First Sierra Equipment Contract Trust Series 1997-1 Monthly Servicer Certificate for August 2001

Summary

This document is a Monthly Servicer Certificate issued by First Sierra Receivables IV, Inc. for the First Sierra Equipment Contract Trust Series 1997-1, covering the collection period ending August 1, 2001. It details the balances, payments, and distributions of principal and interest for various classes of notes, as well as the allocation of available funds to fees and expenses. The certificate outlines the priority of payments and confirms that all required payments and fees were made for the period.

EX-1.1 3 dex11.txt EXHIBIT 1.1 EXHIBIT 1.1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Note Balance Rollforward Collection Period Ended August 1, 2001

Page 1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended August 1, 2001 Available Funds Collection Account balance, as of July 31, 2001 1,434,416.96 Transfer payments due Collection Account from other Bankers Trust Accounts - Investment earnings on amounts in Collection Account 3,661.59 Payments due Collection Account from last 3 business days of Collection Period 610,719.05 Additional contribution for terminated trade-ups and rebooked leases - Servicer Advance on current Determination Date 1,185,236.96 ------------ Available Funds on Payment Date 3,234,034.56 Initial Unpaid Amounts inadvertantly deposited in Collection Account - ------------ Remaining Available Funds 3,234,034.56 Indemnity Payments paid inadvertantly deposited in Collection Account - ------------ Remaining Available Funds 3,234,034.56 Unreimbursed Servicer Advances Unreimbursed Servicer Advances due 482,448.97 Unreimbursed Servicer Advances paid 482,448.97 ------------ Unreimbursed Servicer Advances remaining unpaid - ------------ Remaining Available Funds 2,751,585.59 Servicer Fees Servicer Fees due 14,987.05 Servicer Fees paid 14,987.05 ------------ Servicer Fees remaining unpaid - ------------ Remaining Available Funds 2,736,598.54 Servicer Charges inadvertantly deposited in Collection Account - ------------ Remaining Available Funds 2,736,598.54 Back-up Servicer Fees Back-up Servicer Fees due 599.48 Back-up Servicer Fees paid 599.48 ------------ Back-up Servicer Fees remaining unpaid - ------------ Remaining Available Funds 2,735,999.05 Premium Amount Premium Amount due 3,582.48 Premium Amount paid 3,582.48 ------------ Premium Amount remaining unpaid - ------------ Remaining Available Funds 2,732,416.57 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 2,732,124.90 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 2,732,124.90 Class A-1 through A-4 Note Interest on a pari passu basis:

Page 1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended August 1, 2001 Class A-1 Note Interest - Class A-2 Note Interest - Class A-3 Note Interest - Class A-4 Note Interest 162,491.17 ------------- Total Class A Interest due 162,491.17 ------------- Remaining Available Funds 2,569,633.73 Class B-1 Note Interest Class B-1 Note Interest due 3,814.17 Class B-1 Note Interest paid 3,814.17 ------------- Class B-1 Note Interest remaining unpaid - ------------- Remaining Available Funds 2,565,819.56 Letter of Credit Bank Fee and unpaid amounts Letter of Credit Bank Fee due 304.69 Letter of Credit Bank Fee paid 304.69 ------------- Letter of Credit Bank Fee remaining unpaid - ------------- Remaining Available Funds 2,565,514.87 Class B-2 Note Interest Class B-2 Note Interest due 3,573.19 Class B-2 Note Interest paid 3,573.19 ------------- Class B-2 Note Interest remaining unpaid - ------------- Remaining Available Funds 2,561,941.68 Class A Base Principal Distribution Class A Base Principal Distribution Amount due 2,351,187.25 Class A Note Principal Balance as of preceding Payment Date 30,706,992.30 ------------- Class A Base Principal Distribution Amount paid 2,351,187.25 ------------- 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 2,351,187.25 ------------- 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 2,351,187.25 ------------- Class A-3 Note Principal Balance as of preceding Payment Date - Class A-3 Base Principal Distribution Amount paid - ------------- Class A-3 Note Principal Balance after distribution on Payment Date - Remaining Class A Base Principal Distribution Amount 2,351,187.25 ------------- Class A-4 Note Principal Balance as of preceding Payment Date 30,706,992.30 Class A-4 Base Principal Distribution Amount paid 2,351,187.25 ------------- Class A-4 Note Principal Balance after distribution on Payment Date 28,355,805.05 Remaining Available Funds 210,754.43 Note Insurer Reimbursement Amount

Page 2 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended August 1, 2001 Note Insuer Reimbursement Amount due - Note Insuer Reimbursement Amount paid - ---------- Note Insuer Reimbursement Amount remaining unpaid - Remaining Available Funds 210,754.43 Class B-1 Base Principal Distribution Class B-1 Note Principal Balance as of preceding Payment Date 664,779.57 Class B-1 Base Principal Distribution due 51,112.77 Class B-1 Base Principal Distribution paid 51,112.77 ---------- Class B-1 Base Principal Distribution remaining unpaid - Class B-1 Note Principal Balance after distribution on Payment Date 613,666.80 Remaining Available Funds 159,641.66 Class B-2 Base Principal Distribution Class B-2 Note Principal Balance as of preceding Payment Date 664,779.57 Class B-2 Base Principal Distribution due 51,112.77 Class B-2 Base Principal Distribution paid 51,112.77 ---------- Class B-2 Base Principal Distribution remaining unpaid - Class B-2 Note Principal Balance after distribution on Payment Date 613,666.80 Remaining Available Funds 108,528.90 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 108,528.90 Class B-3 Note Interest Class B-3 Note Interest due 3,877.88 Class B-3 Note Interest paid 3,877.88 ---------- Class B-3 Note Interest remaining unpaid - ---------- Remaining Available Funds 104,651.02 Class B-3 Base Principal Distribution Class B-3 Note Principal Balance as of preceding Payment Date 664,779.57 Class B-3 Base Principal Distribution due 51,112.77 Class B-3 Base Principal Distribution paid 51,112.77 ---------- Class B-3 Base Principal Distribution remaining unpaid - Class B-3 Note Principal Balance after distribution on Payment Date 613,666.80 Remaining Available Funds 53,538.25 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 53,538.25 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 53,538.25 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 -

Page 3 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended August 1, 2001 Remaining Available Funds 53,538.25 Difference between excess of ADCPB over Ending Note Balances and Floor 1,310,540.58 Amount Payable to Residual Holder - Remaining Available Funds to Note Holders 53,538.25 Class A Additional Principal Distribution Remaining Available Funds to Note Holders 53,538.25 Adjusted Principal Distribution Sharing Ratio 93.878% ------------- Additional Principal Distribution to Class A 50,260.40 Class A Note Principal Balance after payment above 28,355,805.05 ------------- Class A additional Principal Distribution Amount paid 50,260.40 ------------- 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 50,260.40 ------------- 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 50,260.40 ------------- Class A-3 Note Principal Balance after payment above - Class A-3 additional Principal Distribution Amount paid - ------------- Class A-3 Note Principal Balance after distribution on Payment Date - Remaining Class A additional Principal Distribution Amount 50,260.40 ------------- Class A-4 Note Principal Balance after payment above 28,355,805.05 Class A-4 additional Principal Distribution Amount paid 50,260.40 ------------- Class A-4 Note Principal Balance after distribution on Payment Date 28,305,544.65 Class B-1 Additional Principal Distribution Remaining Available Funds to Note Holders 53,538.25 Adjusted Principal Distribution Sharing Ratio 2.041% ------------- Additional Principal Distribution to Class B-1 1,092.62 Class B-1 Note Principal Balance after payment above 613,666.80 Class B-1 additional Principal Distribution paid 1,092.62 ------------- Class B-1 Note Principal Balance after distribution on Payment Date 612,574.19 Class B-2 Additional Principal Distribution Remaining Available Funds to Note Holders 53,538.25 Adjusted Principal Distribution Sharing Ratio 2.041% ------------- Additional Principal Distribution to Class B-2 1,092.62 Class B-2 Note Principal Balance after payment above 613,666.80 Class B-2 additional Principal Distribution paid 1,092.62 ------------- Class B-2 Note Principal Balance after distribution on Payment Date 612,574.19

Page 4 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended August 1, 2001 Class B-3 Additional Principal Distribution Remaining Available Funds to Note Holders 53,538.25 Adjusted Principal Distribution Sharing Ratio 2.041% ---------- Additional Principal Distribution to Class B-3 1,092.62 Class B-3 Note Principal Balance after payment above 613,666.80 Class B-3 additional Principal Distribution paid 1,092.62 ---------- Class B-3 Note Principal Balance after distribution on Payment Date 612,574.19

Page 5 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Fee Calculation Collection Period Ended August 1, 2001 Calculation of Base Principal Amount ADCPB, beginning of Collection Period 35,968,929.05 ADCPB, end of Collection Period 33,413,290.74 ------------- Base Principal Amount 2,555,638.32 Unreimbursed Servicing Advances Unreimbursed Servicing Advances from previous Collection Period 1,260,942.56 Servicing Advances collected during the current Collection Period 778,493.59 ------------- Unreimbursed Servicing Advances as of current Determination Date 482,448.97

Calculation of Interest Due
Beginning Current Total Principal Interest Interest Overdue Interest Class Balance Rate Due Interest Due --------- -------------- -------------- ------------ ------------- ------------- Class A-1 -- 5.7325% -- -- -- Class A-2 -- 6.3500% -- -- -- Class A-3 -- 6.3500% -- -- -- Class A-4 30,706,992.30 6.3500% 162,491.17 -- 162,491.17 Class B-1 664,779.57 6.8850% 3,814.17 -- 3,814.17 Class B-2 664,779.57 6.4500% 3,573.19 -- 3,573.19 Class B-3 664,779.57 7.0000% 3,877.88 -- 3,877.88 ------------- ------------ ------------- ------------- 32,701,331.01 6.3761% 173,756.41 -- 173,756.41
Calculation of Principal Due
Base Base Total Principal Principal Overdue Principal Class Amount Pct. Amount Principal Due --------- -------------- -------------- ------------ -------------- Class A 92.0% 2,351,187.25 - 2,351,187.25 Class B-1 2.0% 51,112.77 - 51,112.77 Class B-2 2.0% 51,112.77 - 51,112.77 Class B-3 2.0% 51,112.77 - 51,112.77 ------------ ------------ ------------ 2,504,525.55 - 2,504,525.55
Calculation of Servicer Fee ADCPB as of the prior Calculation Date 35,968,929.05 Servicer Fee Rate 0.500% One-twelfth 1/12 ------------- Servicer Fee due current period 14,987.05 Prior Servicer Fee arrearage - ------------- Servicer Fee due 14,987.05 Calculation of Back-up Servicer Fee ADCPB as of the prior Calculation Date 35,968,929.05 Back-up Servicer Fee Rate 0.020% One-twelfth 1/12 ------------- Back-up Servicer Fee due Current Period 599.48 less overpayment from prior period - Prior Back-up Servicer Fee Arrearage - ------------- Back-up Servicer Fee due 599.48 Calculation of Premium Amount

Page 1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Fee Calculation Collection Period Ended August 1, 2001 Class A Principal Amount as of the immediately preceding Collection Period 30,706,992.30 Premium Rate 0.140% One-twelfth 1/12 ------------- Premium Amount due Current Period 3,582.48 Prior Premium Amount arrearage - ------------- Total Premium Amount due 3,582.48 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) 664,779.57 Letter of Credit Bank Fee Rate 0.55% One-twelfth 1/12 ------------- Letter of Credit Bank Fee due Current Period 304.69 Letter of Credit Bank Fee arrearage - ------------- Total Letter of Credit Bank Fee arrearage due 304.69 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 33,413,290.74 Aggregate Note Balances prior to any payment on current Payment Date 32,701,331.01 Payments on payment date prior to application of Floor Amount, if any Class A 2,351,187.25 Class B-1 51,112.77

Page 2 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Fee Calculation Collection Period Ended August 1, 2001 Class B-2 51,112.77 Class B-3 51,112.77 ------------- Total Base Principal Amount distributions on current payment date 2,504,525.55 ------------- Aggregate Note Balance after payment of Base Principal Amount 30,196,805.46 ------------- Excess of ADCPB over Ending Note Balances 3,216,485.28 Difference between excess and floor 1,310,540.58

Page 3 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Tests Collection Period Ended August 1, 2001 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) 0 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 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 Events of Servicer Termination: Section 6.01 of Servicing Agreement Section Event Yes/No ---------- ----------------------------------------------------------------------------------- ------ 6.01(i) Failure to make payment requried 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

Page 1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Trigger Account Calculations Collection Period Ended August 1, 2001
Gross Charge Event Calculation: Result ---------------- Gross Charge Off Ratio Current Period 0.05% Gross Charge Off Ratio Prior Period -0.26% Gross Charge Off Ratio Second Prior Period -1.33% ------- Average of Gross Charge Off Ratio for Three Periods -0.51% Maximum Allowed 2.50% 0

Gross Charge Off Ratio: ----------------------- ADCPB of Gross Charge Off Ratio All Defaulted Less Charge Offs/ Contracts Recoveries Charge Offs ADCPB ADCPB ------------- ------------ ------------- ------------- ---------------------- Current Period 115,400.12 114,076.40 1,323.72 33,413,290.74 0.05% Prior Period 55,389.38 63,256.65 -7,867.27 35,968,929.05 -0.26% Second Prior Period 274,740.09 317,411.45 -42,671.36 38,539,718.39 -1.33%

Delinquency Event Calculation: Results ---------------- Delinquency Trigger Ratio Current Period 4.43% Delinquency Trigger Ratio Prior Period 3.25% Delinquency Trigger Ratio Second Prior Period 3.13% -------- Average of Delinquency Trigger Ratios 3.60% Maximum Allowed 7.50%

Delinquency Trigger Ratio: -------------------------- A B A/B - - --- ADCPB of ADCPB of Contract * 30 Days All Contracts Delinquency Trigger Past Due As of Month-End Ratio: ------------------ ----------------- ------------------- Current Period 1,480,987.24 33,413,290.74 4.43% Prior Period 1,167,654.69 35,968,929.05 3.25% Second Prior Period 1,224,905.36 39,176,417.73 3.13% ADCPB Delinquency Ratio ------------------- ----------------- Current 31,932,303 95.57% 31-60 Days Past Due 825,250 2.47% 61-90 Days Past Due 211,706 0.63% 91+ Days Past Due 444,031 1.33% ---------- ------ TOTAL 33,413,291 100.00% Substitution Limits ADCPB as of Cut-Off Date 226,351,292.85 Maximum Substitution (10% of Initial) 22,635,129.29 Prior month Cumulative ADCPB Substituted 3,197,626.96 Current month ADCPB Substituted - --------------- Cumulative ADCPB Substituted 3,197,626.96
* greater than Page 1