<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): September 17, 1996
EQCC RECEIVABLES CORPORATION
EQCC ASSET BACKED CORPORATION
(Exact name of registrants as specified in governing instruments)
33-99344 59-3170055
Delaware 33-99344-01 59-3170052
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
10401 Deerwood Park Blvd., Jacksonville, Florida 32256
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5120
Not Applicable
(Former name or former address if changed since last report)
Exhibit Index located at Page 3
<PAGE> 2
Items 1 through 4, Item 6 and Item 8 are not included because they are not
applicable.
ITEM 5. OTHER EVENTS.
On or prior to September 25, 1996, the Registrants will cause the
issuance and sale of EquiCredit Funding Asset Backed Certificates, Series
1996-A, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of
September 1, 1996, among the Registrant, EquiCredit Corporation of America, as
Servicer, and First Trust, National Association, as Trustee. In connection with
the sale of the Certificates, the Registrants have been advised by CS First
Boston Corporation, Lehman Brothers Inc. and Salomon Brothers Inc (the
"Underwriters"), that the Underwriters have furnished to prospective investors
certain computational materials and collateral term sheets (the "Term Sheets")
with respect to the Certificates following the effective date of Registration
Statement No. 33-99344 but prior to the availability of a final Prospectus
relating to the Certificates. The Term Sheet used by CS First Boston
Corporation, which is substantially identical to the Term Sheets used by each of
the Underwriters, is being filed as an exhibit to this report.
The Term Sheet attached hereto has been provided by one of the Underwriters.
The information in the Term Sheets was preliminary and will be superseded by the
Prospectus Supplement relating to the Certificates and may be superseded by any
other information subsequently filed with the Commission.
The "computational materials" portion of the Term Sheets were prepared by
the Underwriters at the request of certain prospective investors, based on
assumptions provided by, and satisfying the special requirements of, such
prospective investors. Such materials may not include, and do not purport to
include, information based on assumptions representing a complete set of
possible scenarios. Accordingly, such materials may not be relevant to or
appropriate for investors other than those specifically requesting them.
Certain assumptions may have been made in the Term Sheets which have
resulted in any returns to holders of the Certificates that are detailed in the
Term Sheets. No representation is made that any returns indicated in the Term
Sheets will be achieved. Changes to the assumptions may have a material impact
on any returns detailed. Past performance is not necessarily indicative of
future results.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Certificates (the "Mortgage Loans") will differ from the
assumptions used in the Term Sheets, which are hypothetical in nature and which
were provided to certain investors only to give a general sense of how the
yield, average life, duration, expected maturity, interest rate sensitivity and
cash flow characteristics of the Certificates might vary under varying
2
<PAGE> 3
prepayment and other scenarios. Any difference between such assumptions and the
actual characteristics and performance of the Mortgage Loans will affect the
actual yield, average life, duration, expected maturity, interest rate
sensitivity and cash flow characteristics of the Certificates.
The statistical distribution of the characteristics of the final Mortgage
Pool may vary from the statistical distribution of such characteristics as set
forth in the "collateral term sheet" portion of the Term Sheets.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
List below the financial statements, pro forma financial information and
exhibits, if any, filed as part of this report.
(a) Financial Statements of Businesses Acquired.
Not applicable
(b) Pro Forma Financial Information.
Not applicable
(c) Exhibits.
Sequentially Exhibit
Numbered Number Exhibit Page
- -------- ------ ------- ----
005 99.1(D) Computational Materials prepared in
connection with the sale of EQCC Home
Equity Loan Asset Backed Certificates,
Series 1996-2, in the form used by Lehman
Brothers Inc., CS First Boston
Corporation and Salomon Brothers Inc.
3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
EQCC RECEIVABLES CORPORATION
EQCC ASSET BACKED CORPORATION
(Registrants)
EQCC RECEIVABLES CORPORATION
September 19, 1996 By: \s\ Stephen R. Veth
-------------------------
Stephen R. Veth
President
EQCC ASSET BACKED CORPORATION
September 19, 1996 By: \s\ Stephen R. Veth
-------------------------
Stephen R. Veth
President
<PAGE> 5
EXHIBIT INDEX
-------------
Exhibit
Number Exhibit
------ -------
99.1(D) Computational Materials prepared in
connection with the sale of EQCC Home
Equity Loan Asset Backed Certificates,
Series 1996-2, in the form used by Lehman
Brothers Inc., CS First Boston
Corporation and Salomon Brothers Inc.
<PAGE> 1
EXHIBIT 99.1(c)
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod. Final
Name Par % Life Yield Price Pay Pay Dur. Maturity
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
To Maturity
A1 72,800,000 6.40 1.05 6.486 100-00 10/96 12/98 0.98 9/10
A2 37,600,000 6.90 3.05 7.000 100-00 12/98 10/00 2.65 1/12
A3 24,200,000 7.25 5.10 7.360 100-00 10/00 2/03 4.11 11/19
A4 9,250,000 7.60 7.10 7.721 100-00 2/03 9/04 5.29 12/22
A5 13,794,000 7.75 10.73 7.876 100-00 9/04 9/25 6.94 9/27
A6 13,219,000 FLOAT 3.52 FLOAT 100-00 10/96 3/26 FLOAT 9/27
----------------------------------
To Call
A4 9,250,000 7.60 7.08 7.721 100-00 2/03 5/04 5.28 12/22
A5 13,794,000 7.75 7.64 7.876 100-00 5/04 5/04 5.56 9/27
A6 13,219,000 FLOAT 3.16 FLOAT 100-00 10/96 5/04 FLOAT 9/27
-------------------------------------------------------------------------------------
</TABLE>
(1) Fixed Rate Certificates (Class A1-A5) and Floating Rate Certificates (Class
A-6) Prepayment Curve (PPC)= 125% of PPC. A 100% Prepayment Assumption
assumes prepayments start at 5% in month 1,rise by exactly 1.364% per month
to 20% CPR in month 12 and remain at 20% CPR thereafter.
(2) Coupon and price are assumed for computational materials. Class A6 margin
will double if at the clean-up call the clean-up call is not exercised.
(3) Class A-5 and A-6 are subject to an available funds cap equal to the Net WAC
on the collateral.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by CS First Boston. All information described above
is preliminary, limited in nature and subject to completion or amendment. CS
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
[GRAPHIC] CS FIRST BOSTON
<PAGE> 2
BOND PROFILE SUMMARY
<TABLE>
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of PPC: 0 75 100 125 150 200
Implied Seasoned CPR 0 15 20 25 30 40
------------------------------------------------------------------------------
<CAPTION>
A1
Price: 100-00 Coupon: 6.40 Original Par: 72,800,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 6.49 6.49 6.49 6.49 6.49 6.49
Average Life: 8.98 1.69 1.30 1.05 0.88 0.67
Duration: 6.34 1.52 1.19 0.98 0.83 0.63
First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96
Last Prin Pay: 9/10 4/00 6/99 12/98 7/98 1/98
-----------------------------------------------------------------------------
<CAPTION>
A2
Price: 100-00 Coupon: 6.90 Original Par: 37,600,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 7.00 7.00 7.00 7.00 7.00 7.00
Average Life: 14.07 5.00 3.81 3.05 2.52 1.83
Duration: 8.72 4.07 3.23 2.65 2.23 1.66
First Prin Pay: 9/10 4/00 6/99 12/98 7/98 1/98
Last Prin Pay: 1/12 5/03 11/01 10/00 2/00 3/99
-----------------------------------------------------------------------------
<CAPTION>
A3
Price: 100-00 Coupon: 7.25 Original Par: 24,200,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 7.36 7.36 7.36 7.36 7.36 7.36
Average Life: 18.83 8.25 6.36 5.10 4.21 3.04
Duration: 9.89 5.98 4.91 4.11 3.50 2.63
First Prin Pay: 1/12 5/03 11/01 10/00 2/00 3/99
Last Prin Pay: 11/19 12/06 8/04 2/03 12/01 7/00
-----------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by CS First Boston. All information described above
is preliminary, limited in nature and subject to completion or amendment. CS
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
[GRAPHIC] CS FIRST BOSTON
<PAGE> 3
BOND PROFILE SUMMARY
<TABLE>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of PPC: 0 75 100 125 150 200
Implied Seasoned CPR 0 15 20 25 30 40
-----------------------------------------------------------------------------
<CAPTION>
A4
Price: 100-00 Coupon: 7.60 Original Par: 9,250,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
To Maturity
Bond Yield: 7.72 7.72 7.72 7.72 7.72 7.72
Average Life: 24.76 11.27 8.81 7.10 5.87 4.24
Duration: 10.77 7.30 6.19 5.29 4.57 3.49
First Prin Pay: 11/19 12/06 8/04 2/03 12/01 7/00
Last Prin Pay: 12/22 3/09 7/06 9/04 4/03 6/01
---------------------------
To Call
Bond Yield: 7.72 7.72 7.72 7.72 7.72 7.72
Average Life: 24.76 11.24 8.78 7.08 5.85 4.22
Duration: 10.77 7.29 6.18 5.28 4.55 3.48
First Prin Pay: 11/19 12/06 8/04 2/03 12/01 7/00
Last Prin Pay: 12/22 10/08 3/06 5/04 1/03 4/01
-----------------------------------------------------------------------------
<CAPTION>
A5(1)
Price: 100-00 Coupon: 7.75 Original Par: 13,794,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
To Maturity
Bond Yield: 7.88 7.88 7.88 7.88 7.88 7.88
Average Life: 27.97 15.29 12.84 10.73 9.03 6.59
Duration: 11.03 8.55 7.76 6.94 6.17 4.91
First Prin Pay: 12/22 3/09 7/06 9/04 4/03 6/01
Last Prin Pay: 3/26 3/26 2/26 9/25 11/23 9/17
---------------------------
To Call
Bond Yield: 7.88 7.88 7.88 7.88 7.88 7.88
Average Life: 26.47 12.06 9.48 7.64 6.31 4.56
Duration: 10.86 7.56 6.47 5.56 4.81 3.70
First Prin Pay: 12/22 10/08 3/06 5/04 1/03 4/01
Last Prin Pay: 3/23 10/08 3/06 5/04 1/03 4/01
-----------------------------------------------------------------------------
</TABLE>
(1) Class A-5 is subject to an available funds cap equal to the Net WAC on the
collateral.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by CS First Boston. All information described above
is preliminary, limited in nature and subject to completion or amendment. CS
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
[GRAPHIC] CS FIRST BOSTON
<PAGE> 4
BOND PROFILE SUMMARY
<TABLE>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of PPC: 0 75 100 125 150 200
Implied Seasoned CPR 0 15 20 25 30 40
-----------------------------------------------------------------------------
<CAPTION>
A6(1)
Price: 100-00 Coupon: FLOAT Original Par: 13,219,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
To Maturity
Average Life: 21.18 5.84 4.43 3.52 2.88 2.07
First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96
Last Prin Pay: 6/26 6/26 5/26 3/26 7/25 9/20
---------------------------
To Call
Average Life: 20.73 5.25 3.98 3.16 2.60 1.87
First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96
Last Prin Pay: 3/23 10/08 3/06 5/04 1/03 4/01
-----------------------------------------------------------------------------
</TABLE>
(1) Class A-6 is subject to an available funds cap equal to the Net WAC on the
collateral.
(2) Class A-6 margin will double at clean-up call if clean-up call is not
exercised.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by CS First Boston. All information described above
is preliminary, limited in nature and subject to completion or amendment. CS
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
[GRAPHIC] CS FIRST BOSTON
<PAGE> 5
FIXED RATE COLLATERAL SUMMARY
<TABLE>
<S> <C> <C> <C>
Total Number of Loans 3,229 Level Pay/Balloon 73%/27%
Total Outstanding Loan Balance $157,644,673 1st Lien/2nd Lien 85%/15%
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Avg Loan Balance $ 48,821.52 less than
or equal to 24,999.99 11.25 1,036
Highest Balance $387,199.74 25,000 - 49,999.99 24.30 1,020
Lowest Balance $ 1,793.46 50,000 - 74,999.99 24.49 635
75,000 - 99,999.99 13.84 253
100,000 - 199,999.99 21.06 254
200,000 - 387,199.74 5.07 31
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtg Avg Coupon 11.36% less than
or equal to 8.99% 5.26 98
Highest Coupon 18.00% 9.00% - 9.99% 17.14 389
Lowest Coupon 6.88% 10.00% - 10.99% 28.15 723
11.00% - 11.99% 19.28 596
12.00% - 12.99% 14.83 560
13.00% - 13.99% 6.26 285
14.00% - 18.00% 9.08 578
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C> <C>
Wtd Avg Remaining Term 231.22 1 - 120 2.88% 2.13%
Highest Remaining Term 360 121 - 180 26.28% 24.46%
Lowest Remaining Term 26 181 - 240 16.05% 0.00%
241 - 360 28.20% 0.00%
Wtd Avg Seasoning 5.14
Highest Seasoning 38
Lowest Seasoning 0
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Orig CLTV 76.40% less than
or equal to 60.00% 8.82 374
Highest CLTV 101.28% 60.01% - 70.00% 13.47 434
Lowest CLTV 8.00% 70.01% - 80.00% 52.10 1,364
80.01% - 90.00% 20.48 646
90.01% - 101.28% 5.13 411
Property Type Occupancy Status
Single Family 94.29% Primary Residence 96.01%
Two to Four Family 2.33% Other 3.99%
Other 3.39%
</TABLE>
Geographics FL 25%, NC 21%, CA 11%, VA 5%, CO 5%
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by CS First Boston. All information described above
is preliminary, limited in nature and subject to completion or amendment. CS
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
[GRAPHIC] CS FIRST BOSTON
<PAGE> 6
FLOATING RATE COLLATERAL SUMMARY
<TABLE>
<S> <C> <C>
Total Number of Loans 124 Level Pay/Balloon 93%/ 7%
Total Outstanding Loan Balance $ 13,219,032 1st Lien 100%
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Avg Loan Balance $ 106,605.09 less than
or equal to 74,999.99 16.70 40
Highest Balance $ 399,018.36 75,000 - 99,999.99 17.28 26
Lowest Balance $ 31,110.89 100,000 - 149,999.99 34.38 38
150,000 - 199,999.99 16.73 13
200,000 - 249,999.99 3.31 2
250,000 - 399,018.36 11.60 5
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtg Avg Coupon 9.89% less than
or equal to 6.99% 3.25 3
Highest Coupon 13.88% 7.00% - 7.99% 3.14 4
Lowest Coupon 6.13% 8.00% - 8.99% 13.18 15
9.00% - 9.99% 34.04 38
10.00% - 10.99% 31.80 43
11.00% - 11.99% 12.00 16
12.00% - 13.88% 2.59 5
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C> <C>
Wtd Avg Remaining Term 338.49 1 - 120 0.00% 2.74%
Highest Remaining Term 360 121 - 180 0.84% 3.97%
Lowest Remaining Term 71 181 - 240 0.00% 0.00%
241 - 360 92.45% 0.00%
Wtd Avg Seasoning 5.49
Highest Seasoning 24
Lowest Seasoning 0
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Orig CLTV 76.13% less than
or equal to 60.00% 8.84 10
Highest CLTV 90.00% 60.01% - 70.00% 21.34 31
Lowest CLTV 20.83% 70.01% - 80.00% 34.66 41
80.01% - 90.00% 35.17 42
Property Type Occupancy Status
Single Family 90.30% Primary Residence 94.03%
Two to Four Family 8.29% Other 5.97%
Other 1.41%
</TABLE>
Geographics CA 42%, WA 9%, UT 5%, TX 4%, IL 4%, FL 4%, AZ 4%
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by CS First Boston. All information described above
is preliminary, limited in nature and subject to completion or amendment. CS
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
[GRAPHIC] CS FIRST BOSTON
<PAGE> 7
FLOATING RATE COLLATERAL SUMMARY CONTINUED
<TABLE>
<S> <C>
6 Month LIBOR 100.00%
Wtg Avg Months to Next Rate Roll 3.81
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtg Avg Margin 6.03% less than
or equal to 3.99% 3.25 3
Highest Margin 8.19% 4.00% - 4.99% 3.73 5
Lowest Margin 2.75% 5.00% - 5.99% 49.24 59
6.00% - 6.99% 23.73 32
7.00% - 7.99% 18.46 23
8.00% - 8.19% 1.59 2
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtg Avg Life Cap 15.97% less than
or equal to 13.99% 4.04 4
Highest Life Cap 23.88% 14.00% - 14.99% 14.56 14
Lowest Life Cap 12.13% 15.00% - 15.99% 27.93 36
16.00% - 16.99% 35.58 45
17.00% - 17.99% 13.50 18
18.00% - 23.88% 4.37 7
<CAPTION>
CAP VALUE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtg Avg Periodic Cap 1.39% 1.00% 58.90 79
Highest Periodic Cap 3.00% 1.50% 28.63 33
Lowest Periodic Cap 1.00% 3.00% 12.47 12
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by CS First Boston. All information described above
is preliminary, limited in nature and subject to completion or amendment. CS
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
[GRAPHIC] CS FIRST BOSTON
