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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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8-K
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 15, 1997
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EQCC HOME EQUITY LOAN TRUST 1997-1
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(Exact name of registrant as specified in governing instruments)
Delaware 333-20675 59-3353406
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
10401 Deerwood Park Boulevard, Jacksonville, Florida 32256
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(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
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Not Applicable
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(Former name or former address, if changed since last report)
Total Number of Pages 11
Exhibit Index Located at Page 5
Page 1 of 11
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Items 1 through 4, Item 6, and Item 8 are not included because they
are not applicable.
Item 5. Other Events.
(a) Merger. On September 26, 1994, EquiCredit Corporation (the "Company")
entered into an Agreement and Plan of Merger (the "Merger Agreement") with
Barnett Banks, Inc. ("Barnett Banks") and a Delaware corporation to be formed
as wholly-owned subsidiary of Barnett Banks (the "Merger Subsidiary"). The
transaction was consummated on January 27, 1995.
(b) On August 15, 1996, (the "August Remittance Date") a scheduled
distribution was made from EQCC Home Equity Loan Trust 1996-1 to holders of
Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class
A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates and Class R
Certificates. The information contained in the Trustee's Remittance Report
in respect of the August Remittance Date, attached hereto as Exhibit 99, is
hereby incorporated by reference.
2
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As of October 1, 1993, Old Stone Credit Corporation is n/k/a EquiCredit
Corporation of America.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements - Not Applicable
(b) Pro Forma Financial Information - Not Applicable
(c) Exhibits
(Exhibit numbers conform to Item 601 of Regulation S-K):
99 Trustee's Remittance Report in respect of the August
Remittance Date.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
3
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf the
undersigned hereto duly authorized.
EQCC HOME EQUITY LOAN TRUST 1997-1
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
December 15, 1997 BY: /s/ JOHN D. EVANS, JR.
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John D. Evans, Jr,
Senior Vice President
4
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Sequentially
EXHIBIT Numbered
NUMBER Exhibit Page
- ------- ------- -------------
<S> <C> <C>
99 Trustee's Remittance Report in respect of the August
Remittance Date. 7
</TABLE>
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
5
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EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
6
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM Dec. 15, 1997
TO Jan. 15, 1997
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
-------------- -------------- -------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT............................ 19,653,118.64 13,746,633.25 5,906,485.39
Portions subject to bankrupty..................... 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)............. 136,444,546.99
CLASS A-2 PRINCIPAL BALANCE (Beginning)............. 18,259,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)............. 127,073,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)............. 47,407,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)............. 25,494,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)............. 33,989,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)............. 50,000,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)............. 57,933,654.30
POOL PRINCIPAL BALANCE (Beginning).................. 496,600,201.29 438,666,546.99 57,933,654.30
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS..................... 301 239 62
PRINCIPAL BALANCE OF MORTGAGES PREPAYING............ 15,654,567.75 10,209,099.12 5,445,468.63
(iv) AMOUNT OF CURTAILMENTS RECEIVED..................... 295,889.97 242,530.01 53,359.96
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED........................... 696,242.22 665,311.63 30,930.59
(vi) INTEREST RECEIVED ON MORTGAGES...................... 4,499,690.51 3,939,143.99 560,546.52
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C>
(vii) AGGREGATE ADVANCES.................................. 3,377,393.06 2,960,984.18 416,408.88
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY &
FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER....................................... 249 227 22
PRINCIPAL BALANCE............................ 11,306,568.44 9,750,676.95 1,555,891.49
% OF PRINCIPAL............................... 2.355975% 2.280826% 2.969038%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER....................................... 96 83 13
PRINCIPAL BALANCE............................ 5,667,766.44 4,681,006.79 986,759.65
% OF PRINCIPAL............................... 1.181005% 1.094956% 1.882989%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER....................................... 340 316 24
PRINCIPAL BALANCE............................ 18,315,995.09 16,172,341.65 2,143,653.44
% OF PRINCIPAL............................... 3.816545% 3.782947% 4.090638%
b. MORTGAGES IN BANKRUPTCY (TOTAL)..................
NUMBER.......................................... 136 124 12
PRINCIPAL BALANCE............................... 6,980,261.24 5,942,375.09 1,037,886.15
% OF PRINCIPAL.................................. 1.454493% 1.390008% 1.980552%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER...................................... 9 8 1
PRINCIPAL BALANCE........................... 396,948.87 350,987.58 45,961.29
% OF PRINCIPAL.............................. 0.08% 0.08% 0.09%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER........................................ 8 7 1
PRINCIPAL BALANCE............................. 732,328.65 669,243.93 63,084.72
% OF PRINCIPAL................................ 0.15% 0.16% 0.12%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER........................................ 65 62 3
PRINCIPAL BALANCE............................. 3,628,851.26 3,230,120.28 398,730.98
% OF PRINCIPAL................................ 0.76% 0.76% 0.76%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER.......................................... 88 78 10
PRINCIPAL BALANCE............................... 5,351,066.02 4,538,321.08 812,744.94
% OF PRINCIPAL.................................. 1.115014% 1.061580% 1.550925%
FORECLOSURE MORTGAGE DELINQUENCIES (included in
(viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES
30-59 DAYS:
NUMBER.................................... 0 0 0
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE........................ 0.00 0.00 0.00
% OF PRINCIPAL........................... 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER....................................... 1 0 1
PRINCIPAL BALANCE............................ 61,124.84 0.00 61,124.84
% OF PRINCIPAL............................... 0.01% 0.00% 0.12%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER....................................... 87 78 9
PRINCIPAL BALANCE............................ 5,289,941.18 4,538,321.08 751,620.10
% OF PRINCIPAL............................... 1.10% 1.06% 1.43%
d. MORTGAGES IN REO (TOTAL-included in 90 days or
more in (viii)a. above):
NUMBER......................................... 0 0 0
PRINCIPAL BALANCE.............................. 0 0 0
% OF PRINCIPAL................................. 0 0 0
e. MORTGAGE LOAN LOSSES............................. 43,196.05 43,196.05 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE.................. 125,284,410.18
ENDING CLASS A-2 PRINCIPAL BALANCE.................. 18,259,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE.................. 127,073,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE.................. 47,407,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE.................. 25,494,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE.................. 33,989,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE.................. 50,000,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE.................. 52,403,895.12
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS......... 158.18781710 165.35096871 99.75145042
WEIGHTED AVERAGE MORTGAGE INTEREST RATE............. 10.68800933% 10.696170% 10.621436%
(xi) SERVICING FEES PAID................................. 252,714.90 221,004.80 31,710.10
SERVICING FEES ACCRUED.............................. 242,724.20 214,975.52 27,748.68
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS......... 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)..................... 479,910,305.30 427,506,410.18 52,403,895.12
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER......................................... 162,776.13
TO REPRESENTATIVE................................... 0.00
TO DEPOSITORS....................................... 0.00
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C>
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)......... 10,634 9,921 713
NUMBER OF MORTGAGES OUTSTANDING (END)............... 10,333 9,682 651
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS.... 4,326,923.68 3,833,934.06 492,989.62
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS................. 250,385.98
PRINCIPAL BALANCE OF MORTGAGE LOANS................. 1,137,253.63
(xviii) SUBORDINATED AMOUNT (REMAINING)..................... 78,486,557.38
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)........ 27,603,800.98
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS.......... 246,331.62
EXCESS SPREAD....................................... 1,240,556.91 1,088,446.70 152,110.21
(xx) AGGREGATE MORTGAGE LOAN LOSSES...................... 246,331.62
(xxi) LIBOR INTEREST CARRYOVER............................ 0
</TABLE>
