<PAGE> 1
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Data of earliest event reported)
May 1, 1996
FIRST SIERRA RECEIVABLES II, INC.
---------------------------------
(exact name of Registrant as specified in its charter)
Delaware 33-988288 76-0543174
-------- --------- ----------
(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification No.
Suite 7050
600 Travis Street
Houston, TX 77002
- ----------------- -----
(Address of Principal Executive) (Zip Code)
Registrant's telephone number, including area code: 713-221-8822
<PAGE> 2
Item 1. Business
The Registrant is a wholly-owned subsidiary of First Sierra Financial, Inc.
formed solely for the purpose of acquiring from First Sierra Financial, Inc.
certain leases (the "Leases") and interests in equipment underlying the leases
(together the "Receivables") and securitizing the Receivables through the
issuance of Certificates. As a bankruptcy remote entity, the Registrant's
operations are restricted so that (a) it does not engage in business with, or
incur liabilities to, any other entity which may bring bankruptcy proceedings
against the Registrant and 9b) the risk is diminished that it will be
consolidated into the bankruptcy proceedings of any other entity. The Registrant
has no other assets except the Receivables and proceeds thereof.
Item 2. Acquisition or Disposition of Assets
None
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
1.1 Servicing Reports for the collection periods ending in May 1,
1996.
<PAGE> 3
Item 1. Business
The Registrant is a wholly-owned subsidiary of First Sierra Financial, Inc.
formed solely for the purpose of acquiring from First Sierra Financial, Inc.
certain leases (the "Leases") and interests in equipment underlying the leases
(together the "Receivables") and securitizing the Receivables through the
issuance of Certificates. As a bankruptcy remote entity, the Registrant's
operations are restricted so that (a) it does not engage in business with, or
incur liabilities to, any other entity which may bring bankruptcy proceedings
against the Registrant and 9b) the risk is diminished that it will be
consolidated into the bankruptcy proceedings of any other entity. The Registrant
has no other assets except the Receivables and proceeds thereof.
Item 2. Acquisition or Disposition of Assets
None
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
1.1 Servicing Reports for the collection periods ending in May 1,
1996.
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
First Sierra Receivables II, Inc.
By: /s/ E. R. GEBHART
---------------------
Name: E. R. Gebhart
Title: Vice President
2
<PAGE> 5
INDEX TO EXHIBITS
Exhibits
1.1 Servicing Reports for the collection periods ending in May 1,
1996.
<PAGE> 1
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
<TABLE>
<CAPTION>
CLASS A INTEREST SCHEDULE
<S> <C>
Prior Month Class A Principal Balance 73,780,187.00
Class A Certificate Rate 6.85%
One twelfth of Class A Certificate Rate 0.57%
Class A Certificate Interest N/A
Prior Month Class A Overdue Interest N/A
Class A Interest Due 0.00
Class A Interest Paid 0.00
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 73,780,187.00
Class A Percentage 86.00%
Base Principal Amount 1,397,378.00
Class A Base Principal Distribution Amount 0.00
Prior Month Class A Overdue Principal 0.00
Total A Note Principal Due 0.00
Class A Principal Paid 0.00
Class A Overdue Principal 0.00
Current Month Class A Principal Balance 73,780,187.00
</TABLE>
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
<TABLE>
<CAPTION>
CLASS B-1 INTEREST SCHEDULE
<S> <C>
Prior Month Class B-1 Principal Balance 3,431,637.00
Class B-1 Certificate Rate 7.63%
One twelfth of Class B-1 Certificate Rate 0.64%
Class B-1 Certificate Interest N/A
Prior Month Class B-1 Overdue Interest N/A
Class B-1 Interest Due 0.00
Class B-1 Interest Paid 0.00
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 3,431,637.00
Class B-1 Percentage 4.00%
Base Principal Amount 1,397,387.00
Class B-1 Base Principal Distribution Amount 0.00
Prior Month B-1 Overdue Principal 0.00
Total B-1 Note Principal Due 0.00
Class B-1 Principal Paid 0.00
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 3,431,637.00
</TABLE>
<PAGE> 2
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
<TABLE>
<CAPTION>
CLASS B-2 INTEREST SCHEDULE
<S> <C>
Prior Month Class B-2 Principal Balance 3,431,637.00
Class B-2 Certificate Rate 8.17%
One twelfth of Class B-2 Certificate Rate 0.68%
Class B-2 Certificate Interest 0.00
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 0.00
Class B-2 Interest Paid 0.00
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 3,431,637.00
Class B-2 Percentage 4.00%
Base Principal Amount 1,397,387.00
Class B-2 Base Principal Distribution Amount 0.00
Prior Month B-1 Overdue Principal 0.00
Total B-1 Note Principal Due 0.00
Class B-2 Principal Paid 0.00
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 3,431,637.00
</TABLE>
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
<TABLE>
<CAPTION>
SERVICING FEE SCHEDULE
<S> <C>
Prior Month ADCPB 85,790,915.00
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee N/A
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 0.00
Servicer Fee Paid 0.00
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 85,790,915.00
Back-Up Servicer Fee Rate 0.0130%
One-twelfth 0.0011%
Back-up Servicer Fee N/A
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 0.00
Back-Up Servicer Fee Paid 0.00
Current Back-Up Servicing Fee Arrearage 0.00
TRUSTEE FEE SCHEDULE
Trustee Fee 291.67
Trustee Fee Rate 0.0100%
Prior Trustee Fee Arrearage 0.00
Total Trustee Fee Due 0.00
Trustee Fee Paid 0.00
Current Trustee Fee Arrearage 0.00
CERTIFICATE PREMIUM SCHEDULE
Initial Class A Balance 73,780,187.00
Premium Rate 0.0000%
Prior Premium Arrearage 0.00
Premium Amount Due 0.00
Premium Amount Paid 0.00
Current Premium Arrearage 0.00
</TABLE>
<PAGE> 3
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
Early Amortization Events
(a) Default in the payment to the Class A Certificateholders or the Class B
Certificateholders of any interest or principal due hereunder in accordance
with the provisions of Section 6.06 when such payment becomes due and
payable and continuance of such default for a period of five business days;
or [10.01 (a)]
(b) Default in the performance, or breach, of the any covenant or agreement of
the Depositor in this Agreement (other than a coveneant or agreement a
default in whose performance or whose breach is elsewhere in this section
10.01 specifically dealt with), and continuance of such default or breach
for a period of 30 days after there has been given, by registered or
certified mail, to the Depositor by the Service, the Certificate Insurer or
the Trustee, or to the Depositor, the Certificate Insurer and the Trustee
by the Certificateholders of at least 50% in aggregate principal amount of
the outstanding Class A Certificates a written notice specifying such
default or breach and requiring it to be remedied and stating that such
notice is a "Notice of default" hereunder, or it, in any such case, the
Depositor have consented in writing that any such event shall be an Early
Amortization Event; or [10.01 (b)]
(c) Any proceeding shall be instituted against the Depositor (or, if the
Depositor is actively contesting the merits thereof, such proceeding is not
dismissed within 90 days) seeking to adjudicate it a bankrupt or insolvent,
or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief or composition of it or any of its
Indebtedness under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, trustee, custodian or other
similar official for it or for any substantial part of its property, or any
of the actions sought in such proceeding (including, without limitation,
the entry of an order for relief against, or the appointment of a receiver,
trustee, custodian or other similar official for, it or for any substantial
part of its property) shall occur; or [10.01 (c)]
(d) The commencement by the Depositor of a voluntary case or proceeding under
any applicable Federal or state bankruptcy, insolvency, reorganization or
other similar law or of any other case or proceeding to be adjudicated a
bankrupt or insovent, or the consent by it to the entry of a decree or
order for relief in respect of the Depositor in an involuntary case or
proceeding under any applicable Federal or state bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any
bankruptcy or insolvency case or proceeding against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under
any applicable Federal or State law, or to the consent by it to the filing
of such petition or to the appointment or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official
of the Depositor or of any substantial part of its property, or the making
by it of an assignment for the benefit of creditors, or the making by it of
an admission by it in writing of its inability to pay its Debts generally
as they become due, or the taking of corporate action by the Depositor in
furtherance of any such action; or [10.01 (d)]
(e) Judgments or orders in respect of money (other than such judgements or
orders in respect of which adequate insurance is maintained for the payment
thereof) against the Depositor shall remain unpaid, unstayed on appeal,
undischarged, unbonded or undismissed for a period of 30 days or more; or
[10.01 (e)]
(f) There is a material breach of any of the representations and warranties of
the Depositor set forth in Section 3.01 (a) and continuance of such default
or breach for a period of 30 days after there has been given, by registered
or certified mail, to the Depositor by the Servicer, the Certificate
Insurer or the Trustee, or to the Depositor, the Certificate Insurer and
the Trustee by the Certificateholders of at least 50% in aggregate
principal amount of the outstanding Class A Certificates a written notice
specifying such default or breach and requiring it to be remedied and
stating that such notice is a "Notice of Default" hereunder, our if, in any
such case, the Depositor have consented in writing that any such event
shall be an Early Amortization Event; or [10.01 (f)]
(g) The Trust Certificate Percentage Interest is less than the Subordinated
Amount; or [10,01 (g)]
(h) A Gross Charge-Off Event has occurred and is continuing; or [10.01 (h)]
(i) A Delinquency Trigger Event has occurred and is continuing; or
(j) An Event of Servicing Termination has been declared; or [10.01 (j)]
(k) The Certificate Insurer has made an insured Payment under the policy.
[10.01 (k)]
<PAGE> 4
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
RESTRICTING EVENT CALCULATIONS
(a) Event of Servicer Termination (Yes/No) No
------------------
(b) Certificate Insurer makes an Insured Payment No
------------------
(a) Gross Charge-Off Event (Yes/No) No
------------------
(b) Delinquency Trigger Event No
------------------
Events of Servicer Termination
(i) Any failure by the Servicer to make any payment, deposit, transfer or
delivery required to be made hereunder (other than with respect to the
Monthly Servicer Report, as to which the remedy is set forth in section
11.01 (a) (ii) hereof) on the date of such payment, deposit, transfer
or delivery is required to be made; [11.01 (a)(i)]
(ii) Any failure by the Servicer to submit a Monthly Statement pursuant to
Section 6.07 hereof that continues unremedied for a period of three
business days after the earlier of the date upon which (A) the
Certificate Insurer or a Certificateholder provides written
notification to the Servicer of such failure or (B) the Depositor
becomes aware that the Certificate Insurer and the Certificateholders
have not received a copy of the Monthly Report in accordance with the
provisions hereof (provided that the Servicer shall be granted a two
business day grace period on not more than one occasion during
each Collection Period); [11.01 (a)(ii)]
(iii) Any failure on the part of the Servicer duly to observe or perform in
any material respect any other covenants or agreements of the Servicer
set forth in the Certificates or in this agreement, as in the case may
be, or any breach of representation or warranty of the Servicer set
forth in Section 3.02 of this Agreement, which failure or breach (A)
materially and adversely affects the rights of the Trustee,
Certificateholders, the Certificate Insurer or the Depositor and (B)
continues unremedied for a period of 30 days after the earlier to occur
of (x) the date on which written notice of such failure or breach,
requiring the situation giving rise to such failure or breach to be
remedied, shall have been given to a Servicing Officer of the Servicer
or a Responsible Officer of the Trustee by the Depositor or any Holder
of Certificates or (y) the date on which any Servicing Officer or
Responsible Officer of the Trustee first knows, or reasonably should
have known, of such failure or breach; [11.01 (a)(iii)]
(iv) The Servicer shall consent to the appointment of a custodian, receiver,
trustee or liquidator (or other similar official) of itself, or of a
substantial part of its property, or shall admit in writing its
inability to pay its debts generally as they come due, a court of
competent jurisdiction shall determine that the Servicer is generally
not paying its debts as they come due or the Servicer shall make a
general assignment for the benefit of creditors; [11.01 (a)(iv)]
(v) The Servicer shall file a voluntary petition in bankruptcy or a
voluntary petition or an answer seeking reorganization in a proceeding
under any bankruptcy laws (as now defined hereafter in effect) or an
answer admitting the material allegation of a petition filed against
the Servicer shall, by voluntary petition, answer or consent, seek
relief under the bankruptcy or other similar law providing for the
reorganization or winding up of debtors, or providing for an agreement,
composition, extension or adjustment with its creditors; [11.01 (a)(v)]
(vi) An order, judgment or decree in excess of [$500,000] shall be entered
in any proceeding by any court of competent jurisdiction appointing,
without the consent (express or legally implied) of the Servicer, a
custodian, receiver, trustee or liquidator (or other similar official)
of the Servicer, or any substantial part of its property, or
sequestering any substantial part of its property, and any such order,
judgement or decree or appointment or sequestration shall remain in
force undismissed, unstayed or unvacated for a period of [90] days
after the date of entry thereof; [11.01 (a)(vi)]
(vii) A petition against the Servicer in a proceeding under applicable
bankruptcy laws or other insolvency laws, as now or hereafter in
effect, shall be filed and shall not be stayed, withdrawn or dismissed
within 60 days thereafter, or if, under the provisions of any of any
law providing for reorganization or winding up of debtors which may
apply to the Servicer, or any substantial part of its property, and
such jurisdiction, custody or control shall remain in force
unrelinquished, unstayed or unterminated for a period of 60 days;
[11.01(a)(vii)]
(viii) Any assignment by the Servicer to a delegate of its duties or rights
hereunder, except as specifically permitted hereunder, or any attempt
to make such an assignment; or [11.01 (a)(viii)]
(ix) for so long as the Servicer is First Sierra, its Total Capital is less
than $9 million. [11.01 (a)(ix)]
<PAGE> 5
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
<TABLE>
<CAPTION>
GROSS CHARGE-OFFS
Gross Gross Monthly
Defaults Recoveries Charge-Offs ADLB Charge-Offs
-------- ---------- ----------- ---- -----------
<S> <C> <C> <C> <C> <C>
2 months prior N/A N/A N/A N/A N/A
1 month prior N/A N/A N/A N/A N/A
Current 0 0 0 84,393,537 0.00%
Gross Charge-Off Ratio: 0.00%
Maximum Charge-Off Ratio: 2.50%
</TABLE>
<TABLE>
<CAPTION>
30+ DELINQUENCIES
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C>
2 months prior N/A N/A N/A
1 month prior N/A N/A N/A
Current month 1,928,902 84,393,537 2.29%
Delinquency Ratio: 2.29%
Maximum Delinquency Ratio: 6.00%
</TABLE>
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
ISSUER RESTRICTING EVENT CALCULATIONS
(a) Gross Defaults No
--------------------
(b) Issuer Delinquency Ratio No
--------------------
<TABLE>
<CAPTION>
GROSS DEFAULTS
Monthly
Gross Defaults ADCPB Charge-Offs
-------------- ----- -----------
<S> <C> <C> <C>
Current 0 84,393,537 0.00%
i A Subordinated Percentage 10.00%
B WAL of Remaining Leases 2.33
ii Two
Trigger (i/ii) 2.14%
</TABLE>
<TABLE>
<CAPTION>
ISSUER DELINQUENCY RATIO (90+ DAYS)
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C>
2 months prior N/A N/A N/A
1 month prior N/A N/A N/A
Current month 0 84,393,537 0.00%
Delinquency Ratio: 0.00%
Maximum Delinquency Ratio: 2.50%
</TABLE>
EARLY AMORTIZATION EVENT
(1) Is Subordinate Interest less than 8.86% of ADLB? No
------------------
(2) Has a Gross Charge-Off Event Occurred? No
------------------
(3) Has a Delinquency Event Occurred? No
------------------
<PAGE> 6
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
Aging/Delinquency Statistics
<TABLE>
<CAPTION>
% of
ADLB Total
<S> <C> <C>
Current 82,361,155 97.71%
31-60 Days Past Due 1,664,321 1.97%
61-90 Days Past Due 264,581 0.31%
91+ Days Past Due 0 0.00%
Total 84,290,057 100.00%
Certificate Factors
Class A Notes 1.0000000
Class B-1 Note 1.0000000
Class B-2 Notes 1.0000000
Substitution Limits [Section 7]
Initial ADCPB 85,790,915.00
Maximum Substitution (10% of Initial) 8,579,091.50
Maximum Substitution for Defaulted Contracts (5% of Initial) 4,289,545.75
Prior month ADCPB Substituted 0.00
Current month ADCPB Substituted 118,645.27
Cumulative ADCPB Substituted 118,645.27
Prior month ADCPB Substituted for Defaulted Contracts 0.00
Current month ADCPB Substituted Defaulted Contracts 0.00
Cumulative ADCPB Substituted for Defaulted Contracts 0.00
</TABLE>
<PAGE> 7
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE New Transf.
FOR THE COLLECTION PERIOD ENDING 5/1/96 Security Property
Lockbox Collection Deposit Funding Intra-Month Payment Date
Account Account Account Account Distributions Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BEGINNING ACCOUNT BALANCES 55,198.12 0.00 127,333.91 0.00 0.00 0.00
LOCKBOX ACCOUNT
Collections Received [5.02 (b)(d)] 1,895,835.29
Payments with respect to Maintenance,
Taxes or Assessments [5.02 (c)(h)] 0.00 0.00
Excluded Amounts [5.02 (d)][Definition] (715,286.12) 0.00
Collections on Deposit due
Collection Account [5.02 (d)] (1,185,534.98)
COLLECTION ACCOUNT
Aggregate Amount of Actual Payments [6.01 b (i)] 1,185,534.98
Add: Servicer Advances [5.03][6.01 b (ii)] 740,580.27
Add: Sch. Payments, Final Payments or Purchase Option
from Sec. Deposit Account [6.01 b (iii)] 0.00
Add: Reconveyance Amounts by Servicer [6.01 b (iv)] 0.00
Add: Any Investment Earnings [6.01 b (v)] 0.00
Add: Deposits from New Transferred Property Funding
Account [6.01 b (vi)] 0.00
Add: Amount Payable to Class A Certificateholders under
6.04 d [6.01 b(vii)] 0.00
Add: Advance Payments Due and Owing for Collection
Period [6.01 c] 0.00
Add: Servicing Deposits Related to Prepayment 181.97
Add: Offset Amount as Provided by 5.12 [6.01 c] 0.00
Less: Amounts transferred to the New Transferred
Property Funding Account [6.01 d] (1,397,378.00)
Less: Amounts Sevicer Advanced but deems
uncollectible [6.01 d] 0.00
SECURITY DEPOSIT ACCOUNT
Add: Security Deposits [6.02 b] 0.00
Less: Amounts to Collection Account [6.02 c] (181.97)
NEW TRANSFERRED PROPERTY FUNDING ACCOUNT
Add: Amount Transferred from Collection Account in consid. of New Trans.
Property [6.05 i 1] 1,397,378.00
Add: Amount Transferred to New Transferred Property Funding
Account [6.05 ii] 0.00
Less: Amount Transferred from Collection Account in consid. of New Trans.
Property [6.05 iii] (1,397,378.00)
ENDING ACCOUNT BALANCES 50,212.31 528,919.22 127,151.94 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
<TABLE>
<S> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 1,926,297.22
DISBURSEMENTS FROM COLLECTION ACCOUNT (PRIOR TO INITIAL AMORTIZATION DATE]
(i) Initial Unpaid Amts inadvertently dep. in Collection Account [6.06 b (i)] 0.00
(ii) Indemnity payments paid inadvertently dep in Collection Account [6.06 b (ii)] 0.00
(iii) Aggregate of: [6.06 b (iii)]
(A) Unreimbursed Servicer Advances from current collection period 0.00
(B) Unreimbursed Servicer Advances from prior collection period 0.00
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06 b (iv)] 0.00
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06 b (v)] 0.00
(vi) Trustee Fee due on Payment Date and unpaid Trustee Fees [6.06 b (vi)] 0.00
(vii) Class A Certificate Interest and Overdue Class A Interest [6.06 b (vii)] 0.00
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06 b (viii)] 0.00
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06 b (ix)] 0.00
(x) Certificate Insurer Reimbursement Amount, if any, due on Payment Date [6.06 b (x)] 0.00
(xi) Any amounts due Servicer under 9.03 [6.06 b (xi)] 0.00
(xii) To the Servicer Security Deposit Refund under 6.02 C 181.97
(xiii) To the depositor the lessor of Base Principal Amount or ADCPB new Contracts 0.00
transferred to the Trust, [6.06 b (xii)]
If less than the Base Principal Amount, the remainder to the New Transferred Property 0.00
Funding Account [6.06 b (xii)]
(ix) To the Holder of the Trust Certificate any remaining amounts [6.06 b (xiii)] 737.25
</TABLE>
<PAGE> 8
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
- --------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING 5/1/96
DISBURSEMENTS FROM COLLECTION ACCOUNT (ON AND AFTER INITIAL AMORTIZATION DATE)
<TABLE>
<S> <C>
(i) Initial Unpaid Amts inadvertently dep. in Collection Account [6.06 c (i)] 0.00
(ii) Indemnity payments paid inadvertently dep in Collection Account [6.06 c (ii)] 0.00
(iii) Aggregate of: [6.06 c (iii)]
(A) Unreimbursed Servicer Advances from prior periods 0.00
(B) Servicer Fee and unpaid Servicer Fee 0.00
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06 c (iv)] 0.00
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06 c (v)] 0.00
(vi) Trustee Fee due on Payment Date and unpaid Trustee Fees [6.06 c (vi)] 0.00
(vii) Class A Certificate Interest and Overdue Class A Interest [6.06 c (vii)] 0.00
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06 c (viii)] 0.00
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06 c (ix)] 0.00
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06 c (x)] 0.00
(xi) Certificate Insurer Reimbursement Amount, if any, due on Payment Date [6.06 b (xi)] 0.00
(xii) Class B-1 Base Principal Distribution Amount and Overdue Class B-1 Principal [6.06 c (xii)] 0.00
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class B-2 Principal [6.06 c (xiii)] 0.00
provided no restricting event or issuer restricting event exists
(xiv) Any amounts due Servicer under 9.03 [6.06 b (xiv)] 0.00
(xv) Prepayments optionally transferred to collection account and disbursed in 0.00
consideration of the transfer of New Transferred Property not in excess of
$5,000,000 [6.06 c (xv)]
(xvi) To the Holder of the Trust Certificate any remaining amounts [6.06 b (xiii)] 0.00
</TABLE>
