<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): August 7, 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 August 15, 1996, the Registrants will cause the issuance
and sale of EQCC Home Equity Loan Asset Backed Certificates, Series 1996-3,
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7
(the "Certificates") pursuant to a Pooling and Servicing Agreement dated as of
August 1, 1996, among the Registrant, EquiCredit Corporation of America, as
Servicer, and Bank of America Illinois, 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 Sheets in the form used by each of the
Underwriters are being filed as an exhibit to this report.
The Term Sheets attached hereto have been provided by 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The information in the Term Sheets was preliminary and will be superseded by the
Prospectus Supplement relating to the Certificates and may be superseded by any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
prepayment and other scenarios. Any difference between such assumptions and the
actual characteristics and performance of the Mortgage Loans will affect
2
<PAGE> 3
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 will 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.
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ------------
<S> <C> <C>
99.1(C) Computational Materials prepared in 005
connection with the sale of EQCC
Home Equity Loan Asset Backed
Certificates, Series 1996-3, by
Lehman Brothers Inc., CS First
Boston Corporation and Salomon
Brothers Inc.
</TABLE>
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
August 8, 1996 By: \s\ Stephen R. Veth
---------------------
Stephen R. Veth
President
EQCC ASSET BACKED CORPORATION
August 8, 1996 By: \s\ Stephen R. Veth
---------------------
Stephen R. Veth
President
<PAGE> 5
EXHIBIT INDEX
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Exhibit
Number Exhibit
------ -------
99.1(C) Computational Materials prepared in connection with the
sale of EQCC Home Equity Loan Asset Backed Certificates,
Series 1996-3, by Lehman Brothers Inc., CS First
Boston Corporation and Salomon Brothers Inc.
<PAGE> 1
Exhibit 99.1(C)
Computational Materials
<PAGE> 2
EQCC 1996-3 CS FIRST BOSTON COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod. Legal
Name Par % Life Yield Price Pay Pay Dur. Final
---------------------------------------------------------------------------------
To Maturity:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 12,945,000 5.9000 0.59 5.973 100-00 9/96 10/97 0.56 6/00
A2 45,164,000 6.2000 1.18 6.281 100-00 9/96 7/98 1.10 7/05
A3 58,109,000 6.2000 1.05 6.281 100-00 9/96 7/98 0.98 7/05
A4 113,126,000 6.6000 3.10 6.691 100-00 7/98 3/01 2.71 6/08
A5 30,202,000 7.0500 5.20 7.154 100-00 3/01 6/02 4.21 3/10
A6 46,956,000 7.3500 7.40 7.463 100-00 6/02 7/05 5.50 12/19
A7 20,092,000 7.6000 10.74 7.721 100-00 7/05 3/26 7.02 9/27
- -----------------
To Call:
A6 46,956,000 7.3500 7.29 7.463 100-00 6/02 12/04 5.45 12/19
A7 20,092,000 7.6000 8.33 7.721 100-00 12/04 12/04 5.97 9/27
---------------------------------------------------------------------------------
</TABLE>
(1) Prepayment Curve (PPC) = 115% of Ramp from 5 to 20 CPR in 12 months.
(2) Coupon and price are assumed for computational materials.
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.
[CS FIRST BOSTON LOGO]
1
<PAGE> 3
EQCC 1996-3 CS FIRST BOSTON COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of PPC: 0 75 100 115 150 200
Implied Seasoned CPR 0 15 20 23 30 40
- -----------------------------------------------------------------------------
</TABLE>
A1 VANILLA , Accrual Start Date: 8/15/96
Price: 100-00 Coupon: 5.9000
Legal Final: 6/00 $12,945,000
<TABLE>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 5.97 5.97 5.97 5.97 5.97 5.97
Average Life: 2.06 0.59 0.59 0.59 0.59 0.59
Duration: 1.86 0.56 0.56 0.56 0.56 0.56
First Prin Pay: 9/96 9/96 9/96 9/96 9/96 9/96
Last Prin Pay: 6/00 10/97 10/97 10/97 10/97 10/97
-----------------------------------------------------------------------------
</TABLE>
A2 VANILLA , Accrual Start Date: 8/15/96
Price: 100-00 Coupon: 6.2000
Legal Final: 7/05 $45,164,000
<TABLE>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 6.28 6.28 6.28 6.28 6.28 6.28
Average Life: 7.46 1.68 1.33 1.18 0.95 0.74
Duration: 5.76 1.54 1.23 1.10 0.89 0.70
First Prin Pay: 6/00 11/96 9/96 9/96 9/96 9/96
Last Prin Pay: 7/05 5/99 10/98 7/98 2/98 11/97
-----------------------------------------------------------------------------
</TABLE>
A3 VANILLA , Accrual Start Date: 8/15/96
Price: 100-00 Coupon: 6.2000
Legal Final: 7/05 $58,109,000
<TABLE>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 6.28 6.28 6.28 6.28 6.28 6.28
Average Life: 6.26 1.44 1.16 1.05 0.87 0.71
Duration: 4.89 1.32 1.08 0.98 0.82 0.67
First Prin Pay: 9/96 9/96 9/96 9/96 9/96 9/96
Last Prin Pay: 7/05 5/99 10/98 7/98 2/98 11/97
- -----------------------------------------------------------------------------
</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.
[CS FIRST BOSTON LOGO]
2
<PAGE> 4
EQCC 1996-3 CS FIRST BOSTON COMPUTATIONAL MATERIALS
<TABLE>
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of PPC: 0 75 100 115 150 200
Implied Seasoned CPR 0 15 20 23 30 40
- -----------------------------------------------------------------------------
</TABLE>
A4 VANILLA , Accrual Start Date: 8/15/96
Price: 100-00 Coupon: 6.6000
Legal Final: 6/08 $113,126,000
<TABLE>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 6.69 6.69 6.69 6.69 6.69 6.69
Average Life: 9.43 4.50 3.51 3.10 2.43 1.85
Duration: 6.80 3.75 3.02 2.71 2.17 1.68
First Prin Pay: 7/05 5/99 10/98 7/98 2/98 11/97
Last Prin Pay: 6/08 4/03 11/01 3/01 3/00 4/99
-----------------------------------------------------------------------------
</TABLE>
A5 VANILLA , Accrual Start Date: 8/15/96
Price: 100-00 Coupon: 7.0500
Legal Final: 3/10 $30,202,000
<TABLE>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 7.15 7.15 7.15 7.15 7.15 7.15
Average Life: 12.73 7.54 5.91 5.20 4.02 2.99
Duration: 8.14 5.66 4.68 4.21 3.39 2.61
First Prin Pay: 6/08 4/03 11/01 3/01 3/00 4/99
Last Prin Pay: 3/10 2/05 4/03 6/02 2/01 12/99
-----------------------------------------------------------------------------
</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.
[CS FIRST BOSTON LOGO]
3
<PAGE> 5
EQCC 1996-3 CS FIRST BOSTON COMPUTATIONAL MATERIALS
<TABLE>
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of PPC: 0 75 100 115 150 200
Implied Seasoned CPR 0 15 20 23 30 40
- -----------------------------------------------------------------------------
</TABLE>
A6 VANILLA , Accrual Start Date: 8/15/96
Price: 100-00 Coupon: 7.3500
Legal Final: 12/19 $46,956,000
<TABLE>
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 7.46 7.46 7.46 7.46 7.46 7.46
Average Life: 16.25 9.15 8.11 7.40 5.77 4.26
Duration: 9.11 6.44 5.90 5.50 4.53 3.53
First Prin Pay: 3/10 2/05 4/03 6/02 2/01 12/99
Last Prin Pay: 12/19 6/07 7/05 7/05 3/04 3/02
---------------
TO CALL:
Bond Yield: 7.46 7.46 7.46 7.46 7.46 7.46
Average Life: 15.63 8.95 8.11 7.29 5.63 4.16
Duration: 8.97 6.35 5.90 5.45 4.45 3.46
First Prin Pay: 3/10 2/05 4/03 6/02 2/01 12/99
Last Prin Pay: 8/14 10/05 7/05 12/04 1/03 5/01
-----------------------------------------------------------------------------
</TABLE>
A7 VANILLA , Accrual Start Date: 8/15/96
Price: 100-00 Coupon: 7.6000
Legal Final: 9/27 $20,092,000
<TABLE>
<CAPTION>
TO MATURITY:
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 7.72 7.72 7.72 7.72 7.72 7.72
Average Life: 27.05 13.82 11.69 10.74 9.27 7.25
Duration: 11.09 8.17 7.40 7.02 6.39 5.34
First Prin Pay: 12/19 6/07 7/05 7/05 3/04 3/02
Last Prin Pay: 7/26 7/26 6/26 3/26 11/23 7/17
---------------
TO CALL:
Bond Yield: 7.72 7.72 7.72 7.72 7.72 7.72
Average Life: 18.00 9.17 9.00 8.33 6.42 4.75
Duration: 9.49 6.38 6.30 5.97 4.91 3.85
First Prin Pay: 8/14 10/05 7/05 12/04 1/03 5/01
Last Prin Pay: 8/14 10/05 8/05 12/04 1/03 5/01
- ------------------------------------------------------------------------------
</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.
[CS FIRST BOSTON LOGO]
4
<PAGE> 6
EQCC 1996-3 CS FIRST BOSTON COMPUTATIONAL MATERIALS
FIXED RATE COLLATERAL SUMMARY
<TABLE>
<S> <C> <C> <C>
Total Number of Loans 7,357 Level Pay/Balloon 64%/36%
Total Outstanding Loan Balance $326,594,693 1st Lien/2nd Lien 79%/21%
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Avg Loan Balance $ 44,392.37 Less than or equal to 24,999.99 11.37 2,083
Highest Balance $ 270,000.00 25,000 - 49,999.99 32.34 2,920
Lowest Balance $ 4,895.25 50,000 - 74,999.99 26.37 1,421
75,000 - 99,999.99 14.25 540
100,000 - 199,999.99 14.71 379
200,000 - 270,000.00 .97 14
</TABLE>
<TABLE>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtg Avg Coupon 10.80% Less than or equal to 8.99% 5.00 246
Highest Coupon 17.15% 9.00% - 9.99% 29.89 1,691
Lowest Coupon 7.75% 10.00% - 10.99% 31.10 2,107
11.00% - 11.99% 14.71 1,167
12.00% - 12.99% 7.72 718
13.00% - 13.99% 5.64 701
14.00% - 17.15% 5.93 727
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C> <C>
Wtd Avg Remaining Term 175.11 1 - 120 3.78% 29.47%
Highest Remaining Term 360 121 - 180 43.63% 6.08%
Lowest Remaining Term 31 181 - 240 5.36% .00%
241 - 360 11.68% .00%
Wtd Avg Seasoning 1.05
Highest Seasoning 118
Lowest Seasoning 0
</TABLE>
<TABLE>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Orig CLTV 75.16% 0.01% - 65.00% 17.92 1,578
Highest CLTV 99.00% 65.01% - 75.00% 25.02 1,680
Lowest CLTV 5.00% 75.01% - 80.00% 28.05 1,711
80.01% - 85.00% 20.02 1,324
85.01% - 99.00% 8.99 1,064
</TABLE>
<TABLE>
<CAPTION>
Property Type Occupancy Status
<S> <C> <C> <C>
Single Family 92.58% Primary Residence 96.79%
</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.
[CS FIRST BOSTON LOGO]
6
<PAGE> 7
EQCC 1996-3 CS FIRST BOSTON COMPUTATIONAL MATERIALS
<TABLE>
<S> <C> <C> <C>
Two to Four Family 3.96% Other 3.21%
Other 3.46%
</TABLE>
Geographics FL 13%, CA 8%, OH 6%, NC 5%, MI 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.
[CS FIRST BOSTON LOGO]
7
