<PAGE> 1
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
ADCPB BALANCE
Initial ADCPB 85,790,915.00 8,064,346.01
Prior Month ADCPB 12,606,214.05
Current Month ADCPB (Before addition of New Property) 11,782,223.23
Base Principal Amount (Prior - Current) 823,990.82
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 11,782,223.23
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 8,786,209.42
Class A Certificate Rate 6.85%
One twelfth of Class A Certificate Rate 0.57%
Class A Certificate Interest 50,154.61
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 50,154.61
Class A Interest Paid 50,154.61
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 8,786,209.42
Class A Percentage 86.00%
Base Principal Amount 823,990.82
-------------
Class A Base Principal Distribution Amount 708,632.11
Prior Month Class A Overdue Principal 0.00
-------------
Total A Note Principal Due 708,632.11
Additional amount due for floor payment 45,231.84
Additional Class A Principal Due 0.00
-------------
Class A Principal Paid 753,863.95
Class A Overdue Principal 0.00
-------------
Current Month Class A Principal Balance 8,032,345.47
</TABLE>
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B-1 INTEREST SCHEDULE
Prior Month Class B-1 Principal Balance 408,661.30
Class B-1 Certificate Rate 7.63%
One twelfth of Class B-1 Certificate Rate 0.64%
Class B-1 Certificate Interest 2,598.40
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 2,598.40
Class B-1 Interest Paid 2,598.40
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 408,661.30
Class B-1 Percentage 4.00%
Base Principal Amount 823,990.82
Class B-1 Base Principal Distribution Amount 32,959.63
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 2,103.81
----------
Total B-1 Note Principal Due 35,063.44
Class B-1 Principal Paid 35,063.44
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 373,597.87
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B-2 INTEREST SCHEDULE
Prior Month Class B-2 Principal Balance 408,661.30
Class B-2 Certificate Rate 8.17%
One twelfth of Class B-2 Certificate Rate 0.68%
Class B-2 Certificate Interest 2,782.30
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 2,782.30
Class B-2 Interest Paid 2,782.30
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 408,661.30
Class B-2 Percentage 4.00%
Base Principal Amount 823,990.82
Class B-2 Base Principal Distribution Amount 32,959.63
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 2,103.81
----------
Total B-1 Note Principal Due 35,063.44
Class B-2 Principal Paid 35,063.44
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 373,597.87
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
FLOOR TEST
Initial ADCPB 85,790,915.00
Floor percent 3.50%
-------------
Floor 3,002,682.03
Ending ADCPB 11,782,223.23
less
Beginning Balance - Class A 8,786,209
Beginning Balance - Class B1 408,661
Beginning Balance - Class B2 408,661
---------
9,603,532
less
Current Month Payment - Class A 708,632
Current Month Payment - Class B1 32,960
Current Month Payment - Class B2 32,960
---------
774,551 8,828,980.65
Excess of ending ADCPB over Note balance after initial payments 2,953,242.57
Excess (deficit) of excess balance over floor (49,439.45)
Cash available after payment of regular payments 135,206.90
-------------
Additional payment to certificate holders 49,439.45
ADJUSTED FLOOR TEST
Ending ADCPB 11,782,223.23
less
Beginning Balance - Class A 8,786,209
Beginning Balance - Class B1 408,661
Beginning Balance - Class B2 408,661
---------
9,603,532
less
Current Month Payment - Class A 753,864
Current Month Payment - Class B1 35,063
Current Month Payment - Class B2 35,063
---------
823,991 8,779,541.20
Excess of ending ADCPB over Note balance after initial payments 3,002,682.03
Excess (deficit) of excess balance over floor 0.00
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C>
SERVICING FEE SCHEDULE
Prior Month ADCPB 12,606,214
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 5,252.59
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 5,252.59
Servicer Fee Paid 5,252.59
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 12,606,214
Back-Up Servicer Fee Rate 0.0130%
One-twelfth 0.0011%
Back-up Servicer Fee 136.57
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 136.57
Back-Up Servicer Fee Paid 136.57
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 291.67
Trustee Fee Paid 291.67
Current Trustee Fee Arrearage 0.00
CERTIFICATE PREMIUM SCHEDULE
Class A Certificate Principal Balance 8,786,209.42
Monthly Premium Rate 0.0208%
Prior Premium Arrearage 0.00
Premium Amount Due 1,830.00
Premium Amount Paid 1,830.00
Current Premium Arrearage 0.00
</TABLE>
Page 5
<PAGE> 6
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
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 covenant 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 insolvent, 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 6
<PAGE> 7
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
NO
(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
Activities related to Collection Period Ended 1/1/97 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 on 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 the 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 7
<PAGE> 8
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
GROSS CHARGE-OFFS (>160 AND ACCOUNTS BOUGHT BACK BY SOURCE)
<TABLE>
<CAPTION>
Gross
Gross Gross Charge-Off
Defaults Recoveries Charge-Offs ADCPB Ratio
-------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
2 months prior 60,968 19,703 41,265 13,609,246 3.64%
1 month prior 315 23,001 (22,687) 12,642,524 (2.15)%
Current 444 4,310 (3,865) 11,782,223 (0.39)%
3 Month Gross Charge-Off Ratio 0.36%
Maximum Allowed 2.50%
</TABLE>
30+ DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ---------- -------------
<S> <C> <C> <C>
2 months prior 819,583 13,609,246 6.02%
1 month prior 683,511 12,642,524 5.41%
Current month 693,033 11,782,223 5.88%
Delinquency Ratio: 5.77%
Maximum Delinquency Ratio: 6.00%
</TABLE>
Page 8
<PAGE> 9
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
ISSUER RESTRICTING EVENT CALCULATIONS
(a) Gross Defaults (>=180) No
------
(b) Issuer Delinquency Trigger Ratio No
------
GROSS DEFAULTS (>=180)
<TABLE>
<CAPTION>
Monthly Gross Monthly
Defaults ADCPB Gross Defaults
-------- ---------- --------------
<S> <C> <C> <C>
Current month 0 11,782,223 0.0000%
1 month prior 0 12,642,524 0.0000%
2 months prior 0 13,609,246 0.0000%
- ---------- ------
Sum/Average 0 12,677,998 0.0000%
4
Gross Defaults 0.00%
i A Subordinated Percentage 28.66%
ii B WAL of Remaining Leases 1.71
Two 2
Ratio (i/ii)/2 8.40%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ---------- -------------
<S> <C> <C> <C>
2 months prior 283,391 13,609,246 2.08%
1 month prior 259,372 12,642,524 2.05%
Current month 315,623 11,782,223 2.68%
Issuer Delinquency Trigger Ratio: 2.27%
Maximum Ratio Allowed: 2.50%
</TABLE>
EARLY AMORTIZATION EVENT
(1) Is Subordination Level < 14% No
----
(2) Has a Gross Charge-Off Event Occurred? No
----
(3) Has a Delinquency Event Occurred? No
----
Class A Certificate Balance after payment 8,032,345
ADCPB as of prior month-end 12,606,214
Ratio of Class A Cert. To ADCPB 63.72%
Actual Class A Subordination Level 36.28%
Minimum Class A Subordination Level 14.00%
EARLY AMORTIZATION EVENT? NO
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<CAPTION>
Aging/Delinquency Statistics
ADCPB Total
<S> <C> <C>
Current 11,089,190 94.12%
31-60 Days Past Due 220,695 1.87%
61-90 Days Past Due 156,715 1.33%
91+ Days Past Due 315,623 2.68%
------------- -------
Total 11,782,223 100.00%
Certificate Factors
Class A Notes 0.108868597
Class B-1 Notes 0.108868702
Class B-2 Notes 0.108868702
Substitution Limits [Section 7]
ADCPB as of Cut-Off Date 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 Cumulative ADCPB Substituted 4,301,248.99
Current month ADCPB Substituted --
-------------
Cumulative ADCPB Substituted 4,301,248.99
Prior month Cumulative ADCPB Substituted for Defaulted Contracts 1,980,863.06
Current month ADCPB Substituted Defaulted Contracts --
-------------
Cumulative ADCPB Substituted for Defaulted Contracts 1,980,863.06
Portfolio Prepayment Statistics
Prior month Cumulative ADCPB prepaid 13,817,512.92
Current month ADCPB prepaid 20,360.24
-------------
Cumulative ADCPB prepaid 13,837,873.16
Prior month Cumulative ADCPB Defaulted 6,050,167.43
Current month ADCPB Defaulted 444.47
-------------
Cumulative ADCPB Defaulted 6,050,611.90
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
BEGINNING ACCOUNT BALANCES 91,913.35
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to Collection Account (121,636.19)
Transfer of prior period Excluded Amounts not yet transferred (61,889.87)
Collections Received [5.02(b)(d)] 1,007,940.53
Excluded Amounts [5.02(d)][Definition] (326,396.00)
Collections on Deposit due Collection Account [5.02(d)] (526,236.77)
Ending Balance 63,695.05
COLLECTION ACCOUNT
BEGINNING BALANCE, DECEMBER 1, 1999 552,161.25
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED DECEMBER 1, 1999
Add: Servicer Advance 393,537.54
Add: Payments due Collection Account from last 2 business days prior period 122,179.47
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on December 10, 1999 (1,067,878.26)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED OCTOBER 1, 2000
Aggregate Amount of Actual Payments [6.01b(i)] 526,236.77
Add: Servicer Advances [5.03][6.01b(ii)] 0.00
Add: Sch. Payments, Final Payments or Purchase Option from Sec. Deposit Account [6.01b(iii)] 0.00
Add: Reconveyance Amounts by Servicer [6.01b(iv)] 0.00
Add: Any Investment Earnings [6.01b(v)] 2,169.69
Add: Deposits from New Transferred Property Funding Account [6.01b(vi)] 0.00
Add: Amount Payable to Class A Certificateholders under 6.04d [6.01b(vii)] 0.00
Add: Advance Payments Due and Owing for Collection Period [6.01c] 0.00
Add: Security Deposits Related to Prepayment 0.00
Add: Offset Amount as Provided by 5.12 [6.01c] 0.00
Less: Amounts transferred to the New Transferred Property Funding Account [6.01d] 0.00
Less: Amounts Servicer Advanced but deems uncorrectable [6.01d] 0.00
Less: Payments due Collection Acct. from last 2 business days in calendar mo 0.00
Ending balance on September 30, 2000 and October 1, 2000 528,406.46
Add: Servicer Advances to be deposited on Determination Date 398,596.83
Add: Payments due Collection Acct from last 3 business days 45,801.12
Add: Payments not yet transferred to the Collection Account 0.00
Add: Amounts to Collection Account from Security Deposit Account [6.02c] 0.00
Adjusted Collection Account Balance 972,804.41
</TABLE>
Page 11
<PAGE> 12
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
SECURITY DEPOSIT ACCOUNT
Beginning Balance 15,857.02
Add: Balance deposited on closing date 0.00
Add: Security Deposits [6.02 b] 0.00
Less: Amounts to Collection Account [6.02 c] 0.00
Add: Investment Earnings 591.29
---------
Ending balance on September 30, 2000 16,448.31
Less: Amounts to Collection Account [6.02 c] 0.00
Adjusted Security Deposit Account Balance 16,448.31
NEW TRANSFERRED PROPERTY FUNDING ACCOUNT
Beginning Balance 0.00
Add: Amount Transferred from Collection Account in consid. of New Trans. Property [6.05 i 1] 0.00
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] 0.00
----
Ending balance on September 30, 2000 0.00
Add: Amount Transferred from Collection Account in consid. of New Trans. Property [6.05 i 1] 0.00
Less: Amount Transferred from Collection Account in consid. of New Trans. Property [6.05 iii] 0.00
----
Adjusted New Transferred Property Funding Account Balance 0.00
</TABLE>
Page 12
<PAGE> 13
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 972,804.41
DISBURSEMENTS FROM COLLECTION ACCOUNT (ON AND AFTER INITIAL AMORTIZATION DATE)
(i) Initial Unpaid Amts inadvertently dep. in Collection Account [6.06c(i)] 0.00
(ii) Indemnity payments paid inadvertently dep in Collection Account [6.06c(ii)] 0.00
(iii) Aggregate of: [6.06c(iii)]
(A) Unreimbursed Servicer Advances from prior periods 0.00
(B) Servicer Fee and unpaid Servicer Fee 5,252.59
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06c(iv)] 136.57
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06c(v)] 1,830.00
(vi) Trustee Fee due on Payment Date and unpaid Trustee Fees [6.06c(vi)] 291.67
(vii) Class A Certificate Interest and Overdue Class A Interest [6.06c(vii)] 50,154.61
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06c(viii)] 2,598.40
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06c(ix)] 2,782.30
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06c(x)] 708,632.11
(xi) Certificate Insurer Reimbursement Amount, if any, due on Payment Date [6.06b(xi)] 0.00
(xii) Class B-1 Base Principal Distribution Amount and Overdue Class B-1 Principal [6.06c(xii)] 32,959.63
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class B-2 Principal [6.06c(xiii)] 32,959.63
provided no restricting event or issuer restricting event exists
(xiv) Any amounts due Servicer under 9.03 [6.06b(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 [6.06c(xv)]
(xvi) To the Holder of the Trust Certificate any remaining amounts [6.06b(xiii)] 85,767.45
Net of Additional Principal Distribution to Class A, B1 & B2.
a. Class A Additional Principal Distribution Amount 45,231.84
b. Class B1 Additional Principal Distribution Amount 2,103.81
c. Class B2 Additional Principal Distribution Amount 2,103.81
</TABLE>
Review By:
-----------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 13
<PAGE> 14
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C>
ADCPB BALANCE
Initial ADCPB 72,024,925.77
Prior Month ADCPB 20,062,922.69
Current Month ADCPB (Before addition of New Property) 19,073,622.51
Base Principal Amount (Prior - Current) 989,300.18
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 19,073,622.51
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 16,899,546.13
Class A Certificate Rate 6.29%
One twelfth of Class A Certificate Rate 0.52%
Class A Certificate Interest 88,581.79
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 88,581.79
Class A Interest Paid 88,581.79
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 16,899,546.13
Class A Percentage 88.00%
Base Principal Amount 989,300.18
--------------
Class A Base Principal Distribution Amount 870,584.16
Prior Month Class A Overdue Principal 0.00
--------------
Total A Note Principal Due 870,584.16
Additional amount due for floor payment 65,936.30
Additional Class A Principal Due 0.00
--------------
Class A Principal Paid 936,520.46
Class A Overdue Principal 0.00
--------------
Current Month Class A Principal Balance 15,963,025.67
</TABLE>
Page 1
<PAGE> 15
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B-1 INTEREST SCHEDULE
Prior Month Class B-1 Principal Balance 576,120.57
Class B-1 Certificate Rate 7.01%
One twelfth of Class B-1 Certificate Rate 0.58%
Class B-1 Certificate Interest 3,365.50
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 3,365.50
Class B-1 Interest Paid 3,365.50
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 576,120.57
Class B-1 Percentage 3.00%
Base Principal Amount 989,300.18
Class B-1 Base Principal Distribution Amount 29,679.01
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 2,247.83
Total B-1 Note Principal Due 31,926.84
-----------
Class B-1 Principal Paid 31,926.84
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 544,193.73
</TABLE>
Page 2
<PAGE> 16
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C>
CLASS B-2 INTEREST SCHEDULE
Prior Month Class B-2 Principal Balance 480,100.65
Class B-2 Certificate Rate 8.22%
One twelfth of Class B-2 Certificate Rate 0.69%
Class B-2 Certificate Interest 3,288.69
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 3,288.69
Class B-2 Interest Paid 3,288.69
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 480,100.65
Class B-2 Percentage 2.50%
Base Principal Amount 989,300.18
Class B-2 Base Principal Distribution Amount 24,732.50
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 1,873.19
Total B-2 Note Principal Due 26,605.69
Class B-2 Principal Paid 26,605.69
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 453,494.96
</TABLE>
Page 3
<PAGE> 17
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
FLOOR TEST
Initial ADCPB 72,024,925.77
Floor percent 3.00%
--------------
Floor 2,160,747.77
Ending ADCPB 19,073,622.51
less
Beginning Balance - Class A 16,899,546
Beginning Balance - Class B1 576,121
Beginning Balance - Class B2 480,101
------------
17,955,767
less
Current Month Payment - Class A 870,584
Current Month Payment - Class B1 29,679
Current Month Payment - Class B2 24,733
------------
924,996 17,030,771.68
Excess of ending ADCPB over Note balance after initial payments 2,042,850.83
Excess (deficit) of excess balance over floor (117,896.94)
Cash available after payment of regular payments 70,057.32
--------------
Additional payment to certificate holders 70,057.32
ADJUSTED FLOOR TEST
Ending ADCPB 19,073,622.51
less
Beginning Balance - Class A 16,899,546
Beginning Balance - Class B1 576,121
Beginning Balance - Class B2 480,101
-----------
17,955,767
less
Current Month Payment - Class A 936,520
Current Month Payment - Class B1 31,927
Current Month Payment - Class B2 26,606
-----------
995,053 16,960,714.36
Excess of ending ADCPB over Note balance after initial payments 2,112,908.15
Excess (deficit) of excess balance over floor (47,839.62)
</TABLE>
Page 4
<PAGE> 18
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C>
SERVICING FEE SCHEDULE
Prior Month ADCPB 20,062,923
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 8,359.55
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 8,359.55
Servicer Fee Paid 8,359.55
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 20,062,923
Back-Up Servicer Fee Rate 0.0200%
One-twelfth 0.0017%
Back-up Servicer Fee 334.38
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 334.38
Back-Up Servicer Fee Paid 334.38
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 291.67
Trustee Fee Paid 291.67
Current Trustee Fee Arrearage 0.00
CERTIFICATE PREMIUM SCHEDULE
Class A Certificate Principal Balance 16,899,546.13
Monthly Premium Rate 0.0200%
Prior Premium Arrearage 0.00
Premium Amount Due 3,380.00
Premium Amount Paid 3,380.00
Current Premium Arrearage 0.00
</TABLE>
Page 5
<PAGE> 19
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
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 covenant 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 insolvent, 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 6
<PAGE> 20
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
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 Activities related to Collection
Period Ended 1/1/97 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 on 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 the 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 7
<PAGE> 21
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
GROSS CHARGE-OFFS (>=160 AND ACCOUNTS BOUGHT BACK BY SOURCE)
<TABLE>
<CAPTION>
Gross Gross Monthly
Defaults Recoveries Charge-Offs ADCPB Charge-Offs
-------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
2 months prior 15,844 13,921 1,923 21,037,548 0.11%
1 month prior 0 4,014 (4,014) 20,089,900 (0.24)%
Current 10,836 5,318 5,517 19,073,623 0.35%
3 Month Gross Charge-Off Ratio 0.07%
Maximum Allowed 2.50%
</TABLE>
30+ DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----------- -------------
<S> <C> <C> <C>
2 months prior 1,367,908 21,037,548 6.50%
1 month prior 1,152,772 20,089,900 5.74%
Current month 1,175,356 19,073,623 6.16%
Delinquency Ratio: 6.13%
Maximum Delinquency Ratio: 7.00%
</TABLE>
Page 8
<PAGE> 22
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
ISSUER RESTRICTING EVENT CALCULATIONS
(a) Gross Defaults (>=180) No
-----------
(b) Issuer Delinquency Trigger Ratio No
-----------
GROSS DEFAULTS (>=180)
<TABLE>
<CAPTION>
Monthly
Gross Defaults ADCPB Gross Defaults
-------------- ----------- --------------
<S> <C> <C> <C>
Current 0 19,073,623 0.0000%
1 month prior 0 20,089,900 0.0000%
2 months prior 0 21,037,548 0.0000%
--- ----------- -------
Sum/Average 0 20,067,024 0.0000%
4
-------
Gross Defaults 0.00%
i A Subordinated Percentage 13.46%
ii B WAL of Remaining Leases 2.08
Two 2.00
Ratio (i/ii)/2 3.24%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----------- -------------
<S> <C> <C> <C>
2 months prior 372,775 21,037,548 1.77%
1 month prior 243,822 20,089,900 1.21%
Current month 308,368 19,073,623 1.62%
Issuer Delinquency Trigger Ratio: 1.53%
Maximum Ratio Allowed: 2.50%
</TABLE>
EARLY AMORTIZATION EVENT
(1) Is Subordinate Interest less than 8.86% ADCPB? No
------------
(2) Has a Gross Charge-Off Event Occurred? No
------------
(3) Has a Delinquency Event Occurred? No
------------
Page 9
<PAGE> 23
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<CAPTION>
Aging/Delinquency Statistics ADCPB Total
<S> <C> <C>
Current 17,898,266 93.84%
31-60 Days Past Due 503,466 2.64%
61-90 Days Past Due 363,522 1.91%
91+ Days Past Due 308,368 1.62%
-------------- -------
Total 19,073,623 100.00%
Certificate Factors
Class A Notes 0.251856191
Class B-1 Notes 0.251856076
Class B-2 Notes 0.251856153
Substitution Limits [Section 7]
ADCPB as of Cut-Off Date 72,024,925.77
Maximum Substitution (10% of Initial) 7,202,492.58
Maximum Substitution for Defaulted Contracts (5% of Initial) 3,601,246.29
Prior month Cumulative ADCPB Substituted 3,420,619.69
Current month ADCPB Substituted --
--------------
Cumulative ADCPB Substituted 3,420,619.69
Prior month Cumulative ADCPB Substituted for Defaulted Contracts 1,320,928.59
Current month ADCPB Substituted Defaulted Contracts --
--------------
Cumulative ADCPB Substituted for Defaulted Contracts 1,320,928.59
Portfolio Prepayment Statistics
Prior month Cumulative ADCPB prepaid 11,348,382.84
Current month ADCPB prepaid 200,917.88
--------------
Cumulative ADCPB prepaid 11,549,300.72
Prior month Cumulative ADCPB Defaulted 4,390,515.53
Current month ADCPB Defaulted 10,835.74
--------------
Cumulative ADCPB Defaulted 4,401,351.27
</TABLE>
Page 10
<PAGE> 24
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
BEGINNING ACCOUNT BALANCES 125,937.40
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to Collection Account (110,058.24)
Transfer of prior period Excluded Amounts not yet transferred (45,088.39)
Collections Received [5.02(b)(d)] 1,191,035.83
Excluded Amounts [5.02(d)][Definition] (432,881.13)
Collections on Deposit due Collection Account [5.02(d)] (637,522.15)
Ending Balance 91,423.32
COLLECTION ACCOUNT
BEGINNING BALANCE, SEPTEMBER 1, 2000 445,060.56
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
Add: Servicer Advance 430,998.14
Add: Payments due Collection Account from last 2 business days prior period 110,058.24
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on September 10, 2000 (986,116.94)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED OCTOBER 1, 2000
Aggregate Amount of Actual Payments [6.01b(i)] 637,522.15
Add: Servicer Advances [5.03][6.01b(ii)] 0.00
Add: Sch. Payments, Final Payments or Purchase Option from Sec. Deposit Account [6.01b(iii)] 0.00
Add: Reconveyance Amounts by Servicer [6.01b(iv)] 0.00
Add: Any Investment Earnings [6.01b(v)] 2,023.39
Add: Deposits from New Transferred Property Funding Account [6.01b(vi)] 0.00
Add: Amount Payable to Class A Certificateholders under 6.04d [6.01b(vii)] 0.00
Add: Advance Payments Due and Owing for Collection Period [6.01c] 0.00
Add: Security Deposits Related to Prepayment 0.00
Add: Offset Amount as Provided by 5.12 [6.01c] 0.00
Less: Amounts transferred to the New Transferred Property Funding Account [6.01d] 0.00
Less: Amounts Servicer Advanced but deems uncorrectable [6.01d] 0.00
Less: Payments due Collection Acct. from last 2 business days in calendar mo. 0.00
Ending balance on September 30, 2000 and October 1, 2000 639,545.54
Add: Servicer Advances to be deposited on Determination Date 416,602.82
Add: Payments due Collection Acct from last 3 business days 46,506.21
Add: Payments not yet transferred to the Collection Account 0.00
Add: Amounts to Collection Account from Security Deposit Account [6.02c] 0.00
Adjusted Collection Account Balance 1,102,654.57
</TABLE>
Page 11
<PAGE> 25
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<CAPTION>
SECURITY DEPOSIT ACCOUNT
<S> <C> <C>
Beginning Balance .00
Add: Balance deposited on closing date .00
Add: Security Deposits [6.02b] .00
Less: Amounts to Collection Account [6.02c] .00
Add: Investment Earnings 00
----
Ending balance on September 30, 2000 .00
Less: Amounts to Collection Account [6.02c] .00
Adjusted Security Deposit Account Balance .00
NEW TRANSFERRED PROPERTY FUNDING ACCOUNT
Beginning Balance 0.00
Add: Amount Transferred from Collection Account in consid. of New Trans. Property [6.05i1] 0.00
Add: Amount Transferred to New Transferred Property Funding Account [6.05ii] 0.00
Less: Amount Transferred from Collection Account in consid. of New Trans. Property [6.05iii] 0.00
-----
Ending balance on September 30, 2000 0.00
Add: Amount Transferred from Collection Account in consid. of New Trans. Property [6.05i1] 0.00
Less: Amount Transferred from Collection Account in consid. of New Trans. Property [6.05iii] 0.00
-----
Adjusted New Transferred Property Funding Account Balance 0.00
</TABLE>
Page 12
<PAGE> 26
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING OCTOBER 1, 2000
<TABLE>
<S> <C> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 1,102,654.57
DISBURSEMENTS FROM COLLECTION ACCOUNT (ON AND AFTER INITIAL AMORTIZATION DATE)
(i) Initial Unpaid Amts inadvertently dep. in Collection Account [6.06c(i)] 0.00
(ii) Indemnity payments paid inadvertently dep in Collection Account [6.06c(ii)] 0.00
(iii) Aggregate of: [6.06c(iii)]
(A) Unreimbursed Servicer Advances from prior periods 0.00
(B) Servicer Fee and unpaid Servicer Fee 8,359.55
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06c(iv)] 334.38
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06c(v)] 3,380.00
(vi) Trustee Fee due on Payment Date and unpaid Trustee Fees [6.06c(vi)] 291.67
(vii) Class A Certificate Interest and Overdue Class A Interest [6.06c(vii)] 88,581.79
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06c(viii)] 3,365.50
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06c(ix)] 3,288.69
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06c(x)] 870,584.16
(xi) Certificate Insurer Reimbursement Amount, if any, due on Payment Date [6.06b(xi)] 0.00
(xii) Class B-1 Base Principal Distribution Amount and Overdue Class B-1 Principal [6.06c(xii)] 29,679.01
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class B-2 Principal [6.06c(xiii)] 24,732.50
provided no restricting event or issuer restricting event exists
(xiv) Any amounts due Servicer under 9.03 [6.06b(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 [6.06c(xv)]
(xvi) To the Holder of the Trust Certificate any remaining amounts [6.06b(xiii)] 0.00
Net of Additional Principal Distribution to Class A, B1 & B2.
a. Class A Additional Principal Distribution Amount 65,936.30
b. Class B1 Additional Principal Distribution Amount 2,247.83
c. Class B2 Additional Principal Distribution Amount 1,873.19
</TABLE>
Reviewed By:
------------------------------------
E. ROGER GEBHART
EXECUTIVE VICE PRESIDENT & TREASURER
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