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Previous: CONSOLIDATED CAPITAL OF NORTH AMERICA INC, DEF 14A, 1998-10-16 |
Next: PRUDENTIAL SECURITIES SECURED FINANCING CORP, 8-K, 1998-10-16 |
<PAGE> 1
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Data of earliest event reported)
May 1, 1998
FIRST SIERRA EQUIPMENT CONTRACT TRUST Series 1997-1
----------------------------------------------------
(exact name of Registrant as specified in its charter)
Delaware 33-84918 52-2063065
- ------------------------------- --------------- -------------------
(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification No.)
Suite 7050
600 Travis Street
Houston, TX 77002
- -------------------------------- ----------
(Address of Principal Executive) (Zip Code)
Registrant's telephone number, including area code: 713-221-8822
<PAGE> 2
Item 1. Business
The Registrant is a Delaware Business Trust formed solely for the purpose of
acquiring from First Sierra Receivables IV, Inc., a bankruptcy remote subsidiary
of First Sierra Financial, Inc., certain leases (the "Leases") and interests in
equipment underlying the leases (together the "Receivables") and securitizing
the Receivables through the issuance of Certificates. The Registrant's
operations are restricted so that (a) it does not engage in business with, or
incur liabilities to, any other entity which may bring bankruptcy proceedings
against the Registrant and (b) the risk is diminished that it will be
consolidated into the bankruptcy proceedings of any other entity. The Registrant
has no other assets except the Receivables and proceeds thereof.
Item 2. Acquisition or Disposition of Assets
None
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
1.1 Servicing Report for the collection period ended May 1, 1998.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
First Sierra Receivables IV, Inc.
By: /s/ E. R. Gebhart
-----------------------
Name: E. R. Gebhart
Title: Vice President
2
<PAGE> 4
INDEX TO EXHIBITS
1.1 Servicing Report for the collection period ended May 1, 1998.
<PAGE> 1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED MAY 1, 1998
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,984,857.25
Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement
(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 574,109.18
(b) Servicer Fees from current and prior Collection Period 80,909.46
(c) Servicing Charges inadvertently deposited in Collection Account -
(iv) Current and unpaid Back-up Servicing Fees 3,236.38
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 20,784.21
Adjustment to prior month premium amount -
(vi) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 291.67
(vii) Reimbursable Trustee Expenses pre 7.07(a)(ii) -
(viii) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest 14,346.60
Adjustment to prior month Class A-1 Note Interest -
Class A-2 Note Interest 452,326.38
Class A-3 Note Interest 272,663.71
Class A-4 Note Interest 202,342.75
(ix) Class B-1 Note Interest 22,220.38
(x) Letter of Credit Bank Fee and unpaid amounts 1,775.05
(xi) Class B-2 Note Interest 20,816.48
(xii) Class A-1 thought A-4 Principal Distribution Amount:
Class A-1 Principal Distribution Amount 2,906,334.89
Class A-2 Principal Distribution Amount 1,980,998.94
Class A-3 Principal Distribution Amount -
Class A-4 Principal Distribution Amount -
(xiii) Note Insure Reimbursement Amount -
(xiv) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 106,246.39
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 106,246.39
(xvi) Letter of Credit Reimbursement Amount -
(xvii) Class B-3 Note Interest 22,591.53
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 106,246.39
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) -
(xx) Letter of Credit Additional Reimbursement Amount -
(xxi) Other Amounts Due Servicer under Servicing Agreement -
(xxii) Remaining Amount to Residual Holder -
Additional Principal Distribution Amount to Noteholders
Class A-1 additional Principal Distribution Amount -
Class A-2 additional Principal Distribution Amount 84,837.61
Class A-3 additional Principal Distribution Amount -
Class A-4 additional Principal Distribution Amount -
Class B-1 additional Principal Distribution Amount 1,844.30
Class B-2 additional Principal Distribution Amount 1,844.30
Class B-3 additional Principal Distribution Amount 1,844.30
</TABLE>
Reviewed By:
-------------------------------
Craig M. Spencer
Senior Vice President and
Chief Accounting Officer
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED MAY 1, 1998
<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 32,998,000.00 2,906,334.89 2,906,334.89 - 2,906,334.89 - 0.0000000
Class A-2 85,479,000.00 85,479,000.00 1,980,998.94 84,837.61 2,065,836.54 83,413,163.46 0.9758322
Class A-3 51,527,000.00 51,527,000.00 - - - 51,527,000.00 1.0000000
Class A-4 38,238,000.00 38,238,000.00 - - 38,238,000.00 1.0000000
-------------- -------------- ------------- ------------- -------------- -------------- ----------
Total Class A 208,242,000.00 178,150,334.89 4,887,333.83 84,837.61 4,972,171.44 173,178,163.46 0.8316198
Class B-1 4,527,000.00 3,872,833.37 106,246.39 1,844.30 108,090.68 3,764,742.69 0.8316198
Class B-2 4,527,000.00 3,872,833.37 106,246.39 1,844.30 108,090.68 3,764,742.69 0.8316198
Class B-3 4,527,000.00 3,872,833.37 106,246.39 1,844.30 108,090.68 3,764,742.69 0.8316198
-------------- -------------- ------------- ------------- -------------- --------------
Total 221,823,000.00 189,768,835.00 5,206,072.99 90,370.50 5,296,443.49 184,472,391.52
ADCPB at end of Collection Period 188,870,384.73
--------------
Excess of ending ADCPB over ending note balance 4,397,993.21
Floor 4,527,025.86
--------------
Difference (129,032.64)
</TABLE>
Page 1
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MAY 1, 1998
AVAILABLE FUNDS
<TABLE>
<S> <C>
Collection Account balance, as of April 30, 1998 3,918,193.07
Investment earnings on amounts in Collection Account 11,865.28
Payments due Collection Account from last 3 business days of Collection Period 939,458.10
Additional contribution for terminated trade-ups and rebooked leases 37,910.97
Servicer Advance on current Determination Date 2,077,429.83
--------------
Available Funds on Payment Date 6,984,857.25
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
-------------
REMAINING AVAILABLE FUNDS 6,984,857.25
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT ------------
REMAINING AVAILABLE FUNDS 6,984,857.25
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 574,109.18
Unreimbursed Servicer Advances paid 574,109.18
--------------
Unreimbursed Servicer Advances remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,410,748.07
SERVICER FEES
Servicer Fees due 80,909.46
Servicer Fees paid 80,909.46
--------------
Servicer Fees remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,329,838.61
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --------------
REMAINING AVAILABLE FUNDS 6,329,838.61
BACK-UP SERVICER FEES
Back-up Servicer Fees due 3,236.38
Back-up Servicer Fees paid 3,236.38
--------------
Back-up Servicer Fees remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,326,602.23
PREMIUM AMOUNT
Premium Amount due 20,784.21
Premium Amount paid 20,784.21
--------------
Premium Amount remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,305,818.03
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
Indenture Trustee Fee due 291.67
Indenture Trustee Fee paid 291.67
--------------
Indenture Trustee Fee remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,305,526.36
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(A)(II)
Total Indenture Trustee Expenses due -
Cap on Indenture Trustee Expenses per 7.07 (a)(ii) 75,000.00
--------------
Total Indenture Trustee Expenses paid -
--------------
Indenture Trustee Expenses unpaid -
REMAINING AVAILABLE FUNDS 6,305,526.36
</TABLE>
Page 1
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MAY 1, 1998
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
<TABLE>
<S> <C>
Class A-1 Note Interest 14,346.60
Class A-2 Note Interest 452,326.38
Class A-3 Note Interest 272,663.71
Class A-4 Note Interest 202,342.75
--------------
Total Class A Interest due 941,679.43
--------------
REMAINING AVAILABLE FUNDS 5,363,846.93
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 22,220.38
Class B-1 Note Interest paid 22,220.38
--------------
Class B-1 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,341,626.54
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 1,775.05
Letter of Credit Bank Fee paid 1,775.05
--------------
Letter of Credit Bank Fee remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,339,851.49
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 20,816.48
Class B-2 Note Interest paid 20,816.48
--------------
Class B-2 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,319,035.02
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,887,333.83
Class A Note Principal Balance as of preceding Payment Date 178,150,334.89
--------------
Class A Base Principal Distribution Amount paid 4,887,333.83
--------------
Class A Base Principal Distribution Amount remaining unpaid -
Class A-1 Note Principal Balance as of preceding Payment Date 2,906,334.89
Class A-1 Base Principal Distribution Amount paid 2,906,334.89
--------------
Class A-1 Note Principal Balance after distribution on Payment Date -
--------------
Remaining Class A Base Principal Distribution Amount 1,980,998.94
--------------
Class A-2 Note Principal Balance as of preceding Payment Date 85,479,000.00
Class A-2 Base Principal Distribution Amount paid 1,980,998.94
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 83,498,001.06
Remaining Class A Base Principal Distribution Amount -
--------------
Class A-3 Note Principal Balance as of preceding Payment Date 51,527,000.00
Class A-3 Base Principal Distribution Amount paid -
--------------
Class A-3 Note Principal Balance after distribution on Payment Date 51,527,000.00
Remaining Class A Base Principal Distribution Amount -
--------------
</TABLE>
Page 2
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MAY 1, 1998
<TABLE>
<S> <C>
Class A-4 Note Principal Balance as of preceding Payment Date 38,238,000.00
Class A-4 Base Principal Distribution Amount paid -
--------------
Class A-4 Note Principal Balance after distribution on Payment Date 38,238,000.00
REMAINING AVAILABLE FUNDS 431,701.19
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due -
Note Insurer Reimbursement Amount paid -
--------------
Note Insurer Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 431,701.19
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 3,872,833.37
Class B-1 Base Principal Distribution due 106,246.39
Class B-1 Base Principal Distribution paid 106,246.39
--------------
Class B-1 Base Principal Distribution remaining unpaid -
Class B-1 Note Principal Balance after distribution on Payment Date 3,766,586.98
REMAINING AVAILABLE FUNDS 325,454.80
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 3,872,833.37
Class B-2 Base Principal Distribution due 106,246.39
Class B-2 Base Principal Distribution paid 106,246.39
--------------
Class B-2 Base Principal Distribution remaining unpaid -
Class B-2 Note Principal Balance after distribution on Payment Date 3,766,586.98
REMAINING AVAILABLE FUNDS 219,208.41
LETTER OF CREDIT REIMBURSEMENT AMOUNT
Letter of Credit Reimbursement Amount due -
Letter of Credit Reimbursement Amount paid -
--------------
Letter of Credit Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 219,208.41
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 22,591.53
Class B-3 Note Interest paid 22,591.53
--------------
Class B-3 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 196,616.88
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 3,872,833.37
Class B-3 Base Principal Distribution due 106,246.39
Class B-3 Base Principal Distribution paid 106,246.39
--------------
</TABLE>
Page 3
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MAY 1, 1998
<TABLE>
<S> <C>
Class B-3 Base Principal Distribution remaining unpaid -
Class B-3 Note Principal Balance after distribution on Payment Date 3,766,586.98
REMAINING AVAILABLE FUNDS 90,370.50
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 90,370.50
ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
Additional Letter of Credit Reimbursement Amount due -
Additional Letter of Credit Reimbursement Amount paid -
--------------
Additional Letter of Credit Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 90,370.50
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 90,370.50
DIFFERENCE BETWEEN EXCESS OF ADCPB OVER ENDING NOTE BALANCES AND FLOOR 219,403.14
AMOUNT PAYABLE TO RESIDUAL HOLDER -
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 90,370.50
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 90,370.50
Adjusted Principal Distribution Sharing Ratio 93.878%
--------------
Additional Principal Distribution to Class A 84,837.61
Class A Note Principal Balance after payment above 175,244,000.00
--------------
Class A additional Principal Distribution Amount paid 84,837.61
--------------
Excess cash after payment of additional Class A Principal Distribution -
Class A-1 Note Principal Balance after payment above -
Class A-1 additional Principal Distribution Amount paid -
-
Class A-1 Note Principal Balance after distribution on Payment Date -
--------------
Remaining Class A additional Principal Distribution Amount 84,837.61
--------------
Class A-2 Note Principal Balance after payment above 83,498,001.06
Class A-2 additional Principal Distribution Amount paid 84,837.61
--------------
Class A-2 Note Principal Balance after distribution on Payment Date 83,413,163.46
</TABLE>
Page 4
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED MAY 1, 1998
<TABLE>
<S> <C>
Remaining Class A additional Principal Distribution Amount -
------------
Class A-3 Note Principal Balance after payment above 51,527,000.00
Class A-3 additional Principal Distribution Amount paid -
------------
Class A-3 Note Principal Balance after distribution on Payment Date 51,527,000.00
Remaining Class A additional Principal Distribution Amount -
------------
Class A-4 Note Principal Balance after payment above 38,238,000.00
Class A-4 additional Principal Distribution Amount paid -
------------
Class A-4 Note Principal Balance after distribution on Payment Date 38,238,000.00
CLASS B-1 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 90,370.50
Adjusted Principal Distribution Sharing Ratio 2.041%
------------
Additional Principal Distribution to Class B-1 1,844.30
Class B-1 Note Principal Balance after payment above 3,766,586.98
Class B-1 additional Principal Distribution paid 1,844.30
------------
Class B-1 Note Principal Balance after distribution on Payment Date 3,764,742.69
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 90,370.50
Adjusted Principal Distribution Sharing Ratio 2.041%
------------
Additional Principal Distribution to Class B-2 1,844.30
Class B-2 Note Principal Balance after payment above 3,766,586.98
Class B-2 additional Principal Distribution paid 1,844.30
------------
Class B-2 Note Principal Balance after distribution on Payment Date 3,764,742.69
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 90,370.50
Adjusted Principal Distribution Sharing Ratio 2.041%
------------
Additional Principal Distribution to Class B-3 1,844.30
Class B-3 Note Principal Balance after payment above 3,766,586.98
Class B-3 additional Principal Distribution paid 1,844.30
------------
Class B-3 Note Principal Balance after distribution on Payment Date 3,764,742.69
</TABLE>
Page 5
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED MAY 1, 1998
<TABLE>
<CAPTION>
CALCULATION OF BASE PRINCIPAL AMOUNT
<S> <C>
ADCPB, beginning of Collection Period 194,182,704.11
ADCPB, end of Collection Period 188,870,384.73
--------------
Base Principal Amount 5,312,319.38
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 2,127,607.89
Servicing Advances collected during the current Collection Period 1,553,498.71
------------
Unreimbursed Servicing Advances as of current Determination Date 574,109.18
</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 2,906,334.89 5.7325% 14,346.60 - 14,346.60
Class A-2 85,479,000.00 6.3500% 452,326.38 - 452,326.38
Class A-3 51,527,000.00 6.3500% 272,663.71 - 272,663.71
Class A-4 38,238,000.00 6.3500% 202,342.75 - 202,342.75
Class B-1 3,872,833.37 6.8850% 22,220.38 - 22,220.38
Class B-2 3,872,833.37 6.4500% 20,816.48 - 20,816.48
Class B-3 3,872,833.37 7.0000% 22,591.53 - 22,591.53
-------------- ------------ -------------- ------------
189,768,835.00 6.3697% 1,007,307.82 - 1,007,307.82
</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 92.0% 4,887,333.83 - 4,887,333.83
Class B-1 2.0% 106,246.39 - 106,246.39
Class B-2 2.0% 106,246.39 - 106,246.39
Class B-3 2.0% 106,246.39 - 106,246.39
------------ --------- ------------
5,206,072.99 - 5,206,072.99
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<S> <C>
ADCPB as of the prior Calculation Date 194,182,704.11
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 80,909.46
Prior Servicer Fee arrearage -
--------------
Servicer Fee due 80,909.46
CALCULATION OF BACK-UP SERVICER FEE
ADCPB as of the prior Calculation Date 194,182,704.11
Back-up Servicer Fee Rate 0.020%
One-twelfth 1/12
--------------
Back-up Servicer Fee due Current Period 3,236.38
less overpayment from prior period -
Prior Back-up Servicer Fee Arrearage -
--------------
Back-up Servicer Fee due 3,236.38
</TABLE>
Page 1
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED MAY 1, 1998
<TABLE>
CALCULATION OF PREMIUM AMOUNT
<S> <C>
Class A Principal Amount as of the immediately preceding Collection Period 178,150,334.89
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 20,784.21
Prior Premium Amount arrearage -
--------------
Total Premium Amount due 20,784.21
INDENTURE TRUSTEE FEE (PER PAYMENT DATE)
Indenture Trustee Fee (per Payment Date) 291.67
Prior Indenture Trustee Fee arrearage -
--------------
Total Indenture Trustee Fee due 291.67
CALCULATION OF LETTER OF CREDIT BANK FEE
Total Facility Face Amount (Class B-2 Note Principal Balance as of Deter. Date) 3,872,833.37
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
--------------
Letter of Credit Bank Fee due Current Period 1,775.05
Letter of Credit Bank Fee arrearage -
--------------
Total Letter of Credit Bank Fee arrearage due 1,775.05
LETTER OF CREDIT REIMBURSEMENT AMOUNT
Letter of Credit Reimbursement Amount due current period -
Prior Letter of Credit Reimbursement Amount arrearage -
--------------
Total Letter of Credit Reimbursement Amount due -
INDENTURE TRUSTEE EXPENSES
Indenture Trustee Expenses due -
Prior Indenture Trustee Expenses arrearage -
--------------
Total Indenture Trustee Expenses due -
ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
Additional Letter of Credit Reimbursement Amount due current period -
Prior Additional Letter of Credit Reimbursement Amount arrearage -
--------------
Total Additional Letter of Credit Reimbursement Amount 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 2
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED MAY 1, 1998
<TABLE>
<CAPTION>
FLOOR CALCULATION
<S> <C>
Initial ADCPB 226,351,292.85
Floor percent 2.00%
--------------
Floor 4,527,025.86
ADCPB as of end of immediately preceding Collection Period 188,870,384.73
Aggregate Note Balances prior to any payment on current Payment Date 189,768,835.00
Payments on payment date prior to application of Floor Amount, if any
Class A 4,887,333.83
Class B-1 106,246.39
Class B-2 106,246.39
Class B-3 106,246.39
--------------
Total Base Principal Amount distributions on current payment date 5,206,072.99
--------------
Aggregate Note Balance after payment of Base Principal Amount 184,562,762.01
--------------
Excess of ADCPB over Ending Note Balances 4,307,622.72
Difference between excess and floor 219,403.14
</TABLE>
Page 3
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED MAY 1, 1998
RESTRICTING EVENT DETERMINATION:
Yes/No
------
A) Event of Servicer Termination (Yes/No) No
B) Note Insure has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE
Yes/No
------
A) Failure to distribute to the Noteholders all
or part of any payment of Interest required to
be made under the terms of such Notes or the
Indenture when due; and, No
B) Failure to distribute to the Noteholders (x)
on any Payment Date, an amount equal to the principal
due on the Outstanding Notes as of such Payment
Date to the extent that sufficient Available
Funds are on deposition the Collection Account of
(y) on the No
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) Order of judgement in excess of $500,000 No
6.01(vii) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or dismissed No
6.01(viii) Assignment by Servicer to a delegate its rights under Servicing Agreement No
6.01(ix) Servicer Trigger Event as contained in the Insurance Agreement has occurred. No
</TABLE>
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<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED MAY 1, 1998
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
RESULT
------
<S> <C>
Gross Charge Off Ratio Current Period 0.37%
Gross Charge Off Ratio Prior Period 1.65%
Gross Charge Off Ratio Second Prior Period 0.34%
-----
Average of Gross Charge Off Ratio for Three Periods 0.79%
Maximum Allowed 2.50%
</TABLE>
Gross Charge Off Ratio:
<TABLE>
<CAPTION>
ADCPB OF GROSS CHARGE OFF RATIO
ALL DEFAULTED LESS CHARGE OFFS/
CONTRACTS RECOVERIES CHARGE OFFS ADCPB ADCPB
------------- ------------ ----------- -------------- ----------------------
<S> <C> <C> <C> <C> <C>
Current Period 539,561.02 481,091.25 58,469.77 188,870,384.73 0.37%
Prior Period 791,893.43 525,525.68 266,367.75 194,182,704.11 1.65%
Second Prior Period 305,104.75 249,119.84 55,984.91 199,062,627.55 0.34%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
RESULTS
-------
<S> <C>
Delinquency Trigger Ratio Current Period 3.21%
Delinquency Trigger Ratio Prior Period 3.21%
Delinquency Trigger Ratio Second Prior Period 3.86%
-------
Average of Delinquency Trigger Ratios 3.43%
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 6,070,704.82 188,952,691.55 3.21%
Prior Period 6,237,046.04 194,211,690.36 3.21%
Second Prior Period 7,687,003.40 199,062,627.56 3.86%
</TABLE>
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