<PAGE> 1
EXHIBIT 1.1
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C>
ADCPB BALANCE
Initial ADCPB 85,790,915.00
Prior Month ADCPB 13,529,427.12
Current Month ADCPB (Before addition of New Property) 12,606,214.05
Base Principal Amount (Prior - Current) 923,213.07
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 12,606,214.05
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 9,664,399.17
Class A Certificate Rate 6.85%
One twelfth of Class A Certificate Rate 0.57%
Class A Certificate Interest 55,167.61
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 55,167.61
Class A Interest Paid 55,167.61
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 9,664,399.17
Class A Percentage 86.00%
Base Principal Amount 923,213.07
-------------
Class A Base Principal Distribution Amount 793,963.24
Prior Month Class A Overdue Principal 0.00
-------------
Total A Note Principal Due 793,963.24
Additional amount due for floor payment 84,226.52
Additional Class A Principal Due 0.00
-------------
Class A Principal Paid 878,189.76
Class A Overdue Principal 0.00
-------------
Current Month Class A Principal Balance 8,786,209.42
</TABLE>
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B-1 INTEREST SCHEDULE
Prior Month Class B-1 Principal Balance 449,507.33
Class B-1 Certificate Rate 7.63%
One twelfth of Class B-1 Certificate Rate 0.64%
Class B-1 Certificate Interest 2,858.12
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 2,858.12
Class B-1 Interest Paid 2,858.12
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 449,507.33
Class B-1 Percentage 4.00%
Base Principal Amount 923,213.07
Class B-1 Base Principal Distribution Amount 36,928.52
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 3,917.51
-----------
Total B-1 Note Principal Due 40,846.03
Class B-1 Principal Paid 40,846.03
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 408,661.30
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B-2 INTEREST SCHEDULE
Prior Month Class B-2 Principal Balance 449,507.33
Class B-2 Certificate Rate 8.17%
One twelfth of Class B-2 Certificate Rate 0.68%
Class B-2 Certificate Interest 3,060.40
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 3,060.40
Class B-2 Interest Paid 3,060.40
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 449,507.33
Class B-2 Percentage 4.00%
Base Principal Amount 923,213.07
Class B-2 Base Principal Distribution Amount 36,928.52
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 3,917.51
-----------
Total B-1 Note Principal Due 40,846.03
Class B-2 Principal Paid 40,846.03
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 408,661.30
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 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 12,606,214.05
less
Beginning Balance - Class A 9,664,399
Beginning Balance - Class B1 449,507
Beginning Balance - Class B2 449,507
-----------
10,563,414
less
Current Month Payment - Class A 793,963
Current Month Payment - Class B1 36,929
Current Month Payment - Class B2 36,929
-----------
867,820 9,695,593.56
Excess of ending ADCPB over Note balance after initial payments 2,910,620.48
Excess (deficit) of excess balance over floor (92,061.54)
Cash available after payment of regular payments 130,883.35
--------------
Additional payment to certificate holders 92,061.54
ADJUSTED FLOOR TEST
Ending ADCPB 12,606,214.05
less
Beginning Balance - Class A 9,664,399
Beginning Balance - Class B1 449,507
Beginning Balance - Class B2 449,507
-----------
10,563,414
less
Current Month Payment - Class A 878,190
Current Month Payment - Class B1 40,846
Current Month Payment - Class B2 40,846
-----------
959,882 9,603,532.02
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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
SERVICING FEE SCHEDULE
Prior Month ADCPB 13,529,427
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 5,637.26
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 5,637.26
Servicer Fee Paid 5,637.26
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 13,529,427
Back-Up Servicer Fee Rate 0.0130%
One-twelfth 0.0011%
Back-up Servicer Fee 146.57
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 146.57
Back-Up Servicer Fee Paid 146.57
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 9,664,399.17
Monthly Premium Rate 0.0208%
Prior Premium Arrearage 0.00
Premium Amount Due 2,013.00
Premium Amount Paid 2,013.00
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 SEPTEMBER 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 SEPTEMBER 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 SEPTEMBER 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 13,865 3,598 10,267 14,786,218 0.83%
1 month prior 60,968 19,703 41,265 13,609,246 3.64%
Current 315 23,001 (22,687) 12,642,524 (2.15)%
3 Month Gross Charge-Off Ratio 0.77%
Maximum Allowed 2.50%
</TABLE>
30+ DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----------- -------------
<S> <C> <C> <C>
2 months prior 968,310 14,786,218 6.55%
1 month prior 819,583 13,609,246 6.02%
Current month 683,511 12,642,524 5.41%
Delinquency Ratio: 6.000%
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 SEPTEMBER 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 Monthly
Defaults ADCPB Gross Defaults
------------- ----------- --------------
<S> <C> <C> <C>
Current month 0 12,642,524 0.0000%
1 month prior 0 13,609,246 0.0000%
2 months prior 0 14,786,218 0.0000%
-- ----------- --------------
Sum/Average 0 13,679,329 0.0000%
4
--------------
Gross Defaults 0.00%
i A Subordinated Percentage 27.06%
ii B WAL of Remaining Leases 1.71
Two 2
Ratio (i/ii)/2 7.93%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----------- -------------
<S> <C> <C> <C>
2 months prior 372,925 14,786,218 2.52%
1 month prior 283,391 13,609,246 2.08%
Current month 259,372 12,642,524 2.05%
Issuer Delinquency Trigger Ratio: 2.22%
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 SEPTEMBER 1, 2000
Aging/Delinquency Statistics
<TABLE>
<CAPTION>
ADCPB Total
-------------- -------
<S> <C> <C>
Current 11,959,012 94.59%
31-60 Days Past Due 310,293 2.45%
61-90 Days Past Due 113,846 0.90%
91+ Days Past Due 259,372 2.05%
-------------- -------
Total 12,642,524 100.00%
Certificate Factors
Class A Notes 0.119086299
Class B-1 Notes 0.119086402
Class B-2 Notes 0.119086402
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 4,134,055.76
Current month ADCPB Substituted 167,193.23
--------------
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 13,806,963.05
Current month ADCPB prepaid 10,549.87
--------------
Cumulative ADCPB prepaid 13,817,512.92
Prior month Cumulative ADCPB Defaulted 6,049,852.70
Current month ADCPB Defaulted 314.73
--------------
Cumulative ADCPB Defaulted 6,050,167.43
</TABLE>
Page 10
<PAGE> 11
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
BEGINNING ACCOUNT BALANCES 74,211.98
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to Collection Account (141,167.62)
Transfer of prior period Excluded Amounts not yet transferred (47,939.62)
Collections Received [5.02 (b)(d)] 1,132,821.06
Excluded Amounts [5.02 (d)][Definition] (376,263.88)
Collections on Deposit due Collection Account [5.02 (d)] (549,748.57)
Ending Balance 91,913.35
COLLECTION ACCOUNT
BEGINNING BALANCE, DECEMBER 1, 1999 722,967.48
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED DECEMBER 1, 1999
Add: Servicer Advance 401,746.31
Add: Payments due Collection Account from last 2 business days prior period 172,408.47
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on December 10, 1999 (1,297,122.26)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
Aggregate Amount of Actual Payments [6.01 b (i)] 549,748.57
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)] 2,412.68
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 August 31, 2000 and September 1, 2000 552,161.25
Add: Servicer Advances to be deposited on Determination Date 393,537.54
Add: Payments due Collection Acct from last 3 business days 122,179.47
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 1,067,878.26
</TABLE>
Page 11
<PAGE> 12
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C> <C>
SECURITY DEPOSIT ACCOUNT
Beginning Balance 158,302.99
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 869.38
-----------
Ending balance on August 31, 2000 159,172.37
Less: Amounts to Collection Account [6.02 c] 0.00
Adjusted Security Deposit Account Balance 159,172.37
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 August 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 SEPTEMBER 1, 2000
<TABLE>
<S> <C> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 1,067,878.26
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 5,637.26
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06 c (iv)] 146.57
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06 c (v)] 2,013.00
(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)] 55,167.61
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06 c (viii)] 2,858.12
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06 c (ix)] 3,060.40
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06 c (x)] 793,963.24
(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)] 36,928.52
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class B-2 Principal [6.06 c (xiii)] 36,928.52
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)] 38,821.81
Net of Additional Principal Distribution to Class A, B1 & B2.
a. Class A Additional Principal Distribution Amount 84,226.52
b. Class B1 Additional Principal Distribution Amount 3,917.51
c. Class B2 Additional Principal Distribution Amount 3,917.51
</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 SEPTEMBER 1, 2000
<TABLE>
<S> <C>
ADCPB BALANCE
Initial ADCPB 72,024,925.77
Prior Month ADCPB 20,959,597.09
Current Month ADCPB (Before addition of New Property) 20,062,922.69
Base Principal Amount (Prior - Current) 896,674.40
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 20,062,922.69
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 17,721,504.45
Class A Certificate Rate 6.29%
One twelfth of Class A Certificate Rate 0.52%
Class A Certificate Interest 92,890.22
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 92,890.22
Class A Interest Paid 92,890.22
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 17,721,504.45
Class A Percentage 88.00%
Base Principal Amount 896,674.40
-------------
Class A Base Principal Distribution Amount 789,073.47
Prior Month Class A Overdue Principal 0.00
-------------
Total A Note Principal Due 789,073.47
Additional amount due for floor payment 32,884.85
Additional Class A Principal Due 0.00
-------------
Class A Principal Paid 821,958.32
Class A Overdue Principal 0.00
-------------
Current Month Class A Principal Balance 16,899,546.13
</TABLE>
Page 1
<PAGE> 15
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B-1 INTEREST SCHEDULE
Prior Month Class B-1 Principal Balance 604,141.88
Class B-1 Certificate Rate 7.01%
One twelfth of Class B-1 Certificate Rate 0.58%
Class B-1 Certificate Interest 3,529.20
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 3,529.20
Class B-1 Interest Paid 3,529.20
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 604,141.88
Class B-1 Percentage 3.00%
Base Principal Amount 896,674.40
Class B-1 Base Principal Distribution Amount 26,900.23
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 1,121.07
Total B-1 Note Principal Due 28,021.30
----------
Class B-1 Principal Paid 28,021.30
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 576,120.57
</TABLE>
Page 2
<PAGE> 16
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C>
CLASS B-2 INTEREST SCHEDULE
Prior Month Class B-2 Principal Balance 503,451.74
Class B-2 Certificate Rate 8.22%
One twelfth of Class B-2 Certificate Rate 0.69%
Class B-2 Certificate Interest 3,448.64
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 3,448.64
Class B-2 Interest Paid 3,448.64
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 503,451.74
Class B-2 Percentage 2.50%
Base Principal Amount 896,674.40
Class B-2 Base Principal Distribution Amount 22,416.86
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 934.23
Total B-2 Note Principal Due 23,351.09
Class B-2 Principal Paid 23,351.09
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 480,100.65
</TABLE>
Page 3
<PAGE> 17
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 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 20,062,922.69
less
Beginning Balance - Class A 17,721,504
Beginning Balance - Class B1 604,142
Beginning Balance - Class B2 503,452
----------
18,829,098
less
Current Month Payment - Class A 789,073
Current Month Payment - Class B1 26,900
Current Month Payment - Class B2 22,417
----------
838,391 17,990,707.50
Excess of ending ADCPB over Note balance after
initial payments 2,072,215.19
Excess (deficit) of excess balance over floor (88,532.58)
Cash available after payment of regular payments 34,940.15
-------------
Additional payment to certificate holders 34,940.15
ADJUSTED FLOOR TEST
Ending ADCPB 20,062,922.69
less
Beginning Balance - Class A 17,721,504
Beginning Balance - Class B1 604,142
Beginning Balance - Class B2 503,452
----------
18,829,098
less
Current Month Payment - Class A 821,958
Current Month Payment - Class B1 28,021
Current Month Payment - Class B2 23,351
----------
873,331 17,955,767.35
Excess of ending ADCPB over Note balance after
initial payments 2,107,155.34
Excess (deficit) of excess balance over floor (53,592.43)
</TABLE>
Page 4
<PAGE> 18
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C>
SERVICING FEE SCHEDULE
Prior Month ADCPB 20,959,597
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 8,733.17
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 8,733.17
Servicer Fee Paid 8,733.17
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 20,959,597
Back-Up Servicer Fee Rate 0.0200%
One-twelfth 0.0017%
Back-up Servicer Fee 349.33
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 349.33
Back-Up Servicer Fee Paid 349.33
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 17,721,504.45
Monthly Premium Rate 0.0200%
Prior Premium Arrearage 0.00
Premium Amount Due
Premium Amount Paid 3,544.00
Current Premium Arrearage 3,544.00
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 SEPTEMBER 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 SEPTEMBER 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 SEPTEMBER 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 6,517 19,443 (12,926) 21,911,953 (0.71)%
1 month prior 15,844 13,921 1,923 21,037,548 0.11%
Current 0 4,014 (4,014) 20,089,900 (0.24)%
3 Month Gross Charge-Off Ratio (0.28)%
Maximum Allowed 2.50%
</TABLE>
30+ DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C>
2 months prior 1,533,212 21,911,953 7.00%
1 month prior 1,367,908 21,037,548 6.50%
Current month 1,152,772 20,089,900 5.74%
Delinquency Ratio: 6.41%
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 SEPTEMBER 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 20,089,900 0.0000%
1 month prior 0 21,037,548 0.0000%
2 months prior 0 21,911,953 0.0000%
-- ---------- ------
Sum/Average 0 21,013,134 0.0000%
4
------
Gross Defaults 0.0000%
i A Subordinated Percentage 12.90%
ii B WAL of Remaining Leases 2.08
Two 2.00
Ratio (i/ii)/2 3.11%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ---------- -------------
<S> <C> <C> <C>
2 months prior 436,127 21,911,953 1.99%
1 month prior 372,775 21,037,548 1.77%
Current month 243,822 20,089,900 1.21%
Issuer Delinquency Trigger Ratio: 1.66%
Maximum Ratio Allowed: 2.50%
</TABLE>
EARLY AMORTIZATION EVENT
(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
-----------
Page 9
<PAGE> 23
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
First Sierra Receivables Inc.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
Aging/Delinquency Statistics
<TABLE>
<CAPTION>
ADCPB Total
Current 18,937,128 94.26%
<S> <C> <C>
31-60 Days Past Due 524,339 2.61%
61-90 Days Past Due 384,610 1.91%
91+ Days Past Due 243,822 1.21%
------------- ------
Total 20,089,900 100.00%
Certificate Factors
Class A Notes 0.266632116
Class B-1 Notes 0.266632005
Class B-2 Notes 0.266632076
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 3,352,980.32
Current month ADCPB Substituted 67,639.37
-------------
Cumulative ADCPB Substituted 3,420,619.69
Prior month Cumulative ADCPB Substituted for
Defaulted Contracts 1,320,928.59s
Current month ADCPB Substituted Defaulted Contracts --
-------------
Cumulative ADCPB Substituted for Defaulted Contracts 1,320,928.59
Portfolio Prepayment Statistics
Prior month Cumulative ADCPB prepaid 11,336,210.10
Current month ADCPB prepaid 12,172.74
-------------
Cumulative ADCPB prepaid 11,348,382.84
Prior month Cumulative ADCPB Defaulted 4,390,515.53
Current month ADCPB Defaulted --
-------------
Cumulative ADCPB Defaulted 4,390,515.53
</TABLE>
Page 10
<PAGE> 24
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
BEGINNING ACCOUNT BALANCES 124,223.25
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to Collection Account (137,151.01)
Transfer of prior period Excluded Amounts not yet transferred (46,298.39)
Collections Received [5.02 (b)(d)] 1,116,519.63
Excluded Amounts [5.02 (d)][Definition] (487,938.59)
Collections on Deposit due Collection Account [5.02 (d)] (443,417.49)
Ending Balance 125,937.40
COLLECTION ACCOUNT
Beginning Balance, August 1, 2000 441,928.54
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED AUGUST 1, 2000
Add: Servicer Advance 455,752.28
Add: Payments due Collection Account from last 2 business days prior period 142,690.31
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on August 10, 2000 (1,040,371.13)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED SEPTEMBER 1, 2000
Aggregate Amount of Actual Payments [6.01 b (i)] 443,417.49
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)] 1,643.07
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 August 31, 2000 and September 1, 2000 445,060.56
Add: Servicer Advances to be deposited on Determination Date 430,998.14
Add: Payments due Collection Acct from last 3 business days 110,058.24
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 986,116.94
</TABLE>
Page 11
<PAGE> 25
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C> <C>
SECURITY DEPOSIT ACCOUNT
Beginning Balance 0.00
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 0.00
----
Ending balance on August 31, 2000 0.00
Less: Amounts to Collection Account [6.02 c] 0.00
Adjusted Security Deposit Account Balance 0.00
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 August 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> 26
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
-------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING SEPTEMBER 1, 2000
<TABLE>
<S> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 986,116.94
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 8,733.17
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06 c (iv)] 349.33
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06 c (v)] 3,544.00
(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)] 92,890.22
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06 c (viii)] 3,529.20
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06 c (ix)] 3,448.64
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06 c (x)] 789,073.47
(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 26,900.23
Principal [6.06 c (xii)] provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class B-2 22,416.86
Principal [6.06 c (xiii)] 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 32,884.85
b. Class B1 Additional Principal Distribution Amount 1,121.07
c. Class B2 Additional Principal Distribution Amount 934.23
</TABLE>
Reviewed By:
-----------------------------------------------------
E. ROGER GEBHART
EXECUTIVE VICE PRESIDENT & TREASURER
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