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Previous: PRUDENTIAL SECURITIES SECURED FINANCING CORP, 8-K, 1998-08-19 |
Next: PRUDENTIAL SECURITIES SECURED FINANCING CORP, 424B3, 1998-08-19 |
<PAGE> 1
Form 10-K
Securities and Exchange Commission
Washington, D.C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________________
FIRST SIERRA EQUIPMENT CONTRACT TRUST Series 1997-1
(exact name of Registrant as specified in its charter)
Houston, TX 77002
713-221-8822
Securities Registered Pursuant to Section 12(b) of the Securities and Exchange
Act of 1934: none
Securities Registered Pursuant to Section 12(g) of the Securities and Exchange
Act of 1934: none
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes No X
----- ------
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrants knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this form 10-K or any amendment to this
form 10-K [X]
<PAGE> 2
The aggregate market value of the voting stock held by non-affiliates of the
Registrant. None
The Registrants meets the conditions set forth in General Instruction
(J)(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the
reduced disclosure format permitted thereunder.
2
<PAGE> 3
PART I
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
wholly-owned 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. Properties
None
Item 3. Legal Proceedings
None
Item 4. Submission to Matters to a Vote of Security Holders
None
PART II
Item 5. Market for Registrants Common Equity and Related Stockholder
Matters
None
Item 6. Selected Financial Data
None
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Not Applicable
Item 8. Financial Statements and Supplemental Data
Not Applicable
3
<PAGE> 4
Item 9. Change in and Disagreements on Account and Financial Disclosure
PART III
Item 10. Directors and Officers of the Registrant
The following individuals comprise the board of directors and the
officers of the Registrant:
<TABLE>
<CAPTION>
Name Position
- ---- --------
<S> <C>
Thomas Depping President
Sandy B. Ho Secretary
E. Roger Gebhart Vice President
Russell Strickland Director
Cheryl Strickland Director
</TABLE>
All Directors and officers hold office for the term of one year and until their
successors are elected and qualified, subject to earlier termination by removal
or resignation.
Item 11. Executive Compensation
Not Applicable
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not Applicable
Item 13. Certain Relationships and Related Transactions
Not Applicable
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
1. Servicer Reports for the payment periods ending October, November,
December.
4
<PAGE> 5
SIGNATURES
Pursuant to the requirement of Section 13 or 15(d) of the Securities
Exchange Act of 1934, 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
Dated: December 31, 1997
Pursuant to the requirements of the Securities Exchange Act of 1938, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated:
By: /s/ Thomas J. Depping
------------------------------
Title: President
Name: Thomas J. Depping
Date: December 31, 1997
By: /s/ Sandy B. Ho
------------------------------
Title: Secretary
Name: Sandy B. Ho
Date: December 31, 1997
By: /s/ E. R. Gebhart
------------------------------
Title: Vice President
Name: E. Roger Gebhart
Date: December 31, 1997
By: /s/ Russell Strickland
------------------------------
Title: Director
Name: Russell Strickland
Date: December 31, 1997
By: /s/ Cheryl Strickland
------------------------------
Title: Director
Name: Cheryl Strickland
Date: December 31, 1997
5
<PAGE> 6
Supplemental Information:
None
6
<PAGE> 7
EXHIBIT INDEX
99.1 Servicer reports for the payment periods ending in October, November,
December.
<PAGE> 1
First Sierra Equipment Contract Trust Series 1997-1
First Sierra Receivables IV, Inc.
Monthly Servicer Certificate - Payment Summary
Collection Period Ended October 1, 1997
<TABLE>
<S> <C>
Available Amount to Note Holders: 5,406,857.12
Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account 8,000.00
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account -
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances -
(b) Servicer Fees from current and prior Collection Period 94,313.04
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Current and unpaid Back-up Servicing Fees 3,772.52
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 2,082.42
(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 157,634.20
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 25,973.66
(x) Letter of Credit Bank Fee and unpaid amounts 2,074.88
(xi) Class B-2 Note Interest 24,332.63
(xii) Class A-1 through A-4 Principal Distribution Amount:
Class A-1 Principal Distribution Amount 3,864,990.73
Class A-2 Principal Distribution Amount -
Class A-3 Principal Distribution Amount -
Class A-4 Principal Distribution Amount -
(xiii) Note Insuer Reimbursement Amount -
(xiv) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 84,021.54
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 84,021.54
(xvi) Letter of Credit Reimbursement Amount -
(xvii) Class B-3 Note Interest 26,407.50
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 84,021.54
(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 16,509.72
Class A-2 additional Principal Distribution Amount -
Class A-3 additional Principal Distribution Amount -
Class A-4 additional Principal Distribution Amount -
Class B-1 additional Principal Distribution Amount 358.91
Class B-2 additional Principal Distribution Amount 358.91
Class B-3 additional Principal Distribution Amount 358.91
</TABLE>
Reviewed By:
-----------------------------------------
Craig M. Spencer
Senior Vice President and
Chief Accounting Officer
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<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 32,998,000.00 3,864,990.73 16,509.72 3,881,500.44 29,116,499.56 0.8823716
Class A-2 85,479,000.00 85,479,000.00 -- -- -- 85,479,000.00 1.0000000
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 208,242,000.00 208,242,000.00 3,864,990.73 16,509.72 3,881,500.44 204,360,499.56 0.9813606
Class B-1 4,527,000.00 4,527,000.00 84,021.54 358.91 84,380.44 4,442,619.56 0.9813606
Class B-2 4,527,000.00 4,527,000.00 84,021.54 358.91 84,380.44 4,442,619.56 0.9813606
Class B-3 4,527,000.00 4,527,000.00 84,021.54 358.91 84,380.44 4,442,619.56 0.9813606
-------------- -------------- ------------ --------- ------------ --------------
Total 221,823,000.00 221,823,000.00 4,117,055.34 17,586.44 4,134,641.78 217,688,358.22
</TABLE>
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of September 30, 1997 2,666,940.91
Investment earnings on amounts in Collection Account 4,044.63
Payments due Collection Account from last 3 business days of Collection Period 1,116,784.49
Servicer Advance on current Determination Date 1,619,087.09
-----------------
Available Funds on Payment Date 5,406,857.12
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT 8,000.00
-----------------
REMAINING AVAILABLE FUNDS 5,398,857.12
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
-----------------
REMAINING AVAILABLE FUNDS 5,398,857.12
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due --
Unreimbursed Servicer Advances paid --
-----------------
Unreimbursed Servicer Advances remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 5,398,857.12
SERVICER FEES
Servicer Fees due 94,313.04
Servicer Fees paid 94,313.04
-----------------
Servicer Fees remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 5,304,544.08
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
-----------------
REMAINING AVAILABLE FUNDS 5,304,544.08
BACK-UP SERVICER FEES
Back-up Servicer Fees due 3,772.52
Back-up Servicer Fees paid 3,772.52
-----------------
Back-up Servicer Fees remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 5,300,771.56
PREMIUM AMOUNT
Premium Amount due 2,082.42
Premium Amount paid 2,082.42
-----------------
Premium Amount remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 5,298,689.14
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 5,298,397.47
</TABLE>
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<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 5,298,397.47
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 157,634.20
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 1,084,967.03
-----------------
REMAINING AVAILABLE FUNDS 4,213,430.44
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 25,973.66
Class B-1 Note Interest paid 25,973.66
-----------------
Class B-1 Note Interest remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 4,187,456.78
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 2,074.88
Letter of Credit Bank Fee paid 2,074.88
-----------------
Letter of Credit Bank Fee remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 4,185,381.90
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 24,332.63
Class B-2 Note Interest paid 24,332.63
-----------------
Class B-2 Note Interest remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 4,161,049.28
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 3,864,990.73
Class A Note Principal Balance as of preceding Payment Date 208,242,000.00
-----------------
Class A Base Principal Distribution Amount paid 3,864,990.73
-----------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date 32,998,000.00
Class A-1 Base Principal Distribution Amount paid 3,864,990.73
-----------------
Class A-1 Note Principal Balance after distribution on Payment Date 29,133,009.27
-----------------
Remaining Class A Base Principal Distribution Amount --
-----------------
</TABLE>
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 85,479,000.00
Class A-2 Base Principal Distribution Amount paid --
-----------------
Class A-2 Note Principal Balance after distribution on Payment Date 85,479,000.00
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 --
-----------------
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 296,058.55
NOTE INSUER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
-----------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 296,058.55
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,527,000.00
Class B-1 Base Principal Distribution due 84,021.54
Class B-1 Base Principal Distribution paid 84,021.54
-----------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 4,442,978.46
REMAINING AVAILABLE FUNDS 212,037.02
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 4,527,000.00
Class B-2 Base Principal Distribution due 84,021.54
Class B-2 Base Principal Distribution paid 84,021.54
-----------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 4,442,978.46
REMAINING AVAILABLE FUNDS 128,015.48
</TABLE>
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<TABLE>
<S> <C>
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 128,015.48
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 26,407.50
Class B-3 Note Interest paid 26,407.50
-----------------
Class B-3 Note Interest remaining unpaid --
-----------------
REMAINING AVAILABLE FUNDS 101,607.98
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 4,527,000.00
Class B-3 Base Principal Distribution due 84,021.54
Class B-3 Base Principal Distribution paid 84,021.54
-----------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 4,442,978.46
REMAINING AVAILABLE FUNDS 17,586.44
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 17,586.44
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 17,586.44
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 17,586.44
EXCESS OF ADCPB OVER ENDING NOTE BALANCES 82,754.54
AMOUNT PAYABLE TO RESIDUAL HOLDER --
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 17,586.44
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 17,586.44
Adjusted Principal Distribution Sharing Ratio 93.878%
-----------------
Additional Principal Distribution to Class A 16,509.72
Class A Note Principal Balance after payment above 204,377,009.27
-----------------
Class A additional Principal Distribution Amount paid 16,509.72
Excess cash after payment of additional Class A Principal Distribution --
Class A-1 Note Principal Balance after payment above 29,133,009.27
Class A-1 additional Principal Distribution Amount paid 16,509.72
-----------------
</TABLE>
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<TABLE>
<S> <C>
Class A-1 Note Principal Balance after distribution on Payment Date 29,116,499.56
-----------------
Remaining Class A additional Principal Distribution Amount --
-----------------
Class A-2 Note Principal Balance after payment above 85,479,000.00
Class A-2 additional Principal Distribution Amount paid --
-----------------
Class A-2 Note Principal Balance after distribution on Payment Date 85,479,000.00
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 17,586.44
Adjusted Principal Distribution Sharing Ratio 2.041%
-----------------
Additional Principal Distribution to Class B-1 358.91
Class B-1 Note Principal Balance after payment above 4,442,978.46
Class B-1 additional Principal Distribution paid 358.91
-----------------
Class B-1 Note Principal Balance after distribution on Payment Date 4,442,619.56
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 17,586.44
Adjusted Principal Distribution Sharing Ratio 2.041%
-----------------
Additional Principal Distribution to Class B-2 358.91
Class B-2 Note Principal Balance after payment above 4,442,978.46
Class B-2 additional Principal Distribution paid 358.91
-----------------
Class B-2 Note Principal Balance after distribution on Payment Date 4,442,619.56
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 17,586.44
Adjusted Principal Distribution Sharing Ratio 2.041%
-----------------
Additional Principal Distribution to Class B-3 358.91
Class B-3 Note Principal Balance after payment above 4,442,978.46
Class B-3 additional Principal Distribution paid 358.91
-----------------
Class B-3 Note Principal Balance after distribution on Payment Date 4,442,619.56
-----------------
</TABLE>
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 226,351,292.85
ADCPB, end of Collection Period 222,150,215.97
Base Principal Amount 4,201,076.88
-----------------
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period -
Servicing Advances collected during the current Collection Period -
Unreimbursed Servicing Advances as of current Determination Date -
-----------------
</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 32,998,000.00 5.73% 157,634.20 - 157,634.20
Class A-2 85,479,000.00 6.35% 452,326.38 - 452,326.38
Class A-3 51,527,000.00 6.35% 272,663.71 - 272,663.71
Class A-4 38,238,000.00 6.35% 202,342.75 - 202,342.75
Class B-1 4,527,000.00 6.89% 25,973.66 - 25,973.66
Class B-2 4,527,000.00 6.45% 24,332.63 - 24,332.63
Class B-3 4,527,000.00 7.00% 26,407.50 - 26,407.50
-------------- ------------ -------- ------------
221,823,000.00 6.28% 1,161,680.82 - 1,161,680.82 0.0739
188,825,000.00 6.38% 1,004,046.62 6.38%
Calculation of Principal Due 0.10% 18,191.30 1.01%
</TABLE>
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
--------- ----------- ------------ --------- ------------
<S> <C> <C>
Class A 92.00% 3,864,990.73 - 3,864,990.73
Class B-1 2.00% 84,021.54 - 84,021.54
Class B-2 2.00% 84,021.54 - 84,021.54
Class B-3 2.00% 84,021.54 - 84,021.54
------------ --------- ------------
4,117,055.34 - 4,117,055.34
</TABLE>
<TABLE>
<S> <C>
Calculation of Servicer Fee
ADCPB as of the prior Calculation Date 226,351,292.85
Servicer Fee Rate 0.50%
One-twelfth 1/12
----------------
Servicer Fee due current period 94,313.04
Prior Servicer Fee arrearage -
----------------
Servicer Fee due 94,313.04
Calculation of Back-up Servicer Fee
ADCPB as of the prior Calculation Date 226,351,292.85
Back-up Servicer Fee Rate 0.02%
One-twelfth 1/12
----------------
Back-up Servicer Fee due Current Period 3,772.52
Prior Back-up Servicer Fee Arrearage -
----------------
Back-up Servicer Fee due 3,772.52
Calculation of Premium Amount
Class A Principal Amount as of the immediately preceding Collection Period 208,242,000.00
Premium Rate 0.01%
One-twelfth 1/12
----------------
Premium Amount due Current Period 2,082.42
Prior Premium Amount arrearage -
----------------
</TABLE>
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1997
<TABLE>
<S> <C>
Total Premium Amount due 2,082.42
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) 4,527,000.00
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
----------------
Letter of Credit Bank Fee due Current Period 2,074.88
Letter of Credit Bank Fee arrearage -
----------------
Total Letter of Credit Bank Fee arrearage due 2,074.88
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 -
Floor Calculation
Initial ADCPB 226,351,292.85
Floor percent 2.00%
----------------
Floor 4,527,025.86
ADCPB as of end of immediately preceding Collection Period 222,150,215.97
Aggregate Note Balances prior to any payment on current Payment Date 221,823,000.00
Payments on payment date prior to application of Floor Amount, if any
Class A 3,864,990.73
Class B-1 84,021.54
Class B-2 84,021.54
Class B-3 84,021.54
----------------
Total Base Principal Amount distributions on current payment date 4,117,055.34
----------------
Aggregate Note Balance after payment of Base Principal Amount 217,705,944.66
----------------
Excess of ADCPB over Ending Note Balances 4,444,271.31
Excess of ADCPB over Ending Note Balances 82,754.54
</TABLE>
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
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 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) Order of judgement in excess of $500,000 No
6.01(vii) Petition under bankruptcy laws against Servicer is not stayed,
withdrawn or dismissed within 60 days 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>
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED OCTOBER 1, 1997
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 0.05%
Gross Charge Off Ratio Prior Period n/a
Gross Charge Off Ratio Second Prior Period n/a
Average of Gross Charge Off Ratio for Three Periods 0.05%
</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 121,710.35 111,992.50 9,717.85 222,150,215.97 0.05%
Prior Period n/a n/a n/a n/a n/a
Second Prior Period n/a n/a n/a n/a n/a
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 1.72%
Delinquency Trigger Ratio Prior Period n/a
Delinquency Trigger Ratio Second Prior Period n/a
Average of Delinquency Trigger Ratios 0.57%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
- - ---
ADCPB of ADCPB of
Contract > 30 Days All Delinquency Trigger
Past Due Contracts Ratio:
------------------ -------------- -------------------
<S> <C> <C> <C>
Current Period 3,826,844.43 222,196,547.43 1.72%
Prior Period n/a n/a n/a
Second Prior Period n/a n/a n/a
</TABLE>
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
Available Amount to Note Holders: 5,849,813.13
Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account -
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account -
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 237,969.24
(b) Servicer Fees from current and prior Collection Period 92,562.59
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Current and unpaid Back-up Servicing Fees 3,772.52
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 2,043.63
Adjustment to prior month premium amount (5.90)
(vi) Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees 291.67
(vii) Reimbursable Trustee Expenses pre 7.07(a)(ii) 8,000.00
(viii) Class A-1 through A-4 Note Interest on a pari passu basis:
Class A-1 Note Interest 143,742.86
Adjustment to prior month Class A-1 Note Interest 47.77
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 25,489.90
(x) Letter of Credit Bank Fee and unpaid amounts 2,036.23
(xi) Class B-2 Note Interest 23,879.42
(xii) Class A-1 through A-4 Principal Distribution Amount:
Class A-1 Principal Distribution Amount 3,841,991.85
Class A-2 Principal Distribution Amount -
Class A-3 Principal Distribution Amount -
Class A-4 Principal Distribution Amount -
(xiii) Note Insuer Reimbursement Amount -
(xiv) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 83,521.56
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 83,521.56
(xvi) Letter of Credit Reimbursement Amount -
(xvii) Class B-3 Note Interest 25,915.65
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 83,521.56
(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 -
</TABLE>
Page 1
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
(xxii) Remaining Amount to Residual Holder 112,397.24
Additional Principal Distribution Amount to Noteholders
Class A-1 additional Principal Distribution Amount 142,527.53
Class A-2 additional Principal Distribution Amount -
Class A-3 additional Principal Distribution Amount -
Class A-4 additional Principal Distribution Amount -
Class B-1 additional Principal Distribution Amount 3,098.42
Class B-2 additional Principal Distribution Amount 3,098.42
Class B-3 additional Principal Distribution Amount 3,098.42
</TABLE>
Reviewed By:
---------------------------------------
Craig M. Spencer
Senior Vice President and
Chief Accounting Officer
Page 2
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<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 29,119,440.86 3,841,991.85 142,527.53 3,984,519.38 25,134,921.48 0.7617105
Class A-2 85,479,000.00 85,479,000.00 -- -- -- 85,479,000.00 1.0000000
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 208,242,000.00 204,363,440.86 3,841,991.85 142,527.53 3,984,519.38 200,378,921.48 0.9622407
Class B-1 4,527,000.00 4,442,683.50 83,521.56 3,098.42 86,619.99 4,356,063.51 0.9622407
Class B-2 4,527,000.00 4,442,683.50 83,521.56 3,098.42 86,619.99 4,356,063.51 0.9622407
Class B-3 4,527,000.00 4,442,683.50 83,521.56 3,098.42 86,619.99 4,356,063.51 0.9622407
-------------- -------------- ------------ ---------- ------------ --------------
Total 221,823,000.00 217,691,491.36 4,092,556.53 151,822.80 4,244,379.34 213,447,112.02
</TABLE>
Page 3
<PAGE> 15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of October 31, 1997 3,014,020.98
Investment earnings on amounts in Collection Account 10,575.22
Payments due Collection Account from last 3 business days of Collection Period 666,081.11
Additional contribution for terminated trade-ups and rebooked leases 34,719.89
Servicer Advance on current Determination Date 2,124,415.93
----------------
Available Funds on Payment Date 5,849,813.13
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
----------------
REMAINING AVAILABLE FUNDS 5,849,813.13
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
----------------
REMAINING AVAILABLE FUNDS 5,849,813.13
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 237,969.24
Unreimbursed Servicer Advances paid 237,969.24
----------------
Unreimbursed Servicer Advances remaining unpaid -
-
REMAINING AVAILABLE FUNDS 5,611,843.89
SERVICER FEES
Servicer Fees due 92,562.59
Servicer Fees paid 92,562.59
----------------
Servicer Fees remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 5,519,281.30
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
----------------
REMAINING AVAILABLE FUNDS 5,519,281.30
BACK-UP SERVICER FEES
Back-up Servicer Fees due 3,772.52
Back-up Servicer Fees paid 3,772.52
----------------
Back-up Servicer Fees remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 5,515,508.78
PREMIUM AMOUNT
Premium Amount due 2,043.63
Premium Amount paid 2,043.63
----------------
Premium Amount remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 5,513,465.14
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 5,513,173.47
</TABLE>
Page 4
<PAGE> 16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
Total Indenture Trustee Expenses due 8,000.00
Cap on Indenture Trustee Expenses per 7.07 (a)(ii) 75,000.00
----------------
Total Indenture Trustee Expenses paid 8,000.00
----------------
Indenture Trustee Expenses unpaid -
REMAINING AVAILABLE FUNDS 5,505,173.47
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 143,742.86
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 1,071,075.70
----------------
REMAINING AVAILABLE FUNDS 4,434,097.78
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 25,489.90
Class B-1 Note Interest paid 25,489.90
----------------
Class B-1 Note Interest remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 4,408,607.88
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 2,036.23
Letter of Credit Bank Fee paid 2,036.23
----------------
Letter of Credit Bank Fee remaining unpaid -
-
REMAINING AVAILABLE FUNDS 4,406,571.65
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 23,879.42
Class B-2 Note Interest paid 23,879.42
----------------
Class B-2 Note Interest remaining unpaid -
-
REMAINING AVAILABLE FUNDS 4,382,692.23
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 3,841,991.85
Class A Note Principal Balance as of preceding Payment Date 204,363,440.86
----------------
Class A Base Principal Distribution Amount paid 3,841,991.85
----------------
Class A Base Principal Distribution Amount remaining unpaid -
Class A-1 Note Principal Balance as of preceding Payment Date 29,119,440.86
Class A-1 Base Principal Distribution Amount paid 3,841,991.85
----------------
Class A-1 Note Principal Balance after distribution on Payment Date 25,277,449.01
----------------
Remaining Class A Base Principal Distribution Amount -
----------------
</TABLE>
Page 5
<PAGE> 17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 85,479,000.00
Class A-2 Base Principal Distribution Amount paid -
----------------
Class A-2 Note Principal Balance after distribution on Payment Date 85,479,000.00
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 -
----------------
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 540,700.38
NOTE INSUER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due -
Note Insuer Reimbursement Amount paid -
----------------
Note Insuer Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 540,700.38
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,442,683.50
Class B-1 Base Principal Distribution due 83,521.56
Class B-1 Base Principal Distribution paid 83,521.56
----------------
Class B-1 Base Principal Distribution remaining unpaid -
Class B-1 Note Principal Balance after distribution on Payment Date 4,359,161.94
REMAINING AVAILABLE FUNDS 457,178.82
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 4,442,683.50
Class B-2 Base Principal Distribution due 83,521.56
Class B-2 Base Principal Distribution paid 83,521.56
----------------
Class B-2 Base Principal Distribution remaining unpaid -
Class B-2 Note Principal Balance after distribution on Payment Date 4,359,161.94
REMAINING AVAILABLE FUNDS 373,657.26
</TABLE>
Page 6
<PAGE> 18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
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 373,657.26
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 25,915.65
Class B-3 Note Interest paid 25,915.65
----------------
Class B-3 Note Interest remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 347,741.60
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 4,442,683.50
Class B-3 Base Principal Distribution due 83,521.56
Class B-3 Base Principal Distribution paid 83,521.56
----------------
Class B-3 Base Principal Distribution remaining unpaid -
Class B-3 Note Principal Balance after distribution on Payment Date 4,359,161.94
REMAINING AVAILABLE FUNDS 264,220.04
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 264,220.04
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 264,220.04
----------------
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 264,220.04
EXCESS OF ADCPB OVER ENDING NOTE BALANCES 151,822.80
AMOUNT PAYABLE TO RESIDUAL HOLDER 112,397.24
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 151,822.80
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 151,822.80
Adjusted Principal Distribution Sharing Ratio 93.878%
----------------
Additional Principal Distribution to Class A 142,527.53
Class A Note Principal Balance after payment above 200,521,449.01
----------------
Class A additional Principal Distribution Amount paid 142,527.53
----------------
Excess cash after payment of additional Class A Principal Distribution -
Class A-1 Note Principal Balance after payment above 25,277,449.01
Class A-1 additional Principal Distribution Amount paid 142,527.53
----------------
</TABLE>
Page 7
<PAGE> 19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
Class A-1 Note Principal Balance after distribution on Payment Date 25,134,921.48
----------------
Remaining Class A additional Principal Distribution Amount -
----------------
Class A-2 Note Principal Balance after payment above 85,479,000.00
Class A-2 additional Principal Distribution Amount paid -
----------------
Class A-2 Note Principal Balance after distribution on Payment Date 85,479,000.00
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 151,822.80
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-1 3,098.42
Class B-1 Note Principal Balance after payment above 4,359,161.94
Class B-1 additional Principal Distribution paid 3,098.42
----------------
Class B-1 Note Principal Balance after distribution on Payment Date 4,356,063.51
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 151,822.80
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-2 3,098.42
Class B-2 Note Principal Balance after payment above 4,359,161.94
Class B-2 additional Principal Distribution paid 3,098.42
----------------
Class B-2 Note Principal Balance after distribution on Payment Date 4,356,063.51
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 151,822.80
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-3 3,098.42
Class B-3 Note Principal Balance after payment above 4,359,161.94
Class B-3 additional Principal Distribution paid 3,098.42
----------------
Class B-3 Note Principal Balance after distribution on Payment Date 4,356,063.51
</TABLE>
Page 8
<PAGE> 20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
Calculation of Base Principal Amount
<TABLE>
<S> <C>
ADCPB, beginning of Collection Period 222,150,215.97
ADCPB, end of Collection Period 217,974,137.88
--------------
Base Principal Amount 4,176,078.10
</TABLE>
Unreimbursed Servicing Advances
<TABLE>
<S> <C>
Unreimbursed Servicing Advances from previous Collection Period 1,619,087.09
Servicing Advances collected during the current Collection Period 1,381,117.85
------------
Unreimbursed Servicing Advances as of current Determination Date 237,969.24
</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 29,119,440.86 5.7325% 143,742.86 -- 143,742.86
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 4,442,683.50 6.8850% 25,489.90 -- 25,489.90
Class B-2 4,442,683.50 6.4500% 23,879.42 -- 23,879.42
Class B-3 4,442,683.50 7.0000% 25,915.65 -- 25,915.65
-------------- ------------ ----------- ------------
217,691,491.36 6.3192% 1,146,360.67 -- 1,146,360.67
188,572,050.50 6.3803% 1,002,617.81
Calculation of Principal Due 0.0611% 11,309.13
</TABLE>
<TABLE>
<CAPTION>
Base Base Total
Principal Principal Overdue Principal
Class Amount Pct. Amount Principal Due
--------- ---------- ------------ --------- -------------
<S> <C> <C> <C>
Class A 92.0% 3,841,991.85 - 3,841,991.85
Class B-1 2.0% 83,521.56 - 83,521.56
Class B-2 2.0% 83,521.56 - 83,521.56
Class B-3 2.0% 83,521.56 - 83,521.56
------------ --------- ------------
4,092,556.53 - 4,092,556.53
</TABLE>
<TABLE>
<S> <C>
Calculation of Servicer Fee
ADCPB as of the prior Calculation Date 222,150,215.97
Servicer Fee Rate 0.500%
One-twelfth 1/12
-----------------
Servicer Fee due current period 92,562.59
Prior Servicer Fee arrearage --
-----------------
Servicer Fee due 92,562.59
Calculation of Back-up Servicer Fee
ADCPB as of the prior Calculation Date 226,351,292.85
Back-up Servicer Fee Rate 0.020%
One-twelfth 1/12
-----------------
Back-up Servicer Fee due Current Period 3,772.52
Prior Back-up Servicer Fee Arrearage --
-----------------
Back-up Servicer Fee due 3,772.52
Calculation of Premium Amount
Class A Principal Amount as of the immediately preceding Collection Period 204,363,440.86
-----------------
Premium Rate 0.012%
One-twelfth 1/12
-----------------
Premium Amount due Current Period 2,043.63
</TABLE>
Page 9
<PAGE> 21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
<TABLE>
<S> <C>
Prior Premium Amount arrearage --
Total Premium Amount due 2,043.63
-----------------
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) 4,442,683.50
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
-----------------
Letter of Credit Bank Fee due Current Period 2,036.23
Letter of Credit Bank Fee arrearage --
-----------------
Total Letter of Credit Bank Fee arrearage due 2,036.23
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 8,000.00
Prior Indenture Trustee Expenses arrearage --
-----------------
Total Indenture Trustee Expenses due 8,000.00
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 --
Floor Calculation
Initial ADCPB 226,351,292.85
Floor percent 2.00%
-----------------
Floor 4,527,025.86
ADCPB as of end of immediately preceding Collection Period 217,974,137.88
Aggregate Note Balances prior to any payment on current Payment Date
217,691,491.36 Payments on payment date prior to application of Floor
Amount, if any
Class A 3,841,991.85
Class B-1 83,521.56
Class B-2 83,521.56
Class B-3 83,521.56
-----------------
Total Base Principal Amount distributions on current payment date 4,092,556.53
-----------------
Aggregate Note Balance after payment of Base Principal Amount 213,598,934.83
-----------------
Excess of ADCPB over Ending Note Balances 4,375,203.05
Excess of ADCPB over Ending Note Balances 151,822.80
</TABLE>
Page 10
<PAGE> 22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
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 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) Order of judgement in excess of $500,000 No
6.01(vii) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or
dismissed within 60 days 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>
Page 11
<PAGE> 23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period 0.02%
Gross Charge Off Ratio Prior Period 0.05%
Gross Charge Off Ratio Second Prior Period n/a
Average of Gross Charge Off Ratio for Three Periods 0.03%
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 127,142.70 124,029.31 3,113.39 217,974,137.88 0.02%
Prior Period 121,710.35 111,992.50 9,717.85 222,150,215.97 0.05%
Second Prior Period n/a n/a n/a n/a n/a
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Delinquency Trigger Ratio Current Period 1.71%
Delinquency Trigger Ratio Prior Period 1.72%
Delinquency Trigger Ratio Second Prior Period n/a
Average of Delinquency Trigger Ratios 1.14%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
--- --- ---
ADCPB of ADCPB of
Contract > 30 Days All Delinquency Trigger
Past Due Contracts Ratio:
------------ -------------- ------
<S> <C> <C> <C>
Current Period 3,729,070.13 217,974,137.88 1.71%
Prior Period 3,826,844.43 222,150,215.97 1.72%
Second Prior Period n/a n/a n/a
</TABLE>
Page 12
<PAGE> 24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,177,633.59
Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement
(i) Initial Unpaid Amounts inadvertantly deposited in Collection Account -
(ii) Indemnity Payments paid inadvertantly deposited in Collection Account -
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 337,713.53
(b) Servicer Fees from current and prior Collection Period 90,822.56
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Current and unpaid Back-up Servicing Fees 3,632.90
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 67,388.49
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 120,071.61
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 24,992.91
(x) Letter of Credit Bank Fee and unpaid amounts 1,996.53
(xi) Class B-2 Note Interest 23,413.84
(xii) Class A-1 through A-4 Principal Distribution Amount:
Class A-1 Principal Distribution Amount 4,111,249.92
Class A-2 Principal Distribution Amount -
Class A-3 Principal Distribution Amount -
Class A-4 Principal Distribution Amount -
(xiii) Note Insuer Reimbursement Amount -
(xiv) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 89,375.00
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 89,375.00
(xvi) Letter of Credit Reimbursement Amount -
(xvii) Class B-3 Note Interest 25,410.37
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 89,375.00
(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 -
</TABLE>
Page 1
<PAGE> 25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<TABLE>
<S> <C>
(xxi) Other Amounts Due Servicer under Servicing Agreement -
(xxii) Remaining Amount to Residual Holder 85,816.42
Additional Principal Distribution Amount to Noteholders
Class A-1 additional Principal Distribution Amount 83,903.06
Class A-2 additional Principal Distribution Amount -
Class A-3 additional Principal Distribution Amount -
Class A-4 additional Principal Distribution Amount -
Class B-1 additional Principal Distribution Amount 1,823.98
Class B-2 additional Principal Distribution Amount 1,823.98
Class B-3 additional Principal Distribution Amount 1,823.98
</TABLE>
Reviewed By:
---------------------------------------
Craig M. Spencer
Senior Vice President and
Chief Accounting Officer
Page 2
<PAGE> 26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<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 25,134,921.48 4,111,249.92 83,903.06 4,195,152.98 20,939,768.50 0.6345769
Class A-2 85,479,000.00 85,479,000.00 -- -- -- 85,479,000.00 1.0000000
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 208,242,000.00 200,378,921.48 4,111,249.92 83,903.06 4,195,152.98 196,183,768.50 0.9420951
Class B-1 4,527,000.00 4,356,063.51 89,375.00 1,823.98 91,198.98 4,264,864.54 0.9420951
Class B-2 4,527,000.00 4,356,063.51 89,375.00 1,823.98 91,198.98 4,264,864.54 0.9420951
Class B-3 4,527,000.00 4,356,063.51 89,375.00 1,823.98 91,198.98 4,264,864.54 0.9420951
-------------- -------------- ------------ --------- ------------ --------------
Total 221,823,000.00 213,447,112.02 4,379,374.92 89,375.00 4,468,749.92 208,978,362.11
ADCPB at end of Collection Period 213,505,387.96
--------------
Excess of ending ADCPB over ending note balance 4,527,025.86
Floor 4,527,025.86
--------------
Difference 0.00
</TABLE>
Page 3
<PAGE> 27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of November 30, 1997 3,148,395.65
Investment earnings on amounts in Collection Account 9,562.60
Payments due Collection Account from last 3 business days of Collection Period 744,470.19
Additional contribution for terminated trade-ups and rebooked leases 279,579.56
Servicer Advance on current Determination Date 1,995,625.59
----------------
Available Funds on Payment Date 6,177,633.59
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
----------------
REMAINING AVAILABLE FUNDS 6,177,633.59
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
----------------
REMAINING AVAILABLE FUNDS 6,177,633.59
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 337,713.53
Unreimbursed Servicer Advances paid 337,713.53
----------------
Unreimbursed Servicer Advances remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 5,839,920.06
SERVICER FEES
Servicer Fees due 90,822.56
Servicer Fees paid 90,822.56
----------------
Servicer Fees remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 5,749,097.50
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT -
----------------
REMAINING AVAILABLE FUNDS 5,749,097.50
BACK-UP SERVICER FEES
Back-up Servicer Fees due 3,632.90
Back-up Servicer Fees paid 3,632.90
----------------
Back-up Servicer Fees remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 5,745,464.60
PREMIUM AMOUNT
Premium Amount due 67,388.49
Premium Amount paid 67,388.49
----------------
Premium Amount remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 5,678,076.11
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 5,677,784.44
</TABLE>
Page 4
<PAGE> 28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<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 5,677,784.44
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 120,071.61
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 1,047,404.45
----------------
REMAINING AVAILABLE FUNDS 4,630,379.99
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 24,992.91
Class B-1 Note Interest paid 24,992.91
----------------
Class B-1 Note Interest remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 4,605,387.08
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 1,996.53
Letter of Credit Bank Fee paid 1,996.53
----------------
Letter of Credit Bank Fee remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 4,603,390.55
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 23,413.84
Class B-2 Note Interest paid 23,413.84
----------------
Class B-2 Note Interest remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 4,579,976.71
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,111,249.92
Class A Note Principal Balance as of preceding Payment Date 200,378,921.48
----------------
Class A Base Principal Distribution Amount paid 4,111,249.92
----------------
Class A Base Principal Distribution Amount remaining unpaid -
Class A-1 Note Principal Balance as of preceding Payment Date 25,134,921.48
Class A-1 Base Principal Distribution Amount paid 4,111,249.92
----------------
Class A-1 Note Principal Balance after distribution on Payment Date 21,023,671.56
----------------
Remaining Class A Base Principal Distribution Amount -
----------------
</TABLE>
Page 5
<PAGE> 29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date 85,479,000.00
Class A-2 Base Principal Distribution Amount paid -
----------------
Class A-2 Note Principal Balance after distribution on Payment Date 85,479,000.00
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 -
----------------
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 468,726.79
NOTE INSUER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due -
Note Insuer Reimbursement Amount paid -
----------------
Note Insuer Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 468,726.79
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,356,063.51
Class B-1 Base Principal Distribution due 89,375.00
Class B-1 Base Principal Distribution paid 89,375.00
----------------
Class B-1 Base Principal Distribution remaining unpaid -
Class B-1 Note Principal Balance after distribution on Payment Date 4,266,688.52
REMAINING AVAILABLE FUNDS 379,351.79
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 4,356,063.51
Class B-2 Base Principal Distribution due 89,375.00
Class B-2 Base Principal Distribution paid 89,375.00
----------------
Class B-2 Base Principal Distribution remaining unpaid -
Class B-2 Note Principal Balance after distribution on Payment Date 4,266,688.52
REMAINING AVAILABLE FUNDS 289,976.79
</TABLE>
Page 6
<PAGE> 30
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<TABLE>
<S> <C>
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 289,976.79
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 25,410.37
Class B-3 Note Interest paid 25,410.37
----------------
Class B-3 Note Interest remaining unpaid -
----------------
REMAINING AVAILABLE FUNDS 264,566.42
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 4,356,063.51
Class B-3 Base Principal Distribution due 89,375.00
Class B-3 Base Principal Distribution paid 89,375.00
----------------
Class B-3 Base Principal Distribution remaining unpaid -
Class B-3 Note Principal Balance after distribution on Payment Date 4,266,688.52
REMAINING AVAILABLE FUNDS 175,191.42
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 175,191.42
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 175,191.42
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 175,191.42
EXCESS OF ADCPB OVER ENDING NOTE BALANCES 89,375.00
AMOUNT PAYABLE TO RESIDUAL HOLDER 85,816.42
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 89,375.00
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 89,375.00
Adjusted Principal Distribution Sharing Ratio 93.878%
----------------
Additional Principal Distribution to Class A 83,903.06
Class A Note Principal Balance after payment above 196,267,671.56
----------------
Class A additional Principal Distribution Amount paid 83,903.06
----------------
Excess cash after payment of additional Class A Principal Distribution -
Class A-1 Note Principal Balance after payment above 21,023,671.56
Class A-1 additional Principal Distribution Amount paid 83,903.06
----------------
</TABLE>
Page 7
<PAGE> 31
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<TABLE>
<S> <C>
Class A-1 Note Principal Balance after distribution on Payment Date 20,939,768.50
----------------
Remaining Class A additional Principal Distribution Amount -
----------------
Class A-2 Note Principal Balance after payment above 85,479,000.00
Class A-2 additional Principal Distribution Amount paid -
----------------
Class A-2 Note Principal Balance after distribution on Payment Date 85,479,000.00
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 89,375.00
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-1 1,823.98
Class B-1 Note Principal Balance after payment above 4,266,688.52
Class B-1 additional Principal Distribution paid 1,823.98
----------------
Class B-1 Note Principal Balance after distribution on Payment Date 4,264,864.54
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 89,375.00
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-2 1,823.98
Class B-2 Note Principal Balance after payment above 4,266,688.52
Class B-2 additional Principal Distribution paid 1,823.98
----------------
Class B-2 Note Principal Balance after distribution on Payment Date 4,264,864.54
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 89,375.00
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-3 1,823.98
Class B-3 Note Principal Balance after payment above 4,266,688.52
Class B-3 additional Principal Distribution paid 1,823.98
----------------
Class B-3 Note Principal Balance after distribution on Payment Date 4,264,864.54
</TABLE>
Page 8
<PAGE> 32
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1997
Calculation of Base Principal Amount
<TABLE>
<S> <C>
ADCPB, beginning of Collection Period 217,974,137.88
ADCPB, end of Collection Period 213,505,387.96
----------------
Base Principal Amount 4,468,749.92
</TABLE>
Unreimbursed Servicing Advances
<TABLE>
<S> <C>
Unreimbursed Servicing Advances from previous Collection Period 2,124,415.93
Servicing Advances collected during the current Collection Period 1,786,702.40
--------------
Unreimbursed Servicing Advances as of current Determination Date 337,713.53
</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 25,134,921.48 5.7325% 120,071.61 - 120,071.61
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 4,356,063.51 6.8850% 24,992.91 - 24,992.91
Class B-2 4,356,063.51 6.4500% 23,413.84 - 23,413.84
Class B-3 4,356,063.51 7.0000% 25,410.37 - 25,410.37
-------------- ------------ ------- ------------
213,447,112.02 6.3035% 1,121,221.57 - 1,121,221.57
</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% 4,111,249.92 - 4,111,249.92
Class B-1 2.0% 89,375.00 - 89,375.00
Class B-2 2.0% 89,375.00 - 89,375.00
Class B-3 2.0% 89,375.00 - 89,375.00
------------ --------- ------------
4,379,374.92 - 4,379,374.92
</TABLE>
<TABLE>
<S> <C>
Calculation of Servicer Fee
ADCPB as of the prior Calculation Date 217,974,137.88
Servicer Fee Rate 0.500%
One-twelfth 1/12
----------------
Servicer Fee due current period 90,822.56
Prior Servicer Fee arrearage --
----------------
Servicer Fee due 90,822.56
Calculation of Back-up Servicer Fee
ADCPB as of the prior Calculation Date 217,974,137.88
Back-up Servicer Fee Rate 0.020%
One-twelfth 1/12
----------------
Back-up Servicer Fee due Current Period 3,632.90
Prior Back-up Servicer Fee Arrearage --
----------------
Back-up Servicer Fee due 3,632.90
Calculation of Premium Amount
Class A Principal Amount as of the immediately preceding Collection Period 200,378,921.48
Premium Rate 0.140%
One-twelfth 1/12
----------------
Premium Amount due Current Period 23,377.54
</TABLE>
Page 9
<PAGE> 33
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1997
<TABLE>
<S> <C>
Prior Premium Amount arrearage 44,010.95
----------------
Total Premium Amount due 67,388.49
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) 4,356,063.51
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
----------------
Letter of Credit Bank Fee due Current Period 1,996.53
Letter of Credit Bank Fee arrearage --
----------------
Total Letter of Credit Bank Fee arrearage due 1,996.53
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 --
Floor Calculation
Initial ADCPB 226,351,292.85
Floor percent 2.00%
----------------
Floor 4,527,025.86
ADCPB as of end of immediately preceding Collection Period 213,505,387.96
Aggregate Note Balances prior to any payment on current Payment Date
Payments on payment date prior to application of Floor Amount, if any 213,447,112.02
Class A 4,111,249.92
Class B-1 89,375.00
Class B-2 89,375.00
Class B-3 89,375.00
----------------
Total Base Principal Amount distributions on current payment date 4,379,374.92
----------------
Aggregate Note Balance after payment of Base Principal Amount 209,067,737.10
----------------
Excess of ADCPB over Ending Note Balances 4,437,650.86
Excess of ADCPB over Ending Note Balances 89,375.00
</TABLE>
Page 10
<PAGE> 34
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insuer has Made a Payment (Yes/No) No
C) Gross Charge Off Event has Occurred (Yes/No) No
D) Delinquency Trigger Event has Occurred (Yes/No) No
</TABLE>
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 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) Order of judgement in excess of $500,000 No
6.01(vii) Petition under bankruptcy laws against Servicer is not stayed, withdrawn or
dismissed within 60 days 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>
Page 11
<PAGE> 35
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED DECEMBER 1, 1997
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Off Ratio Current Period -0.02%
Gross Charge Off Ratio Prior Period 0.02%
Gross Charge Off Ratio Second Prior Period 0.05%
------
Average of Gross Charge Off Ratio for Three Periods 0.02%
</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 206,389.28 210,137.68 -3,748.40 213,505,387.96 -0.02%
Prior Period 127,142.70 124,029.31 3,113.39 217,974,137.88 0.02%
Second Prior Period 121,710.35 111,992.50 9,717.85 222,150,215.97 0.05%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Result
------
<S> <C>
Delinquency Trigger Ratio Current Period 4.16%
Delinquency Trigger Ratio Prior Period 1.71%
Delinquency Trigger Ratio Second Prior Period 1.72%
Average of Delinquency Trigger Ratios 2.53%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
--- --- ---
ADCPB of ADCPB of
Contract > 30 Days All Delinquency Trigger
Past Due Contracts Ratio:
------------------ --------- -------------------
<S> <C> <C> <C>
Current Period 8,876,903.20 213,505,387.96 4.16%
Prior Period 3,729,070.13 217,974,137.88 1.71%
Second Prior Period 3,826,844.43 222,150,215.97 1.72%
</TABLE>
Page 12
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