<PAGE> 1
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
ADCPB BALANCE
<S> <C>
Initial ADCPB 85,790,915.00
Prior Month ADCPB 11,782,223.23
Current Month ADCPB (Before addition of New Property) 10,767,266.80
Base Principal Amount (Prior - Current) 1,014,956.43
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 10,767,266.80
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 8,032,345.47
Class A Certificate Rate 6.85%
One twelfth of Class A Certificate Rate 0.57%
Class A Certificate Interest 45,851.31
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 45,851.31
Class A Interest Paid 45,851.31
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 8,032,345.47
Class A Percentage 86.00%
Base Principal Amount 1,014,956.43
-------------
Class A Base Principal Distribution Amount 872,862.53
Prior Month Class A Overdue Principal 0.00
-------------
Total A Note Principal Due 872,862.53
Additional amount due for floor payment 0.00
Additional Class A Principal Due 0.00
-------------
Class A Principal Paid 872,862.53
Class A Overdue Principal 0.00
-------------
Current Month Class A Principal Balance 7,159,482.94
</TABLE>
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
CLASS B-1 INTEREST SCHEDULE
<S> <C>
Prior Month Class B-1 Principal Balance 373,597.87
Class B-1 Certificate Rate 7.63%
One twelfth of Class B-1 Certificate Rate 0.64%
Class B-1 Certificate Interest 2,375.46
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 2,375.46
Class B-1 Interest Paid 2,375.46
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 373,597.87
Class B-1 Percentage 4.00%
Base Principal Amount 1,014,956.43
Class B-1 Base Principal Distribution Amount 40,598.26
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 0.00
------------
Total B-1 Note Principal Due 40,598.26
Class B-1 Principal Paid 40,598.26
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 332,999.61
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
CLASS B-2 INTEREST SCHEDULE
<S> <C>
Prior Month Class B-2 Principal Balance 373,597.87
Class B-2 Certificate Rate 8.17%
One twelfth of Class B-2 Certificate Rate 0.68%
Class B-2 Certificate Interest 2,543.58
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 2,543.58
Class B-2 Interest Paid 2,543.58
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 373,597.87
Class B-2 Percentage 4.00%
Base Principal Amount 1,014,956.43
Class B-2 Base Principal Distribution Amount 40,598.26
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 0.00
------------
Total B-1 Note Principal Due 40,598.26
Class B-2 Principal Paid 40,598.26
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 332,999.61
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
FLOOR TEST
<S> <C> <C>
Initial ADCPB 85,790,915.00
Floor percent 3.50%
-------------
Floor 3,002,682.03
Ending ADCPB 10,767,266.80
less
Beginning Balance - Class A 8,032,345
Beginning Balance - Class B1 373,598
Beginning Balance - Class B2 373,598
---------
8,779,541
less
Current Month Payment - Class A 872,863
Current Month Payment - Class B1 40,598
Current Month Payment - Class B2 40,598
---------
954,059 7,825,482.15
Excess of ending ADCPB over Note balance after initial
payments 2,941,784.65
Excess (deficit) of excess balance over floor (60,897.38)
Cash available after payment of regular payments 0.00
------------
Additional payment to certificate holders 0.00
ADJUSTED FLOOR TEST
Ending ADCPB 10,767,266.80
less
Beginning Balance - Class A 8,032,345
Beginning Balance - Class B1 373,598
Beginning Balance - Class B2 373,598
---------
8,779,541
less
Current Month Payment - Class A 872,863
Current Month Payment - Class B1 40,598
Current Month Payment - Class B2 40,598
---------
954,059 7,825,482.15
Excess of ending ADCPB over Note balance after initial
payments 2,941,784.65
Excess (deficit) of excess balance over floor (60,897.38)
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
SERVICING FEE SCHEDULE
<S> <C>
Prior Month ADCPB 11,782,223
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 4,909.26
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 4,909.26
Servicer Fee Paid 4,909.26
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 11,782,223
Back-Up Servicer Fee Rate 0.0130%
One-twelfth 0.0011%
Back-up Servicer Fee 127.64
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 127.64
Back-Up Servicer Fee Paid 127.64
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 8,032,345.47
Monthly Premium Rate 0.0208%
Prior Premium Arrearage 0.00
Premium Amount Due 1,673.00
Premium Amount Paid 1,673.00
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 NOVEMBER 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 NOVEMBER 1, 2000
<TABLE>
<S> <C>
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
------------
</TABLE>
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 NOVEMBER 1, 2000
<TABLE>
<CAPTION>
GROSS CHARGE-OFFS (>160 AND ACCOUNTS BOUGHT BACK BY SOURCE)
Gross
Gross Gross Charge-Off
Defaults Recoveries Charge-Offs ADCPB Ratio
-------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
2 months prior 315 23,001 (22,687) 12,642,524 (2.15)%
1 month prior 444 4,310 (3,865) 11,782,223 (0.39)%
Current 28,760 28,644 116 10,814,466 0.01%
3 Month Gross Charge-Off Ratio (0.84)%
Maximum Allowed 2.50%
</TABLE>
<TABLE>
<CAPTION>
30+ DELINQUENCIES
Monthly
Delinquencies ADCPB Delinquencies
------------- ---------- -------------
<S> <C> <C> <C>
2 months prior 683,511 12,642,524 5.41%
1 month prior 693,033 11,782,223 5.88%
Current month 667,822 10,814,466 6.18%
Delinquency Ratio: 5.82%
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 NOVEMBER 1, 2000
ISSUER RESTRICTING EVENT CALCULATIONS
<TABLE>
<S> <C>
(a) Gross Defaults (>=180) No
------------
(b) Issuer Delinquency Trigger Ratio No
------------
</TABLE>
GROSS DEFAULTS (>or= to 180)
<TABLE>
<CAPTION>
Monthly Gross Monthly
Defaults ADCPB Gross Defaults
------------- ----------- --------------
<S> <C> <C> <C>
Current month 0 10,814,466 0.0000%
1 month prior 0 11,782,223 0.0000%
2 months prior 0 12,642,524 0.0000%
-- ----------- -------
Sum/Average 0 11,746,404 0.0000%
4
-------
Gross Defaults 0.00%
i A Subordinated Percentage 30.41%
ii B WAL of Remaining Leases 1.71
Two 2
Ratio (i/ii)/2 8.91%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ---------- -------------
<S> <C> <C> <C>
2 months prior 259,372 12,642,524 2.05%
1 month prior 315,623 11,782,223 2.68%
Current month 35,436 10,814,466 0.33%
Issuer Delinquency Trigger Ratio: 1.69%
Maximum Ratio Allowed: 2.50%
</TABLE>
EARLY AMORTIZATION EVENT
<TABLE>
<S> <C>
(1) Is Subordination Level < 14% No
-------------
(2) Has a Gross Charge-Off Event Occurred? No
-------------
(3) Has a Delinquency Event Occurred? No
-------------
</TABLE>
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
Aging/Delinquency Statistics
ADCPB Total
<S> <C> <C>
Current 10,146,644 93.82%
31-60 Days Past Due 558,205 5.16%
61-90 Days Past Due 74,181 0.69%
91+ Days Past Due 35,436 0.33%
---------- ------
Total 10,814,466 100.00%
Certificate Factors
Class A Notes 0.097038016
Class B-1 Notes 0.097038121
Class B-2 Notes 0.097038121
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 146,323.14
-------------
Cumulative ADCPB Substituted 4,447,572.13
Prior month Cumulative ADCPB Substituted for Defaulted
Contracts 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 13,837,873.16
Current month ADCPB prepaid 42,781.88
-------------
Cumulative ADCPB prepaid 13,880,655.04
Prior month Cumulative ADCPB Defaulted 6,050,611.90
Current month ADCPB Defaulted 28,759.54
-------------
Cumulative ADCPB Defaulted 6,079,371.44
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
BEGINNING ACCOUNT BALANCES 63,695.05
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to Collection Account (45,801.12)
Transfer of prior period Excluded Amounts not yet transferred (46,828.23)
Collections Received [5.02(b)(d)] 925,713.19
Excluded Amounts [5.02(d)][Definition] (335,249.21)
Collections on Deposit due Collection Account [5.02(d)] (498,167.13)
Ending Balance 63,362.55
</TABLE>
<TABLE>
<S> <C>
COLLECTION ACCOUNT
BEGINNING BALANCE, DECEMBER 1, 1999 528,406.46
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED DECEMBER 1, 1999
Add: Servicer Advance 398,596.83
Add: Payments due Collection Account from last 2 business days prior period 45,801.12
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on December 10, 1999 (972,804.41)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED NOVEMBER 1, 2000
Aggregate Amount of Actual Payments [6.01 b (i)] 498,167.13
Add: Servicer Advances [5.03][6.01 b (ii)] 0.00
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)] 1,668.09
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: Security Deposits Related to Prepayment 0.00
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] 0.00
Less: Amounts Servicer Advanced but deems uncorrectable [6.01 d] 0.00
Less: Payments due Collection Acct. from last 2 business days in calendar mo. 0.00
Ending balance on October 31, 2000 and November 1, 2000 499,835.22
Add: Servicer Advances to be deposited on Determination Date 349,321.19
Add: Payments due Collection Acct from last 3 business days 162,674.56
Add: Payments not yet transferred to the Collection Account 0.00
Add: Amounts to Collection Account from Security Deposit Account [6.02 c] 0.00
Adjusted Collection Account Balance 1,011,830.97
</TABLE>
Page 11
<PAGE> 12
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
SECURITY DEPOSIT ACCOUNT
<S> <C>
Beginning Balance 16,448.31
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 90.34
---------
Ending balance on October 31, 2000 16,538.65
Less: Amounts to Collection Account [6.02 c] 0.00
Adjusted Security Deposit Account Balance 16,538.65
</TABLE>
NEW TRANSFERRED PROPERTY FUNDING ACCOUNT
<TABLE>
<S> <C>
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 October 31, 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 NOVEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 1,011,830.97
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 4,909.26
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06c(iv)] 127.64
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06c(v)] 1,673.00
(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)] 45,851.31
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06 c (viii)] 2,375.46
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06 c (ix)] 2,543.58
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06c(x)] 872,862.53
(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)] 40,598.26
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class
B-2 Principal [6.06c(xiii)] 40,598.26
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 0.00
b. Class B1 Additional Principal Distribution Amount 0.00
c. Class B2 Additional Principal Distribution Amount 0.00
</TABLE>
Reviewed 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 NOVEMBER 1, 2000
<TABLE>
<S> <C>
ADCPB BALANCE
Initial ADCPB 72,024,925.77
Prior Month ADCPB 19,073,622.51
Current Month ADCPB (Before addition of New Property) 18,166,371.63
Base Principal Amount (Prior - Current) 907,250.88
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 18,166,371.63
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 15,963,025.67
Class A Certificate Rate 6.29%
One twelfth of Class A Certificate Rate 0.52%
Class A Certificate Interest 83,672.86
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 83,672.86
Class A Interest Paid 83,672.86
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 15,963,025.67
Class A Percentage 88.00%
Base Principal Amount 907,250.88
-------------
Class A Base Principal Distribution Amount 798,380.77
Prior Month Class A Overdue Principal 0.00
-------------
Total A Note Principal Due 798,380.77
Additional amount due for floor payment 4,992.43
Additional Class A Principal Due 0.00
-------------
Class A Principal Paid 803,373.20
Class A Overdue Principal 0.00
-------------
Current Month Class A Principal Balance 15,159,652.46
</TABLE>
Page 1
<PAGE> 15
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
CLASS B-1 INTEREST SCHEDULE
<S> <C>
Prior Month Class B-1 Principal Balance 544,193.73
Class B-1 Certificate Rate 7.01%
One twelfth of Class B-1 Certificate Rate 0.58%
Class B-1 Certificate Interest 3,179.00
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 3,179.00
Class B-1 Interest Paid 3,179.00
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 544,193.73
Class B-1 Percentage 3.00%
Base Principal Amount 907,250.88
Class B-1 Base Principal Distribution Amount 27,217.53
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 170.20
Total B-1 Note Principal Due 27,387.73
----------
Class B-1 Principal Paid 27,387.73
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 516,806.01
</TABLE>
Page 2
<PAGE> 16
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
CLASS B-2 INTEREST SCHEDULE
<S> <C>
Prior Month Class B-2 Principal Balance 453,494.96
Class B-2 Certificate Rate 8.22%
One twelfth of Class B-2 Certificate Rate 0.69%
Class B-2 Certificate Interest 3,106.44
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 3,106.44
Class B-2 Interest Paid 3,106.44
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 453,494.96
Class B-2 Percentage 2.50%
Base Principal Amount 907,250.88
Class B-2 Base Principal Distribution Amount 22,681.27
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 141.83
Total B-2 Note Principal Due 22,823.10
Class B-2 Principal Paid 22,823.10
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 430,671.86
</TABLE>
Page 3
<PAGE> 17
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
FLOOR TEST
<S> <C> <C>
Initial ADCPB 72,024,925.77
Floor percent 3.00%
-------------
Floor 2,160,747.77
Ending ADCPB 18,166,371.63
less
Beginning Balance - Class A 15,963,026
Beginning Balance - Class B1 544,194
Beginning Balance - Class B2 453,495
----------
16,960,714
less
Current Month Payment - Class A 798,381
Current Month Payment - Class B1 27,218
Current Month Payment - Class B2 22,681
----------
848,280 16,112,434.79
Excess of ending ADCPB over Note balance after initial
payments 2,053,936.84
Excess (deficit) of excess balance over floor (106,810.93)
Cash available after payment of regular payments 5,304.46
-------------
Additional payment to certificate holders 5,304.46
ADJUSTED FLOOR TEST
Ending ADCPB 18,166,371.63
less
Beginning Balance - Class A 15,963,026
Beginning Balance - Class B1 544,194
Beginning Balance - Class B2 453,495
----------
16,960,714
less
Current Month Payment - Class A 803,373
Current Month Payment - Class B1 27,388
Current Month Payment - Class B2 22,823
----------
853,584 16,107,130.33
Excess of ending ADCPB over Note balance after initial
payments 2,059,241.30
Excess (deficit) of excess balance over floor (101,506.47)
</TABLE>
Page 4
<PAGE> 18
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
SERVICING FEE SCHEDULE
<S> <C>
Prior Month ADCPB 19,073,623
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 7,947.34
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 7,947.34
Servicer Fee Paid 7,947.34
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 19,073,623
Back-Up Servicer Fee Rate 0.0200%
One-twelfth 0.0017%
Back-up Servicer Fee 317.89
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 317.89
Back-Up Servicer Fee Paid 317.89
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 5,963,025.67
Monthly Premium Rate 0.0200%
Prior Premium Arrearage 0.00
Premium Amount Due 3,193.00
Premium Amount Paid 3,193.00
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 NOVEMBER 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 NOVEMBER 1, 2000
RESTRICTING EVENT CALCULATIONS
<TABLE>
<S> <C>
(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
-----------
</TABLE>
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 NOVEMBER 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 0 4,014 (4,014) 20,089,900 (0.24)%
1 month prior 10,836 5,318 5,517 19,073,623 0.35%
Current 0 11,010 (11,010) 18,230,022 (0.72)%
3 Month Gross Charge-Off Ratio (0.21)%
Maximum Allowed 2.50%
</TABLE>
30+ DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ------ -------------
<S> <C> <C> <C> <C>
2 months prior 1,152,772 20,089,900 5.74%
1 month prior 1,175,356 19,073,623 6.16%
Current month 1,295,822 18,230,022 7.11%
Delinquency Ratio: 6.34%
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 NOVEMBER 1, 2000
ISSUER RESTRICTING EVENT CALCULATIONS
<TABLE>
<S> <C>
(a) Gross Defaults (>=180) No
-----------
(b) Issuer Delinquency Trigger Ratio No
-----------
</TABLE>
GROSS DEFAULTS (>=180)
<TABLE>
<CAPTION>
Monthly
Gross Defaults ADCPB Gross Defaults
-------------- ----- --------------
<S> <C> <C> <C>
Current 0 18,230,022 0.0000%
1 month prior 0 19,073,623 0.0000%
2 months prior 0 20,089,900 0.0000%
-- ----------- ------
Sum/Average 0 19,131,182 0.0000%
4
------
Gross Defaults 0.00%
i A Subordinated Percentage 13.71%
ii B WAL of Remaining Leases 2.08
Two 2.00
Ratio (i/ii)/2 3.30%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C> <C>
2 months prior 243,822 20,089,900 1.21%
1 month prior 308,368 19,073,623 1.62%
Current month 427,035 18,230,022 2.34%
Issuer Delinquency Trigger Ratio: 1.72%
Maximum Ratio Allowed: 2.50%
</TABLE>
EARLY AMORTIZATION EVENT
<TABLE>
<S> <C> <C>
(1) Is Subordinate Interest less than 8.86% of ADCPB? No
-----------
(2) Has a Gross Charge-Off Event Occurred? No
-----------
(3) Has a Delinquency Event Occurred? No
-----------
</TABLE>
Page 9
<PAGE> 23
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<CAPTION>
Aging/Delinquency Statistics
ADCPB Total
<S> <C> <C>
Current 16,934,200 92.89%
31-60 Days Past Due 587,254 3.22%
61-90 Days Past Due 281,533 1.54%
91+ Days Past Due 427,035 2.34%
------------- ------
Total 18,230,022 100.00%
Certificate Factors
Class A Notes 0.239180992
Class B-1 Notes 0.239180874
Class B-2 Notes 0.239180955
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 96,672.38
-------------
Cumulative ADCPB Substituted 3,517,292.07
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 11,549,300.72
Current month ADCPB prepaid 726.92
-------------
Cumulative ADCPB prepaid 11,550,027.64
Prior month Cumulative ADCPB Defaulted 4,401,351.27
Current month ADCPB Defaulted -
-
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 NOVEMBER 1, 2000
<TABLE>
<S> <C>
BEGINNING ACCOUNT BALANCES 91,423.32
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to Collection Account (46,506.21)
Transfer of prior period Excluded Amounts not yet transferred (41,608.43)
Collections Received [5.02(b)(d)] 1,159,591.57
Excluded Amounts [5.02(d)][Definition] (637,519.13)
Collections on Deposit due Collection Account [5.02(d)] (478,557.73)
Ending Balance 46,823.39
</TABLE>
<TABLE>
<S> <C>
COLLECTION ACCOUNT
BEGINNING BALANCE, OCTOBER 1, 2000 639,545.54
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED OCTOBER 1, 2000
Add: Servicer Advance 416,602.82
Add: Payments due Collection Account from last 2 business days prior period 46,506.21
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on October 10, 2000 (1,102,654.57)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED NOVEMBER 1, 2000
Aggregate Amount of Actual Payments [6.01b(i)] 478,557.73
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 [6.01 b(v)] 1,659.75
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 [6.01b(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 October 31, 2000 and November 1, 2000 480,217.48
Add: Servicer Advances to be deposited on Determination Date 331,899.19
Add: Payments due Collection Acct from last 3 business days 143,175.56
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 955,292.23
</TABLE>
Page 11
<PAGE> 25
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING NOVEMBER 1, 2000
<TABLE>
<S> <C>
SECURITY DEPOSIT ACCOUNT
Beginning Balance 0.00
Add: Balance deposited on closing date 0.00
Add: Security Deposits [6.02b] 0.00
Less: Amounts to Collection Account [6.02c] 0.00
Add: Investment Earnings 0.00
----
Ending balance on October 31, 2000 0.00
Less: Amounts to Collection Account [6.02c] 0.00
Adjusted Security Deposit Account Balance 0.00
</TABLE>
NEW TRANSFERRED PROPERTY FUNDING ACCOUNT
<TABLE>
<S> <C>
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 October 31, 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 NOVEMBER 1, 2000
<TABLE>
<S> <C> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 955,292.23
DISBURSEMENTS FROM COLLECTION ACCOUNT (ON AND AFTER INITIAL AMORTIZATION DATE)
(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 7,947.34
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06 c (iv)] 317.89
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06 c (v)] 3,193.00
(vi) Trustee Fee due on Payment Date and unpaid Trustee Fees [6.06 c (vi)] 291.67
(vii) Class A Certificate Interest and Overdue Class A Interest [6.06 c (vii)] 83,672.86
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06 c (viii)] 3,179.00
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06 c (ix)] 3,106.44
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06 c (x)] 798,380.77
(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)] 27,217.53
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class B-2
Principal [6.06 c (xiii)] 22,681.27
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
Net of Additional Principal Distribution to Class A, B1 & B2.
a. Class A Additional Principal Distribution Amount 4,992.43
b. Class B1 Additional Principal Distribution Amount 170.20
c. Class B2 Additional Principal Distribution Amount 141.83
</TABLE>
Reviewed By:
-----------------------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 13
