.78
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 25,215.72
(b) Servicer Fees from current and prior Collection Period 52,716.10
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(v) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vi) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest --
Class A-2 Note Interest 91,808.68
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
(vii) Class B Note Interest 73,694.60
(viii) Class C Note Interest 54,928.08
(ix) Class D Note Interest 16,768.06
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount --
Class A-2 Principal Distribution Amount 2,789,525.51
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount 263,644.18
(xii) Class C Base Principal Distribution Amount 178,597.67
(xiii) Class D Base Principal Distribution Amount 42,523.25
(xv) Class E Note Interest 12,396.29
(xvi) Class E Principal Distribution Amount 45,925.12
(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 10,248.04
Reserve Account balance, ending 1,751,034.78
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 9,617.15
</TABLE>
Reviewed By:
---------------------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 2000 516,296.74
Investment earnings on amounts in Collection Account 6,833.23
Payments due Collection Account from last 3 business days of Collection Period 322,355.31
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 3,278,576.82
--------------
AVAILABLE FUNDS ON PAYMENT DATE 4,124,062.10
Reserve Account balance 1,751,034.78
--------------
TOTAL AVAILABLE FUNDS 5,875,096.88
Initial Unpaid Amounts inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 5,875,096.88
Indemnity Payments paid inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 5,875,096.88
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 25,215.72
Unreimbursed Servicer Advances paid 25,215.72
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,849,881.16
SERVICER FEES
Servicer Fees due 52,716.10
Servicer Fees paid 52,716.10
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,797,165.06
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 5,797,165.06
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 416.67
Indenture Trustee Fee paid 416.67
--------------
Indenture Trustee Fee remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,796,748.39
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 5,796,748.39
</TABLE>
Page 2
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<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 91,808.68
Class A-3 Note Interest 105,098.57
Class A-4 Note Interest 360,555.57
Total Class A Interest due 557,462.82
--------------
REMAINING AVAILABLE FUNDS 5,239,285.57
CLASS B NOTE INTEREST
Class B Note Interest due 73,694.60
Class B Note Interest paid 73,694.60
--------------
Class B Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,165,590.98
CLASS C NOTE INTEREST
Class C Note Interest due 54,928.08
Class C Note Interest paid 54,928.08
--------------
Class C Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,110,662.90
CLASS D NOTE INTEREST
Class D Note Interest due 16,768.06
Class D Note Interest paid 16,768.06
--------------
Class D Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 5,093,894.83
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,722,576.89
Class A Note Principal Balance as of preceding Payment Date 97,864,498.87
--------------
Class A Base Principal Distribution Amount paid 2,722,576.89
--------------
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 2,722,576.89
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 17,054,243.87
Class A-2 Base Principal Distribution Amount paid 2,722,576.89
--------------
Class A-2 Note Principal Balance after distribution 14,331,666.98
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 2,371,317.94
</TABLE>
Page 3
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 12,147,461.30
Class B Base Principal Distribution due 257,316.72
Class B Base Principal Distribution paid 257,316.72
--------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 11,890,144.58
REMAINING AVAILABLE FUNDS 2,114,001.22
CLASS C BASE PRINCIPAL DISTRIBUTION
Class C Note Principal Balance as of preceding Payment Date 8,228,925.50
Class C Base Principal Distribution due 174,311.33
Class C Base Principal Distribution paid 174,311.33
--------------
Class C Base Principal Distribution remaining unpaid --
Class C Note Principal Balance after distribution on Payment Date 8,054,614.17
REMAINING AVAILABLE FUNDS 1,939,689.90
CLASS D BASE PRINCIPAL DISTRIBUTION
Class D Note Principal Balance as of preceding Payment Date 1,959,267.40
Class D Base Principal Distribution due 41,502.70
Class D Base Principal Distribution paid 41,502.70
--------------
Class D Base Principal Distribution remaining unpaid --
Class D Note Principal Balance after distribution on Payment Date 1,917,764.71
REMAINING AVAILABLE FUNDS 1,898,187.20
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 1,898,187.20
--------------
Class A-2 Note Principal Balance after Base Principal 14,331,666.98
Class A-2 Reallocated Principal Distribution --
--------------
Class A-2 Note Principal Balance after Reallocation 14,331,666.98
Remaining Available Funds 1,898,187.20
--------------
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 1,898,187.20
--------------
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 1,898,187.20
CLASS B REALLOCATED PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Base Principal 11,890,144.58
Class B Reallocated Principal Distribution paid --
--------------
Class B Note Principal Balance after Reallocation 11,890,144.58
REMAINING AVAILABLE FUNDS 1,898,187.20
</TABLE>
Page 4
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS C REALLOCATED PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Base Principal 8,054,614.17
Class C Reallocated Principal Distribution paid --
--------------
Class C Note Principal Balance after Reallocation 8,054,614.17
REMAINING AVAILABLE FUNDS 1,898,187.20
CLASS D REALLOCATED PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Base Principal 1,917,764.71
Class D Reallocated Principal Distribution paid --
Class D Note Principal Balance after Reallocation 1,917,764.71
REMAINING AVAILABLE FUNDS 1,898,187.20
CLASS E NOTE INTEREST
Class E Note Interest due 12,396.29
Class E Note Interest paid 12,396.29
--------------
Class E Note Interest remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 1,885,790.91
CLASS E BASE PRINCIPAL DISTRIBUTION
Class E Note Principal Balance as of preceding Payment Date 2,116,009.36
Class E Base Principal Distribution due 44,822.91
Class E Base Principal Distribution paid 44,822.91
--------------
Class E Base Principal Distribution remaining unpaid --
Class E Note Principal Balance after distribution on Payment Date 2,071,186.44
REMAINING AVAILABLE FUNDS 1,840,968.00
CLASS E REALLOCATED PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Base Principal 2,071,186.44
Class E Reallocated Principal Distribution paid --
Class E Note Principal Balance after Reallocation 2,071,186.44
REMAINING AVAILABLE FUNDS 1,840,968.00
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 1,840,968.00
--------------
Class A-2 Note Principal Balance after Reallocated Principal 14,331,666.98
Class A-2 Supplemental Principal Distribution 66,948.61
--------------
Class A-2 Note Principal Balance after Supplemental 14,264,718.36
Remaining Available Funds 1,774,019.39
--------------
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 1,774,019.39
--------------
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 1,774,019.39
</TABLE>
Page 5
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 11,890,144.58
Class B Supplemental Principal Distribution paid 6,327.46
--------------
Class B Note Principal Balance after Supplemental 11,883,817.12
REMAINING AVAILABLE FUNDS 1,767,691.93
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 8,054,614.17
Class C Supplemental Principal Distribution paid 4,286.34
--------------
Class C Note Principal Balance after Supplemental 8,050,327.83
REMAINING AVAILABLE FUNDS 1,763,405.58
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 1,917,764.71
Class D Supplemental Principal Distribution paid 1,020.56
--------------
Class D Note Principal Balance after Supplemental 1,916,744.15
REMAINING AVAILABLE FUNDS 1,762,385.02
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 2,071,186.44
Class E Supplemental Principal Distribution paid 1,102.20
--------------
Class E Note Principal Balance after Supplemental 2,070,084.24
REMAINING AVAILABLE FUNDS 1,761,282.82
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 10,248.04
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
--------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS 10,248.04
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER 10,248.04
</TABLE>
Page 6
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 126,518,645.43
ADCPB, end of Collection Period 123,198,429.70
----------------
Base Principal Amount 3,320,215.72
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,641,174.30
Servicing Advances collected during the current Collection Period 2,615,958.58
----------------
Unreimbursed Servicing Advances as of current Determination Date 25,215.72
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 126,518,645.43
Servicer Fee Rate 0.500%
One-twelfth 1/12
----------------
Servicer Fee due current period 52,716.10
Prior Servicer Fee arrearage --
----------------
Servicer Fee due 52,716.10
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 119,317,570.54 96.85%
31 - 60 days past due 2,182,581.88 1.77%
61 - 90 days past due 749,631.42 0.61%
91+ days past due 948,645.87 0.77%
----------------
123,198,429.70
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 43,404.32
Less Recoveries 42,628.05
----------------
Total Charge Offs for the period 776.27
End of Month ADCPB 123,198,429.70
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.00%
</TABLE>
Page 7
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2001
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 17,054,243.87 6.460% 91,808.68 91,808.68
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 97,864,498.87 6.84% 557,462.82 557,462.82
-------------- -------------- -------------- -------------- --------------
B 13,570,520.00 12,147,461.30 7.280% 73,694.60 73,694.60
C 9,192,933.00 8,228,925.50 8.010% 54,928.08 54,928.08
D 2,188,793.00 1,959,267.40 10.270% 16,768.06 16,768.06
E 2,363,897.00 2,116,009.36 7.030% 12,396.29 12,396.29
-------------- -------------- -------------- -------------- --------------
Total Notes 170,900,995.00 122,316,162.43 7.02% 715,249.85 715,249.85
-------------- -------------- -------------- -------------- --------------
</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 17,054,243.87 2,722,576.89 0.00 66,948.61 2,789,525.51 14,264,718.36 0.4463809
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 97,864,498.87 2,722,576.89 0.00 66,948.61 2,789,525.51 95,074,973.36
-------------- ------------ ------------- ------------- ------------ --------------
B 12,147,461.30 257,316.72 0.00 6,327.46 263,644.18 11,883,817.12 0.8757083
C 8,228,925.50 174,311.33 0.00 4,286.34 178,597.67 8,050,327.83 0.8757083
D 1,959,267.40 41,502.70 0.00 1,020.56 42,523.25 1,916,744.15 0.8757083
E 2,116,009.36 44,822.91 0.00 1,102.20 45,925.12 2,070,084.24 0.8757083
-------------- ------------ ------------- ------------- ------------ --------------
Total Notes 122,316,162.43 3,240,530.55 0.00 79,685.18 3,320,215.72 118,995,946.70
-------------- ------------ ------------- ------------- ------------ --------------
</TABLE>
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2001
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% 2,722,576.89 0.00 66,948.61 2,789,525.51 84.02%
B 7.75% 257,316.72 0.00 6,327.46 263,644.18 7.94%
C 5.25% 174,311.33 0.00 4,286.34 178,597.67 5.38%
D 1.25% 41,502.70 0.00 1,020.56 42,523.25 1.28%
E 1.35% 44,822.91 0.00 1,102.20 45,925.12 1.38%
------------ ------------ ------------ ------------ ------------ ------------
3,240,530.55 0.00 79,685.18 3,320,215.72 100.00%
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
----- ------ ---------- -----------
<S> <C> <C> <C>
A N/A
B -- No 257,316.72
C -- No 174,311.33
D -- No 41,502.70
E -- No 44,822.91
</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 5,796,748.39
</TABLE>
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1999-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
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> 29
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
Available Funds $2,877,150.18
Deposit from Reserve Account $ 132,939.39
-------------
Total Available Amount to Note Holders: $3,010,089.57
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) $ 25,407.55
(b) Servicer Fees from current and prior Collection Period $ 75,817.09
(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 $ 426,357.53
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 $1,701,405.64
Class A-2 Principal Distribution Amount $ 0.00
(ix) Class B Base Principal Distribution Amount $ 0.00
(x) Supplemental Interest Reserve Account addition amount $ 42,675.76
(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> 30
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 2000 1,105,254.06
Investment earnings on amounts in Collection Account 7,265.34
Payments due Collection Account from last 3 business days of Collection Period 376,589.20
Servicer Advance on current Determination Date 1,388,041.58
Additional Contribution for loss on termination 0.00
Deposit from Reserve Account 132,939.39
Deposit from Letter of Credit Account 0.00
AVAILABLE FUNDS ON PAYMENT DATE 3,010,089.57
Initial Unpaid Amounts inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 3,010,089.57
Indemnity Payments paid inadvertently deposited in Collection Account 0.00
REMAINING AVAILABLE FUNDS 3,010,089.57
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 25,407.55
Unreimbursed Servicer Advances paid 25,407.55
--------------
Unreimbursed Servicer Advances remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,984,682.02
SERVICER FEES
Servicer Fees due 75,817.09
Servicer Fees paid 75,817.09
--------------
Servicer Fees remaining unpaid 0.00
REMAINING AVAILABLE FUNDS 2,908,864.93
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT 0.00
REMAINING AVAILABLE FUNDS 2,908,864.93
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 2,908,448.26
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 2,908,448.26
CLASS A-1 THROUGH A-2 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest due 426,357.53
Class A-1 Note Interest paid 426,357.53
--------------
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 1,837,180.73
</TABLE>
Page 2
<PAGE> 31
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
<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 1,744,081.40
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance as of preceding Payment Date 68,308,283.06
Class A-1 Base Principal Distribution due 1,701,405.64
Class A-1 Base Principal Distribution Amount paid 1,701,405.64
--------------
Class A-1 Base Principal Distribution remaining unpaid 0.00
Class A-1 Note Principal Balance after distribution on Payment Date 66,606,877.42
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 42,675.76
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 42,675.76
SUPPLEMENTAL INTEREST RESERVE ACCOUNT
Supplemental Interest Reserve Account Addition 42,675.76
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> 32
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
RESERVE ACCOUNT: SECTION 3.04(a)
Initial Reserve Account Balance 3,636,101.06
Plus: Earnings for Collection Period per Section 3.04(b) 19,908.84
Less: Withdrawal per Section 3.04(c) 132,939.39
Ending Reserve Account Balance 3,523,070.51
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) 42,675.76
Supplemental Interest Reserve Account Addition (Up to Supplemental Interest 42,675.76
Required Amount)
Supplemental Interest Reserve Account Distribution to Collection Account --
Supplemental Interest Reserve Required Amount calculation
Beginning Balance 433,127.29
Plus: Additions (Up to 1% of Initial ADCPB) 42,675.76
Plus: Earnings for Collection Period 2,227.18
Less: Required Distributions, To Collection Account --
Ending Supplemental Interest Reserve Account Balance 478,030.23
</TABLE>
Page 4
<PAGE> 33
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 181,961,012.06
ADCPB, end of Collection Period 180,259,606.42
----------------
Base Principal Amount 1,701,405.64
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 1,100,269.40
Servicing Advances collected during the current Collection Period 1,074,861.85
----------------
Unreimbursed Servicing Advances as of current Determination Date 25,407.55
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 181,961,012.06
Servicer Fee Rate 0.500%
One-twelfth 1/12
----------------
Servicer Fee due current period 75,817.09
Prior Servicer Fee arrearage --
----------------
Servicer Fee due 75,817.09
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> 34
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
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 68,308,283.06 7.490% 426,357.53 0.00 426,357.53 426,357.53 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 174,600,000.00 167,908,283.06 1,071,267.53 0.00 1,071,267.53 1,071,267.53 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 188,652,729.00 181,961,012.06 1,164,366.86 0.00 1,164,366.86 1,164,366.86 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 68,308,283.06 1,701,405.64 1,701,405.64 66,606,877.42 0.88809170
A-2 99,600,000.00 0.00 0.00 99,600,000.00 1.00000000
-------------- -------------- -------------- -------------- --------------
Class A 167,908,283.06 1,701,405.64 1,701,405.64 166,206,877.42
-------------- -------------- -------------- -------------- --------------
B 14,052,729.00 0.00 0.00 14,052,729.00 1.00000000
-------------- -------------- -------------- -------------- --------------
Total Notes 181,961,012.06 1,701,405.64 1,701,405.64 180,259,606.42
-------------- -------------- -------------- -------------- --------------
</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% 167,908,283.06 0.00 1,701,405.64 1,701,405.64
Class B 0.00% 14,052,729.00 0.00 0.00 0.00
-------------- -------------- -------------- -------------- --------------
</TABLE>
<TABLE>
<S> <C>
Base Principal Amount: 1,701,405.64
Gross Charge Off Event? No
Available Funds less Fees: 2,908,448.26
</TABLE>
Page 6
<PAGE> 35
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
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> 36
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C> <C>
AGING DELINQUENCY STATISTICS - AS OF COLLECTION PERIOD END
Current 180,252,375.85 100.00%
31 - 60 days past due 7,230.57 0.00%
61 - 90 days past due 0.00 0.00%
91+ days past due 0.00 0.00%
----------------
180,259,606.42
PUTBACK SUMMARY
Defaults for Related Collection Period 360,757.94
Total Defaulted Contracts 1,557,037.61
Recoveries from Reserve Account for Current Period 132,939.39
Total Recoveries from Reserve Account 1,105,421.62
Net Remaining Defaulted 451,615.99
Recoveries from Source Recourse (Up to Available Source Recourse) 0.00
Recoveries from Draw on Letter of Credit Account 0.00
10% LIMITED RECOURSE AMOUNT
Beginning Amount available under 10% limited recourse 19,238,909.32
Beginning % available under 10% limited recourse 9.2242%
Current months buy backs under 10% limited recourse obligation 345,206.40
Cumulative amount bought back under 10% limited recourse obligation 1,492,478.79
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> 37
FIRST SIERRA HEALTHCARE EQUIPMENT CONTRACT TRUST 2000-1
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - INPUT SHEET
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<CAPTION>
GROSS CHARGE EVENT CALCULATION: Result
------------
<S> <C> <C>
Defaulted Contracts Current Period 360,758
Total Defaulted Contracts Prior Period 1,196,280
------------
Total ADCPB of all Defaulted Contracts 1,557,038
Total Initial ADCPB 188,652,729
------------
% Total Defaulted 0.83%
Maximum Allowed 10.00%
Gross Charge Off Event: No
</TABLE>
Page 9
<PAGE> 38
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,138,500.99
Reserve Account balance, beginning 2,114,952.31
Disbursements from Collection Account: Section 3.05(a) of the Indenture
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 27,977.72
(b) Servicer Fees from current and prior Collection Period 76,086.44
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 416.67
(v) Reimbursable Trustee Expenses pre 7.07(a)(ii) --
(vi) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest 126,235.29
Class A-2 Note Interest 181,357.16
Class A-3 Note Interest 320,780.10
Class A-4 Note Interest 210,522.36
(vii) Class B Note Interest 136,943.16
(viii) Class C Note Interest 86,713.05
(ix) Class D Note Interest 40,571.84
(x) Class A Base Principal Distribution Amount
Class A-1 Principal Distribution Amount 4,909,592.19
Class A-2 Principal Distribution Amount --
Class A-3 Principal Distribution Amount --
Class A-4 Principal Distribution Amount --
(xi) Class B Base Principal Distribution Amount --
(xii) Class C Base Principal Distribution Amount --
(xiii) Class D Base Principal Distribution Amount --
(xv) Class E Note Interest 26,428.97
(xvi) Class E Principal Distribution Amount --
(xviii) Reserve Account Reimbursement/(Withdrawal) (5,123.96)
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Remaining Amount to Residual Holder --
Reserve Account balance, ending 2,109,828.35
Disbursements from Reserve Account:
Interest earned on Reserve Account to Residual Holder 11,613.93
</TABLE>
Reviewed By:
-----------------------------------------------------------
SANDY B. HO
EVP & CFO
<PAGE> 39
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 2000 382,678.88
Investment earnings on amounts in Collection Account 10,280.11
Payments due Collection Account from last 3 business days of Collection Period 797,537.91
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 4,948,004.09
--------------
AVAILABLE FUNDS ON PAYMENT DATE 6,138,500.99
Reserve Account balance 2,114,952.31
--------------
TOTAL AVAILABLE FUNDS 8,253,453.30
Initial Unpaid Amounts inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,253,453.30
Indemnity Payments paid inadvertently deposited in Collection Account --
--------------
REMAINING AVAILABLE FUNDS 8,253,453.30
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 27,977.72
Unreimbursed Servicer Advances paid 27,977.72
--------------
Unreimbursed Servicer Advances remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,225,475.58
SERVICER FEES
Servicer Fees due 76,086.44
Servicer Fees paid 76,086.44
--------------
Servicer Fees remaining unpaid --
--------------
REMAINING AVAILABLE FUNDS 8,149,389.14
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
--------------
REMAINING AVAILABLE FUNDS 8,149,389.14
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 8,148,972.47
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 8,148,972.47
</TABLE>
Page 2
<PAGE> 40
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 126,235.29
Class A-2 Note Interest 181,357.16
Class A-3 Note Interest 320,780.10
Class A-4 Note Interest 210,522.36
Total Class A Interest due 838,894.91
---------------
REMAINING AVAILABLE FUNDS 7,310,077.56
CLASS B NOTE INTEREST
Class B Note Interest due 136,943.16
Class B Note Interest paid 136,943.16
---------------
Class B Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,173,134.40
CLASS C NOTE INTEREST
Class C Note Interest due 86,713.05
Class C Note Interest paid 86,713.05
---------------
Class C Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,086,421.35
CLASS D NOTE INTEREST
Class D Note Interest due 40,571.84
Class D Note Interest paid 40,571.84
---------------
Class D Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 7,045,849.51
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,796,671.57
Class A Note Principal Balance as of preceding Payment Date 135,549,773.71
---------------
Class A Base Principal Distribution Amount paid 4,796,671.57
---------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 21,130,853.71
Class A-1 Base Principal Distribution Amount paid 4,796,671.57
---------------
Class A-1 Note Principal Balance after distribution 16,334,182.15
---------------
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 2,249,177.95
</TABLE>
Page 3
<PAGE> 41
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B BASE PRINCIPAL DISTRIBUTION
Class B Note Principal Balance as of preceding Payment Date 21,149,523.00
Class B Base Principal Distribution due --
Class B Base Principal Distribution paid --
---------------
Class B Base Principal Distribution remaining unpaid --
Class B Note Principal Balance after distribution on Payment Date 21,149,523.00
REMAINING AVAILABLE FUNDS 2,249,177.95
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 2,249,177.95
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 2,249,177.95
CLASS A REALLOCATED PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Base Principal 16,334,182.15
Class A-1 Reallocated Principal Distribution --
---------------
Class A-1 Note Principal Balance after Reallocation 16,334,182.15
Remaining Available Funds 2,249,177.95
---------------
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 2,249,177.95
---------------
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 2,249,177.95
---------------
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 2,249,177.95
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 2,249,177.95
</TABLE>
Page 4
<PAGE> 42
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<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 2,249,177.95
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 2,249,177.95
CLASS E NOTE INTEREST
Class E Note Interest due 26,428.97
Class E Note Interest paid 26,428.97
---------------
Class E Note Interest remaining unpaid --
---------------
REMAINING AVAILABLE FUNDS 2,222,748.97
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 2,222,748.97
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 2,222,748.97
CLASS A SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class A-1 Note Principal Balance after Reallocated Principal 16,334,182.15
Class A-1 Supplemental Principal Distribution 112,920.62
---------------
Class A-1 Note Principal Balance after Supplemental 16,221,261.53
Remaining Available Funds 2,109,828.35
---------------
Class A-2 Note Principal Balance after Reallocated Principal 29,609,332.00
Class A-2 Supplemental Principal Distribution --
---------------
Class A-2 Note Principal Balance after Supplemental 29,609,332.00
Remaining Available Funds 2,109,828.35
---------------
Class A-3 Note Principal Balance after Reallocated Principal 51,393,341.00
Class A-3 Supplemental Principal Distribution --
---------------
Class A-3 Note Principal Balance after Supplemental 51,393,341.00
Remaining Available Funds 2,109,828.35
---------------
Class A-4 Note Principal Balance after Reallocated Principal 33,416,247.00
Class A-4 Supplemental Principal Distribution --
---------------
Class A-4 Note Principal Balance after Supplemental 33,416,247.00
REMAINING AVAILABLE FUNDS 2,109,828.35
</TABLE>
Page 5
<PAGE> 43
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class B Note Principal Balance after Reallocated Principal 21,149,523.00
Class B Supplemental Principal Distribution paid --
---------------
Class B Note Principal Balance after Supplemental 21,149,523.00
REMAINING AVAILABLE FUNDS 2,109,828.35
CLASS C SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class C Note Principal Balance after Reallocated Principal 12,689,714.00
Class C Supplemental Principal Distribution paid --
---------------
Class C Note Principal Balance after Supplemental 12,689,714.00
REMAINING AVAILABLE FUNDS 2,109,828.35
CLASS D SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class D Note Principal Balance after Reallocated Principal 4,229,905.00
Class D Supplemental Principal Distribution paid --
---------------
Class D Note Principal Balance after Supplemental 4,229,905.00
REMAINING AVAILABLE FUNDS 2,109,828.35
CLASS E SUPPLEMENTAL PRINCIPAL DISTRIBUTION
Class E Note Principal Balance after Reallocated Principal 4,124,157.00
Class E Supplemental Principal Distribution paid --
---------------
Class E Note Principal Balance after Supplemental 4,124,157.00
REMAINING AVAILABLE FUNDS 2,109,828.35
RESERVE FUND
Required Reserve Fund Amount 2,114,952.31
Reserve Account Balance, Ending 2,109,828.35
Reserve Account Deposit/(Withdrawal) (5,123.96)
---------------
REMAINING AVAILABLE FUNDS --
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
Indenture Trustee Expenses unpaid per above --
Remaining Indenture Trustee Expenses paid --
---------------
Remaining Indenture Trustee Expenses unpaid --
REMAINING AVAILABLE FUNDS --
AMOUNT PAYABLE TO TRUST CERTIFICATE HOLDER --
</TABLE>
Page 6
<PAGE> 44
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 182,607,462.86
ADCPB, end of Collection Period 177,697,870.67
---------------
Base Principal Amount 4,909,592.19
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 3,861,948.27
Servicing Advances collected during the current Collection Period 3,833,970.55
---------------
Unreimbursed Servicing Advances as of current Determination Date 27,977.72
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 182,607,462.86
Servicer Fee Rate 0.500%
One-twelfth 1/12
---------------
Servicer Fee due current period 76,086.44
Prior Servicer Fee arrearage --
---------------
Servicer Fee due 76,086.44
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 171,485,237.48 96.50%
31 - 60 days past due 3,852,060.02 2.17%
61 - 90 days past due 605,762.73 0.34%
91+ days past due 1,754,810.43 0.99%
---------------
177,697,870.67
GROSS CHARGE OFF
ADCPB of All Defaulted Contracts 91,841.47
Less Recoveries 72,657.95
---------------
Total Charge Offs for the period 19,183.52
End of Month ADCPB 177,697,870.67
Gross Charge Off Ratio (Total Charge Offs/ADCPB) 0.01%
</TABLE>
Page 7
<PAGE> 45
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2001
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 21,130,853.71 6.938% 126,235.29 126,235.29
A-2 29,609,332.00 29,609,332.00 7.350% 181,357.16 181,357.16
A-3 51,393,341.00 51,393,341.00 7.490% 320,780.10 320,780.10
A-4 33,416,247.00 33,416,247.00 7.560% 210,522.36 210,522.36
--------------- --------------- ---------- -------------- -------------
Class A 164,437,542.00 135,549,773.71 7.39% 838,894.91 838,894.91
--------------- --------------- ---------- -------------- -------------
B 21,149,523.00 21,149,523.00 7.770% 136,943.16 136,943.16
C 12,689,714.00 12,689,714.00 8.200% 86,713.05 86,713.05
D 4,229,905.00 4,229,905.00 11.510% 40,571.84 40,571.84
E 4,124,157.00 4,124,157.00 7.690% 26,428.97 26,428.97
--------------- --------------- ---------- -------------- -------------
Total Notes 206,630,841.00 177,743,072.71 7.60% 1,129,551.93 1,129,551.93
--------------- --------------- ---------- -------------- -------------
</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 21,130,853.71 4,796,671.57 0.00 112,920.62 4,909,592.19 16,221,261.53 0.3243044
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 135,549,773.71 4,796,671.57 0.00 112,920.62 4,909,592.19 130,640,181.53
--------------- ------------- ------------- -------------- ------------- ---------------
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 177,743,072.71 4,796,671.57 0.00 112,920.62 4,909,592.19 172,833,480.53
--------------- ------------- ------------- -------------- ------------- ---------------
</TABLE>
<PAGE> 46
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 2001
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% 4,796,671.57 0.00 112,920.62 4,909,592.19 79.58%
B 10.00% 0.00 0.00 0.00 0.00 10.24%
C 6.00% 0.00 0.00 0.00 0.00 6.14%
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%
------------ -------------- ----------- ------------ ------------- ------------
4,796,671.57 0.00 112,920.62 4,909,592.19 100.00%
------------ -------------- ----------- ------------ ------------- ------------
</TABLE>
FLOOR CALCULATION
<TABLE>
<CAPTION>
Class Floor Hit? Floored
Class Floors (Y/N) Prin Amount
----------- --------- ---------- -----------
<S> <C> <C> <C>
A N/A
B -- No --
C -- No --
D -- No --
E -- No --
--------- ---------- -----------
</TABLE>
<TABLE>
<S> <C> <C>
(Retained) Certificate Balance 4,864,390.14
Initial OC Percentage 2.30%
Overcollateralization Balance (prior) 4,864,390.14
Overcollateralization Balance (current) 4,864,390.14
Cumulative Loss Amount 0.00
Available Funds+Collection Account-Servicing 8,148,972.47
</TABLE>
<PAGE> 47
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 2000-2
FIRST SIERRA RECEIVABLES III, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
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