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Previous: PRUDENTIAL SECURITIES SECURED FINANCING CORP, 8-K, 2000-08-22 |
Next: DORAL FINANCIAL CORP, 424B5, 2000-08-22 |
<PAGE> 1
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
Available Amount to Note Holders: 4,375,179.50
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 591,647.41
(b) Servicer Fees from current and prior Collection Period 29,664.57
(c) Servicing Charges inadvertantly deposited in Collection Account -
(iv) Current and unpaid Back-up Servicing Fees 1,186.58
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 7,462.58
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 -
Adjustment to prior month Class A-1 Note Interest -
Class A-2 Note Interest -
Class A-3 Note Interest 136,138.75
Class A-4 Note Interest 202,342.75
(ix) Class B-1 Note Interest 7,978.24
(x) Letter of Credit Bank Fee and unpaid amounts 637.33
(xi) Class B-2 Note Interest 7,474.17
(xii) Class A-1 through A-4 Principal Distribution Amount:
Class A-1 Principal Distribution Amount -
Class A-2 Principal Distribution Amount -
Class A-3 Principal Distribution Amount 3,119,635.03
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 67,818.15
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 67,818.15
(xvi) Letter of Credit Reimbursement Amount -
(xvii) Class B-3 Note Interest 8,111.50
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 67,818.15
(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 RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
(xxii) Remaining Amount to Residual Holder -
Additional Principal Distribution Amount to Noteholders
Class A-1 additional Principal Distribution Amount -
Class A-2 additional Principal Distribution Amount -
Class A-3 additional Principal Distribution Amount 55,532.75
Class A-4 additional Principal Distribution Amount -
Class B-1 additional Principal Distribution Amount 1,207.23
Class B-2 additional Principal Distribution Amount 1,207.23
Class B-3 additional Principal Distribution Amount 1,207.23
Reviewed By:
-------------------------------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<CAPTION>
Initial Beginning Base Additional Total Ending Ending
Principal Principal Principal Principal Principal Principal Certificate
Class Balance Balance Distribution Distribution Distribution Balance Factor
-------------- -------------- ------------- ------------ ------------ ------------ ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 32,998,000.00 - - - - - 0.0000000
Class A-2 85,479,000.00 - - - - - 0.0000000
Class A-3 51,527,000.00 25,727,007.56 3,119,635.03 55,532.75 3,175,167.77 22,551,839.79 0.4376703
Class A-4 38,238,000.00 38,238,000.00 - - - 38,238,000.00 1.0000000
-------------- ------------- ------------ --------- ------------ ------------- ---------
Total Class A 208,242,000.00 63,965,007.56 3,119,635.03 55,532.75 3,175,167.77 60,789,839.79 0.2919192
Class B-1 4,527,000.00 1,390,543.65 67,818.15 1,207.23 69,025.39 1,321,518.26 0.2919192
Class B-2 4,527,000.00 1,390,543.65 67,818.15 1,207.23 69,025.39 1,321,518.26 0.2919192
Class B-3 4,527,000.00 1,390,543.65 67,818.15 1,207.23 69,025.39 1,321,518.26 0.2919192
-------------- ------------- ------------ --------- ------------ ------------- ---------
Total 221,823,000.00 68,136,638.49 3,323,089.48 59,154.45 3,382,243.93 64,754,394.56
ADCPB at end of Collection Period 67,804,063.58
-------------
Excess of ending ADCPB over ending note balance 3,049,669.02
Floor 4,527,025.86
-------------
Difference (1,477,356.84)
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of July 31, 2000 2,184,603.57
Investment earnings on amounts in Collection Account 9,310.15
Payments due Collection Account from last 3 business days of Collection Period 564,877.30
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 1,616,388.48
------------
Available Funds on Payment Date 4,375,179.50
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 4,375,179.50
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 4,375,179.50
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 591,647.41
Unreimbursed Servicer Advances paid 591,647.41
------------
Unreimbursed Servicer Advances remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,783,532.09
SERVICER FEES
Servicer Fees due 29,664.57
Servicer Fees paid 29,664.57
------------
Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,753,867.52
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT --
------------
REMAINING AVAILABLE FUNDS 3,753,867.52
BACK-UP SERVICER FEES
Back-up Servicer Fees due 1,186.58
Back-up Servicer Fees paid 1,186.58
------------
Back-up Servicer Fees remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,752,680.94
PREMIUM AMOUNT
Premium Amount due 7,462.58
Premium Amount paid 7,462.58
------------
Premium Amount remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,745,218.35
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 3,744,926.68
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<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 3,744,926.68
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
Class A-1 Note Interest --
Class A-2 Note Interest --
Class A-3 Note Interest 136,138.75
Class A-4 Note Interest 202,342.75
------------
Total Class A Interest due 338,481.50
------------
REMAINING AVAILABLE FUNDS 3,406,445.18
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 7,978.24
Class B-1 Note Interest paid 7,978.24
------------
Class B-1 Note Interest remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,398,466.94
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 637.33
Letter of Credit Bank Fee paid 637.33
------------
Letter of Credit Bank Fee remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,397,829.61
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 7,474.17
Class B-2 Note Interest paid 7,474.17
------------
Class B-2 Note Interest remaining unpaid --
------------
REMAINING AVAILABLE FUNDS 3,390,355.43
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 3,119,635.03
Class A Note Principal Balance as of preceding Payment Date 63,965,007.56
------------
Class A Base Principal Distribution Amount paid 3,119,635.03
------------
Class A Base Principal Distribution Amount remaining unpaid --
Class A-1 Note Principal Balance as of preceding Payment Date --
Class A-1 Base Principal Distribution Amount paid --
------------
Class A-1 Note Principal Balance after distribution on Payment Date --
------------
Remaining Class A Base Principal Distribution Amount 3,119,635.03
------------
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
Class A-2 Note Principal Balance as of preceding Payment Date --
Class A-2 Base Principal Distribution Amount paid --
-------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A Base Principal Distribution Amount 3,119,635.03
-------------
Class A-3 Note Principal Balance as of preceding Payment Date 25,727,007.56
Class A-3 Base Principal Distribution Amount paid 3,119,635.03
-------------
Class A-3 Note Principal Balance after distribution on Payment Date 22,607,372.53
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 270,720.41
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insuer Reimbursement Amount due --
Note Insuer Reimbursement Amount paid --
-------------
Note Insuer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 270,720.41
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 1,390,543.65
Class B-1 Base Principal Distribution due 67,818.15
Class B-1 Base Principal Distribution paid 67,818.15
-------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 1,322,725.49
REMAINING AVAILABLE FUNDS 202,902.26
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,390,543.65
Class B-2 Base Principal Distribution due 67,818.15
Class B-2 Base Principal Distribution paid 67,818.15
-------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,322,725.49
REMAINING AVAILABLE FUNDS 135,084.10
</TABLE>
Page 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<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 135,084.10
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 8,111.50
Class B-3 Note Interest paid 8,111.50
-------------
Class B-3 Note Interest remaining unpaid --
-------------
REMAINING AVAILABLE FUNDS 126,972.60
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 1,390,543.65
Class B-3 Base Principal Distribution due 67,818.15
Class B-3 Base Principal Distribution paid 67,818.15
-------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 1,322,725.49
REMAINING AVAILABLE FUNDS 59,154.45
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 59,154.45
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 59,154.45
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 59,154.45
DIFFERENCE BETWEEN EXCESS OF ADCPB OVER ENDING NOTE BALANCES AND FLOOR 1,536,511.28
AMOUNT PAYABLE TO RESIDUAL HOLDER --
</TABLE>
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 59,154.45
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 59,154.45
Adjusted Principal Distribution Sharing Ratio 93.878%
-------
Additional Principal Distribution to Class A 55,532.75
Class A Note Principal Balance after payment above 60,845,372.53
-------------
Class A additional Principal Distribution Amount paid 55,532.75
-------------
Excess cash after payment of additional Class A Principal Distribution --
Class A-1 Note Principal Balance after payment above --
Class A-1 additional Principal Distribution Amount paid --
-------------
Class A-1 Note Principal Balance after distribution on Payment Date --
-------------
Remaining Class A additional Principal Distribution Amount 55,532.75
-------------
Class A-2 Note Principal Balance after payment above --
Class A-2 additional Principal Distribution Amount paid --
-------------
Class A-2 Note Principal Balance after distribution on Payment Date --
Remaining Class A additional Principal Distribution Amount 55,532.75
-------------
Class A-3 Note Principal Balance after payment above 22,607,372.53
Class A-3 additional Principal Distribution Amount paid 55,532.75
-------------
Class A-3 Note Principal Balance after distribution on Payment Date 22,551,839.79
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 59,154.45
Adjusted Principal Distribution Sharing Ratio 2.041%
------
Additional Principal Distribution to Class B-1 1,207.23
Class B-1 Note Principal Balance after payment above 1,322,725.49
Class B-1 additional Principal Distribution paid 1,207.23
-------------
Class B-1 Note Principal Balance after distribution on Payment Date 1,321,518.26
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 59,154.45
Adjusted Principal Distribution Sharing Ratio 2.041%
------
Additional Principal Distribution to Class B-2 1,207.23
Class B-2 Note Principal Balance after payment above 1,322,725.49
Class B-2 additional Principal Distribution paid 1,207.23
-------------
Class B-2 Note Principal Balance after distribution on Payment Date 1,321,518.26
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 59,154.45
Adjusted Principal Distribution Sharing Ratio 2.041%
------
Additional Principal Distribution to Class B-3 1,207.23
Class B-3 Note Principal Balance after payment above 1,322,725.49
Class B-3 additional Principal Distribution paid 1,207.23
-------------
Class B-3 Note Principal Balance after distribution on Payment Date 1,321,518.26
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 71,194,971.22
ADCPB, end of Collection Period 67,804,063.58
-------------
Base Principal Amount 3,390,907.64
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 1,758,642.59
Servicing Advances collected during the current Collection Period 1,166,995.18
-------------
Unreimbursed Servicing Advances as of current Determination Date 591,647.41
</TABLE>
CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
Beginning Current Total
Principal Interest Interest Overdue Interest
Class Balance Rate Due Interest Due
--------- ------------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C>
Class A-1 - 5.7325% - - -
Class A-2 - 6.3500% - - -
Class A-3 25,727,007.56 6.3500% 136,138.75 - 136,138.75
Class A-4 38,238,000.00 6.3500% 202,342.75 - 202,342.75
Class B-1 1,390,543.65 6.8850% 7,978.24 - 7,978.24
Class B-2 1,390,543.65 6.4500% 7,474.17 - 7,474.17
Class B-3 1,390,543.65 7.0000% 8,111.50 - 8,111.50
------------- ---------- ----------
68,136,638.49 6.3762% 362,045.42 - 362,045.42
</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% 3,119,635.03 - 3,119,635.03
Class B-1 2.0% 67,818.15 - 67,818.15
Class B-2 2.0% 67,818.15 - 67,818.15
Class B-3 2.0% 67,818.15 - 67,818.15
------------ ---------- ------------
3,323,089.48 - 3,323,089.48
</TABLE>
CALCULATION OF SERVICER FEE
<TABLE>
<CAPTION>
<S> <C>
ADCPB as of the prior Calculation Date 71,194,971.22
Servicer Fee Rate 0.500%
One-twelfth 1/12
-----
Servicer Fee due current period 29,664.57
Prior Servicer Fee arrearage -
-------------
Servicer Fee due 29,664.57
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<CAPTION>
<S> <C>
CALCULATION OF BACK-UP SERVICER FEE
ADCPB as of the prior Calculation Date 71,194,971.22
Back-up Servicer Fee Rate 0.020%
One-twelfth 1/12
-----
Back-up Servicer Fee due Current Period 1,186.58
less overpayment from prior period -
Prior Back-up Servicer Fee Arrearage -
-------------
Back-up Servicer Fee due 1,186.58
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 63,965,007.56
Premium Rate 0.140%
One-twelfth 1/12
-----
Premium Amount due Current Period 7,462.58
Prior Premium Amount arrearage -
-------------
Total Premium Amount due 7,462.58
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) 1,390,543.65
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
-----
Letter of Credit Bank Fee due Current Period 637.33
Letter of Credit Bank Fee arrearage -
-------------
Total Letter of Credit Bank Fee arrearage due 637.33
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 -
</TABLE>
Page 11
<PAGE> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<CAPTION>
<S> <C>
ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
Additional Letter of Credit Reimbursement Amount due current period -
Prior Additonal 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 67,804,063.58
Aggregate Note Balances prior to any payment on current Payment Date 68,136,638.49
Payments on payment date prior to application of Floor Amount, if any
Class A 3,119,635.03
Class B-1 67,818.15
Class B-2 67,818.15
Class B-3 67,818.15
-------------
Total Base Principal Amount distributions on current payment date 3,323,089.48
-------------
Aggregate Note Balance after payment of Base Principal Amount 64,813,549.01
-------------
Excess of ADCPB over Ending Note Balances 2,990,514.57
Difference between excess and floor 1,536,511.28
</TABLE>
Page 12
<PAGE> 13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVEABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED AUGUST 1, 2000
<TABLE>
<CAPTION>
<S> <C>
RESTRICTING EVENT DETERMINATION:
Yes/No
------
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
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 requried to be
made under the terms of such Notes No 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 Ouststanding Notes as of such Payment Date to the extent that sufficient
Available Funds are on depositin the Collection Account of (y) on the Class A-1 Maturity Date,
the Class A-2 Maturity Date, the Class A-3 Maturity Date, the Class A-4 Maturity Date, the
Class B-1 Maturity Date, the Class B-2 Maturity Date, or the Class B-3 Maturity Date, as the case
may be, on any remaining principal owed on the outstanding Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes, Class B-1 Notes, Class B-2 Notes, or Class B-3 Notes, as the
case may be. No
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT
Section Event Yes/No
---------- ------------------------------------------------------------------------------------ ------
6.01(i) Failue to make payment requried No
6.01(ii) Failue 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 volunatry 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 dimissed
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 13
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