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Previous: PRUDENTIAL SECURITIES SECURED FINANCING CORP, 8-K, 2001-01-19 |
Next: CITIBANK SOUTH DAKOTA N A, 424B5, 2001-01-19 |
<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, 2001
<TABLE>
<S> <C>
Available Amount to Note Holders: 3,772,201.42
Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement
(i) Initial Unpaid Amounts inadvertently deposited in Collection Account --
(ii) Indemnity Payments paid inadvertently deposited in Collection Account --
(iii) Aggregate of:
(a) Unreimbursed Servicer Advances 501,879.89
(b) Servicer Fees from current and prior Collection Period 23,155.77
(c) Servicing Charges inadvertently deposited in Collection Account --
(iv) Current and unpaid Back-up Servicing Fees 926.23
(v) Premium Amount due on Payment Date and unpaid Premium Amounts 5,747.66
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 58,354.74
Class A-4 Note Interest 202,342.75
(ix) Class B-1 Note Interest 6,144.82
(x) Letter of Credit Bank Fee and unpaid amounts 490.87
(xi) Class B-2 Note Interest 5,756.59
(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 2,610,388.32
Class A-4 Principal Distribution Amount --
(xiii) Note Insurer Reimbursement Amount --
(xiv) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 56,747.57
(xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 56,747.57
(xvi) Letter of Credit Reimbursement Amount --
(xvii) Class B-3 Note Interest 6,247.46
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 56,747.57
(xix) Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii) --
(xx) Letter of Credit Additional Reimbursement Amount --
(xxi) Other Amounts Due Servicer under Servicing Agreement --
(xxii) Remaining Amount to Residual Holder --
Additional Principal Distribution Amount to Noteholders
Class A-1 additional Principal Distribution Amount --
Class A-2 additional Principal Distribution Amount --
Class A-3 additional Principal Distribution Amount 169,197.32
Class A-4 additional Principal Distribution Amount --
Class B-1 additional Principal Distribution Amount 3,678.20
Class B-2 additional Principal Distribution Amount 3,678.20
Class B-3 additional Principal Distribution Amount 3,678.20
</TABLE>
Reviewed By:
----------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED JANUARY 1, 2001
<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 11,027,667.52 2,610,388.32 169,197.32 2,779,585.64 8,248,081.88 0.1600730
Class A-4 38,238,000.00 38,238,000.00 -- -- -- 38,238,000.00 1.0000000
-------------- ------------- ------------ ------------ ------------- --------------
Total Class A 208,242,000.00 49,265,667.52 2,610,388.32 169,197.32 2,779,585.64 46,486,081.88 0.2232311
Class B-1 4,527,000.00 1,070,992.78 56,747.57 3,678.20 60,425.77 1,010,567.00 0.2232311
Class B-2 4,527,000.00 1,070,992.78 56,747.57 3,678.20 60,425.77 1,010,567.00 0.2232311
Class B-3 4,527,000.00 1,070,992.78 56,747.57 3,678.20 60,425.77 1,010,567.00 0.2232311
-------------- ------------- ------------ ------------ ------------- --------------
Total 221,823,000.00 52,478,645.85 2,780,631.04 180,231.93 2,960,862.97 49,517,782.88
ADCPB at end of Collection Period 52,736,477.93
--------------
Excess of ending ADCPB over ending note balance 3,218,695.05
Floor 4,527,025.86
--------------
Difference (1,308,330.81)
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
AVAILABLE FUNDS
Collection Account balance, as of December 31, 2000 2,005,125.62
Transfer payments due Collection Account from other Bankers Trust Accounts (292,934.54)
Investment earnings on amounts in Collection Account 8,626.68
Payments due Collection Account from last 3 business days of Collection Period 486,865.94
Additional contribution for terminated trade-ups and rebooked leases --
Servicer Advance on current Determination Date 1,564,517.72
----------------
Available Funds on Payment Date 3,772,201.42
INITIAL UNPAID AMOUNTS INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
----------------
REMAINING AVAILABLE FUNDS 3,772,201.42
INDEMNITY PAYMENTS PAID INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
----------------
REMAINING AVAILABLE FUNDS 3,772,201.42
UNREIMBURSED SERVICER ADVANCES
Unreimbursed Servicer Advances due 501,879.89
Unreimbursed Servicer Advances paid 501,879.89
----------------
Unreimbursed Servicer Advances remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 3,270,321.53
SERVICER FEES
Servicer Fees due 23,155.77
Servicer Fees paid 23,155.77
----------------
Servicer Fees remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 3,247,165.76
SERVICER CHARGES INADVERTENTLY DEPOSITED IN COLLECTION ACCOUNT --
----------------
REMAINING AVAILABLE FUNDS 3,247,165.76
BACK-UP SERVICER FEES
Back-up Servicer Fees due 926.23
Back-up Servicer Fees paid 926.23
----------------
Back-up Servicer Fees remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 3,246,239.53
PREMIUM AMOUNT
Premium Amount due 5,747.66
Premium Amount paid 5,747.66
----------------
Premium Amount remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 3,240,491.86
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 3,240,200.19
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 3,240,200.19
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
Class A-1 Note Interest --
Class A-2 Note Interest --
Class A-3 Note Interest 58,354.74
Class A-4 Note Interest 202,342.75
----------------
Total Class A Interest due 260,697.49
----------------
REMAINING AVAILABLE FUNDS 2,979,502.70
CLASS B-1 NOTE INTEREST
Class B-1 Note Interest due 6,144.82
Class B-1 Note Interest paid 6,144.82
----------------
Class B-1 Note Interest remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 2,973,357.88
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
Letter of Credit Bank Fee due 490.87
Letter of Credit Bank Fee paid 490.87
----------------
Letter of Credit Bank Fee remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 2,972,867.01
CLASS B-2 NOTE INTEREST
Class B-2 Note Interest due 5,756.59
Class B-2 Note Interest paid 5,756.59
----------------
Class B-2 Note Interest remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 2,967,110.42
CLASS A BASE PRINCIPAL DISTRIBUTION
Class A Base Principal Distribution Amount due 2,610,388.32
Class A Note Principal Balance as of preceding Payment Date 49,265,667.52
----------------
Class A Base Principal Distribution Amount paid 2,610,388.32
----------------
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 2,610,388.32
----------------
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 2,610,388.32
----------------
Class A-3 Note Principal Balance as of preceding Payment Date 11,027,667.52
Class A-3 Base Principal Distribution Amount paid 2,610,388.32
----------------
Class A-3 Note Principal Balance after distribution on Payment Date 8,417,279.20
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 356,722.10
</TABLE>
Page 4
<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, 2001
<TABLE>
<S> <C>
NOTE INSURER REIMBURSEMENT AMOUNT
Note Insurer Reimbursement Amount due --
Note Insurer Reimbursement Amount paid --
----------------
Note Insurer Reimbursement Amount remaining unpaid --
REMAINING AVAILABLE FUNDS 356,722.10
CLASS B-1 BASE PRINCIPAL DISTRIBUTION
Class B-1 Note Principal Balance as of preceding Payment Date 1,070,992.78
Class B-1 Base Principal Distribution due 56,747.57
Class B-1 Base Principal Distribution paid 56,747.57
----------------
Class B-1 Base Principal Distribution remaining unpaid --
Class B-1 Note Principal Balance after distribution on Payment Date 1,014,245.20
REMAINING AVAILABLE FUNDS 299,974.53
CLASS B-2 BASE PRINCIPAL DISTRIBUTION
Class B-2 Note Principal Balance as of preceding Payment Date 1,070,992.78
Class B-2 Base Principal Distribution due 56,747.57
Class B-2 Base Principal Distribution paid 56,747.57
----------------
Class B-2 Base Principal Distribution remaining unpaid --
Class B-2 Note Principal Balance after distribution on Payment Date 1,014,245.20
REMAINING AVAILABLE FUNDS 243,226.96
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 243,226.96
CLASS B-3 NOTE INTEREST
Class B-3 Note Interest due 6,247.46
Class B-3 Note Interest paid 6,247.46
----------------
Class B-3 Note Interest remaining unpaid --
----------------
REMAINING AVAILABLE FUNDS 236,979.50
CLASS B-3 BASE PRINCIPAL DISTRIBUTION
Class B-3 Note Principal Balance as of preceding Payment Date 1,070,992.78
Class B-3 Base Principal Distribution due 56,747.57
Class B-3 Base Principal Distribution paid 56,747.57
----------------
Class B-3 Base Principal Distribution remaining unpaid --
Class B-3 Note Principal Balance after distribution on Payment Date 1,014,245.20
REMAINING AVAILABLE FUNDS 180,231.93
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 180,231.93
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 180,231.93
OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
Other Amounts Due Servicer under Servicing Agreement due --
Other Amounts Due Servicer under Servicing Agreement paid --
----------------
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
Other Amounts Due Servicer under Servicing Agreement remaining unpaid --
REMAINING AVAILABLE FUNDS 180,231.93
DIFFERENCE BETWEEN EXCESS OF ADCPB OVER ENDING NOTE BALANCES AND FLOOR 1,488,562.74
AMOUNT PAYABLE TO RESIDUAL HOLDER --
REMAINING AVAILABLE FUNDS TO NOTE HOLDERS 180,231.93
CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 180,231.93
Adjusted Principal Distribution Sharing Ratio 93.878%
----------------
Additional Principal Distribution to Class A 169,197.32
Class A Note Principal Balance after payment above 46,655,279.20
----------------
Class A additional Principal Distribution Amount paid 169,197.32
----------------
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 169,197.32
----------------
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 169,197.32
----------------
Class A-3 Note Principal Balance after payment above 8,417,279.20
Class A-3 additional Principal Distribution Amount paid 169,197.32
----------------
Class A-3 Note Principal Balance after distribution on Payment Date 8,248,081.88
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 180,231.93
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-1 3,678.20
Class B-1 Note Principal Balance after payment above 1,014,245.20
Class B-1 additional Principal Distribution paid 3,678.20
----------------
Class B-1 Note Principal Balance after distribution on Payment Date 1,010,567.00
CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 180,231.93
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-2 3,678.20
Class B-2 Note Principal Balance after payment above 1,014,245.20
Class B-2 additional Principal Distribution paid 3,678.20
----------------
Class B-2 Note Principal Balance after distribution on Payment Date 1,010,567.00
</TABLE>
Page 6
<PAGE> 7
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
Remaining Available Funds to Note Holders 180,231.93
Adjusted Principal Distribution Sharing Ratio 2.041%
----------------
Additional Principal Distribution to Class B-3 3,678.20
Class B-3 Note Principal Balance after payment above 1,014,245.20
Class B-3 additional Principal Distribution paid 3,678.20
----------------
Class B-3 Note Principal Balance after distribution on Payment Date 1,010,567.00
</TABLE>
Page 7
<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, 2001
<TABLE>
<S> <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
ADCPB, beginning of Collection Period 55,573,856.54
ADCPB, end of Collection Period 52,736,477.93
--------------
Base Principal Amount 2,837,378.61
UNREIMBURSED SERVICING ADVANCES
Unreimbursed Servicing Advances from previous Collection Period 1,351,221.53
Servicing Advances collected during the current Collection Period 849,341.64
--------------
Unreimbursed Servicing Advances as of current Determination Date 501,879.89
</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 11,027,667.52 6.3500% 58,354.74 -- 58,354.74
Class A-4 38,238,000.00 6.3500% 202,342.75 -- 202,342.75
Class B-1 1,070,992.78 6.8850% 6,144.82 -- 6,144.82
Class B-2 1,070,992.78 6.4500% 5,756.59 -- 5,756.59
Class B-3 1,070,992.78 7.0000% 6,247.46 -- 6,247.46
-------------- ----------- -------- -----------
52,478,645.85 6.3762% 278,846.36 -- 278,846.36
</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% 2,610,388.32 -- 2,610,388.32
Class B-1 2.0% 56,747.57 -- 56,747.57
Class B-2 2.0% 56,747.57 -- 56,747.57
Class B-3 2.0% 56,747.57 -- 56,747.57
------------- --------- -------------
2,780,631.04 -- 2,780,631.04
</TABLE>
<TABLE>
<S> <C>
CALCULATION OF SERVICER FEE
ADCPB as of the prior Calculation Date 55,573,856.54
Servicer Fee Rate 0.500%
One-twelfth 1/12
--------------
Servicer Fee due current period 23,155.77
Prior Servicer Fee arrearage --
--------------
Servicer Fee due 23,155.77
CALCULATION OF BACK-UP SERVICER FEE
ADCPB as of the prior Calculation Date 55,573,856.54
Back-up Servicer Fee Rate 0.020%
One-twelfth 1/12
--------------
Back-up Servicer Fee due Current Period 926.23
less overpayment from prior period --
Prior Back-up Servicer Fee Arrearage --
--------------
Back-up Servicer Fee due 926.23
</TABLE>
Page 8
<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, 2001
<TABLE>
<S> <C>
CALCULATION OF PREMIUM AMOUNT
Class A Principal Amount as of the immediately preceding Collection Period 49,265,667.52
Premium Rate 0.140%
One-twelfth 1/12
--------------
Premium Amount due Current Period 5,747.66
Prior Premium Amount arrearage --
--------------
Total Premium Amount due 5,747.66
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) 1,070,992.78
Letter of Credit Bank Fee Rate 0.55%
One-twelfth 1/12
--------------
Letter of Credit Bank Fee due Current Period 490.87
Letter of Credit Bank Fee arrearage --
--------------
Total Letter of Credit Bank Fee arrearage due 490.87
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 52,736,477.93
Aggregate Note Balances prior to any payment on current Payment Date 52,478,645.85
Payments on payment date prior to application of Floor Amount, if any
Class A 2,610,388.32
</TABLE>
Page 9
<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, 2001
<TABLE>
<S> <C>
Class B-1 56,747.57
Class B-2 56,747.57
Class B-3 56,747.57
--------------
Total Base Principal Amount distributions on current payment date 2,780,631.04
--------------
Aggregate Note Balance after payment of Base Principal Amount 49,698,014.81
--------------
Excess of ADCPB over Ending Note Balances 3,038,463.12
Difference between excess and floor 1,488,562.74
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED JANUARY 1, 2001
RESTRICTING EVENT DETERMINATION:
<TABLE>
<CAPTION>
Yes/No
------
<S> <C>
A) Event of Servicer Termination (Yes/No) No
B) Note Insurer 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 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>
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> 12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED JANUARY 1, 2001
Gross Charge Event Calculation:
<TABLE>
<CAPTION>
Result
-----------
<S> <C>
Gross Charge Off Ratio Current Period (0.71)%
Gross Charge Off Ratio Prior Period (0.27)%
Gross Charge Off Ratio Second Prior Period (0.45)%
-----------
Average of Gross Charge Off Ratio for Three Periods (0.48)%
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 0.00 31,124.56 (31,124.56) 52,736,477.93 (0.71)%
Prior Period 0.00 12,318.49 (12,318.49) 55,573,856.54 (0.27)%
Second Prior Period 69,340.29 91,217.76 (21,877.47) 58,058,652.79 (0.45)%
</TABLE>
Delinquency Event Calculation:
<TABLE>
<CAPTION>
Results
-----------
<S> <C>
Delinquency Trigger Ratio Current Period 3.34%
Delinquency Trigger Ratio Prior Period 3.20%
Delinquency Trigger Ratio Second Prior Period 3.33%
-----------
Average of Delinquency Trigger Ratios 3.29%
Maximum Allowed 7.50%
</TABLE>
Delinquency Trigger Ratio:
<TABLE>
<CAPTION>
A B A/B
- - ---
ADCPB of ADCPB of
Contract > 30 Day All Contracts Delinquency Trigger
Past Due As of Month-End Ratio:
----------------- --------------- -------------------
<S> <C> <C> <C>
Current Period 1,759,927.68 52,736,477.93 3.34%
Prior Period 1,807,864.11 56,488,525.33 3.20%
Second Prior Period 1,955,113.27 58,789,727.70 3.33%
</TABLE>
<TABLE>
<CAPTION>
ADCPB Delinquency Ratio
----------- -----------------
<S> <C> <C>
Current 50,976,550 96.66%
31-60 Days Past Due 857,770 1.63%
61-90 Days Past Due 264,628 0.50%
91+ Days Past Due 637,530 1.21%
----------- -------
TOTAL 52,736,478 100.00%
</TABLE>
Substitution Limits
<TABLE>
<S> <C>
ADCPB as of Cut-Off Date 226,351,292.85
Maximum Substitution (10% of Initial) 22,635,129.29
Prior month Cumulative ADCPB Substituted 3,059,103,78
Current month ADCPB Substituted 138,523.18
---------------
Cumulative ADCPB Substituted 3,197,626.96
</TABLE>
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