<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 17, 1998
Series EquiCredit Funding Trust 1997-A
----------------------------------
(Exact name of registrant as specified in its charter)
United States
of America 333-20675 59-3446547
-------- -------- -----------
(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
Series EquiCredit Funding Trust 1997-A
10401 Deerwood Park Blvd.
Jacksonville, Florida 32256
(Address of principal executive offices)
----------------------------------------
Registrant's telephone number including area code: (904) 987-5000
<PAGE>
Item 5. Other Events
------------
On January 9, 1998, Barnett Banks, Inc., the parent and sole
stockholder of EquiCredit Corporation, merged with NationsBank
Corporation. As a result EquiCredit Corporation is now an
indirect wholly-owned subsidiary of NationsBank Corporation.
The Registrant hereby incorporates by reference the information
contained in Exhibit 99 hereto in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
------------------------------------------------------------------
(c) Exhibits
99 Trustee's Remittance Report in respect of the February 1998
Remittance Date.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Series EquiCredit Funding Trust 1997-A
----------------------------------
(Registrant)
EquiCredit Corporation of America
---------------------------------
as Representative
Dated: March 31, 1998 By: \s\ James B. Dodd
-----------------
Name: James B. Dodd
Title: Vice President/General Counsel
(Duly Authorized Officer)
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the February 1998
Remittance Date.
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1997-A
FROM January 15, 1998
TO February 17, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 5,203,647.00 5,061,847.64 141,799.36
Portions subject to bankrupty 10,123,000.00
(ii)
CLASS A-1 PRINCIPAL BALANCE (Beginning) 54,858,498.19
CLASS A-2 PRINCIPAL BALANCE (Beginning) 50,383,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 14,255,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 10,123,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 9,524,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 18,942,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning) 4,568,325.20
POOL PRINCIPAL BALANCE (Beginning)
162,653,823.39 158,085,498.19 4,568,325.20
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 82 80 2
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,028,416.10 3,916,268.21 112,147.89
(iv) AMOUNT OF CURTAILMENTS RECEIVED 19,119.49 18,533.73 585.76
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 233,422.77 228,770.99 4,651.78
(vi) INTEREST RECEIVED ON MORTGAGES 1,486,278.41 1,454,304.31 31,974.10
(vii) AGGREGATE ADVANCES 1,052,353.14 1,018,183.37 34,169.77
(viii) a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 152 148 4
PRINCIPAL BALANCE 6,893,380.58 6,607,635.19 285,745.39
% OF PRINCIPAL 4.352958% 4.293184% 6.419889%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 44 44 0
PRINCIPAL BALANCE 2,125,537.92 2,125,537.92 0.00
% OF PRINCIPAL 1.342212% 1.381027% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 105 104 1
PRINCIPAL BALANCE 5,156,327.73 5,078,643.36 77,684.37
% OF PRINCIPAL 3.256062% 3.299751% 1.745348%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 49 49 0
PRINCIPAL BALANCE 1,834,369.59 1,834,369.59 0.00
% OF PRINCIPAL 1.158348% 1.191846% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 5 5 0
PRINCIPAL BALANCE 202,922.95 202,922.95 0.00
% OF PRINCIPAL 0.13% 0.13% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 130,925.81 130,925.81 0.00
% OF PRINCIPAL 0.08% 0.09% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 18 18 0
PRINCIPAL BALANCE 787,283.99 787,283.99 0.00
% OF PRINCIPAL 0.50% 0.51% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 22 22 0
PRINCIPAL BALANCE 1,284,028.49 1,284,028.49 0.00
% OF PRINCIPAL 0.810824% 0.834273% 0.000000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 29,126.69 29,126.69 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 21 21 0
PRINCIPAL BALANCE 1,254,901.80 1,254,901.80 0.00
% OF PRINCIPAL 0.79% 0.82% 0.00%
d. MORTGAGES IN REO:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
e. MORTGAGE LOAN LOSSES 12,018.03 12,018.03 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 50,682,907.23
ENDING CLASS A-2 PRINCIPAL BALANCE 50,383,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 14,255,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 10,123,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 9,524,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 18,942,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 4,450,939.77
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
195.87307417 196.25205974 182.76805884
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
11.25909483% 11.297890% 9.917600%
(xi) SERVICING FEES PAID 79,270.59 77,353.59 1,917.00
SERVICING FEES ACCRUED 79,918.26 77,722.15 2,196.11
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)
158,360,847.00 153,909,907.23 4,450,939.77
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
3723 3675 48
NUMBER OF MORTGAGES OUTSTANDING (END) 3641 3595 46
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
1,500,812.56 1,464,329.67 36,482.89
(xviii) SUBORDINATED AMOUNT (REMAINING)
20,418,216.08
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)
5,227,326.93
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
(106,151.92)
EXCESS SPREAD 487,736.94 478,204.00 9,532.93
(xx) AGGREGATE MORTGAGE LOAN LOSSES (106,151.92)
(xxi) RESERVED
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-A
FROM: January 15, 1998
TO: February 17, 1998
SECURITY DESCRIPTION RATE MATURITY
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
FACE BALANCE REDUCTION BALANCE PAYABLE
CLASS A-1 6.300000% Dec. 15, 2010
86,192,000.00 54,858,498.19 4,175,590.96 50,682,907.23 288,007.12
CLASS A-2 6.830000% Jan. 15, 2014
50,383,000.00 50,383,000.00 0.00 50,383,000.00 286,763.24
CLASS A-3 7.160000% May 15, 2020
14,255,000.00 14,255,000.00 0.00 14,255,000.00 85,054.83
CLASS A-4 7.340000% Mar. 15, 2024
10,123,000.00 10,123,000.00 0.00 10,123,000.00 61,919.02
CLASS A-5 7.620000% June 15, 2028
9,524,000.00 9,524,000.00 0.00 9,524,000.00 60,477.40
CLASS A-6 7.100000% June 15, 2028
18,942,000.00 18,942,000.00 0.00 18,942,000.00 112,073.50
CLASS A-7 5.813750% April 15, 2028
5,124,000.00 4,568,325.20 117,385.43 4,450,939.77 24,345.84
CLASS R VARIABLE June 15, 2028
0.00 0.00 0.00 0.00 0.00
TOTAL
194,543,000.00 162,653,823.39 4,292,976.39 158,360,847.00 918,640.95
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 294424AG1 636.46856077 48.44522647 588.02333430 3.34145994
CLASS A-2 294424AH9 1,000.00000000 0.00000000 1000.00000000 5.69166667
CLASS A-3 294424AJ5 1,000.00000000 0.00000000 1000.00000000 5.96666667
CLASS A-4 294424AK2 1,000.00000000 0.00000000 1000.00000000 6.11666667
CLASS A-5 294424AL0 1,000.00000000 0.00000000 1000.00000000 6.35000000
CLASS A-6 294424AM8 1,000.00000000 0.00000000 1000.00000000 5.91666667
CLASS A-7 294424AN6 891.55448868 22.90894418 868.64554450 4.75133533
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
US BANK NATIONAL ASSOCIATION
PYMT PER FROM DATE January 15, 1998
AS TRUSTEE PYMT PER TO DATE February 17, 1998
EQUICREDIT FUNDING TRUST 1997-A
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
86,192,000.00 50,383,000.00 14,255,000.00 10,123,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
54,858,498.19 636.46856077
CLASS A-2 PRINCIPAL BALANCE (Beginning)
50,383,000.00
1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning)
14,255,000.00
1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)
10,123,000.00
1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning)
9,524,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
18,942,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
4,568,325.20
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
158,085,498.19
1834.10871299 3137.67537046 11089.82800351 15616.46727156
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
4,568,325.20
Total POOL PRINCIPAL BALANCE (Beginning)
162,653,823.39
1887.11044401 3228.34732727 11410.29978183 16067.74902598
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 82
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
3,916,268.21
45.43656267 77.72995276 274.72944300 386.86834041
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
112,147.89
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,028,416.10
46.73770304 79.95586011 282.59670993 397.94686358
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
18,533.73
0.21502842 0.36785682 1.30015644 1.83085350
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
585.76
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
19,119.49
0.22182442 0.37948296 1.34124798 1.88871777
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
228,770.99
2.65420213 4.54063851 16.04847352 22.59912970
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
4,651.78
MONTHLY PAYMENTS RECEIVED - Total Pool
233,422.77
2.70817210 4.63296687 16.37479972 23.05865554
ENDING CLASS A-1 PRINCIPAL BALANCE
50,682,907.23
588.02333430
ENDING CLASS A-2 PRINCIPAL BALANCE
50,383,000.00
1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE
14,255,000.00
1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE
10,123,000.00
1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE
9,524,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
18,942,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
4,450,939.77
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
153,909,907.23
1785.66348652 3054.79838894 10796.90685584 15203.98174751
Variable Rate POOL PRINCIPAL BALANCE (Ending)
4,450,939.77
Total POOL PRINCIPAL BALANCE (Ending)
158,360,847.00
1837.30331121 3143.14048389 11109.14394949 15643.66758866
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-5 CLASS A-6 CLASS A-7
9,524,000.00 18,942,000.00 5,124,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
54,858,498.19
CLASS A-2 PRINCIPAL BALANCE (Beginning)
50,383,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
14,255,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
10,123,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
9,524,000.00
1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)
18,942,000.00
1000.00000000
CLASS A-7 PRINCIPAL BALANCE (Beginning)
4,568,325.20
891.55448868
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
158,085,498.19
16598.64533704 8345.76592704
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
4,568,325.20
891.55448868
Total POOL PRINCIPAL BALANCE (Beginning)
162,653,823.39
17078.30988975 8586.94031201 31743.52525176
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 82
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
3,916,268.21
411.19993805 206.75051262
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
112,147.89
5.92059392 21.88678571
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,028,416.10
422.97523100 212.67110654 786.18581187
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
18,533.73
1.94600273 0.97844631
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
585.76
0.03092387 0.11431694
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
19,119.49
2.00750630 1.00937018 3.73136027
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
228,770.99
24.02047354 12.07744642
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
4,651.78
0.24558019 0.90784153
MONTHLY PAYMENTS RECEIVED - Total Pool
233,422.77
24.50890067 12.32302661 45.55479508
ENDING CLASS A-1 PRINCIPAL BALANCE
50,682,907.23
ENDING CLASS A-2 PRINCIPAL BALANCE
50,383,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE
14,255,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE
10,123,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
9,524,000.00
1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
18,942,000.00
1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE
4,450,939.77
868.64554450
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
153,909,907.23
16160.21705481 8125.32505702
Variable Rate POOL PRINCIPAL BALANCE (Ending)
4,450,939.77
868.64554450
Total POOL PRINCIPAL BALANCE (Ending)
158,360,847.00
16627.55638387 8360.30234400 30905.70784543
