<PAGE>   1
First Sierra Equipment Contract Trust Series 1997-1
First Sierra Receivables IV, Inc.
Monthly Servicer Certificate - Payment Summary
Collection Period Ended October 1, 1997


<TABLE>
<S>                                                                                        <C>
Available Amount to Note Holders:                                                          5,406,857.12

Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement

(i)     Initial Unpaid Amounts inadvertantly deposited in Collection Account                   8,000.00
(ii)    Indemnity Payments paid inadvertantly deposited in Collection Account                       -
(iii)   Aggregate of:
        (a) Unreimbursed Servicer Advances                                                          -
        (b) Servicer Fees from current and prior Collection Period                            94,313.04
        (c) Servicing Charges inadvertantly deposited in Collection Account                         -
(iv)    Current and unpaid Back-up Servicing Fees                                              3,772.52
(v)     Premium Amount due on Payment Date and unpaid Premium Amounts                          2,082.42
(vi)    Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees              291.67
(vii)   Reimbursable Trustee Expenses pre 7.07(a)(ii)                                               -
(viii)  Class A-1 through A-4 Note Interest on a pari passu basis:
        Class A-1 Note Interest                                                              157,634.20
        Class A-2 Note Interest                                                              452,326.38
        Class A-3 Note Interest                                                              272,663.71
        Class A-4 Note Interest                                                              202,342.75
(ix)    Class B-1 Note Interest                                                               25,973.66
(x)     Letter of Credit Bank Fee and unpaid amounts                                           2,074.88
(xi)    Class B-2 Note Interest                                                               24,332.63
(xii)   Class A-1 through A-4 Principal Distribution Amount:
        Class A-1 Principal Distribution Amount                                            3,864,990.73
        Class A-2 Principal Distribution Amount                                                     -
        Class A-3 Principal Distribution Amount                                                     -
        Class A-4 Principal Distribution Amount                                                     -
(xiii)  Note Insuer Reimbursement Amount                                                            -
(xiv)   Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal         84,021.54
(xv)    Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal         84,021.54
(xvi)   Letter of Credit Reimbursement Amount                                                       -
(xvii)  Class B-3 Note Interest                                                               26,407.50
(xviii) Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal         84,021.54
(xix)   Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii)               -
(xx)    Letter of Credit Additional Reimbursement Amount                                            -
(xxi)   Other Amounts Due Servicer under Servicing Agreement                                        -
(xxii)  Remaining Amount to Residual Holder                                                         -
        Additional Principal Distribution Amount to Noteholders
        Class A-1 additional Principal Distribution Amount                                    16,509.72
        Class A-2 additional Principal Distribution Amount                                          -
        Class A-3 additional Principal Distribution Amount                                          -
        Class A-4 additional Principal Distribution Amount                                          -
        Class B-1 additional Principal Distribution Amount                                       358.91
        Class B-2 additional Principal Distribution Amount                                       358.91
        Class B-3 additional Principal Distribution Amount                                       358.91
</TABLE>


        Reviewed By:


        -----------------------------------------
        Craig M. Spencer
        Senior Vice President and
        Chief Accounting Officer
<PAGE>   2
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED OCTOBER 1, 1997





<TABLE>
<CAPTION>
                     Initial           Beginning          Base        Additional         Total             Ending         Ending
                    Principal          Principal        Principal      Principal       Principal          Principal     Certificate
  Class              Balance            Balance        Distribution   Distribution    Distribution         Balance        Factor
---------        --------------     --------------     ------------   ------------    ------------     --------------   -----------
<S>              <C>                <C>               <C>              <C>           <C>               <C>              <C>      
Class A-1         32,998,000.00      32,998,000.00     3,864,990.73     16,509.72     3,881,500.44      29,116,499.56    0.8823716
Class A-2         85,479,000.00      85,479,000.00          --            --               --           85,479,000.00    1.0000000
Class A-3         51,527,000.00      51,527,000.00          --            --               --           51,527,000.00    1.0000000
Class A-4         38,238,000.00      38,238,000.00          --            --               --           38,238,000.00    1.0000000
                 --------------     --------------     ------------     ---------     ------------     --------------    ---------
Total Class A    208,242,000.00     208,242,000.00     3,864,990.73     16,509.72     3,881,500.44     204,360,499.56    0.9813606
Class B-1          4,527,000.00       4,527,000.00        84,021.54        358.91        84,380.44       4,442,619.56    0.9813606
Class B-2          4,527,000.00       4,527,000.00        84,021.54        358.91        84,380.44       4,442,619.56    0.9813606
Class B-3          4,527,000.00       4,527,000.00        84,021.54        358.91        84,380.44       4,442,619.56    0.9813606
                 --------------     --------------     ------------     ---------     ------------     --------------    
Total            221,823,000.00     221,823,000.00     4,117,055.34     17,586.44     4,134,641.78     217,688,358.22
</TABLE>
<PAGE>   3
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997


<TABLE>
<S>                                                                                                         <C>           
AVAILABLE FUNDS
    Collection Account balance, as of September 30, 1997                                                      2,666,940.91
    Investment earnings on amounts in Collection Account                                                          4,044.63
    Payments due Collection Account from last 3 business days of Collection Period                            1,116,784.49
    Servicer Advance on current Determination Date                                                            1,619,087.09
                                                                                                         -----------------
    Available Funds on Payment Date                                                                           5,406,857.12
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                              8,000.00
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,398,857.12
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                              --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,398,857.12
UNREIMBURSED SERVICER ADVANCES                                                                                            
    Unreimbursed Servicer Advances due                                                                             --     
    Unreimbursed Servicer Advances paid                                                                            --     
                                                                                                         -----------------
    Unreimbursed Servicer Advances remaining unpaid                                                                --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,398,857.12
SERVICER FEES                                                                                                             
    Servicer Fees due                                                                                            94,313.04
    Servicer Fees paid                                                                                           94,313.04
                                                                                                         -----------------
    Servicer Fees remaining unpaid                                                                                 --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,304,544.08
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                                     --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,304,544.08
BACK-UP SERVICER FEES                                                                                                     
    Back-up Servicer Fees due                                                                                     3,772.52
    Back-up Servicer Fees paid                                                                                    3,772.52
                                                                                                         -----------------
    Back-up Servicer Fees remaining unpaid                                                                         --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,300,771.56
PREMIUM AMOUNT                                                                                                            
    Premium Amount due                                                                                            2,082.42
    Premium Amount paid                                                                                           2,082.42
                                                                                                         -----------------
    Premium Amount remaining unpaid                                                                                --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,298,689.14
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES                                               
    Indenture Trustee Fee due                                                                                       291.67
    Indenture Trustee Fee paid                                                                                      291.67
                                                                                                         -----------------
    Indenture Trustee Fee remaining unpaid                                                                         --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     5,298,397.47
</TABLE>

<PAGE>   4
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997

<TABLE>
<S>                                                                                                         <C>           
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(A)(II)                                                                             
    Total Indenture Trustee Expenses due                                                                           --     
    Cap on Indenture Trustee Expenses per 7.07 (a)(ii)                                                           75,000.00
                                                                                                         -----------------
    Total Indenture Trustee Expenses paid                                                                          --     
                                                                                                         -----------------
    Indenture Trustee Expenses unpaid                                                                              --     
REMAINING AVAILABLE FUNDS                                                                                     5,298,397.47
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:                                                                
    Class A-1 Note Interest                                                                                     157,634.20
    Class A-2 Note Interest                                                                                     452,326.38
    Class A-3 Note Interest                                                                                     272,663.71
    Class A-4 Note Interest                                                                                     202,342.75
                                                                                                         -----------------
    Total Class A Interest due                                                                                1,084,967.03
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     4,213,430.44
CLASS B-1 NOTE INTEREST                                                                                                   
    Class B-1 Note Interest due                                                                                  25,973.66
    Class B-1 Note Interest paid                                                                                 25,973.66
                                                                                                         -----------------
    Class B-1 Note Interest remaining unpaid                                                                       --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     4,187,456.78
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS                                                                              
    Letter of Credit Bank Fee due                                                                                 2,074.88
    Letter of Credit Bank Fee paid                                                                                2,074.88
                                                                                                         -----------------
    Letter of Credit Bank Fee remaining unpaid                                                                     --     
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     4,185,381.90
CLASS B-2 NOTE INTEREST                                                                                   
    Class B-2 Note Interest due                                                                                  24,332.63
    Class B-2 Note Interest paid                                                                                 24,332.63
                                                                                                         -----------------
    Class B-2 Note Interest remaining unpaid                                                                       --
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                     4,161,049.28
CLASS A BASE PRINCIPAL DISTRIBUTION
    Class A Base Principal Distribution Amount due                                                            3,864,990.73
    Class A Note Principal Balance as of preceding Payment Date                                             208,242,000.00
                                                                                                         -----------------
    Class A Base Principal Distribution Amount paid                                                           3,864,990.73
                                                                                                         -----------------
    Class A Base Principal Distribution Amount remaining unpaid                                                    --

    Class A-1 Note Principal Balance as of preceding Payment Date                                            32,998,000.00
    Class A-1 Base Principal Distribution Amount paid                                                         3,864,990.73
                                                                                                         -----------------
    Class A-1 Note Principal Balance after distribution on Payment Date                                      29,133,009.27
                                                                                                         -----------------

    Remaining Class A Base Principal Distribution Amount                                                           --
                                                                                                         -----------------
</TABLE>

<PAGE>   5
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997

<TABLE>
<S>                                                                                                    <C>           
    Class A-2 Note Principal Balance as of preceding Payment Date                                            85,479,000.00
    Class A-2 Base Principal Distribution Amount paid                                                              --
                                                                                                         -----------------
    Class A-2 Note Principal Balance after distribution on Payment Date                                      85,479,000.00

    Remaining Class A Base Principal Distribution Amount                                                           --
                                                                                                         -----------------

    Class A-3 Note Principal Balance as of preceding Payment Date                                            51,527,000.00
    Class A-3 Base Principal Distribution Amount paid                                                              --
                                                                                                         -----------------
    Class A-3 Note Principal Balance after distribution on Payment Date                                      51,527,000.00

    Remaining Class A Base Principal Distribution Amount                                                           --
                                                                                                         -----------------

    Class A-4 Note Principal Balance as of preceding Payment Date                                            38,238,000.00
    Class A-4 Base Principal Distribution Amount paid                                                              --
                                                                                                         -----------------
    Class A-4 Note Principal Balance after distribution on Payment Date                                      38,238,000.00

REMAINING AVAILABLE FUNDS                                                                                       296,058.55

NOTE INSUER REIMBURSEMENT AMOUNT
    Note Insuer Reimbursement Amount due                                                                           --
    Note Insuer Reimbursement Amount paid                                                                          --
                                                                                                         -----------------
    Note Insuer Reimbursement Amount remaining unpaid                                                              --
REMAINING AVAILABLE FUNDS                                                                                       296,058.55

CLASS B-1 BASE PRINCIPAL DISTRIBUTION
    Class B-1 Note Principal Balance as of preceding Payment Date                                             4,527,000.00
    Class B-1 Base Principal Distribution due                                                                    84,021.54
    Class B-1 Base Principal Distribution paid                                                                   84,021.54
                                                                                                         -----------------
    Class B-1 Base Principal Distribution remaining unpaid                                                         --
    Class B-1 Note Principal Balance after distribution on Payment Date                                       4,442,978.46

REMAINING AVAILABLE FUNDS                                                                                       212,037.02

CLASS B-2 BASE PRINCIPAL DISTRIBUTION
    Class B-2 Note Principal Balance as of preceding Payment Date                                             4,527,000.00
    Class B-2 Base Principal Distribution due                                                                    84,021.54
    Class B-2 Base Principal Distribution paid                                                                   84,021.54
                                                                                                         -----------------
    Class B-2 Base Principal Distribution remaining unpaid                                                         --
    Class B-2 Note Principal Balance after distribution on Payment Date                                       4,442,978.46

REMAINING AVAILABLE FUNDS                                                                                       128,015.48
</TABLE>
<PAGE>   6
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997

<TABLE>
<S>                                                                                                    <C>           
LETTER OF CREDIT REIMBURSEMENT AMOUNT
    Letter of Credit Reimbursement Amount due                                                                      --
    Letter of Credit Reimbursement Amount paid                                                                     --
                                                                                                         -----------------
    Letter of Credit Reimbursement Amount remaining unpaid                                                         --
REMAINING AVAILABLE FUNDS                                                                                       128,015.48
CLASS B-3 NOTE INTEREST
    Class B-3 Note Interest due                                                                                  26,407.50
    Class B-3 Note Interest paid                                                                                 26,407.50
                                                                                                         -----------------
    Class B-3 Note Interest remaining unpaid                                                                       --
                                                                                                         -----------------
REMAINING AVAILABLE FUNDS                                                                                       101,607.98

CLASS B-3 BASE PRINCIPAL DISTRIBUTION
    Class B-3 Note Principal Balance as of preceding Payment Date                                             4,527,000.00
    Class B-3 Base Principal Distribution due                                                                    84,021.54
    Class B-3 Base Principal Distribution paid                                                                   84,021.54
                                                                                                         -----------------
    Class B-3 Base Principal Distribution remaining unpaid                                                         --
    Class B-3 Note Principal Balance after distribution on Payment Date                                       4,442,978.46

REMAINING AVAILABLE FUNDS                                                                                        17,586.44
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(A)(II)
    Indenture Trustee Expenses unpaid per above                                                                    --
    Remaining Indenture Trustee Expenses paid                                                                      --
                                                                                                         -----------------
    Remaining Indenture Trustee Expenses unpaid                                                                    --
REMAINING AVAILABLE FUNDS                                                                                        17,586.44

ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
    Additional Letter of Credit Reimbursement Amount due                                                           --
    Additional Letter of Credit Reimbursement Amount paid                                                          --
                                                                                                         -----------------
    Additional Letter of Credit Reimbursement Amount remaining unpaid                                              --
REMAINING AVAILABLE FUNDS                                                                                        17,586.44

OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
    Other Amounts Due Servicer under Servicing Agreement due                                                       --
    Other Amounts Due Servicer under Servicing Agreement paid                                                      --
                                                                                                         -----------------
    Other Amounts Due Servicer under Servicing Agreement remaining unpaid                                          --

REMAINING AVAILABLE FUNDS                                                                                        17,586.44

EXCESS OF ADCPB OVER ENDING NOTE BALANCES                                                                        82,754.54

AMOUNT PAYABLE TO RESIDUAL HOLDER                                                                                  --

REMAINING AVAILABLE FUNDS TO NOTE HOLDERS                                                                        17,586.44

CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                    17,586.44
    Adjusted Principal Distribution Sharing Ratio                                                                   93.878%
                                                                                                         -----------------
    Additional Principal Distribution to Class A                                                                 16,509.72

    Class A Note Principal Balance after payment above                                                      204,377,009.27
                                                                                                         -----------------
    Class A additional Principal Distribution Amount paid                                                        16,509.72

    Excess cash after payment of additional Class A Principal Distribution                                         --

    Class A-1 Note Principal Balance after payment above                                                     29,133,009.27
    Class A-1 additional Principal Distribution Amount paid                                                      16,509.72
                                                                                                         -----------------
</TABLE>


<PAGE>   7

FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997

<TABLE>
<S>                                                                                                    <C>           
    Class A-1 Note Principal Balance after distribution on Payment Date                                      29,116,499.56
                                                                                                         -----------------

    Remaining Class A additional Principal Distribution Amount                                                     --
                                                                                                         -----------------

    Class A-2 Note Principal Balance after payment above                                                     85,479,000.00
    Class A-2 additional Principal Distribution Amount paid                                                        --
                                                                                                         -----------------
    Class A-2 Note Principal Balance after distribution on Payment Date                                      85,479,000.00

    Remaining Class A additional Principal Distribution Amount                                                     --
                                                                                                         -----------------

    Class A-3 Note Principal Balance after payment above                                                     51,527,000.00
    Class A-3 additional Principal Distribution Amount paid                                                        --
                                                                                                         -----------------
    Class A-3 Note Principal Balance after distribution on Payment Date                                      51,527,000.00

    Remaining Class A additional Principal Distribution Amount                                                     --
                                                                                                         -----------------

    Class A-4 Note Principal Balance after payment above                                                     38,238,000.00
    Class A-4 additional Principal Distribution Amount paid                                                        --
                                                                                                         -----------------
    Class A-4 Note Principal Balance after distribution on Payment Date                                      38,238,000.00

CLASS B-1 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                    17,586.44
    Adjusted Principal Distribution Sharing Ratio                                                                    2.041%
                                                                                                         -----------------
    Additional Principal Distribution to Class B-1                                                                  358.91

    Class B-1 Note Principal Balance after payment above                                                      4,442,978.46
    Class B-1 additional Principal Distribution paid                                                                358.91
                                                                                                         -----------------
    Class B-1 Note Principal Balance after distribution on Payment Date                                       4,442,619.56

CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                    17,586.44
    Adjusted Principal Distribution Sharing Ratio                                                                    2.041%
                                                                                                         -----------------
    Additional Principal Distribution to Class B-2                                                                  358.91

    Class B-2 Note Principal Balance after payment above                                                      4,442,978.46
    Class B-2 additional Principal Distribution paid                                                                358.91
                                                                                                         -----------------
    Class B-2 Note Principal Balance after distribution on Payment Date                                       4,442,619.56

CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                    17,586.44
    Adjusted Principal Distribution Sharing Ratio                                                                    2.041%
                                                                                                         -----------------
     Additional Principal Distribution to Class B-3                                                                 358.91

    Class B-3 Note Principal Balance after payment above                                                      4,442,978.46
    Class B-3 additional Principal Distribution paid                                                                358.91
                                                                                                         -----------------
     Class B-3 Note Principal Balance after distribution on Payment Date                                      4,442,619.56
                                                                                                         -----------------
</TABLE>
 

<PAGE>   8
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1997


<TABLE>
<S>                                                                                         <C>
CALCULATION OF BASE PRINCIPAL AMOUNT
         ADCPB, beginning of Collection Period                                              226,351,292.85
         ADCPB, end of Collection Period                                                    222,150,215.97
         Base Principal Amount                                                                4,201,076.88
                                                                                         -----------------

UNREIMBURSED SERVICING ADVANCES
         Unreimbursed Servicing Advances from previous Collection Period                              -
         Servicing Advances collected during the current Collection Period                            -
         Unreimbursed Servicing Advances as of current Determination Date                             -
                                                                                         -----------------
</TABLE>

CALCULATION OF INTEREST DUE
<TABLE>
<CAPTION>
                           Beginning                            Current                           Total
                           Principal       Interest             Interest     Overdue            Interest
           Class            Balance          Rate                  Due       Interest              Due
         ---------      --------------      ------            -------------  --------         ------------
<S>                     <C>                <C>                <C>            <C>              <C>
         Class A-1       32,998,000.00       5.73%               157,634.20       -             157,634.20
         Class A-2       85,479,000.00       6.35%               452,326.38       -             452,326.38
         Class A-3       51,527,000.00       6.35%               272,663.71       -             272,663.71
         Class A-4       38,238,000.00       6.35%               202,342.75       -             202,342.75
         Class B-1        4,527,000.00       6.89%                25,973.66       -              25,973.66
         Class B-2        4,527,000.00       6.45%                24,332.63       -              24,332.63
         Class B-3        4,527,000.00       7.00%                26,407.50       -              26,407.50
                        --------------                         ------------  --------         ------------
                        221,823,000.00       6.28%             1,161,680.82       -           1,161,680.82    0.0739
                        188,825,000.00       6.38%             1,004,046.62                                     6.38%
Calculation of Principal Due                 0.10%                18,191.30                                     1.01%
</TABLE>

<TABLE>
<CAPTION>
                          Base           Base                              Total
                        Principal      Principal     Overdue             Principal
           Class        Amount Pct.      Amount     Principal               Due
         ---------      -----------   ------------  ---------           ------------
         <S>                    <C>                                     <C>
         Class A          92.00%      3,864,990.73      -               3,864,990.73
         Class B-1         2.00%         84,021.54      -                  84,021.54
         Class B-2         2.00%         84,021.54      -                  84,021.54
         Class B-3         2.00%         84,021.54      -                  84,021.54
                                      ------------  ---------           ------------
                                      4,117,055.34      -               4,117,055.34
</TABLE>

<TABLE>
<S>                                                                                         <C>
Calculation of Servicer Fee
         ADCPB as of the prior Calculation Date                                             226,351,292.85
         Servicer Fee Rate                                                                            0.50%
         One-twelfth                                                                                  1/12
                                                                                          ----------------
         Servicer Fee due current period                                                         94,313.04
         Prior Servicer Fee arrearage                                                                  -
                                                                                          ----------------
         Servicer Fee due                                                                        94,313.04

Calculation of Back-up Servicer Fee
         ADCPB as of the prior Calculation Date                                             226,351,292.85
         Back-up Servicer Fee Rate                                                                    0.02%
         One-twelfth                                                                                  1/12
                                                                                          ----------------
         Back-up Servicer Fee due Current Period                                                  3,772.52
         Prior Back-up Servicer Fee Arrearage                                                          -
                                                                                          ----------------
         Back-up Servicer Fee due                                                                 3,772.52

Calculation of Premium Amount
         Class A Principal Amount as of the immediately preceding Collection Period         208,242,000.00
         Premium Rate                                                                                 0.01%
         One-twelfth                                                                                  1/12
                                                                                          ----------------
         Premium Amount due Current Period                                                        2,082.42
         Prior Premium Amount arrearage                                                                -
                                                                                          ----------------

</TABLE>

<PAGE>   9
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED OCTOBER 1, 1997


<TABLE>
<S>                                                                                         <C>
         Total Premium Amount due                                                                 2,082.42

Indenture Trustee Fee (per Payment Date)
         Indenture Trustee Fee (per Payment Date)                                                   291.67
         Prior Indenture Trustee Fee arrearage                                                         -
                                                                                          ----------------
         Total Indenture Trustee Fee due                                                            291.67

Calculation of Letter of Credit Bank Fee
         Total Facility Face Amount (Class B-2 Note Principal Balance as of Deter. Date)      4,527,000.00
         Letter of Credit Bank Fee Rate                                                               0.55%
         One-twelfth                                                                                 1/12
                                                                                          ----------------
         Letter of Credit Bank Fee due Current Period                                             2,074.88
         Letter of Credit Bank Fee arrearage                                                           -
                                                                                          ----------------
         Total Letter of Credit Bank Fee arrearage due                                            2,074.88

Letter of Credit Reimbursement Amount
         Letter of Credit Reimbursement Amount due current period                                      -
         Prior Letter of Credit Reimbursement Amount arrearage                                         -
                                                                                          ----------------
         Total Letter of Credit Reimbursement Amount due                                               -

Indenture Trustee Expenses
         Indenture Trustee Expenses due                                                                -
         Prior Indenture Trustee Expenses arrearage                                                    -
                                                                                          ----------------
         Total Indenture Trustee Expenses due                                                          -

Additional Letter of Credit Reimbursement Amount
         Additional Letter of Credit Reimbursement Amount due current period                           -
         Prior Additional Letter of Credit Reimbursement Amount arrearage                               -
                                                                                          ----------------
         Total Additional Letter of Credit Reimbursement Amount due                                    -

Other Amounts Due Servicer under Servicing Agreement
         Other Amounts Due Servicer under Servicing Agreement - current period                         -
         Prior Other Amounts Due Servicer under Servicing Agreement - arrearage                        -
                                                                                          ----------------
         Total Other Amounts Due Servicer under Servicing Agreement                                    -

Floor Calculation
         Initial ADCPB                                                                      226,351,292.85
         Floor percent                                                                                2.00%
                                                                                          ----------------
         Floor                                                                                4,527,025.86

         ADCPB as of end of immediately preceding Collection Period                         222,150,215.97

         Aggregate Note Balances prior to any payment on current Payment Date               221,823,000.00
         Payments on payment date prior to application of Floor Amount, if any
         Class A                                                                              3,864,990.73
         Class B-1                                                                               84,021.54
         Class B-2                                                                               84,021.54
         Class B-3                                                                               84,021.54
                                                                                          ----------------
         Total Base Principal Amount distributions on current payment date                    4,117,055.34
                                                                                          ----------------
         Aggregate Note Balance after payment of Base Principal Amount                      217,705,944.66
                                                                                          ----------------
         Excess of ADCPB over Ending Note Balances                                            4,444,271.31

         Excess of ADCPB over Ending Note Balances                                               82,754.54
</TABLE>

<PAGE>   10
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED OCTOBER 1, 1997



RESTRICTING EVENT DETERMINATION:

<TABLE>
<CAPTION>
                                                                                                       Yes/No
                                                                                                       ------
<S>                                                                                                 <C>
    A) Event of Servicer Termination (Yes/No)                                                             No
    B) Note Insuer has Made a Payment (Yes/No)                                                            No
    C) Gross Charge Off Event has Occurred (Yes/No)                                                       No
    D) Delinquency Trigger Event has Occurred (Yes/No)                                                    No
</TABLE>

EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE

<TABLE>
<CAPTION>
                                                                                                       Yes/No
                                                                                                       ------
<S>                                                                                                 <C>
    A) Failure to distribute to the Noteholders all or part of any payment of Interest
       required to be made under the terms of such Notes or the Indenture when due;
       and,                                                                                               No
    B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount
       equal to the principal due on the Outstanding Notes as of such Payment Date to
       the extent that sufficient Available Funds are on deposit in the Collection
       Account of (y) on the                                                                              No
</TABLE>

EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT

<TABLE>
<CAPTION>
    Section                                            Event                                           Yes/No
    -------           ----------------------------------------------------------------------------     ------
<S>                 <C>                                                                                <C>
    6.01(i)           Failure to make payment required                                                    No
    6.01(ii)          Failure to submit Monthly Statement                                                 No
    6.01(iii)         Failure to Observe Covenants in Servicing Agreement                                 No
    6.01(iv)          Servicer consents to appointment of custodian, receiver, etc.                       No
    6.01(v)           Servicer files a voluntary petition for bankruptcy                                  No
    6.01(vi)          Order of judgement in excess of $500,000                                            No
    6.01(vii)         Petition under bankruptcy laws against Servicer is not stayed,
                      withdrawn or dismissed within 60 days                                               No
    6.01(viii)        Assignment by Servicer to a delegate its rights under Servicing Agreement           No
    6.01(ix)          Servicer Trigger Event as contained in the Insurance Agreement has occurred.        No
</TABLE>


<PAGE>   11
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED OCTOBER 1, 1997




Gross Charge Event Calculation:

<TABLE>
<CAPTION>
                                                                                                     Result
                                                                                                     ------
<S>                                                                                                  <C>  
    Gross Charge Off Ratio Current Period                                                            0.05%
    Gross Charge Off Ratio Prior Period                                                               n/a
    Gross Charge Off Ratio Second Prior Period                                                        n/a
    Average of Gross Charge Off Ratio for Three Periods                                              0.05%
</TABLE>


    Gross Charge Off Ratio:


<TABLE>
<CAPTION>
                                ADCPB of                                                                 Gross Charge Off Ratio
                              All Defaulted           Less                                                    Charge Offs/
                                Contracts          Recoveries       Charge Offs          ADCPB                   ADCPB
                              -------------        ---------        -----------      --------------      ----------------------
<S>                             <C>                <C>               <C>             <C>                         <C>  
    Current Period              121,710.35         111,992.50        9,717.85        222,150,215.97              0.05%
    Prior Period                       n/a                n/a             n/a                   n/a               n/a
    Second Prior Period                n/a                n/a             n/a                   n/a               n/a
</TABLE>


Delinquency Event Calculation:

<TABLE>
<CAPTION>
                                                                                                     Results
                                                                                                     -------
<S>                                                                                                   <C>  
    Delinquency Trigger Ratio Current Period                                                          1.72%
    Delinquency Trigger Ratio Prior Period                                                             n/a
    Delinquency Trigger Ratio Second Prior Period                                                      n/a
    Average of Delinquency Trigger Ratios                                                             0.57%
</TABLE>

Delinquency Trigger Ratio:

<TABLE>
<CAPTION>
                                       A                     B                  A/B
                                       -                     -                  ---
                                   ADCPB of              ADCPB of
                              Contract > 30 Days            All          Delinquency Trigger
                                   Past Due              Contracts             Ratio:
                              ------------------      --------------     -------------------
<S>                               <C>                 <C>                          <C>  
    Current Period                3,826,844.43        222,196,547.43               1.72%
    Prior Period                           n/a                   n/a                n/a
    Second Prior Period                    n/a                   n/a                n/a
</TABLE>

<PAGE>   12
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED NOVEMBER 1, 1997


<TABLE>

<S>                                                                                            <C>         
Available Amount to Note Holders:                                                              5,849,813.13

Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement

(i)       Initial Unpaid Amounts inadvertantly deposited in Collection Account                         -
(ii)      Indemnity Payments paid inadvertantly deposited in Collection Account                        -
(iii)     Aggregate of:
          (a) Unreimbursed Servicer Advances                                                     237,969.24
          (b) Servicer Fees from current and prior Collection Period                              92,562.59
          (c) Servicing Charges inadvertantly deposited in Collection Account                          -
(iv)      Current and unpaid Back-up Servicing Fees                                                3,772.52
(v)       Premium Amount due on Payment Date and unpaid Premium Amounts                            2,043.63
          Adjustment to prior month premium amount                                                    (5.90)
(vi)      Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees                291.67
(vii)     Reimbursable Trustee Expenses pre 7.07(a)(ii)                                            8,000.00
(viii)    Class A-1 through A-4 Note Interest on a pari passu basis:
          Class A-1 Note Interest                                                                143,742.86
          Adjustment to prior month Class A-1 Note Interest                                           47.77
          Class A-2 Note Interest                                                                452,326.38
          Class A-3 Note Interest                                                                272,663.71
          Class A-4 Note Interest                                                                202,342.75
(ix)      Class B-1 Note Interest                                                                 25,489.90
(x)       Letter of Credit Bank Fee and unpaid amounts                                             2,036.23
(xi)      Class B-2 Note Interest                                                                 23,879.42
(xii)     Class A-1 through A-4 Principal Distribution Amount:
          Class A-1 Principal Distribution Amount                                              3,841,991.85
          Class A-2 Principal Distribution Amount                                                      -
          Class A-3 Principal Distribution Amount                                                      -
          Class A-4 Principal Distribution Amount                                                      -
(xiii)    Note Insuer Reimbursement Amount                                                             -
(xiv)     Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal           83,521.56
(xv)      Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal           83,521.56
(xvi)     Letter of Credit Reimbursement Amount                                                        -
(xvii)    Class B-3 Note Interest                                                                 25,915.65
(xviii)   Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal           83,521.56
(xix)     Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii)                -
(xx)      Letter of Credit Additional Reimbursement Amount                                             -
(xxi)     Other Amounts Due Servicer under Servicing Agreement                                         -
</TABLE>


                                     Page 1

<PAGE>   13
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED NOVEMBER 1, 1997


<TABLE>

<S>                                                                                            <C>         

(xxii)    Remaining Amount to Residual Holder                                                    112,397.24
          Additional Principal Distribution Amount to Noteholders
          Class A-1 additional Principal Distribution Amount                                     142,527.53
          Class A-2 additional Principal Distribution Amount                                           -
          Class A-3 additional Principal Distribution Amount                                           -
          Class A-4 additional Principal Distribution Amount                                           -
          Class B-1 additional Principal Distribution Amount                                       3,098.42
          Class B-2 additional Principal Distribution Amount                                       3,098.42
          Class B-3 additional Principal Distribution Amount                                       3,098.42
</TABLE>


          Reviewed By:



          ---------------------------------------
          Craig M. Spencer
          Senior Vice President and
          Chief Accounting Officer



                                     Page 2
<PAGE>   14
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED NOVEMBER 1, 1997





<TABLE>
<CAPTION>
                     Initial          Beginning          Base         Additional       Total             Ending         Ending
                    Principal         Principal        Principal      Principal       Principal         Principal     Certificate
    Class            Balance           Balance       Distribution    Distribution    Distribution        Balance        Factor
--------------   --------------    --------------    ------------     ----------     ------------    --------------   -----------
<S>             <C>               <C>               <C>              <C>            <C>              <C>              <C>      
Class A-1         32,998,000.00     29,119,440.86    3,841,991.85     142,527.53     3,984,519.38     25,134,921.48    0.7617105
Class A-2         85,479,000.00     85,479,000.00         --             --               --          85,479,000.00    1.0000000
Class A-3         51,527,000.00     51,527,000.00         --             --               --          51,527,000.00    1.0000000
Class A-4         38,238,000.00     38,238,000.00         --             --               --          38,238,000.00    1.0000000
                 --------------    --------------    ------------     ----------     ------------    --------------    ---------
Total Class A    208,242,000.00    204,363,440.86    3,841,991.85     142,527.53     3,984,519.38    200,378,921.48    0.9622407

Class B-1          4,527,000.00      4,442,683.50       83,521.56       3,098.42        86,619.99      4,356,063.51    0.9622407
Class B-2          4,527,000.00      4,442,683.50       83,521.56       3,098.42        86,619.99      4,356,063.51    0.9622407
Class B-3          4,527,000.00      4,442,683.50       83,521.56       3,098.42        86,619.99      4,356,063.51    0.9622407
                 --------------    --------------    ------------     ----------     ------------    -------------- 
Total            221,823,000.00    217,691,491.36    4,092,556.53     151,822.80     4,244,379.34    213,447,112.02 

</TABLE>



                                     Page 3

<PAGE>   15
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997



<TABLE>
<S>                                                                                                        <C>           
AVAILABLE FUNDS
    Collection Account balance, as of October 31, 1997                                                       3,014,020.98
    Investment earnings on amounts in Collection Account                                                        10,575.22
    Payments due Collection Account from last 3 business days of Collection Period                             666,081.11
    Additional contribution for terminated trade-ups and rebooked leases                                        34,719.89
    Servicer Advance on current Determination Date                                                           2,124,415.93
                                                                                                         ----------------
    Available Funds on Payment Date                                                                          5,849,813.13
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                                -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    5,849,813.13
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                               -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    5,849,813.13
UNREIMBURSED SERVICER ADVANCES
    Unreimbursed Servicer Advances due                                                                         237,969.24
    Unreimbursed Servicer Advances paid                                                                        237,969.24
                                                                                                         ----------------
    Unreimbursed Servicer Advances remaining unpaid                                                                 -
                                                                                                                    -
REMAINING AVAILABLE FUNDS                                                                                    5,611,843.89
SERVICER FEES
    Servicer Fees due                                                                                           92,562.59
    Servicer Fees paid                                                                                          92,562.59
                                                                                                         ----------------
    Servicer Fees remaining unpaid                                                                                  -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    5,519,281.30
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                                      -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    5,519,281.30
BACK-UP SERVICER FEES
    Back-up Servicer Fees due                                                                                    3,772.52
    Back-up Servicer Fees paid                                                                                   3,772.52
                                                                                                         ----------------
    Back-up Servicer Fees remaining unpaid                                                                          -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    5,515,508.78
PREMIUM AMOUNT
    Premium Amount due                                                                                           2,043.63
    Premium Amount paid                                                                                          2,043.63
                                                                                                         ----------------
    Premium Amount remaining unpaid                                                                                 -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    5,513,465.14
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
    Indenture Trustee Fee due                                                                                      291.67
    Indenture Trustee Fee paid                                                                                     291.67
                                                                                                         ----------------
    Indenture Trustee Fee remaining unpaid                                                                          -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    5,513,173.47

</TABLE>


                                     Page 4

<PAGE>   16
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997



<TABLE>
<S>                                                                                                        <C>           
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
    Total Indenture Trustee Expenses due                                                                         8,000.00
    Cap on Indenture Trustee Expenses per 7.07 (a)(ii)                                                          75,000.00
                                                                                                         ----------------
    Total Indenture Trustee Expenses paid                                                                        8,000.00
                                                                                                         ----------------
    Indenture Trustee Expenses unpaid                                                                                -

REMAINING AVAILABLE FUNDS                                                                                    5,505,173.47
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
    Class A-1 Note Interest                                                                                    143,742.86
    Class A-2 Note Interest                                                                                    452,326.38
    Class A-3 Note Interest                                                                                    272,663.71
    Class A-4 Note Interest                                                                                    202,342.75
                                                                                                         ----------------
    Total Class A Interest due                                                                               1,071,075.70
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    4,434,097.78
CLASS B-1 NOTE INTEREST
    Class B-1 Note Interest due                                                                                 25,489.90
    Class B-1 Note Interest paid                                                                                25,489.90
                                                                                                         ----------------
    Class B-1 Note Interest remaining unpaid                                                                        -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                    4,408,607.88
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
    Letter of Credit Bank Fee due                                                                                2,036.23
    Letter of Credit Bank Fee paid                                                                               2,036.23
                                                                                                         ----------------
    Letter of Credit Bank Fee remaining unpaid                                                                      -
                                                                                                                    -
REMAINING AVAILABLE FUNDS                                                                                    4,406,571.65
CLASS B-2 NOTE INTEREST
    Class B-2 Note Interest due                                                                                 23,879.42
    Class B-2 Note Interest paid                                                                                23,879.42
                                                                                                         ----------------
    Class B-2 Note Interest remaining unpaid                                                                        -
                                                                                                                    -
REMAINING AVAILABLE FUNDS                                                                                    4,382,692.23
CLASS A BASE PRINCIPAL DISTRIBUTION
    Class A Base Principal Distribution Amount due                                                           3,841,991.85
    Class A Note Principal Balance as of preceding Payment Date                                            204,363,440.86
                                                                                                         ----------------
    Class A Base Principal Distribution Amount paid                                                          3,841,991.85
                                                                                                         ----------------
    Class A Base Principal Distribution Amount remaining unpaid                                                      -

    Class A-1 Note Principal Balance as of preceding Payment Date                                           29,119,440.86
    Class A-1 Base Principal Distribution Amount paid                                                        3,841,991.85
                                                                                                         ----------------
    Class A-1 Note Principal Balance after distribution on Payment Date                                     25,277,449.01
                                                                                                         ----------------

    Remaining Class A Base Principal Distribution Amount                                                            -
                                                                                                         ----------------
</TABLE>

                                     Page 5

<PAGE>   17
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997



<TABLE>
<S>                                                                                                        <C>           

    Class A-2 Note Principal Balance as of preceding Payment Date                                           85,479,000.00
    Class A-2 Base Principal Distribution Amount paid                                                               -
                                                                                                         ----------------
    Class A-2 Note Principal Balance after distribution on Payment Date                                     85,479,000.00

    Remaining Class A Base Principal Distribution Amount                                                            -
                                                                                                         ----------------

    Class A-3 Note Principal Balance as of preceding Payment Date                                           51,527,000.00
    Class A-3 Base Principal Distribution Amount paid                                                               -
                                                                                                         ----------------
    Class A-3 Note Principal Balance after distribution on Payment Date                                     51,527,000.00

    Remaining Class A Base Principal Distribution Amount                                                            -
                                                                                                         ----------------

    Class A-4 Note Principal Balance as of preceding Payment Date                                           38,238,000.00
    Class A-4 Base Principal Distribution Amount paid                                                               -
                                                                                                         ----------------
    Class A-4 Note Principal Balance after distribution on Payment Date                                     38,238,000.00

REMAINING AVAILABLE FUNDS                                                                                      540,700.38

NOTE INSUER REIMBURSEMENT AMOUNT
    Note Insuer Reimbursement Amount due                                                                             -
    Note Insuer Reimbursement Amount paid                                                                            -
                                                                                                         ----------------
    Note Insuer Reimbursement Amount remaining unpaid                                                                -
REMAINING AVAILABLE FUNDS                                                                                      540,700.38

CLASS B-1 BASE PRINCIPAL DISTRIBUTION
    Class B-1 Note Principal Balance as of preceding Payment Date                                            4,442,683.50
    Class B-1 Base Principal Distribution due                                                                   83,521.56
    Class B-1 Base Principal Distribution paid                                                                  83,521.56
                                                                                                         ----------------
    Class B-1 Base Principal Distribution remaining unpaid                                                           -
    Class B-1 Note Principal Balance after distribution on Payment Date                                      4,359,161.94

REMAINING AVAILABLE FUNDS                                                                                      457,178.82

CLASS B-2 BASE PRINCIPAL DISTRIBUTION
    Class B-2 Note Principal Balance as of preceding Payment Date                                            4,442,683.50
    Class B-2 Base Principal Distribution due                                                                   83,521.56
    Class B-2 Base Principal Distribution paid                                                                  83,521.56
                                                                                                         ----------------
    Class B-2 Base Principal Distribution remaining unpaid                                                           -
    Class B-2 Note Principal Balance after distribution on Payment Date                                      4,359,161.94

REMAINING AVAILABLE FUNDS                                                                                      373,657.26
</TABLE>


                                     Page 6

<PAGE>   18
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997



<TABLE>
<S>                                                                                                        <C>           
LETTER OF CREDIT REIMBURSEMENT AMOUNT
    Letter of Credit Reimbursement Amount due                                                                        -
    Letter of Credit Reimbursement Amount paid                                                                       -
                                                                                                         ----------------
    Letter of Credit Reimbursement Amount remaining unpaid                                                           -
REMAINING AVAILABLE FUNDS                                                                                      373,657.26
CLASS B-3 NOTE INTEREST
    Class B-3 Note Interest due                                                                                 25,915.65
    Class B-3 Note Interest paid                                                                                25,915.65
                                                                                                         ----------------
    Class B-3 Note Interest remaining unpaid                                                                        -
                                                                                                         ----------------
REMAINING AVAILABLE FUNDS                                                                                      347,741.60

CLASS B-3 BASE PRINCIPAL DISTRIBUTION
    Class B-3 Note Principal Balance as of preceding Payment Date                                            4,442,683.50
    Class B-3 Base Principal Distribution due                                                                   83,521.56
    Class B-3 Base Principal Distribution paid                                                                  83,521.56
                                                                                                         ----------------
    Class B-3 Base Principal Distribution remaining unpaid                                                           -
    Class B-3 Note Principal Balance after distribution on Payment Date                                      4,359,161.94

REMAINING AVAILABLE FUNDS                                                                                      264,220.04
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
    Indenture Trustee Expenses unpaid per above                                                                      -
    Remaining Indenture Trustee Expenses paid                                                                        -
                                                                                                         ----------------
    Remaining Indenture Trustee Expenses unpaid                                                                      -
REMAINING AVAILABLE FUNDS                                                                                      264,220.04

ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
    Additional Letter of Credit Reimbursement Amount due                                                             -
    Additional Letter of Credit Reimbursement Amount paid                                                            -
                                                                                                         ----------------
    Additional Letter of Credit Reimbursement Amount remaining unpaid                                                -
REMAINING AVAILABLE FUNDS                                                                                      264,220.04
                                                                                                         ----------------

OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
    Other Amounts Due Servicer under Servicing Agreement due                                                         -
    Other Amounts Due Servicer under Servicing Agreement paid                                                        -
                                                                                                         ----------------
    Other Amounts Due Servicer under Servicing Agreement remaining unpaid                                            -
REMAINING AVAILABLE FUNDS                                                                                      264,220.04

EXCESS OF ADCPB OVER ENDING NOTE BALANCES                                                                      151,822.80

AMOUNT PAYABLE TO RESIDUAL HOLDER                                                                              112,397.24

REMAINING AVAILABLE FUNDS TO NOTE HOLDERS                                                                      151,822.80

CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                  151,822.80
    Adjusted Principal Distribution Sharing Ratio                                                                  93.878%
                                                                                                         ----------------
    Additional Principal Distribution to Class A                                                               142,527.53

    Class A Note Principal Balance after payment above                                                     200,521,449.01
                                                                                                         ----------------
    Class A additional Principal Distribution Amount paid                                                      142,527.53
                                                                                                         ----------------
    Excess cash after payment of additional Class A Principal Distribution                                           -

    Class A-1 Note Principal Balance after payment above                                                    25,277,449.01
    Class A-1 additional Principal Distribution Amount paid                                                    142,527.53
                                                                                                         ----------------

</TABLE>


                                     Page 7

<PAGE>   19
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997



<TABLE>
<S>                                                                                                        <C>           

    Class A-1 Note Principal Balance after distribution on Payment Date                                     25,134,921.48
                                                                                                         ----------------

    Remaining Class A additional Principal Distribution Amount                                                      -
                                                                                                         ----------------

    Class A-2 Note Principal Balance after payment above                                                    85,479,000.00
    Class A-2 additional Principal Distribution Amount paid                                                         -
                                                                                                         ----------------
    Class A-2 Note Principal Balance after distribution on Payment Date                                     85,479,000.00

    Remaining Class A additional Principal Distribution Amount                                                      -
                                                                                                         ----------------

    Class A-3 Note Principal Balance after payment above                                                    51,527,000.00
    Class A-3 additional Principal Distribution Amount paid                                                         -
                                                                                                         ----------------
    Class A-3 Note Principal Balance after distribution on Payment Date                                     51,527,000.00

    Remaining Class A additional Principal Distribution Amount                                                      -
                                                                                                         ----------------

    Class A-4 Note Principal Balance after payment above                                                    38,238,000.00
    Class A-4 additional Principal Distribution Amount paid                                                         -
                                                                                                         ----------------
    Class A-4 Note Principal Balance after distribution on Payment Date                                     38,238,000.00

CLASS B-1 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                  151,822.80
    Adjusted Principal Distribution Sharing Ratio                                                                   2.041%
                                                                                                         ----------------
    Additional Principal Distribution to Class B-1                                                               3,098.42

    Class B-1 Note Principal Balance after payment above                                                     4,359,161.94
    Class B-1 additional Principal Distribution paid                                                             3,098.42
                                                                                                         ----------------
    Class B-1 Note Principal Balance after distribution on Payment Date                                      4,356,063.51

CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                  151,822.80
    Adjusted Principal Distribution Sharing Ratio                                                                   2.041%
                                                                                                         ----------------
    Additional Principal Distribution to Class B-2                                                               3,098.42

    Class B-2 Note Principal Balance after payment above                                                     4,359,161.94
    Class B-2 additional Principal Distribution paid                                                             3,098.42
                                                                                                         ----------------
    Class B-2 Note Principal Balance after distribution on Payment Date                                      4,356,063.51

CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                  151,822.80
    Adjusted Principal Distribution Sharing Ratio                                                                   2.041%
                                                                                                         ----------------
    Additional Principal Distribution to Class B-3                                                               3,098.42

    Class B-3 Note Principal Balance after payment above                                                     4,359,161.94
    Class B-3 additional Principal Distribution paid                                                             3,098.42
                                                                                                         ----------------
    Class B-3 Note Principal Balance after distribution on Payment Date                                      4,356,063.51
</TABLE>



                                     Page 8

<PAGE>   20
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED NOVEMBER 1, 1997


Calculation of Base Principal Amount
<TABLE>
<S>                                                                               <C>           
          ADCPB, beginning of Collection Period                                   222,150,215.97
          ADCPB, end of Collection Period                                         217,974,137.88
                                                                                  --------------
          Base Principal Amount                                                     4,176,078.10
</TABLE>

Unreimbursed Servicing Advances
<TABLE>
<S>                                                                                 <C>         
         Unreimbursed Servicing Advances from previous Collection Period            1,619,087.09
         Servicing Advances collected during the current Collection Period          1,381,117.85
                                                                                    ------------
         Unreimbursed Servicing Advances as of current Determination Date             237,969.24
</TABLE>

Calculation of Interest Due

<TABLE>
<CAPTION>
                            Beginning                          Current                               Total
                            Principal          Interest        Interest         Overdue             Interest
           Class             Balance             Rate             Due           Interest              Due
         ---------        --------------       --------      ------------      -----------        ------------
<S>                       <C>                  <C>           <C>               <C>                <C>       
         Class A-1         29,119,440.86        5.7325%       143,742.86            --             143,742.86
         Class A-2         85,479,000.00        6.3500%       452,326.38            --             452,326.38
         Class A-3         51,527,000.00        6.3500%       272,663.71            --             272,663.71
         Class A-4         38,238,000.00        6.3500%       202,342.75            --             202,342.75
         Class B-1          4,442,683.50        6.8850%        25,489.90            --              25,489.90
         Class B-2          4,442,683.50        6.4500%        23,879.42            --              23,879.42
         Class B-3          4,442,683.50        7.0000%        25,915.65            --              25,915.65
                          --------------                    ------------      -----------        ------------
                          217,691,491.36        6.3192%     1,146,360.67            --           1,146,360.67
                          188,572,050.50        6.3803%     1,002,617.81
Calculation of Principal Due                    0.0611%        11,309.13
</TABLE>


<TABLE>
<CAPTION>
                      Base           Base                       Total
                    Principal      Principal      Overdue     Principal
           Class    Amount Pct.     Amount       Principal       Due
         ---------  ----------   ------------    --------- -------------
<S>                     <C>      <C>                        <C>         
         Class A        92.0%    3,841,991.85         -     3,841,991.85
         Class B-1      2.0%        83,521.56         -        83,521.56
         Class B-2      2.0%        83,521.56         -        83,521.56
         Class B-3      2.0%        83,521.56         -        83,521.56
                                 ------------    ---------  ------------
                                 4,092,556.53         -     4,092,556.53
</TABLE>

<TABLE>
<S>                                                                                                          <C>           
Calculation of Servicer Fee
         ADCPB as of the prior Calculation Date                                                              222,150,215.97
         Servicer Fee Rate                                                                                            0.500%
         One-twelfth                                                                                                   1/12
                                                                                                          -----------------
         Servicer Fee due current period                                                                          92,562.59
         Prior Servicer Fee arrearage                                                                               --
                                                                                                          -----------------
         Servicer Fee due                                                                                         92,562.59

Calculation of Back-up Servicer Fee
         ADCPB as of the prior Calculation Date                                                              226,351,292.85
         Back-up Servicer Fee Rate                                                                                    0.020%
         One-twelfth                                                                                                   1/12
                                                                                                          -----------------
         Back-up Servicer Fee due Current Period                                                                   3,772.52
         Prior Back-up Servicer Fee Arrearage                                                                       --
                                                                                                          -----------------
         Back-up Servicer Fee due                                                                                  3,772.52

Calculation of Premium Amount
         Class A Principal Amount as of the immediately preceding Collection Period                          204,363,440.86
                                                                                                          -----------------
         Premium Rate                                                                                                 0.012%
         One-twelfth                                                                                                   1/12
                                                                                                          -----------------
         Premium Amount due Current Period                                                                         2,043.63

</TABLE>


                                     Page 9

<PAGE>   21
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED NOVEMBER 1, 1997


<TABLE>
<S>                                                                                                      <C>  
         Prior Premium Amount arrearage                                                                             --
         Total Premium Amount due                                                                                  2,043.63
                                                                                                          -----------------

Indenture Trustee Fee (per Payment Date)
         Indenture Trustee Fee (per Payment Date)                                                                    291.67
         Prior Indenture Trustee Fee arrearage                                                                      --
                                                                                                          -----------------
         Total Indenture Trustee Fee due                                                                             291.67

Calculation of Letter of Credit Bank Fee
         Total Facility Face Amount (Class B-2 Note Principal Balance as of Deter. Date)                       4,442,683.50
         Letter of Credit Bank Fee Rate                                                                                0.55%
         One-twelfth                                                                                                   1/12
                                                                                                          -----------------
         Letter of Credit Bank Fee due Current Period                                                              2,036.23
         Letter of Credit Bank Fee arrearage                                                                        --
                                                                                                          -----------------
         Total Letter of Credit Bank Fee arrearage due                                                             2,036.23

Letter of Credit Reimbursement Amount
         Letter of Credit Reimbursement Amount due current period                                                   --
         Prior Letter of Credit Reimbursement Amount arrearage                                                      --
                                                                                                          -----------------
         Total Letter of Credit Reimbursement Amount due                                                            --

Indenture Trustee Expenses
         Indenture Trustee Expenses due                                                                            8,000.00
         Prior Indenture Trustee Expenses arrearage                                                                 --
                                                                                                          -----------------
         Total Indenture Trustee Expenses due                                                                      8,000.00

Additional Letter of Credit Reimbursement Amount
         Additional Letter of Credit Reimbursement Amount due current period                                        --
         Prior Additional Letter of Credit Reimbursement Amount arrearage                                           --
                                                                                                          -----------------
         Total Additional Letter of Credit Reimbursement Amount due                                                 --

Other Amounts Due Servicer under Servicing Agreement
         Other Amounts Due Servicer under Servicing Agreement - current period                                      --
         Prior Other Amounts Due Servicer under Servicing Agreement - arrearage                                     --
                                                                                                          -----------------
         Total Other Amounts Due Servicer under Servicing Agreement                                                 --

Floor Calculation
         Initial ADCPB                                                                                       226,351,292.85
         Floor percent                                                                                                 2.00%
                                                                                                          -----------------
         Floor                                                                                                 4,527,025.86

         ADCPB as of end of immediately preceding Collection Period                                          217,974,137.88

         Aggregate Note Balances prior to any payment on current Payment Date
          217,691,491.36 Payments on payment date prior to application of Floor
          Amount, if any
         Class A                                                                                               3,841,991.85
         Class B-1                                                                                                83,521.56
         Class B-2                                                                                                83,521.56
         Class B-3                                                                                                83,521.56
                                                                                                          -----------------
         Total Base Principal Amount distributions on current payment date                                     4,092,556.53
                                                                                                          -----------------
         Aggregate Note Balance after payment of Base Principal Amount                                       213,598,934.83
                                                                                                          -----------------
         Excess of ADCPB over Ending Note Balances                                                             4,375,203.05

         Excess of ADCPB over Ending Note Balances                                                               151,822.80
</TABLE>



                                    Page 10

<PAGE>   22
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997





RESTRICTING EVENT DETERMINATION:

<TABLE>
<CAPTION>
                                                                                                                           Yes/No
                                                                                                                           ------
<S>                                                                                                                        <C>  
    A) Event of Servicer Termination (Yes/No)                                                                                No
    B) Note Insuer has Made a Payment (Yes/No)                                                                               No
    C) Gross Charge Off Event has Occurred (Yes/No)                                                                          No
    D) Delinquency Trigger Event has Occurred (Yes/No)                                                                       No
</TABLE>

EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE

<TABLE>
<CAPTION>
                                                                                                                           Yes/No
                                                                                                                           ------
<S>                                                                                                                        <C>  
    A) Failure to distribute to the Noteholders all or part of any payment of Interest  
       required to be made under the terms of such Notes or the Indenture when due;     
       and,                                                                                                                  NO
    B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount     
       equal to the principal due on the Outstanding Notes as of such Payment Date to 
       the extent that sufficient Available Funds are on deposit in the Collection      
       Account of (y) on the                                                                                                 No
</TABLE>


EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT

<TABLE>
<CAPTION>
     Section                                                     Event                                                    Yes/No
    --------    --------------------------------------------------------------------------------                          ------
<S>             <C>                                                                                                       <C>  
    6.01(i)     Failure to make payment required                                                                             No
    6.01(ii)    Failure to submit Monthly Statement                                                                          No
    6.01(iii)   Failure to Observe Covenants in Servicing Agreement                                                          No
    6.01(iv)    Servicer consents to appointment of custodian, receiver, etc.                                                No
    6.01(v)     Servicer files a voluntary petition for bankruptcy                                                           No
    6.01(vi)    Order of judgement in excess of $500,000                                                                     No
    6.01(vii)   Petition under bankruptcy laws against Servicer is not stayed, withdrawn or 
                dismissed within 60 days                                                                                     No
    6.01(viii)  Assignment by Servicer to a delegate its rights under Servicing Agreement                                    No
    6.01(ix)    Servicer Trigger Event as contained in the Insurance Agreement has occurred.                                 No
</TABLE>



                                    Page 11

<PAGE>   23
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED NOVEMBER 1, 1997



Gross Charge Event Calculation:

<TABLE>
<CAPTION>
                                                                                              Result
                                                                                              ------
<S>                                                                                            <C>  
        Gross Charge Off Ratio Current Period                                                  0.02%
        Gross Charge Off Ratio Prior Period                                                    0.05%
        Gross Charge Off Ratio Second Prior Period                                              n/a
        Average of Gross Charge Off Ratio for Three Periods                                    0.03%
        Maximum Allowed                                                                        2.50%
</TABLE>

        Gross Charge Off Ratio:


<TABLE>
<CAPTION>
                            ADCPB of                                                      Gross Charge Off Ratio
                         All Defaulted       Less                                              Charge Offs/
                           Contracts      Recoveries    Charge Offs       ADCPB                    ADCPB 
                         -------------    ----------    -----------   --------------      ----------------------
<S>                        <C>            <C>            <C>          <C>                          <C>    
Current Period             127,142.70     124,029.31     3,113.39     217,974,137.88               0.02%  
Prior Period               121,710.35     111,992.50     9,717.85     222,150,215.97               0.05%  
Second Prior Period               n/a            n/a          n/a                n/a                n/a   
</TABLE>


Delinquency Event Calculation:

<TABLE>
<CAPTION>
                                                                                              Result
                                                                                              ------
<S>                                                                                            <C>  
        Delinquency Trigger Ratio Current Period                                               1.71%
        Delinquency Trigger Ratio Prior Period                                                 1.72%
        Delinquency Trigger Ratio Second Prior Period                                           n/a
        Average of Delinquency Trigger Ratios                                                  1.14%
        Maximum Allowed                                                                        7.50%
</TABLE>

Delinquency Trigger Ratio:

<TABLE>
<CAPTION>
                                A                   B                   A/B
                               ---                 ---                  ---
                             ADCPB of            ADCPB of                           
                         Contract > 30 Days         All          Delinquency Trigger
                             Past Due            Contracts              Ratio:
                           ------------        --------------           ------      
<S>                        <C>                 <C>                      <C>         
Current Period             3,729,070.13        217,974,137.88           1.71%       
Prior Period               3,826,844.43        222,150,215.97           1.72%       
Second Prior Period                 n/a                   n/a            n/a        
</TABLE>




                                    Page 12

<PAGE>   24
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                            <C>            
Available Amount to Note Holders:                                                              6,177,633.59   
                                                                                                              
Disbursements from Collection Account: Section 3.04(b) of the Servicing Agreement                             
                                                                                                              
(i)       Initial Unpaid Amounts inadvertantly deposited in Collection Account                         -      
(ii)      Indemnity Payments paid inadvertantly deposited in Collection Account                        -      
(iii)     Aggregate of:                                                                                       
          (a) Unreimbursed Servicer Advances                                                     337,713.53   
          (b) Servicer Fees from current and prior Collection Period                              90,822.56   
          (c) Servicing Charges inadvertantly deposited in Collection Account                          -      
(iv)      Current and unpaid Back-up Servicing Fees                                                3,632.90   
(v)       Premium Amount due on Payment Date and unpaid Premium Amounts                           67,388.49   
          Adjustment to prior month premium amount                                                     -      
(vi)      Indenture Trustee Fee due on Payment Date and unpaid Indenture Trustee Fees                291.67   
(vii)     Reimbursable Trustee Expenses pre 7.07(a)(ii)                                                -      
(viii)    Class A-1 through A-4 Note Interest on a pari passu basis:                                             
          Class A-1 Note Interest                                                                120,071.61   
          Adjustment to prior month Class A-1 Note Interest                                            -      
          Class A-2 Note Interest                                                                452,326.38   
          Class A-3 Note Interest                                                                272,663.71   
          Class A-4 Note Interest                                                                202,342.75   
(ix)      Class B-1 Note Interest                                                                 24,992.91   
(x)       Letter of Credit Bank Fee and unpaid amounts                                             1,996.53   
(xi)      Class B-2 Note Interest                                                                 23,413.84   
(xii)     Class A-1 through A-4 Principal Distribution Amount:                                               
          Class A-1 Principal Distribution Amount                                              4,111,249.92   
          Class A-2 Principal Distribution Amount                                                      -      
          Class A-3 Principal Distribution Amount                                                      -      
          Class A-4 Principal Distribution Amount                                                      -      
(xiii)    Note Insuer Reimbursement Amount                                                             -      
(xiv)     Class B-1 Base Principal Distribution Amount plus Class B-1 Overdue Principal           89,375.00   
(xv)      Class B-2 Base Principal Distribution Amount plus Class B-2 Overdue Principal           89,375.00   
(xvi)     Letter of Credit Reimbursement Amount                                                        -      
(xvii)    Class B-3 Note Interest                                                                 25,410.37   
(xviii)   Class B-3 Base Principal Distribution Amount plus Class B-3 Overdue Principal           89,375.00   
(xix)     Excess Indenture Trustee Expenses over those permitted by Section 7.07(a)(ii)                -      
(xx)      Letter of Credit Additional Reimbursement Amount                                             -      
(xxi)     Other Amounts Due Servicer under Servicing Agreement                                         -
</TABLE>


                                     Page 1
<PAGE>   25
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PAYMENT SUMMARY
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                           <C>   
(xxi)     Other Amounts Due Servicer under Servicing Agreement                                         -      
(xxii)    Remaining Amount to Residual Holder                                                     85,816.42   
          Additional Principal Distribution Amount to Noteholders                                             
          Class A-1 additional Principal Distribution Amount                                      83,903.06   
          Class A-2 additional Principal Distribution Amount                                           -      
          Class A-3 additional Principal Distribution Amount                                           -      
          Class A-4 additional Principal Distribution Amount                                           -      
          Class B-1 additional Principal Distribution Amount                                       1,823.98   
          Class B-2 additional Principal Distribution Amount                                       1,823.98   
          Class B-3 additional Principal Distribution Amount                                       1,823.98   
</TABLE>


          Reviewed By:



          ---------------------------------------
          Craig M. Spencer
          Senior Vice President and
          Chief Accounting Officer




                                     Page 2

<PAGE>   26
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - NOTE BALANCE ROLLFORWARD
COLLECTION PERIOD ENDED DECEMBER 1, 1997




<TABLE>
<CAPTION>
                      Initial           Beginning        Base         Additional         Total            Ending          Ending
                     Principal          Principal      Principal       Principal       Principal         Principal      Certificate
   Class              Balance            Balance     Distribution    Distribution    Distribution         Balance         Factor
-------------    ---------------     --------------  -------------   ------------    ------------     --------------    -----------
<S>               <C>                <C>             <C>              <C>           <C>               <C>               <C>      
Class A-1          32,998,000.00      25,134,921.48   4,111,249.92     83,903.06     4,195,152.98      20,939,768.50     0.6345769
Class A-2          85,479,000.00      85,479,000.00        --            --               --           85,479,000.00     1.0000000
Class A-3          51,527,000.00      51,527,000.00        --            --               --           51,527,000.00     1.0000000
Class A-4          38,238,000.00      38,238,000.00        --            --               --           38,238,000.00     1.0000000
                  --------------     --------------   ------------     ---------     ------------     --------------     --------- 
Total Class A     208,242,000.00     200,378,921.48   4,111,249.92     83,903.06     4,195,152.98     196,183,768.50     0.9420951
Class B-1           4,527,000.00       4,356,063.51      89,375.00      1,823.98        91,198.98       4,264,864.54     0.9420951
Class B-2           4,527,000.00       4,356,063.51      89,375.00      1,823.98        91,198.98       4,264,864.54     0.9420951
Class B-3           4,527,000.00       4,356,063.51      89,375.00      1,823.98        91,198.98       4,264,864.54     0.9420951
                  --------------     --------------   ------------     ---------     ------------     --------------
Total             221,823,000.00     213,447,112.02   4,379,374.92     89,375.00     4,468,749.92     208,978,362.11

ADCPB at end of Collection Period                                                                     213,505,387.96  
                                                                                                      --------------
Excess of ending ADCPB over ending note balance                                                         4,527,025.86  
Floor                                                                                                   4,527,025.86  
                                                                                                      --------------
Difference                                                                                                      0.00  
</TABLE>








                                     Page 3

<PAGE>   27
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                                         <C>     
AVAILABLE FUNDS
    Collection Account balance, as of November 30, 1997                                                         3,148,395.65
    Investment earnings on amounts in Collection Account                                                            9,562.60
    Payments due Collection Account from last 3 business days of Collection Period                                744,470.19
    Additional contribution for terminated trade-ups and rebooked leases                                          279,579.56
    Servicer Advance on current Determination Date                                                              1,995,625.59
                                                                                                            ----------------
    Available Funds on Payment Date                                                                             6,177,633.59
INITIAL UNPAID AMOUNTS INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                                   -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       6,177,633.59
INDEMNITY PAYMENTS PAID INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                                  -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       6,177,633.59
UNREIMBURSED SERVICER ADVANCES
    Unreimbursed Servicer Advances due                                                                            337,713.53
    Unreimbursed Servicer Advances paid                                                                           337,713.53
                                                                                                            ----------------
    Unreimbursed Servicer Advances remaining unpaid                                                                    -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       5,839,920.06
SERVICER FEES
    Servicer Fees due                                                                                              90,822.56
    Servicer Fees paid                                                                                             90,822.56
                                                                                                            ----------------
    Servicer Fees remaining unpaid                                                                                     -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       5,749,097.50
SERVICER CHARGES INADVERTANTLY DEPOSITED IN COLLECTION ACCOUNT                                                         -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       5,749,097.50
BACK-UP SERVICER FEES
    Back-up Servicer Fees due                                                                                       3,632.90
    Back-up Servicer Fees paid                                                                                      3,632.90
                                                                                                            ----------------
    Back-up Servicer Fees remaining unpaid                                                                             -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       5,745,464.60
PREMIUM AMOUNT
    Premium Amount due                                                                                             67,388.49
    Premium Amount paid                                                                                            67,388.49
                                                                                                            ----------------
    Premium Amount remaining unpaid                                                                                    -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       5,678,076.11
INDENTURE TRUSTEE FEE DUE ON PAYMENT DATE AND UNPAID INDENTURE TRUSTEE FEES
    Indenture Trustee Fee due                                                                                         291.67
    Indenture Trustee Fee paid                                                                                        291.67
                                                                                                            ----------------
    Indenture Trustee Fee remaining unpaid                                                                             -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       5,677,784.44
</TABLE>


                                     Page 4

<PAGE>   28
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                                         <C>     
REIMBURSABLE TRUSTEE EXPENSES PER 7.07(a)(ii)
    Total Indenture Trustee Expenses due                                                                               -
    Cap on Indenture Trustee Expenses per 7.07 (a)(ii)                                                             75,000.00
                                                                                                            ----------------
    Total Indenture Trustee Expenses paid                                                                              -
                                                                                                            ----------------
    Indenture Trustee Expenses unpaid                                                                                  -

REMAINING AVAILABLE FUNDS                                                                                       5,677,784.44
CLASS A-1 THROUGH A-4 NOTE INTEREST ON A PARI PASSU BASIS:
    Class A-1 Note Interest                                                                                       120,071.61
    Class A-2 Note Interest                                                                                       452,326.38
    Class A-3 Note Interest                                                                                       272,663.71
    Class A-4 Note Interest                                                                                       202,342.75
                                                                                                            ----------------
    Total Class A Interest due                                                                                  1,047,404.45
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       4,630,379.99
CLASS B-1 NOTE INTEREST
    Class B-1 Note Interest due                                                                                    24,992.91
    Class B-1 Note Interest paid                                                                                   24,992.91
                                                                                                            ----------------
    Class B-1 Note Interest remaining unpaid                                                                           -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       4,605,387.08
LETTER OF CREDIT BANK FEE AND UNPAID AMOUNTS
    Letter of Credit Bank Fee due                                                                                   1,996.53
    Letter of Credit Bank Fee paid                                                                                  1,996.53
                                                                                                            ----------------
    Letter of Credit Bank Fee remaining unpaid                                                                         -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       4,603,390.55
CLASS B-2 NOTE INTEREST
    Class B-2 Note Interest due                                                                                    23,413.84
    Class B-2 Note Interest paid                                                                                   23,413.84
                                                                                                            ----------------
    Class B-2 Note Interest remaining unpaid                                                                           -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                       4,579,976.71
CLASS A BASE PRINCIPAL DISTRIBUTION
    Class A Base Principal Distribution Amount due                                                              4,111,249.92
    Class A Note Principal Balance as of preceding Payment Date                                               200,378,921.48
                                                                                                            ----------------
    Class A Base Principal Distribution Amount paid                                                             4,111,249.92
                                                                                                            ----------------
    Class A Base Principal Distribution Amount remaining unpaid                                                        -

    Class A-1 Note Principal Balance as of preceding Payment Date                                              25,134,921.48
    Class A-1 Base Principal Distribution Amount paid                                                           4,111,249.92
                                                                                                            ----------------
   Class A-1 Note Principal Balance after distribution on Payment Date                                        21,023,671.56
                                                                                                            ----------------

    Remaining Class A Base Principal Distribution Amount                                                               -
                                                                                                            ----------------
</TABLE>


                                     Page 5

<PAGE>   29
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                                         <C>     
    Class A-2 Note Principal Balance as of preceding Payment Date                                              85,479,000.00
    Class A-2 Base Principal Distribution Amount paid                                                                  -
                                                                                                            ----------------
    Class A-2 Note Principal Balance after distribution on Payment Date                                        85,479,000.00

    Remaining Class A Base Principal Distribution Amount                                                               -
                                                                                                            ----------------

    Class A-3 Note Principal Balance as of preceding Payment Date                                              51,527,000.00
    Class A-3 Base Principal Distribution Amount paid                                                                  -
                                                                                                            ----------------
    Class A-3 Note Principal Balance after distribution on Payment Date                                        51,527,000.00

    Remaining Class A Base Principal Distribution Amount                                                               -
                                                                                                            ----------------

    Class A-4 Note Principal Balance as of preceding Payment Date                                              38,238,000.00
    Class A-4 Base Principal Distribution Amount paid                                                                  -
                                                                                                            ----------------
    Class A-4 Note Principal Balance after distribution on Payment Date                                        38,238,000.00

REMAINING AVAILABLE FUNDS                                                                                         468,726.79

NOTE INSUER REIMBURSEMENT AMOUNT
    Note Insuer Reimbursement Amount due                                                                               -
    Note Insuer Reimbursement Amount paid                                                                              -
                                                                                                            ----------------
    Note Insuer Reimbursement Amount remaining unpaid                                                                  -
REMAINING AVAILABLE FUNDS                                                                                         468,726.79

CLASS B-1 BASE PRINCIPAL DISTRIBUTION
    Class B-1 Note Principal Balance as of preceding Payment Date                                               4,356,063.51
    Class B-1 Base Principal Distribution due                                                                      89,375.00
    Class B-1 Base Principal Distribution paid                                                                     89,375.00
                                                                                                            ----------------
    Class B-1 Base Principal Distribution remaining unpaid                                                             -
    Class B-1 Note Principal Balance after distribution on Payment Date                                         4,266,688.52

REMAINING AVAILABLE FUNDS                                                                                         379,351.79

CLASS B-2 BASE PRINCIPAL DISTRIBUTION
    Class B-2 Note Principal Balance as of preceding Payment Date                                               4,356,063.51
    Class B-2 Base Principal Distribution due                                                                      89,375.00
    Class B-2 Base Principal Distribution paid                                                                     89,375.00
                                                                                                            ----------------
    Class B-2 Base Principal Distribution remaining unpaid                                                              -
    Class B-2 Note Principal Balance after distribution on Payment Date                                         4,266,688.52

REMAINING AVAILABLE FUNDS                                                                                         289,976.79
</TABLE>


                                     Page 6

<PAGE>   30
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                                         <C>     
LETTER OF CREDIT REIMBURSEMENT AMOUNT
    Letter of Credit Reimbursement Amount due                                                                          -
    Letter of Credit Reimbursement Amount paid                                                                         -
                                                                                                            ----------------
    Letter of Credit Reimbursement Amount remaining unpaid                                                             -
REMAINING AVAILABLE FUNDS                                                                                         289,976.79
CLASS B-3 NOTE INTEREST
    Class B-3 Note Interest due                                                                                    25,410.37
    Class B-3 Note Interest paid                                                                                   25,410.37
                                                                                                            ----------------
    Class B-3 Note Interest remaining unpaid                                                                           -
                                                                                                            ----------------
REMAINING AVAILABLE FUNDS                                                                                         264,566.42

CLASS B-3 BASE PRINCIPAL DISTRIBUTION
    Class B-3 Note Principal Balance as of preceding Payment Date                                               4,356,063.51
    Class B-3 Base Principal Distribution due                                                                      89,375.00
    Class B-3 Base Principal Distribution paid                                                                     89,375.00
                                                                                                            ----------------
    Class B-3 Base Principal Distribution remaining unpaid                                                             -
    Class B-3 Note Principal Balance after distribution on Payment Date                                         4,266,688.52

REMAINING AVAILABLE FUNDS                                                                                         175,191.42
INDENTURE TRUSTEE EXPENSES IN EXCESS OF SECTION 7.07(a)(ii)
    Indenture Trustee Expenses unpaid per above                                                                        -
    Remaining Indenture Trustee Expenses paid                                                                          -
                                                                                                            ----------------
    Remaining Indenture Trustee Expenses unpaid                                                                        -
REMAINING AVAILABLE FUNDS                                                                                         175,191.42

ADDITIONAL LETTER OF CREDIT REIMBURSEMENT AMOUNT
    Additional Letter of Credit Reimbursement Amount due                                                               -
    Additional Letter of Credit Reimbursement Amount paid                                                              -
                                                                                                            ----------------
    Additional Letter of Credit Reimbursement Amount remaining unpaid                                                  -
REMAINING AVAILABLE FUNDS                                                                                         175,191.42

OTHER AMOUNTS DUE SERVICER UNDER SERVICING AGREEMENT
    Other Amounts Due Servicer under Servicing Agreement due                                                           -
    Other Amounts Due Servicer under Servicing Agreement paid                                                          -
                                                                                                            ----------------
    Other Amounts Due Servicer under Servicing Agreement remaining unpaid                                              -
REMAINING AVAILABLE FUNDS                                                                                         175,191.42

EXCESS OF ADCPB OVER ENDING NOTE BALANCES                                                                          89,375.00

AMOUNT PAYABLE TO RESIDUAL HOLDER                                                                                  85,816.42

REMAINING AVAILABLE FUNDS TO NOTE HOLDERS                                                                          89,375.00

CLASS A ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                      89,375.00
    Adjusted Principal Distribution Sharing Ratio                                                                     93.878%
                                                                                                            ----------------
    Additional Principal Distribution to Class A                                                                   83,903.06

    Class A Note Principal Balance after payment above                                                        196,267,671.56
                                                                                                            ----------------
    Class A additional Principal Distribution Amount paid                                                          83,903.06
                                                                                                            ----------------
    Excess cash after payment of additional Class A Principal Distribution                                             -

    Class A-1 Note Principal Balance after payment above                                                       21,023,671.56
    Class A-1 additional Principal Distribution Amount paid                                                        83,903.06
                                                                                                            ----------------
</TABLE>


                                     Page 7

<PAGE>   31
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - PRIORITY OF PAYMENTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                                         <C>     
    Class A-1 Note Principal Balance after distribution on Payment Date                                        20,939,768.50
                                                                                                            ----------------

    Remaining Class A additional Principal Distribution Amount                                                         -
                                                                                                            ----------------

    Class A-2 Note Principal Balance after payment above                                                       85,479,000.00
    Class A-2 additional Principal Distribution Amount paid                                                            -
                                                                                                            ----------------
    Class A-2 Note Principal Balance after distribution on Payment Date                                        85,479,000.00

    Remaining Class A additional Principal Distribution Amount                                                         -
                                                                                                            ----------------

    Class A-3 Note Principal Balance after payment above                                                       51,527,000.00
    Class A-3 additional Principal Distribution Amount paid                                                            -
                                                                                                            ----------------
    Class A-3 Note Principal Balance after distribution on Payment Date                                        51,527,000.00

    Remaining Class A additional Principal Distribution Amount                                                         -
                                                                                                            ----------------

    Class A-4 Note Principal Balance after payment above                                                       38,238,000.00
    Class A-4 additional Principal Distribution Amount paid                                                            -
                                                                                                            ----------------
    Class A-4 Note Principal Balance after distribution on Payment Date                                        38,238,000.00

CLASS B-1 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                      89,375.00
    Adjusted Principal Distribution Sharing Ratio                                                                      2.041%
                                                                                                            ----------------
    Additional Principal Distribution to Class B-1                                                                  1,823.98

    Class B-1 Note Principal Balance after payment above                                                        4,266,688.52
    Class B-1 additional Principal Distribution paid                                                                1,823.98
                                                                                                            ----------------
    Class B-1 Note Principal Balance after distribution on Payment Date                                         4,264,864.54

CLASS B-2 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                      89,375.00
    Adjusted Principal Distribution Sharing Ratio                                                                      2.041%
                                                                                                            ----------------
    Additional Principal Distribution to Class B-2                                                                  1,823.98

    Class B-2 Note Principal Balance after payment above                                                        4,266,688.52
    Class B-2 additional Principal Distribution paid                                                                1,823.98
                                                                                                            ----------------
    Class B-2 Note Principal Balance after distribution on Payment Date                                         4,264,864.54

CLASS B-3 ADDITIONAL PRINCIPAL DISTRIBUTION
    Remaining Available Funds to Note Holders                                                                      89,375.00
    Adjusted Principal Distribution Sharing Ratio                                                                      2.041%
                                                                                                            ----------------
    Additional Principal Distribution to Class B-3                                                                  1,823.98

    Class B-3 Note Principal Balance after payment above                                                        4,266,688.52
    Class B-3 additional Principal Distribution paid                                                                1,823.98
                                                                                                            ----------------
    Class B-3 Note Principal Balance after distribution on Payment Date                                         4,264,864.54
</TABLE>


                                     Page 8
<PAGE>   32
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1997


Calculation of Base Principal Amount

<TABLE>
<S>                                                                                                             <C>           
          ADCPB, beginning of Collection Period                                                                 217,974,137.88
          ADCPB, end of Collection Period                                                                       213,505,387.96
                                                                                                              ----------------
          Base Principal Amount                                                                                   4,468,749.92
</TABLE>

Unreimbursed Servicing Advances

<TABLE>
<S>                                                                                                               <C>         
         Unreimbursed Servicing Advances from previous Collection Period                                          2,124,415.93
         Servicing Advances collected during the current Collection Period                                        1,786,702.40
                                                                                                                --------------
         Unreimbursed Servicing Advances as of current Determination Date                                           337,713.53
</TABLE>

Calculation of Interest Due

<TABLE>
<CAPTION>
                            Beginning                       Current                 Total
                            Principal           Interest   Interest   Overdue      Interest
           Class             Balance              Rate        Due     Interest       Due
         ---------        -------------         -------   ----------  --------    -----------
<S>              <C>      <C>                   <C>       <C>                     <C>       
         Class A-1        25,134,921.48         5.7325%     120,071.61     -       120,071.61
         Class A-2        85,479,000.00         6.3500%     452,326.38     -       452,326.38
         Class A-3        51,527,000.00         6.3500%     272,663.71     -       272,663.71
         Class A-4        38,238,000.00         6.3500%     202,342.75     -       202,342.75
         Class B-1         4,356,063.51         6.8850%      24,992.91     -        24,992.91
         Class B-2         4,356,063.51         6.4500%      23,413.84     -        23,413.84
         Class B-3         4,356,063.51         7.0000%      25,410.37     -        25,410.37
                         --------------                   ------------  -------  ------------
                         213,447,112.02         6.3035%   1,121,221.57     -     1,121,221.57
</TABLE>

Calculation of Principal Due

<TABLE>
<CAPTION>
                      Base           Base                       Total
                    Principal      Principal      Overdue     Principal
 Class              Amount Pct.     Amount       Principal       Due
----------          -----------  ------------    ---------  ------------
<S>                    <C>       <C>             <C>        <C>
Class A                92.0%     4,111,249.92         -     4,111,249.92  
Class B-1               2.0%        89,375.00         -        89,375.00  
Class B-2               2.0%        89,375.00         -        89,375.00  
Class B-3               2.0%        89,375.00         -        89,375.00  
                                 ------------    ---------  ------------  
                                 4,379,374.92         -     4,379,374.92  
</TABLE>

<TABLE>

<S>                                                                                             <C>           
Calculation of Servicer Fee
         ADCPB as of the prior Calculation Date                                                 217,974,137.88
         Servicer Fee Rate                                                                               0.500%
         One-twelfth                                                                                      1/12
                                                                                              ----------------
         Servicer Fee due current period                                                             90,822.56
         Prior Servicer Fee arrearage                                                                  --
                                                                                              ----------------
         Servicer Fee due                                                                            90,822.56

Calculation of Back-up Servicer Fee
         ADCPB as of the prior Calculation Date                                                 217,974,137.88
         Back-up Servicer Fee Rate                                                                       0.020%
         One-twelfth                                                                                      1/12
                                                                                              ----------------
         Back-up Servicer Fee due Current Period                                                      3,632.90
         Prior Back-up Servicer Fee Arrearage                                                          --
                                                                                              ----------------
         Back-up Servicer Fee due                                                                     3,632.90

Calculation of Premium Amount
         Class A Principal Amount as of the immediately preceding Collection Period             200,378,921.48
         Premium Rate                                                                                    0.140%
         One-twelfth                                                                                      1/12
                                                                                              ----------------
         Premium Amount due Current Period                                                           23,377.54

</TABLE>


                                     Page 9

<PAGE>   33
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - FEE CALCULATION
COLLECTION PERIOD ENDED DECEMBER 1, 1997


<TABLE>
<S>                                                                                                  <C>      
         Prior Premium Amount arrearage                                                              44,010.95
                                                                                              ----------------
         Total Premium Amount due                                                                    67,388.49

Indenture Trustee Fee (per Payment Date)
         Indenture Trustee Fee (per Payment Date)                                                       291.67
         Prior Indenture Trustee Fee arrearage                                                         --
                                                                                              ----------------
         Total Indenture Trustee Fee due                                                                291.67

Calculation of Letter of Credit Bank Fee
         Total Facility Face Amount (Class B-2 Note Principal Balance as of Deter. Date)          4,356,063.51
         Letter of Credit Bank Fee Rate                                                                   0.55%
         One-twelfth                                                                                      1/12
                                                                                              ----------------
         Letter of Credit Bank Fee due Current Period                                                 1,996.53
         Letter of Credit Bank Fee arrearage                                                           --
                                                                                              ----------------
         Total Letter of Credit Bank Fee arrearage due                                                1,996.53

Letter of Credit Reimbursement Amount
         Letter of Credit Reimbursement Amount due current period                                      --
         Prior Letter of Credit Reimbursement Amount arrearage                                         --
                                                                                              ----------------
         Total Letter of Credit Reimbursement Amount due                                               --

Indenture Trustee Expenses
         Indenture Trustee Expenses due                                                                --
         Prior Indenture Trustee Expenses arrearage                                                    --
                                                                                              ----------------
         Total Indenture Trustee Expenses due                                                          --

Additional Letter of Credit Reimbursement Amount
         Additional Letter of Credit Reimbursement Amount due current period                           --
         Prior Additional Letter of Credit Reimbursement Amount arrearage                              --
                                                                                              ----------------
         Total Additional Letter of Credit Reimbursement Amount due                                    --

Other Amounts Due Servicer under Servicing Agreement
         Other Amounts Due Servicer under Servicing Agreement - current period                         --
         Prior Other Amounts Due Servicer under Servicing Agreement - arrearage                        --
                                                                                              ----------------
         Total Other Amounts Due Servicer under Servicing Agreement                                    --

Floor Calculation
         Initial ADCPB                                                                          226,351,292.85
         Floor percent                                                                                    2.00%
                                                                                              ----------------
         Floor                                                                                    4,527,025.86

         ADCPB as of end of immediately preceding Collection Period                             213,505,387.96

         Aggregate Note Balances prior to any payment on current Payment Date
         Payments on payment date prior to application of Floor Amount, if any                  213,447,112.02
         Class A                                                                                  4,111,249.92
         Class B-1                                                                                   89,375.00
         Class B-2                                                                                   89,375.00
         Class B-3                                                                                   89,375.00
                                                                                              ----------------
         Total Base Principal Amount distributions on current payment date                        4,379,374.92
                                                                                              ----------------
         Aggregate Note Balance after payment of Base Principal Amount                          209,067,737.10
                                                                                              ----------------
         Excess of ADCPB over Ending Note Balances                                                4,437,650.86

         Excess of ADCPB over Ending Note Balances                                                   89,375.00
</TABLE>



                                    Page 10

<PAGE>   34
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC.
MONTHLY SERVICER CERTIFICATE - TESTS
COLLECTION PERIOD ENDED DECEMBER 1, 1997





RESTRICTING EVENT DETERMINATION:

<TABLE>
<CAPTION>
                                                                                                        Yes/No
                                                                                                        ------
<S>                                                                                                      <C> 
    A) Event of Servicer Termination (Yes/No)                                                             No
    B) Note Insuer has Made a Payment (Yes/No)                                                            No
    C) Gross Charge Off Event has Occurred (Yes/No)                                                       No
    D) Delinquency Trigger Event has Occurred (Yes/No)                                                    No
</TABLE>

EVENTS OF DEFAULT: SECTION 8.01 OF INDENTURE

<TABLE>
<CAPTION>
                                                                                                        Yes/No
                                                                                                        ------
<S>                                                                                                      <C> 
    A) Failure to distribute to the Noteholders all or part of any payment of Interest    
       required to be made under the terms of such Notes or the Indenture when due;       
       and,                                                                                               No
    B) Failure to distribute to the Noteholders (x) on any Payment Date, an amount      
       equal to the principal due on the Outstanding Notes as of such Payment Date to  
       the extent that sufficient Available Funds are on deposit in the Collection       
       Account of (y) on the                                                                              No
</TABLE>

EVENTS OF SERVICER TERMINATION: SECTION 6.01 OF SERVICING AGREEMENT

<TABLE>
<CAPTION>
    Section                          Event                                                             Yes/No
    -------     ----------------------------------------------------------------------------           ------
<S>            <C>                                                                                     <C>                
    6.01(i)     Failure to make payment required                                                          No
    6.01(ii)    Failure to submit Monthly Statement                                                       No
    6.01(iii)   Failure to Observe Covenants in Servicing Agreement                                       No
    6.01(iv)    Servicer consents to appointment of custodian, receiver, etc.                             No
    6.01(v)     Servicer files a voluntary petition for bankruptcy                                        No
    6.01(vi)    Order of judgement in excess of $500,000                                                  No
    6.01(vii)   Petition under bankruptcy laws against Servicer is not stayed, withdrawn or 
                dismissed within 60 days                                                                  No
    6.01(viii)  Assignment by Servicer to a delegate its rights under Servicing Agreement                 No
    6.01(ix)    Servicer Trigger Event as contained in the Insurance Agreement has occurred.              No
</TABLE>



                                    Page 11

<PAGE>   35
FIRST SIERRA EQUIPMENT CONTRACT TRUST SERIES 1997-1
FIRST SIERRA RECEIVABLES IV, INC. 
MONTHLY SERVICER CERTIFICATE - TRIGGER ACCOUNT CALCULATIONS
COLLECTION PERIOD ENDED DECEMBER 1, 1997 




Gross Charge Event Calculation:

<TABLE>
<CAPTION>
                                                                                              Result
                                                                                              ------
<S>                                                                                           <C>  
        Gross Charge Off Ratio Current Period                                                  -0.02%
        Gross Charge Off Ratio Prior Period                                                     0.02%
        Gross Charge Off Ratio Second Prior Period                                              0.05%
                                                                                              ------ 
        Average of Gross Charge Off Ratio for Three Periods                                     0.02%
</TABLE>


        Gross Charge Off Ratio:

<TABLE>
<CAPTION>
                          ADCPB of                                                 Gross Charge Off Ratio
                        All Defaulted      Less                                         Charge Offs/
                          Contracts     Recoveries  Charge Offs       ADCPB                ADCPB   
                        -------------   ----------  -----------   --------------   ----------------------   
<S>                       <C>           <C>         <C>           <C>                     <C>      
Current Period            206,389.28    210,137.68   -3,748.40    213,505,387.96           -0.02%  
Prior Period              127,142.70    124,029.31    3,113.39    217,974,137.88            0.02%  
Second Prior Period       121,710.35    111,992.50    9,717.85    222,150,215.97            0.05%  
</TABLE>

Delinquency Event Calculation:

<TABLE>
<CAPTION>
                                                                                              Result
                                                                                              ------
<S>                                                                                           <C>  
        Delinquency Trigger Ratio Current Period                                               4.16%
        Delinquency Trigger Ratio Prior Period                                                 1.71%
        Delinquency Trigger Ratio Second Prior Period                                          1.72%
        Average of Delinquency Trigger Ratios                                                  2.53%
</TABLE>

Delinquency Trigger Ratio:


<TABLE>
<CAPTION>
                               A                   B                 A/B            
                              ---                 ---                ---
                            ADCPB of           ADCPB of                             
                       Contract > 30 Days         All        Delinquency Trigger 
                            Past Due           Contracts           Ratio:           
                       ------------------      ---------     ------------------- 
<S>                       <C>                <C>                   <C>              
Current Period            8,876,903.20       213,505,387.96        4.16%            
Prior Period              3,729,070.13       217,974,137.88        1.71%            
Second Prior Period       3,826,844.43       222,150,215.97        1.72%            
</TABLE>


                                    Page 12