First Sierra Equipment Contract Trust Series 1997-1 Monthly Servicer Certificate for February 2002

Contract Categories: Business Finance › Trust Agreements
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, summarizing the collection, allocation, and disbursement of funds for the period ending February 1, 2002. It details payments made to note holders, servicer fees, trustee fees, and principal and interest distributions. The certificate also notes the intent to retire the certificates in March 2002. The report is reviewed and signed by the controller of American Express Business Finance.

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EX-1.1 3 dex11.txt EXHIBIT 1.1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Payment Summary Collection Period Ended February 1, 2002 ** Available Amount to Note Holders: 2,597,855.86 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 524,129.28 (b) Servicer Fees from current and prior Collection Period 9,581.91 (c) Servicing Charges inadvertantly deposited in Collection Account - (iv) Current and unpaid Back-up Servicing Fees 383.28 (v) Premium Amount due on Payment Date and unpaid Premium Amounts 2,161.57 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 - Class A-4 Note Interest 98,042.84 (ix) Class B-1 Note Interest 2,295.08 (x) Letter of Credit Bank Fee and unpaid amounts 183.34 (xi) Class B-2 Note Interest 2,150.08 (xii) Class A-1 throught A-4 Principal Distribution Amount: Class A-1 Principal Distribution Amount - Class A-2 Principal Distribution Amount - Class A-3 Principal Distribution Amount - Class A-4 Principal Distribution Amount 1,757,403.62 (xiii) Note Insuer Reimbursement Amount - (xiv) Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal 38,204.43 (xv) Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal 38,204.43 (xvi) Letter of Credit Reimbursement Amount - (xvii) Class B-3 Note Interest 2,333.42 (xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal 38,204.43 (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 - Class A-4 additional Principal Distribution Amount 79,126.10 Class B-1 additional Principal Distribution Amount 1,720.13 Class B-2 additional Principal Distribution Amount 1,720.13 Class B-3 additional Principal Distribution Amount 1,720.13
Reviewed By: -------------------------------------------------------------------- Joel Cappon Controller, American Express Business Finance ** On Feb 5 2002, pursuant to Section 9.02 of the Indenture, notice was given to the Trustee of the Holders intent to exercise its option to cause the retirement of the certificates on Mar 11 2002. Page 1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Note Balance Rollforward Collection Period Ended February 1, 2002
Initial Beginning Base Additional Total Ending Ending Principal Principal Principal Principal Principal Principal Certificate Class Balance Balance Distribution Distribution Distribution Balance Factor --------------- ---------------- --------------- ------------- -------------- -------------- ------------- ------------ 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 - - - - - 0.0000000 Class A-4 38,238,000.00 18,527,781.34 1,757,403.62 79,126.10 1,836,529.72 16,691,251.62 0 ###-###-#### ---------------- --------------- ------------- -------------- -------------- ------------- ------------ Total Class A 208,242,000.00 18,527,781.34 1,757,403.62 79,126.10 1,836,529.72 16,691,251.62 0.0801531 Class B-1 4,527,000.00 400,014.11 38,204.43 1,720.13 39,924.56 360,089.55 0.0795426 Class B-2 4,527,000.00 400,014.11 38,204.43 1,720.13 39,924.56 360,089.55 0.0795426 Class B-3 4,527,000.00 400,014.11 38,204.43 1,720.13 39,924.56 360,089.55 0.0795426 ---------------- --------------- ------------- -------------- -------------- ------------- Total 221,823,000.00 19,727,823.68 1,872,016.90 84,286.50 1,956,303.40 17,771,520.28 ADCPB at end of Collection Period 21,086,355.79 ------------- Excess of ending ADCP over ending note balance 3,314,835.50 Floor 4,527,025.86 ------------- Difference (1,212,190.36)
Page 1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended February 1, 2002
Available Funds Collection Account balance, as of January 31, 2002 1,246,641.83 Transfer payments due Collection Account from other Bankers Trust Accounts - Investment earnings on amounts in Collection Account 1,269.09 Payments due Collection Account from last 3 business days of Collection Period 339,031.83 Additional contribution for terminated trade-ups and rebooked leases - Servicer Advance on current Determination Date 1,010,913.11 ------------ Available Funds on Payment Date 2,597,855.86 Initial Unpaid Amounts inadvertantly deposited in Collection Account - ------------ Remaining Available Funds 2,597,855.86 Indemnity Payments paid inadvertantly deposited in Collection Account - ------------ Remaining Available Funds 2,597,855.86 Unreimbursed Servicer Advances Unreimbursed Servicer Advances due 524,129.28 Unreimbursed Servicer Advances paid 524,129.28 ------------ Unreimbursed Servicer Advances remaining unpaid - ------------ Remaining Available Funds 2,073,726.58 Servicer Fees Servicer Fees due 9,581.91 Servicer Fees paid 9,581.91 ------------ Servicer Fees remaining unpaid - ------------ Remaining Available Funds 2,064,144.67 Servicer Charges inadvertantly deposited in Collection Account - ------------ Remaining Available Funds 2,064,144.67 Back-up Servicer Fees Back-up Servicer Fees due 383.28 Back-up Servicer Fees paid 383.28 ------------ Back-up Servicer Fees remaining unpaid - ------------ Remaining Available Funds 2,063,761.40 Premium Amount Premium Amount due 2,161.57 Premium Amount paid 2,161.57 ------------ Premium Amount remaining unpaid - ------------ Remaining Available Funds 2,061,599.82 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 2,061,308.15 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 2,061,308.15 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 February 1, 2002 Class A-1 Note Interest - Class A-2 Note Interest - Class A-3 Note Interest - Class A-4 Note Interest 98,042.84 ------------- Total Class A Interest due 98,042.84 ------------- Remaining Available Funds 1,963,265.31 Class B-1 Note Interest Class B-1 Note Interest due 2,295.08 Class B-1 Note Interest paid 2,295.08 ------------- Class B-1 Note Interest remaining unpaid - ------------- Remaining Available Funds 1,960,970.23 Letter of Credit Bank Fee and unpaid amounts Letter of Credit Bank Fee due 183.34 Letter of Credit Bank Fee paid 183.34 ------------- Letter of Credit Bank Fee remainig unpaid - ------------- Remaining Available Funds 1,960,786.89 Class B-2 Note Interest Class B-2 Note Interest due 2,150.08 Class B-2 Note Interest paid 2,150.08 ------------- Class B-2 Note Interest remaining unpaid - ------------- Remaining Available Funds 1,958,636.81 Class A Base Principal Distribution Class A Base Principal Distribution Amount due 1,757,403.62 Class A Note Principal Balance as of preceding Payment Date 18,527,781.34 ------------- Class A Base Principal Distribution Amount paid 1,757,403.62 ------------- 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 1,757,403.62 ------------- 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 1,757,403.62 ------------- 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 1,757,403.62 ------------- Class A-4 Note Principal Balance as of preceding Payment Date 18,527,781.34 Class A-4 Base Principal Distribution Amount paid 1,757,403.62 ------------- Class A-4 Note Principal Balance after distribution on Payment Date 16,770,377.72 Remaining Available Funds 201,233.20
Page 2 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended February 1, 2002 Note Insurer Reimbursement Amount Note Insuer Reimbursement Amount due - Note Insuer Reimbursement Amount paid - ----------- Note Insuer Reimbursement Amount remaining unpaid - Remaining Available Funds 201,233.20 Class B-1 Base Principal Distribution Class B-1 Note Principal Balance as of preceding Payment Date 400,014.11 Class B-1 Base Principal Distribution due 38,204.43 Class B-1 Base Principal Distribution paid 38,204.43 ----------- Class B-1 Base Principal Distribution remaining unpaid - Class B-1 Note Principal Balance after distribution on Payment Date 361,809.69 Remaining Available Funds 163,028.77 Class B-2 Base Principal Distribution Class B-2 Note Principal Balance as of preceding Payment Date 400,014.11 Class B-2 Base Principal Distribution due 38,204.43 Class B-2 Base Principal Distribution paid 38,204.43 ---------- Class B-2 Base Principal Distribution remaining unpaid - Class B-2 Note Principal Balance after distribution on Payment Date 361,809.69 Remaining Available Funds 124,824.34 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 124,824.34 Class B-3 Note Interest Class B-3 Note Interest due 2,333.42 Class B-3 Note Interest paid 2,333.42 ---------- Class B-3 Note Interest remaining unpaid - ---------- Remaining Available Funds 122,490.93 Class B-3 Base Principal Distribution Class B-3 Note Principal Balance as of preceding Payment Date 400,014.11 Class B-3 Base Principal Distribution due 38,204.43 Class B-3 Base Principal Distribution paid 38,204.43 ---------- Class B-3 Base Principal Distribution remaining unpaid - Class B-3 Note Principal Balance after distribution on Payment Date 361,809.69 Remaining Available Funds 84,286.50 Additional Payment to Noteholders due to Restricting Event Principal Amount paid to A noteholders, otherwise paid to B-1 - Principal Amount paid to A noteholders, otherwise paid to B-2 - Principal Amount paid to A noteholders, otherwise paid to B-3 - ---------- Total Principal Amount paid to A noteholders, otherwise to be paid to B - Remaining Available Funds 84,286.50 Principal Amount paid to B-1 noteholders, otherwise paid to B-2 - Principal Amount paid to B-1 noteholders, otherwise paid to B-3 - Principal Amount paid to B-2 noteholders, otherwise paid to B-3 - ---------- Remaining Available Funds 84,286.50 Indenture Trustee Expenses in excess of Section 7.07(a)(ii) Indenture Trustee Expenses unpaid per above -
Page 3 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended February 1, 2002 Remaining Indenture Trustee Expenses paid - ------------- Remaining Indenture Trustee Expenses unpaid - Remaining Available Funds 84,286.50 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 84,286.50 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 84,286.50 Difference between excess of ADCPB over Ending Note Balances and Floor 1,296,476.86 Amount Payable to Residual Holder - Remaining Available Funds to Note Holders 84,286.50 Class A Additional Principal Distribution Remaining Available Funds to Note Holders 84,286.50 Adjusted Principal Distribution Sharing Ratio 93.878% ------ Additional Principal Distribution to Class A 79,126.10 Class A Note Principal Balance after payment above 16,770,377.72 ------------- Class A additional Principal Distribution Amount paid 79,126.10 ------------- 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 79,126.10 ------------- 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 79,126.10 ------------- 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 79,126.10 ------------- Class A-4 Note Principal Balance after payment above 16,770,377.72 Class A-4 additional Principal Distribution Amount paid 79,126.10 ------------- Class A-4 Note Principal Balance after distribution on Payment Date 16,691,251.62 Class B-1 Additional Principal Distribution Remaining Available Funds to Note Holders 84,286.50 Adjusted Principal Distribution Sharing Ratio 2.041% ----- Additional Principal Distribution to Class B-1 1,720.13
Page 6 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Priority of Payments Collection Period Ended February 1, 2002 Class B-1 Note Principal Balance after payment above 361,809.69 Class B-1 additional Principal Distribution paid 1,720.13 -------------- Class B-1 Note Principal Balance after distribution on Payment Date 360,089.55 Class B-2 Additional Principal Distribution Remaining Available Funds to Note Holders 84,286.50 Adjusted Principal Distribution Sharing Ratio 2.041% ----- Additional Principal Distribution to Class B-2 1,720.13 Class B-2 Note Principal Balance after payment above 361,809.69 Class B-2 additional Principal Distribution paid 1,720.13 -------------- Class B-2 Note Principal Balance after distribution on Payment Date 360,089.55 Class B-3 Additional Principal Distribution Remaining Available Funds to Note Holders 84,286.50 Adjusted Principal Distribution Sharing Ratio 2.041% ----- Additional Principal Distribution to Class B-3 1,720.13 Class B-3 Note Principal Balance after payment above 361,809.69 Class B-3 additional Principal Distribution paid 1,720.13 -------------- Class B-3 Note Principal Balance after distribution on Payment Date 360,089.55
Page 5 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Fee Calculation Collection Period Ended February 1, 2002 Calculation of Base Principal Amount ADCPB, beginning of Collection Period 22,996,577.11 ADCPB, end of Collection Period 21,086,355.79 ------------- Base Principal Amount 1,910,221.32 Unreimbursed Servicing Advances Unreimbursed Servicing Advances from previous Collection Period 1,149,955.21 Servicing Advances collected during the current Collection Period 625,825.93 ------------- Unreimbursed Servicing Advances as of current Determination Date 524,129.28
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 18,527,781.34 6.3500% 98,042.84 - 98,042.84 Class B-1 400,014.11 6.8850% 2,295.08 - 2,295.08 Class B-2 400,014.11 6.4500% 2,150.08 - 2,150.08 Class B-3 400,014.11 7.0000% 2,333.42 - 2,333.42 ------------- ------------ ----------- ------------ 19,727,823.68 6.3761% 104,821.42 - 104,821.42
Calculation of Principal Due Base Base Total Principal Principal Overdue Principal Class Amount Pct. Amount Principal Due --------- -------------- ------------ ------------ ------------- Class A 92.0% 1,757,403.62 - 1,757,403.62 Class B-1 2.0% 38,204.43 - 38,204.43 Class B-2 2.0% 38,204.43 - 38,204.43 Class B-3 2.0% 38,204.43 - 38,204.43 ------------ ------------ ------------- 1,872,016.90 - 1,872,016.90
Calculation of Servicer Fee ADCPB as of the prior Calculation Date 22,996,577.11 Servicer Fee Rate 0.500% One-twelfth 1/12 ------------- Servicer Fee due current period 9,581.91 Prior Servicer Fee arrearage - ------------- Servicer Fee due 9,581.91 Calculation of Back-up Servicer Fee ADCPB as of the prior Calculation Date 22,996,577.11 Back-up Servicer Fee Rate 0.020% One-twelfth 1/12 ------------- Back-up Servicer Fee due Current Period 383.28 less overpayment from prior period - Prior Back-up Servicer Fee Arrearage - ------------- Back-up Servicer Fee due 383.28
Page 1 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Fee Calculation Collection Period Ended February 1, 2002 Calculation of Premium Amount Class A Principal Amount as of the immediately preceding Collection Period 18,527,781.34 Premium Rate 0.140% One-twelfth 1/12 ---- Premium Amount due Current Period 2,161.57 Prior Premium Amount arrearage - ------------- Total Premium Amount due 2,161.57 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) 400,014.11 Letter of Credit Bank Fee Rate 0.55% One-twelfth 1/12 ---- Letter of Credit Bank Fee due Current Period 183.34 Letter of Credit Bank Fee arrearage - ------------- Total Letter of Credit Bank Fee arrearage due 183.34 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 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 21,086,355.79 Aggregate Note Balances prior to any payment on current Payment Date 19,727,823.68 Payments on payment date prior to application of Floor Amount, if any Class A 1,757,403.62
Page 2 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Fee Calculation Collection Period Ended February 1, 2002 Class B-1 38,204.43 Class B-2 38,204.43 Class B-3 38,204.43 -------------- Total Base Principal Amount distributions on current payment date 1,872,016.90 -------------- Aggregate Note Balance after payment of Base Principal Amount 17,855,806.79 -------------- Excess of ADCPB over Ending Note Balances 3,230,549.00 Difference between excess and floor 1,296,476.86
Page 3 First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Tests Collection Period Ended February 1, 2002 Restricting Event Determination:
Yes/No ------ 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 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 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 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 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
First Sierra Equipment Contract Trust Series 1997-1 First Sierra Receivables IV, Inc. Monthly Servicer Certificate - Trigger Account Calculations Collection Period Ended February 1, 2002
Gross Charge Event Calculation: Result -------------------- Gross Charge Off Ratio Current Period -1.23% Gross Charge Off Ratio Prior Period -1.61% Gross Charge Off Ratio Second Prior Period -2.02% ------ Average of Gross Charge Off Ratio for Three Periods -1.62% Maximum Allowed 2.50% Gross Charge Off Ratio: ----------------------- ADCPB of Gross Charge Off Ratio All Defaulted Less Charge Offs/ Contracts Recoveries Charge Offs ADCPB ADCPB ----------------- ------------------ ------------------- ------------- -------------------- Current Period 14,072.62 35,601.21 -21,528.59 21,086,355.79 -1.23% Prior Period 0.00 30,814.04 -30,814.04 22,996,577.11 -1.61% Second Prior Period 1,460.38 42,803.80 -41,343.42 24,617,774.01 -2.02% Delinquency Event Calculation: Results -------------------- Delinquency Trigger Ratio Current Period 5.37% Delinquency Trigger Ratio Prior Period 5.33% Delinquency Trigger Ratio Second Prior Period 4.35% ----- Average of Delinquency Trigger Ratios 5.02% 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 1,132,707.32 21,086,356.28 5.37% Prior Period 1,225,039.27 22,995,605.74 5.33% Second Prior Period 1,070,671.83 24,617,774.01 4.35% ADCPB Delinquency Ratio ----------------- ----------------- Current 19,953,649 94.63% 31-60 Days Past Due 553,456 2.62% 61-90 Days Past Due 179,430 0.85% 91+ Days Past Due 399,821 1.90% ------- ----- TOTAL 21,086,356 100.00% 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 3,571,340.30 Current month ADCPB Substituted 289,298.60 ------------------- Cumulative ADCPB Substituted 3,860,638.90