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Previous: PRUDENTIAL SECURITIES SECURED FINANCING CORP, 8-K, 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)
January 1, 1998
FIRST SIERRA EQUIPMENT CONTRACT TRUST Series
1998-1 (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 9b) 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 January 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 January 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 JANUARY 1, 1998
<TABLE>
<S> <C>
Available Amount to Note Holders: 6,957,372.34
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 448,594.87
(b) Servicer Fees from current and prior Collection Period 88,960.58
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Current and unpaid Back-up Servicing Fees 3,348.79
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 22,888.11
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 110,034.12
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 24,469.66
(x) Letter of Credit Bank Fee and unpaid amounts 1,954.73
(xi) Class B-2 Note Interest 22,923.65
(xii) Class A-1 thought A-4 Principal Distribution Amount:
Class A-1 Principal Distribution Amount 4,801,728.21
Class A-2 Principal Distribution Amount -
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 104,385.40
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 104,385.40
(xvi) Letter of Credit Reimbursement Amount -
(xvii) Class B-3 Note Interest 24,878.38
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 104,385.40
(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> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED JANUARY 1, 1998
<TABLE>
<S> <C>
(xxii) Remaining Amount to Residual Holder 62,425.17
Additional Principal Distribution Amount to Noteholders
Class A-1 additional Principal Distribution Amount 97,994.45
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 2,130.31
Class B-2 additional Principal Distribution Amount 2,130.31
Class B-3 additional Principal Distribution Amount 2,130.31
</TABLE>
Reviewed By:
--------------------------------------
Craig M. Spencer
Senior Vice President and
Chief Accounting Officer
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED JULY 1, 1998
<TABLE>
<CAPTION>
Result
------
<S> <C>
Gross Charge Event Calculation:
Gross Charge Off Ratio Current Period 1.09%
Gross Charge Off Ratio Prior Period 1.33%
Gross Charge Off Ratio Second Prior Period 0.37%
-----
Average of Gross Charge Off Ratio for Three Periods 0.93%
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 558,855.87 396,025.65 162,830.22 178,695,755.00 1.09%
Prior Period 558,581.01 355,230.49 203,350.52 183,809,646.31 1.33%
Second Prior Period 539,561.02 481,091.25 58,469.77 188,870,384.73 0.37%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-------
<S> <C>
Delinquency Trigger Ratio Current Period 2.99%
Delinquency Trigger Ratio Prior Period 3.17%
Delinquency Trigger Ratio Second Prior Period 3.21%
----
Average of Delinquency Trigger Ratios 3.13%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
- --------------------------
<TABLE>
<CAPTION>
A B A/B
- - ---
ADCPB of ADCPB of
Contract > 30 Days All Contracts Delinquency Trigger
Past Due As of Month-End Ratio:
------------------ --------------- -------------------
<S> <C> <C> <C>
Current Period 5,362,255.28 179,222,649.91 2.99%
Prior Period 5,826,430.47 183,694,357.13 3.17%
Second Prior Period 6,070,704.82 188,952,691.55 3.21%
</TABLE>
Page 1
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED JANUARY 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 20,939,768.50 4,801,728.21 97,994.45 4,899,722.67 16,040,045.83 0.4860915
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 208,242,000.00 196,183,768.50 4,801,728.21 97,994.45 4,899,722.67 191,284,045.83 0.9185661
Class B-1 4,527,000.00 4,264,864.54 104,385.40 2,130.31 106,515.71 4,158,348.83 0.9185661
Class B-2 4,527,000.00 4,264,864.54 104,385.40 2,130.31 106,515.71 4,158,348.83 0.9185661
Class B-3 4,527,000.00 4,264,864.54 104,385.40 2,130.31 106,515.71 4,158,348.83 0.9185661
-------------- -------------- ------------ --------- ------------ --------------
Total 221,823,000.00 208,978,362.11 5,114,884.40 04,385.40 5,219,269.80 203,759,092.31
ADCPB at end of Collection Period 208,286,118.17
--------------
Excess of ending ADCPB over ending note balance 4,527,025.86
Floor 4,527,025.86
--------------
Difference -
</TABLE>
Page 1
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 1998
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 1997 4,009,954.77
Investment earnings on amounts in Collection Account 13,265.04
Payments due Collection Account from last 3 business days of Collection Period 336,938.20
Additional contribution for terminated trade-ups and rebooked leases 150,218.46
Servicer Advance on current Determination Date 2,446,995.87
--------------
Available Funds on Payment Date 6,957,372.34
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT -
--------------
REMAINING AVAILABLE FUNDS 6,957,372.34
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT -
--------------
REMAINING AVAILABLE FUNDS 6,957,372.34
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 448,594.87
Unreimbursed Servicer Advances paid 448,594.87
--------------
Unreimbursed Servicer Advances remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,508,777.47
SERVICER FEES
Servicer Fees due 88,960.58
Servicer Fees paid 88,960.58
--------------
Servicer Fees remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,419,816.90
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT -
--------------
REMAINING AVAILABLE FUNDS 6,419,816.90
BACK-UP SERVICER FEES
Back-up Servicer Fees due 3,348.79
Back-up Servicer Fees paid 3,348.79
--------------
Back-up Servicer Fees remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,416,468.11
PREMIUM AMOUNT
Premium Amount due 22,888.11
Premium Amount paid 22,888.11
--------------
Premium Amount remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 6,393,580.00
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 6,393,288.33
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(A)(II)
Total Indenture Trustee Expenses due -
Cap on Indenture Trustee Expenses per 7.07 (a)(ii) 75,000.00
--------------
Total Indenture Trustee Expenses paid -
--------------
Indenture Trustee Expenses unpaid -
</TABLE>
Page 1
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 1998
<TABLE>
<S> <C>
REMAINING AVAILABLE FUNDS 6,393,288.33
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest 110,034.12
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 1,037,366.95
--------------
REMAINING AVAILABLE FUNDS 5,355,921.38
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 24,469.66
Class B-1 Note Interest paid 24,469.66
--------------
Class B-1 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,331,451.72
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 1,954.73
Letter of Credit Bank Fee paid 1,954.73
--------------
Letter of Credit Bank Fee remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,329,496.99
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 22,923.65
Class B-2 Note Interest paid 22,923.65
--------------
Class B-2 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 5,306,573.34
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 4,801,728.21
Class A Note Principal Balance as of preceding Payment Date 196,183,768.50
--------------
Class A Base Principal Distribution Amount paid 4,801,728.21
--------------
Class A Base Principal Distribution Amount remaining unpaid -
Class A-1 Note Principal Balance as of preceding Payment Date 20,939,768.50
Class A-1 Base Principal Distribution Amount paid 4,801,728.21
--------------
Class A-1 Note Principal Balance after distribution on Payment Date 16,138,040.29
--------------
Remaining Class A Base Principal Distribution Amount -
--------------
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 -
--------------
</TABLE>
Page 2
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 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 504,845.13
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due -
Note Insurer Reimbursement Amount paid -
--------------
Note Insurer Reimbursement Amount remaining unpaid -
REMAINING AVAILABLE FUNDS 504,845.13
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 4,264,864.54
Class B-1 Base Principal Distribution due 104,385.40
Class B-1 Base Principal Distribution paid 104,385.40
--------------
Class B-1 Base Principal Distribution remaining unpaid -
Class B-1 Note Principal Balance after distribution on Payment Date 4,160,479.14
REMAINING AVAILABLE FUNDS 400,459.73
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 4,264,864.54
Class B-2 Base Principal Distribution due 104,385.40
Class B-2 Base Principal Distribution paid 104,385.40
--------------
Class B-2 Base Principal Distribution remaining unpaid -
Class B-2 Note Principal Balance after distribution on Payment Date 4,160,479.14
REMAINING AVAILABLE FUNDS 296,074.34
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 296,074.34
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 24,878.38
Class B-3 Note Interest paid 24,878.38
--------------
Class B-3 Note Interest remaining unpaid -
--------------
REMAINING AVAILABLE FUNDS 271,195.96
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 4,264,864.54
Class B-3 Base Principal Distribution due 104,385.40
Class B-3 Base Principal Distribution paid 104,385.40
--------------
</TABLE>
Page 3
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 1998
<TABLE>
<S> <C>
Class B-3 Base Principal Distribution remaining unpaid -
Class B-3 Note Principal Balance after distribution on Payment Date 4,160,479.14
REMAINING AVAILABLE FUNDS 166,810.57
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 166,810.57
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 166,810.57
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 166,810.57
EXCESS OF ADCPB OVER ENDING NOTE BALANCES 104,385.40
AMOUNT PAYABLE TO RESIDUAL HOLDER 62,425.17
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 104,385.40
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 104,385.40
Adjusted Principal Distribution Sharing Ratio 93.878%
--------------
Additional Principal Distribution to Class A 97,994.45
Class A Note Principal Balance after payment above 191,382,040.29
--------------
Class A additional Principal Distribution Amount paid 97,994.45
--------------
Excess cash after payment of additional Class A Principal Distribution -
Class A-1 Note Principal Balance after payment above 16,138,040.29
Class A-1 additional Principal Distribution Amount paid 97,994.45
--------------
Class A-1 Note Principal Balance after distribution on Payment Date 16,040,045.83
--------------
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
</TABLE>
Page 4
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 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 104,385.40
Adjusted Principal Distribution Sharing Ratio 2.041%
--------------
Additional Principal Distribution to Class B-1 2,130.31
Class B-1 Note Principal Balance after payment above 4,160,479.14
Class B-1 additional Principal Distribution paid 2,130.31
--------------
Class B-1 Note Principal Balance after distribution on Payment Date 4,158,348.83
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 104,385.40
Adjusted Principal Distribution Sharing Ratio 2.041%
--------------
Additional Principal Distribution to Class B-2 2,130.31
Class B-2 Note Principal Balance after payment above 4,160,479.14
Class B-2 additional Principal Distribution paid 2,130.31
--------------
Class B-2 Note Principal Balance after distribution on Payment Date 4,158,348.83
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 104,385.40
Adjusted Principal Distribution Sharing Ratio 2.041%
--------------
Additional Principal Distribution to Class B-3 2,130.31
Class B-3 Note Principal Balance after payment above 4,160,479.14
Class B-3 additional Principal Distribution paid 2,130.31
--------------
Class B-3 Note Principal Balance after distribution on Payment Date 4,158,348.83
</TABLE>
Page 5
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 1998
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 213,505,387.96
ADCPB, end of Collection Period 208,286,118.17
--------------
Base Principal Amount 5,219,269.80
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 1,995,625.59
Servicing Advances collected during the current Collection Period 1,547,030.72
------------
Unreimbursed Servicing Advances as of current Determination Date 448,594.87
</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 20,939,768.50 5.7325% 110,034.12 - 110,034.12
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 4,264,864.54 6.8850% 24,469.66 - 24,469.66
Class B-2 4,264,864.54 6.4500% 22,923.65 - 22,923.65
Class B-3 4,264,864.54 7.0000% 24,878.38 - 24,878.38
--------------- ------------ ---------- ------------
208,978,362.11 6.3718% 1,109,638.64 - 1,109,638.64
</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% 4,801,728.21 - 4,801,728.21
Class B-1 2.0% 104,385.40 - 104,385.40
Class B-2 2.0% 104,385.40 - 104,385.40
Class B-3 2.0% 104,385.40 - 104,385.40
------------ --------- ------------
5,114,884.40 - 5,114,884.40
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 213,505,387.96
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 88,960.58
Prior Servicer Fee arrearage -
--------------
Servicer Fee due 88,960.58
CALCULATION OF BACK-UP SERVICER FEE
ADCPB as of the prior Calculation Date 213,505,387.96
Back-up Servicer Fee Rate 0.020%
One-twelfth 1/12
--------------
</TABLE>
Page 1
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 1998
<TABLE>
<S> <C>
Back-up Servicer Fee due Current Period 3,558.42
less overpayment from prior period (209.64)
Prior Back-up Servicer Fee Arrearage -
--------------
Back-up Servicer Fee due 3,348.79
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 196,183,768.50
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 22,888.11
Prior Premium Amount arrearage -
--------------
Total Premium Amount due 22,888.11
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) 4,264,864.54
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
--------------
Letter of Credit Bank Fee due Current Period 1,954.73
Letter of Credit Bank Fee arrearage -
--------------
Total Letter of Credit Bank Fee arrearage due 1,954.73
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> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED JANUARY 1, 1998
<TABLE>
<S> <C>
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 208,286,118.17
Aggregate Note Balances prior to any payment on current Payment Date 208,978,362.11
Payments on payment date prior to application of Floor Amount, if any
Class A 4,801,728.21
Class B-1 104,385.40
Class B-2 104,385.40
Class B-3 104,385.40
--------------
Total Base Principal Amount distributions on current payment date 5,114,884.40
--------------
Aggregate Note Balance after payment of Base Principal Amount 203,863,477.71
--------------
Excess of ADCPB over Ending Note Balances 4,422,640.46
Excess of ADCPB over Ending Note Balances 104,385.40
</TABLE>
Page 3
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JANUARY 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>
Page 1
<PAGE> 14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED JANUARY 1, 1998
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
RESULT
------
<S> <C>
Gross Charge Off Ratio Current Period 1.43%
Gross Charge Off Ratio Prior Period -0.02%
Gross Charge Off Ratio Second Prior Period 0.02%
Average of Gross Charge Off Ratio for Three Periods 0.47%
</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 518,690.07 270,979.53 247,710.54 208,286,118.17 1.43%
Prior Period 206,389.28 210,137.68 -3,748.40 213,505,387.96 -0.02%
Second Prior Period 127,142.70 124,029.31 3,113.39 217,974,137.88 0.02%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
RESULTS
-------
<S> <C>
Delinquency Trigger Ratio Current Period 2.42%
Delinquency Trigger Ration Prior Period 4.16%
Delinquency Trigger Ration Second Prior Period 1.71%
----
Average of Delinquency Trigger Ratios 2.76%
</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 5,033,430.40 208,286,118.17 2.42%
Prior Period 8,876,903.30 213,505,387.96 4.16%
Second Prior Period 3,729,070.13 217,974,132.88 1.71%
</TABLE>
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