Scotia Pacific Company LLC
Timber Collateralized Notes due 2028
MONTHLY NOTEHOLDER CERTIFICATE
Terms used but not defined herein have the meanings set forth in the Indenture
governing the Timber Notes. This Monthly Noteholder Certificate is delivered
pursuant to Section 4.6 of the Indenture.
I. The following summarizes the Collection Account Disbursement on November 20,
2000 pursuant to the Indenture:
Total
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A. PAYMENT OF EXPENSES
1. Amount Transferred to Expense Reserve $3,157,530.39
2. Payment of Trustee's, Collateral Agent's
and Liquidity Providers' Expenses $0.00
B. LINE OF CREDIT OR LIQUIDITY ACCOUNT
3. Payment of interest and principal on
Advances under Line of Credit Agreement $0.00
4. Transfer from Liquidity Account to
Collection Account $0.00
5. Required Liquidity Amount as of close
of business on November 20, 2000 $61,966,233.59
6. Amount on deposit in the Liquidity Account
as of close of business on November 20, 2000 $0.00
7. Amount available under Line of Credit
Agreement as of close of business
on November 20, 2000 $61,966,233.59
8. Amount of outstanding Advances under Line of
Credit Agreement as of close of business on
November 20, 2000 $0.00
C. TRANSFERS TO PAYMENT ACCOUNT, LIQUIDITY
ACCOUNT OR EXPENSE RESERVE
9. Transfer to Payment Account Re: Monthly
Deposit Amount 1 $8,706,233.80
10. Targeted Monthly Deposit Amount multiplied by
Reinvestment Factor less, to the extent
applicable, the Premium Provision
Refundable Amount $13,104,845.32
11. Shortfall, if any, in the Monthly Deposit
Amount (No. (10) - (9)) $4,398,611.52
12. Transfer to Payment Account Re: Payments of
interest and principal under Line of Credit $0.00
Agreement following a Termination Advance 1
13. Transfer to Liquidity Account (following a
Termination Advance under Line of Credit
Agreement) $0.00
14. Transfer to Payment Account Re: Premium
Provision 1 $0.00
15. Additional transfer to Expense Reserve $0.00
16. Transfer to Payment Account re: excess of Base
Monthly Deposit Amount over Targeted Monthly
Deposit Amount
17. Additional Transfers to Payment Account 2 $0.00
D. ADDITIONAL PAYMENTS TO LIQUIDITY PROVIDERS
18. Payments of Additional Liquidity Provider Fees
and/or Supplemental Liquidity Provider Interest
to Liquidity Providers $0.00
E. SCHEDULED AMORTIZATION RESERVE ACCOUNT
19. Transfer to Scheduled Amortization Reserve
Account
20. Required Scheduled Amortization Reserve
Balance as of close of business
on November 20, 2000 $160,753,000.00
21. Amount on deposit in the Scheduled
Amortization Reserve Account as of close
of business on November 20, 2000 $161,026,909.66
22. Amount available under Scheduled
Amortization Line of Credit Agreement as
of close of business on November 20, 2000 $0.00
23. Amount of outstanding Scheduled Amortization
Advances under Scheduled Line of Credit
Agreement on November 20, 2000 $0.00
F. TRANSFER TO ISSUER
24. Release to Issuer $0.00
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1 Amounts in No. (9), (12), and (14) and (16) are the lesser of the amount
computed pursuant to the relevant formula or agreement and available cash. In
the case of No. (9), any shortfall is set forth in No. (11). In the case of
Nos. (12), (14), and (16) the amount of the shortfall was $0.00, $0.00 and
$24,334,154.68, respectively.
2 Consists of voluntary transfer of $0.00.
II. Principal Balance of Timber Notes and Certain Additional Data With
Respect to Amounts on Deposit in the Payment Account as of the close
of business on the Monthly Deposit Date
Per $1,000
of original
principal
Total amount
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A. PRINCIPAL BALANCE
1. Principal Balance of Timber Notes
Class A-1 Timber Notes $136,650,119.00 $850.34
Class A-2 Timber Notes $243,200,000.00 $1,000.00
Class A-3 Timber Notes $463,348,000.00 $1,000.00
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Total Principal Balance of Timber Notes $843,198,119.00 N/A
2. Principal Balance if Timber Notes were
paid in accordance with Scheduled
Amortization
Class A-1 Timber Notes $136,650,119.00 $850.34
Class A-2 Timber Notes $243,200,000.00 $1,000.00
Class A-3 Timber Notes $463,348,000.00 $1,000.00
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Total Principal Balance if Timber Notes
were paid in accordance with Scheduled
Amortization $843,198,119.00 N/A
3. Amount of Amortization, if any, ahead of
(or behind) Scheduled Amortization
(No. (1)-(2), or (2)-(1)) for each Class
of Timber Notes
Class A-1 Timber Notes $0.00 $0.00
Class A-2 Timber Notes $0.00 $0.00
Class A-3 Timber Notes $0.00 $0.00
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Total Amount of Amortization, if any,
ahead of (or behind) Scheduled
Amortization $0.00 N/A
B. CERTAIN ADDITIONAL DATA WITH RESPECT TO
AMOUNTS ON DEPOSIT IN THE PAYMENT ACCOUNT
Investors should note that funds are applied from the Payment Account
at six month intervals, on each Note Payment Date. The following data
reflects certain information with respect to amounts on deposit in the
Payment Account as of the close of business on the Monthly Deposit Date
to which this Monthly Noteholder Certificate relates. Actual
allocations of amounts in the Payment Account to principal, interest
and premium will be made only on the next Note Payment Date.
Accordingly, the following data does not necessarily represent, nor is
it intended to represent, the actual allocations to principal, interest
and premium, or the actual amounts which will be paid, on the next Note
Payment Date.
INVESTORS SHOULD ALSO NOTE THAT THE FOLLOWING DATA IS NOT INTENDED TO
REFLECT, AND DOES NOT REFLECT, THE PRIORITY OF PAYMENTS ON THE NEXT
NOTE PAYMENT DATE. THE PRIORITY OF PAYMENTS ON THE NEXT NOTE PAYMENT
DATE IS EXPECTED TO BE AS FOLLOWS: 3 (I) INTEREST (EXCLUDING INTEREST
ON PREMIUMS) ON THE TIMBER NOTES, (II) MINIMUM PRINCIPAL AMORTIZATION
AMOUNT ON THE CLASS A-1 TIMBER NOTES, (III) DEPLETION AMORTIZATION
AMOUNT TO BE PAID ON THE CLASS A-1 TIMBER NOTES, (IV) INTEREST ON
PREMIUMS, (V) PREPAYMENT PREMIUMS, AND/OR DEFICIENCY PREMIUMS AND (VI)
SCHEDULED AMORTIZATION AMOUNT TO BE PAID ON THE CLASS A-1 TIMBER NOTES.
TO THE EXTENT THAT THE FUNDS AVAILABLE IN THE PAYMENT ACCOUNT ARE
INSUFFICIENT TO PAY IN FULL THE SCHEDULED AMORTIZATION AMOUNT ON THE
NEXT NOTE PAYMENT DATE, THE REMAINDER OF SUCH SCHEDULED AMORTIZATION
AMOUNT IS EXPECTED TO BE PAID FROM THE SCHEDULED AMORTIZATION RESERVE
ACCOUNT.
4. Payment Account Balance $20,291,501.90 N/A
5. Accrued Interest (excluding interest on
Premiums) to Monthly Deposit Date
Class A-1 Timber Notes $2,983,527.60 $18.57
Class A-2 Timber Notes $5,763,840.00 $23.70
Class A-3 Timber Notes $11,908,043.60 $25.70
6. Accrued Interest on Premium to Monthly
Deposit Date
Class A-1 Timber Notes $0.00 $0.00
Class A-2 Timber Notes $0.00 $0.00
Class A-3 Timber Notes $0.00 $0.00
7. Accrued Prepayment and/or Deficiency Premiums
to Monthly Deposit Date $0.00 N/A
The accrued Premiums, if any, consist of
the following:
Non-Registration Premiums:
Class A-1 Timber Notes $0.00 $0.00
Class A-2 Timber Notes $0.00 $0.00
Class A-3 Timber Notes $0.00 $0.00
8. Amount Deposited to Payment Account since
last Note Payment Date in respect of
Prepayment Premium Provision less any
Prepayment Provision Refundable Amounts
since last Note Payment Date $0.00 N/A
9. Excess of Payment Account Balance over total
of amounts in Nos. (5) through (8)
(or Deficiency) ($363,909.30) N/A
10. Aggregate Minimum Principal Amortization
Amount for next Note Payment Date $0.00 N/A
11. Excess of Payment Account Balance over
total of amounts in Nos. (5) through (8)
and (10) (or Deficiency) ($363,909.30) N/A
12. Aggregate Scheduled Amortization Amount
expected to be paid on the next Note Payment
Date from the Payment Account and/or the
Scheduled Amortization Reserve Account $13,113,575.00 N/A
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3 If a Line of Credit Acceleration has occurred or an Acceleration Event
under the Line of Credit exists on the Note Payment Date, all amounts
owing to the Liquidity Providers (other than any Additional Liquidity
Provider Fees and any Supplemental Liquidity Provider Interest) must be
paid in full from the Payment Account before any other amounts may be
paid from the Payment Account. In addition, if there has been a
Termination Advance under a Line of Credit that has not been replaced,
accrued interest and certain principal payments in respect of
outstanding Advances under the Line of Credit will be paid from the
Payment Account. No circumstance currently exists which would require
any payments to the Liquidity Providers from the Payment Account, and
the Issuer does not believe that such circumstances will exist, on the
next Note Payment Date. Accordingly, the following information under
this Section B is prepared on the assumption that no such circumstance
will exist on the next Note Payment Date.
III. Prevailing SBE Price Data for the Monthly
Period preceding the Monthly Deposit Date
Old Growth Redwood $1,169/Mbf
Young Growth Redwood $1,169/Mbf
Old Growth Douglas Fir $389/Mbf
Young Growth Douglas Fir $389/Mbf
Whitewoods $189/Mbf
Note: Assumes an average size-quality category of 2.0 and the following harvest
method percentages: Cat - 35%; Short-span skyline - 55%; Long-span
skyline - 5%; and Helicopter - 5%
