<PAGE> 1
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<CAPTION>
ADCPB BALANCE
<S> <C> <C>
Initial ADCPB 85,790,915.00 8,064,346.01
Prior Month ADCPB 9,963,270.34
Current Month ADCPB (Before addition of New Property) 9,325,877.64
Base Principal Amount (Prior - Current) 637,392.69
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 9,325,877.64
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 6,415,891.25
Class A Certificate Rate 6.85%
One twelfth of Class A Certificate Rate 0.57%
Class A Certificate Interest 36,624.05
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 36,624.05
Class A Interest Paid 36,624.05
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 6,415,891.25
Class A Percentage 86.00%
Base Principal Amount 637,392.69
------------
Class A Base Principal Distribution Amount 548,157.72
Prior Month Class A Overdue Principal 0.00
------------
Total A Note Principal Due 548,157.72
Additional amount due for floor payment 82,682.95
Additional Class A Principal Pmt for Payoff 5,785,050.59
------------
Class A Principal Paid 6,415,891.25
Class A Overdue Principal 0.00
------------
Current Month Class A Principal Balance 0.00
</TABLE>
Page 1
<PAGE> 2
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B-1 INTEREST SCHEDULE
Prior Month Class B-1 Principal Balance 298,413.94
Class B-1 Certificate Rate 7.63%
One twelfth of Class B-1 Certificate Rate 0.64%
Class B-1 Certificate Interest 1,897.42
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 1,897.42
Class B-1 Interest Paid 1,897.42
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 298,413.94
Class B-1 Percentage 4.00%
Base Principal Amount 637,392.69
Class B-1 Base Principal Distribution Amount 25,495.71
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 3,845.72
Additional Class B1 Principal Pmt for Payoff 269,072.52
----------
Total B-1 Note Principal Due 298,413.94
Class B-1 Principal Paid 298,413.94
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 0.00
</TABLE>
Page 2
<PAGE> 3
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B-2 INTEREST SCHEDULE
Prior Month Class B-2 Principal Balance 298,413.94
Class B-2 Certificate Rate 8.17%
One twelfth of Class B-2 Certificate Rate 0.68%
Class B-2 Certificate Interest 2,031.70
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 2,031.70
Class B-2 Interest Paid 2,031.70
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 298,413.94
Class B-2 Percentage 4.00%
Base Principal Amount 637,392.69
Class B-2 Base Principal Distribution Amount 25,495.71
Prior Month B-2 Overdue Principal 0.00
Additional amount due for floor payment 3,845.72
Additional Class B2 Principal Pmt for Payoff 269,072.52
----------
Total B-2 Note Principal Due 298,413.94
Class B-2 Principal Paid 298,413.94
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 0.00
</TABLE>
Page 3
<PAGE> 4
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C> <C>
FLOOR TEST
Initial ADCPB 85,790,915.00
Floor percent 3.50%
-------------
Floor 3,002,682.03
Ending ADCPB 9,325,877.64
less
Beginning Balance - Class A 6,415,891
Beginning Balance - Class B1 298,414
Beginning Balance - Class B2 298,414
---------
7,012,719
less
Current Month Payment - Class A 548,158
Current Month Payment - Class B1 25,496
Current Month Payment - Class B2 25,496
---------
599,149 6,413,570.00
Excess of ending ADCPB over Note balance after initial payments 2,912,307.64
Excess (deficit) of excess balance over floor (90,374.38)
Cash available after payment of regular payments 6,413,570.00
------------
Additional payment to certificate holders 90,374.38
ADJUSTED FLOOR TEST
Ending ADCPB 9,325,877.64
less
Beginning Balance - Class A 6,415,891
Beginning Balance - Class B1 298,414
Beginning Balance - Class B2 298,414
---------
7,012,719
less
Current Month Payment - Class A 6,415,891
Current Month Payment - Class B1 298,414
Current Month Payment - Class B2 298,414
---------
7,012,719 0.00
Excess of ending ADCPB over Note balance after initial payments 9,325,877.64
Excess (deficit) of excess balance over floor 6,323,195.62
</TABLE>
Page 4
<PAGE> 5
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<CAPTION>
SERVICING FEE SCHEDULE
<S> <C>
Prior Month ADCPB 9,963,270
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 4,151.36
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 4,151.36
Servicer Fee Paid 4,151.36
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 9,963,270
Back-Up Servicer Fee Rate 0.0130%
One-twelfth 0.0011%
Back-up Servicer Fee 107.94
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 107.94
Back-Up Servicer Fee Paid 107.94
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 6,415,891.25
Monthly Premium Rate 0.0208%
Prior Premium Arrearage 0.00
Premium Amount Due 1,337.00
Premium Amount Paid 1,337.00
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 JANUARY 1, 2001
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 JANUARY 1, 2001
NO
(a) Event of Servicer Termination (Yes/No) No
-----------
(b) Certificate Insurer makes an Insured Payment No
-----------
(a) Gross Charge-Off Event (Yes/No) No
-----------
(b) Delinquency Trigger Event No
-----------
Events of Servicer Termination
(i) Any failure by the Servicer to make any payment, deposit, transfer or
delivery required to be made hereunder (other than with respect to the
Monthly Servicer Report, As to which the remedy is set forth in section
11.01 (a) (ii) hereof) on the date of such payment, deposit, transfer or
delivery is required to be made; [11.01 (a)(i)]
(ii) Any failure by the Servicer to submit a Monthly Statement pursuant to
Section 6.07 hereof that continues unremedied for a period of three
business days after the earlier of the date upon which (A) the
Certificate Insurer or a Certificateholder provides written notification
to the Servicer of such failure or (B) the Depositor becomes aware that
the Certificate Insurer and the Certificateholders have not received a
copy of the Monthly Report in accordance with the provisions hereof
(provided that the Servicer shall be granted a two business day grace
period on not more than one occasion during each Collection Period);
[11.01 (a)(ii)]
(iii) Any failure on the part of the Servicer duly to observe or perform in any
material respect any other covenants or agreements of the Servicer set
forth in the Certificates or in this agreement, as in the case may be, or
any breach of representation or warranty of the Servicer set forth in
Section 3.02 of this Agreement, which failure or breach (A) materially
and adversely affects the rights of the Trustee, Certificateholders, the
Certificate Insurer or the Depositor and (B) continues unremedied for a
period of 30 days after the earlier Activities related to Collection
Period Ended 1/1/97 remedied, shall have been given to a Servicing
Officer of the Servicer or a Responsible Officer of the Trustee by the
Depositor or any Holder of Certificates or (y) the date on which any
Servicing Officer or Responsible Officer of the Trustee first knows, or
reasonably should have known, of such failure or breach; [11.01 (a)(iii)]
(iv) The Servicer shall consent to the appointment on a custodian, receiver,
trustee or liquidator (or other similar official) of itself, or of a
substantial part of its property, or shall admit in writing its inability
to pay its debts generally as they come due, a court of competent
jurisdiction shall determine that the Servicer is generally not paying
its debts as they come due or the Servicer shall make a general
assignment for the benefit of creditors; [11.01 (a)(iv)]
(v) The Servicer shall file a voluntary petition in bankruptcy or a voluntary
petition or an answer seeking reorganization in a proceeding under any
bankruptcy laws (as now defined hereafter in effect) or an answer
admitting the material allegation of a petition filed against the
Servicer shall, by voluntary petition, answer or consent, seek relief
under the bankruptcy or other similar law providing for the
reorganization or winding up of debtors, or providing for an agreement,
composition, extension or adjustment with its creditors; [11.01 (a)(v)]
(vi) An order, judgment or decree in excess of [$500,000] shall be entered in
any proceeding by any court of competent jurisdiction appointing, without
the consent (express or legally implied) of the Servicer, a custodian,
receiver, trustee or liquidator (or other similar official) of the
Servicer, or any substantial part of its property, or sequestering any
substantial part of its property, and any such order, judgement or decree
or appointment or sequestration shall remain in force undismissed,
unstayed or unvacated for a period of [90] days after the date of entry
thereof; [11.01 (a)(vi)]
(vii) A petition against the Servicer in a proceeding under applicable
bankruptcy laws or the insolvency laws, as now or hereafter in effect,
shall be filed and shall not be stayed, withdrawn or dismissed within 60
days thereafter, or if, under the provisions of any of any law providing
for reorganization or winding up of debtors which may apply to the
Servicer, or any substantial part of its property, and such jurisdiction,
custody or control shall remain in force unrelinquished, unstayed or
unterminated for a period of 60 days; [11.01 (a)(vii)]
(viii) Any assignment by the Servicer to a delegate of its duties or rights
hereunder, except as specifically permitted hereunder, or any attempt to
make such an assignment; or [11.01 (a)(viii)]
(ix) for so long as the Servicer is First Sierra, its Total Capital is less
than $9 million. [11.01 (a)(ix)]
Page 7
<PAGE> 8
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<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 28,760 28,644 116 10,814,466 0.01%
1 month prior 0 473 (473) 10,032,656 (0.06)%
Current 0 365 (365) 9,325,878 (0.05)%
3 Month Gross Charge-Off Ratio (0.03)%
Maximum Allowed 2.50%
</TABLE>
<TABLE>
<CAPTION>
30+ DELINQUENCIES
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C>
2 months prior 667,822 10,814,466 6.18%
1 month prior 578,216 10,032,656 5.76%
Current month 444,883 9,325,878 4.77%
Delinquency Ratio: 5.57%
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 JANUARY 1, 2001
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 9,325,878 0.0000%
1 month prior 0 10,032,656 0.0000%
2 months prior 0 10,814,466 0.0000%
-- ----------- -------
Sum/Average 0 10,057,667 0.0000%
4
-------
Gross Defaults 0.00%
i A Subordinated Percentage 100.00%
ii B WAL of Remaining Leases 1.71
Two 2
Ratio (i/ii)/2 29.30%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C>
2 months prior 35,436 10,814,466 0.33%
1 month prior 0 10,032,656 0.00%
Current month 74,813 9,325,878 0.80%
Issuer Delinquency Trigger Ratio: 0.38%
Maximum Ratio Allowed: 2.50%
</TABLE>
EARLY AMORTIZATION EVENT
(1) Is Subordination Level < 14% No
-----------
(2) Has a Gross Charge-Off Event Occurred? No
-----------
(3) Has a Delinquency Event Occurred? No
-----------
Page 9
<PAGE> 10
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<CAPTION>
Aging/Delinquency Statistics
ADCPB Total
<S> <C> <C>
Current 8,880,995 95.23%
31-60 Days Past Due 166,581 1.79%
61-90 Days Past Due 203,488 2.18%
91+ Days Past Due 74,813 0.80%
------------- -----------
Total 9,325,878 100.00%
Certificate Factors
Class A Notes 0.000000000
Class B-1 Notes 0.000000000
Class B-2 Notes 0.000000000
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 4,447,572.13
Current month ADCPB Substituted --
-------------
Cumulative ADCPB Substituted 4,447,572.13
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 13,914,613.15
Current month ADCPB prepaid 10,341.64
-------------
Cumulative ADCPB prepaid 13,924,954.79
Prior month Cumulative ADCPB Defaulted 6,079,371.44
Current month ADCPB Defaulted --
-------------
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 JANUARY 1, 2001
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
BEGINNING ACCOUNT BALANCES 130,404.05
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to
Collection Account (116,459.21)
Transfer of prior period Excluded Amounts not yet transferred (49,849.11)
Collections Received [5.02 (b)(d)] 762,054.27
Excluded Amounts [5.02 (d)][Definition] (223,367.84)
Collections on Deposit due Collection Account [5.02 (d)] (373,751.64)
Ending Balance 129,030.52
</TABLE>
<TABLE>
<S> <C>
COLLECTION ACCOUNT
BEGINNING BALANCE, DECEMBER 1, 2000 447,857.12
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED DECEMBER 1, 2000
Add: Servicer Advance 300,086.57
Add: Payments due Collection Account from last 2 business days prior period 116,459.21
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on December 10, 2000 (864,402.90)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED JANUARY 1, 2001
Aggregate Amount of Actual Payments [6.01 b (i)] 373,751.64
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)] 1,544.58
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 December 31, 2000 and January 1, 2001 375,296.22
Add: Servicer Advances to be deposited on Determination Date 6,618,462.95
Add: Payments due Collection Acct from last 3 business days 65,401.11
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 7,059,160.28
</TABLE>
Page 11
<PAGE> 12
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-1
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C>
SECURITY DEPOSIT ACCOUNT
Beginning Balance 16,626.55
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 91.02
----------
Ending balance on December 31, 2000 16,717.57
Less: Amounts to Collection Account [6.02 c] 0.00
Adjusted Security Deposit Account Balance 16,717.57
</TABLE>
<TABLE>
<S> <C>
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 December 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 JANUARY 1, 2001
<TABLE>
<S> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 7,059,160.28
</TABLE>
<TABLE>
<S> <C>
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 4,151.36
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06c(iv)] 107.94
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06c(v)] 1,337.00
(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)] 36,624.05
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06c(viii)] 1,897.42
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06c(ix)] 2,031.70
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06c(x)] 548,157.72
(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)] 25,495.71
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class 25,495.71
B-2 Principal [6.06c(xiii)] 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 5,867,733.53
b. Class B1 Additional Principal Distribution Amount 272,918.23
c. Class B2 Additional Principal Distribution Amount 272,918.23
</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 JANUARY 1, 2001
<TABLE>
<S> <C>
ADCPB BALANCE
Initial ADCPB 72,024,925.77
Prior Month ADCPB 17,373,888.28
Current Month ADCPB (Before addition of New Property) 16,504,205.05
Base Principal Amount (Prior - Current) 869,683.24
Add: ADCPB of New Transferred Property 0.00
Ending ADCPB (Current + ADCPB of New Property) 16,504,205.05
CLASS A INTEREST SCHEDULE
Prior Month Class A Principal Balance 14,318,250.28
Class A Certificate Rate 6.29%
One twelfth of Class A Certificate Rate 0.52%
Class A Certificate Interest 75,051.50
Prior Month Class A Overdue Interest 0.00
Class A Interest Due 75,051.50
Class A Interest Paid 75,051.50
Current Month Class A Overdue Interest 0.00
CLASS A PRINCIPAL SCHEDULE
Prior Month Class A Principal Balance 14,318,250.28
Class A Percentage 88.00%
Base Principal Amount 869,683.24
----------------
Class A Base Principal Distribution Amount 765,321.25
Prior Month Class A Overdue Principal 0.00
----------------
Total A Note Principal Due 765,321.25
Additional amount due for floor payment 53,204.15
Additional Class A Principal Due 0.00
----------------
Class A Principal Paid 818,525.40
Class A Overdue Principal 0.00
----------------
Current Month Class A Principal Balance 13,499,724.88
</TABLE>
Page 1
<PAGE> 15
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B-1 INTEREST SCHEDULE
Prior Month Class B-1 Principal Balance 488,121.84
Class B-1 Certificate Rate 7.01%
One twelfth of Class B-1 Certificate Rate 0.58%
Class B-1 Certificate Interest 2,851.45
Prior Month Class B-1 Overdue Interest 0.00
Class B-1 Interest Due 2,851.45
Class B-1 Interest Paid 2,851.45
Current Month Class B-1 Overdue Interest 0.00
CLASS B-1 PRINCIPAL SCHEDULE
Prior Month Class B-1 Principal Balance 488,121.84
Class B-1 Percentage 3.00%
Base Principal Amount 869,683.24
Class B-1 Base Principal Distribution Amount 26,090.50
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 1,813.78
Total B-1 Note Principal Due 27,904.28
------------
Class B-1 Principal Paid 27,904.28
Class B-1 Overdue Principal 0.00
Current Month Class B-1 Principal Balance 460,217.57
</TABLE>
Page 2
<PAGE> 16
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C>
CLASS B-2 INTEREST SCHEDULE
Prior Month Class B-2 Principal Balance 406,768.39
Class B-2 Certificate Rate 8.22%
One twelfth of Class B-2 Certificate Rate 0.69%
Class B-2 Certificate Interest 2,786.36
Prior Month Class B-2 Overdue Interest 0.00
Class B-2 Interest Due 2,786.36
Class B-2 Interest Paid 2,786.36
Current Month Class B-2 Overdue Interest 0.00
CLASS B-2 PRINCIPAL SCHEDULE
Prior Month Class B-2 Principal Balance 406,768.39
Class B-2 Percentage 2.50%
Base Principal Amount 869,683.24
Class B-2 Base Principal Distribution Amount 21,742.08
Prior Month B-1 Overdue Principal 0.00
Additional amount due for floor payment 1,511.48
Total B-2 Note Principal Due 23,253.56
Class B-2 Principal Paid 23,253.56
Class B-2 Overdue Principal 0.00
Current Month Class B-2 Principal Balance 383,514.83
</TABLE>
Page 3
<PAGE> 17
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C> <C>
FLOOR TEST
Initial ADCPB 72,024,925.77
Floor percent 3.00%
--------------
Floor 2,160,747.77
Ending ADCPB 16,504,205.05
less
Beginning Balance - Class A 14,318,250
Beginning Balance - Class B1 488,122
Beginning Balance - Class B2 406,768
-----------
15,213,141
less
Current Month Payment - Class A 765,321
Current Month Payment - Class B1 26,091
Current Month Payment - Class B2 21,742
-----------
813,154 14,399,986.68
Excess of ending ADCPB over Note balance after initial payments 2,104,218.37
Excess (deficit) of excess balance over floor (56,529.41)
Cash available after payment of regular payments 110,222.83
--------------
Additional payment to certificate holders 56,529.41
ADJUSTED FLOOR TEST
Ending ADCPB 16,504,205.05
less
Beginning Balance - Class A 14,318,250
Beginning Balance - Class B1 488,122
Beginning Balance - Class B2 406,768
-----------
15,213,141
less
Current Month Payment - Class A 818,525
Current Month Payment - Class B1 27,904
Current Month Payment - Class B2 23,254
-----------
869,683 14,343,457.27
Excess of ending ADCPB over Note balance after initial payments 2,160,747.77
Excess (deficit) of excess balance over floor 0.00
</TABLE>
Page 4
<PAGE> 18
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
<TABLE>
<S> <C>
SERVICING FEE SCHEDULE
Prior Month ADCPB 17,373,888
Servicer Fee Rate 0.5000%
One-twelfth 0.0417%
Servicer Fee 7,239.12
Prior Servicer Fee Arrearage 0.00
Servicer Fee Due 7,239.12
Servicer Fee Paid 7,239.12
Current Servicing Fee Arrearage 0.00
BACK-UP SERVICING FEE SCHEDULE
Prior Month ADCPB 17,373,888
Back-Up Servicer Fee Rate 0.0200%
One-twelfth 0.0017%
Back-up Servicer Fee 289.56
Prior Back-Up Servicer Fee Arrearage 0.00
Total Back-Up Servicer Fee Due 289.56
Back-Up Servicer Fee Paid 289.56
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 14,318,250.28
Monthly Premium Rate 0.0200%
Prior Premium Arrearage 0.00
Premium Amount Due 2,864.00
Premium Amount Paid 2,864.00
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 JANUARY 1, 2001
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 JANUARY 1, 2001
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 JANUARY 1, 2001
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 11,010 (11,010) 18,230,022 (0.72)%
1 month prior 57,989 115,123 (57,134) 17,462,242 (3.93)%
Current 53,713 40,458 13,255 16,504,205 0.96%
3 Month Gross Charge-Off Ratio (1.23)%
Maximum Allowed 2.50%
</TABLE>
30+ DELINQUENCIES
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C>
2 months prior 1,295,822 18,230,022 7.11%
1 month prior 1,087,356 17,462,242 6.23%
Current month 987,211 16,504,205 5.98%
Delinquency Ratio: 6.44%
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 JANUARY 1, 2001
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 16,504,205 0.0000%
1 month prior 0 17,462,242 0.0000%
2 months prior 0 18,230,022 0.0000%
-- ----------- -------
Sum/Average 0 17,398,823 0.0000%
4
-------
Gross Defaults 0.00%
i A Subordinated Percentage 15.42%
ii B WAL of Remaining Leases 2.08
Two 2.00
Ratio (i/ii)/2 3.71%
</TABLE>
ISSUER DELINQUENCY TRIGGER RATIO (90+ DAYS)
<TABLE>
<CAPTION>
Monthly
Delinquencies ADCPB Delinquencies
------------- ----- -------------
<S> <C> <C> <C>
2 months prior 427,035 18,230,022 2.34%
1 month prior 508,640 17,462,242 2.91%
Current month 195,572 16,504,205 1.18%
Issuer Delinquency Trigger Ratio: 2.15%
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 JANUARY 1, 2001
Aging/Delinquency Statistics
<TABLE>
<CAPTION>
ADCPB Total
<S> <C> <C>
Current 15,516,994 94.02%
31-60 Days Past Due 466,626 2.83%
61-90 Days Past Due 325,013 1.97%
91+ Days Past Due 195,572 1.18%
-------------- -------
Total 16,504,205 100.00%
Certificate Factors
Class A Notes 0.212991531
Class B-1 Notes 0.212991409
Class B-2 Notes 0.212991495
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 3,517,292.07
Current month ADCPB Substituted --
--------------
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 11,611,726.21
Current month ADCPB prepaid 132,586.74
--------------
Cumulative ADCPB prepaid 11,744,312.95
Prior month Cumulative ADCPB Defaulted 4,459,340.36
Current month ADCPB Defaulted 53,713.24
--------------
Cumulative ADCPB Defaulted 4,513,053.60
</TABLE>
Page 10
<PAGE> 24
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
BEGINNING ACCOUNT BALANCES 193,133.58
LOCKBOX ACCOUNT
Transfer of prior period Payments not yet transferred to Collection Account (192,871.77)
Transfer of prior period Excluded Amounts not yet transferred (72,701.03)
Collections Received [5.02 (b)(d)] 960,477.66
Excluded Amounts [5.02 (d)][Definition] (351,499.60)
Collections on Deposit due Collection Account [5.02 (d)] (417,754.53)
Ending Balance 118,784.31
</TABLE>
<TABLE>
<S> <C>
COLLECTION ACCOUNT
BEGINNING BALANCE, DECEMBER 1, 2000 460,940.52
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED DECEMBER 1, 2000
Add: Servicer Advance 391,503.21
Add: Payments due Collection Account from last 2 business days prior period 193,355.27
Add: Add'l transfers 0.00
Add: Amounts to Collection Acct from Security deposit account 0.00
Less: Total distributions on December 10, 2000 (1,045,799.00)
ACTIVITIES RELATED TO COLLECTION PERIOD ENDED JANUARY 1, 2001
Aggregate Amount of Actual Payments [6.01 b (i)] 417,754.53
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)] 1,755.72
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 December 31, 2000 and January 1, 2001 419,510.25
Add: Servicer Advances to be deposited on Determination Date 465,000.82
Add: Payments due Collection Acct from last 3 business days 130,239.25
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 1,014,750.32
</TABLE>
Page 11
<PAGE> 25
FIRST SIERRA EQUIPMENT LEASE TRUST 1996-2
--------------------------------------------------------------------------------
FIRST SIERRA RECEIVABLES INC.
MONTHLY SERVICER CERTIFICATE
FOR THE COLLECTION PERIOD ENDING JANUARY 1, 2001
SECURITY DEPOSIT ACCOUNT
<TABLE>
<S> <C>
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 December 31, 2000 0.00
Less: Amounts to Collection Account [6.02 c] 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 [6.05 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 December 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 JANUARY 1, 2001
<TABLE>
<S> <C> <C>
AVAILABLE AMOUNT TO CERTIFICATE HOLDERS 1,014,750.32
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 7,239.12
(C) Servicing Charges inadvertently deposited in Collection Account 0.00
(iv) Current and unpaid Back-up Servicing Fees [6.06 c (iv)] 289.56
(v) Premium Amount due on Payment Date and unpaid Premiums [6.06 c (v)] 2,864.00
(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)] 75,051.50
(viii) Class B-1 Certificate Interest and Overdue Class B-1 Interest [6.06 c (viii)] 2,851.45
(ix) Class B-2 Certificate Interest and Overdue Class B-2 Interest [6.06 c (ix)] 2,786.36
(x) Class A Base Principal Distribution Amount and Overdue Class A Principal [6.06 c (x)] 765,321.25
(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)] 26,090.50
provided no restricting event exists
(xiii) Class B-2 Base Principal Distribution Amount and Overdue Class B-2 Principal [6.06 c (xiii)] 21,742.08
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)] 53,693.42
Net of Additional Principal Distribution to Class A, B1 & B2.
a. Class A Additional Principal Distribution Amount 53,204.15
b. Class B1 Additional Principal Distribution Amount 1,813.78
c. Class B2 Additional Principal Distribution Amount 1,511.48
</TABLE>
Reviewed By:
-----------------------------------------------
SANDY B. HO
EXECUTIVE VICE PRESIDENT & CFO
Page 13
