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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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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): March 21, 1997
EQCC RECEIVABLES CORPORATION
EQCC ASSET BACKED CORPORATION
(Exact name of registrants as specified in governing instruments)
59-3170055
Delaware 333-20675 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
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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.
On or prior to March 31, 1997 the Registrants will cause the issuance and
sale of EQCC Home Equity Loan Asset Backed Certificates, Series 1997-1, Class
A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class
A-8 (the "Certificates") pursuant to a Pooling and Servicing Agreement dated as
of March 1, 1997, among the Registrant, EquiCredit Corporation of America, as
Servicer, and First Bank National Association, as Trustee. In connection with
the sale of the Certificates, the Registrants have been advised by Salomon
Brothers Inc, Credit Suisse First Boston Corporation, Lehman Brothers Inc. and
Prudential Securities Incorporated (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. 333-20675 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information in the Term Sheets was preliminary and will be superseded by the
Prospectus Supplement relating to the Certificates and may be superseded by any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
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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 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.
Sequentially
Exhibit Numbered
Number Exhibit Page
- ------ ------- ----------
99.1(D) Computational Materials prepared in 005
connection with the sale of EQCC Home Equity
Loan Asset Backed Certificates, Series 1997-1,
by Salomon Brothers Inc, Credit Suisse First
Boston Corporation, Lehman Brothers Inc. and
Prudential Securities Incorporated
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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
March 25, 1997 By:/s/Terence G. Vane, Jr.
----------------------------
Terence G. Vane, Jr.
Vice President
EQCC ASSET BACKED CORPORATION
March 25, 1997 By:/s/Terence G. Vane, Jr.
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Terence G. Vane, Jr.
Vice President
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Exhibit 99.1(D)
Computational Materials
<PAGE> 2
EQCC 1997-1 - SALOMON BROTHERS COMPUTATIONAL MATERIALS
FIXED RATE COLLATERAL SUMMARY
<TABLE>
<CAPTION>
<S> <C>
Total Number of Loans 11,203
Level Pay/Balloon 61%/39%
Total Outstanding Loan Balance $499,055,133.53
1st Lien/2nd Lien 74%/26%
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Avg Loan Balance $ 44,547 Less than 25,000.00 12.26 3,432
Highest Balance $350,000 25,000.01 - 50,000.00 31.03 4,277
Lowest Balance $ 1,490 50,000.01 - 75,000.00 25.56 2,086
75,000.01 -100,000.00 12.88 749
100,000.01 -350,000.00 18.27 659
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Coupon 10.728% 8.001% - 10.000% 31.76 2,586
Highest Coupon 17.590% 10.001% - 11.000% 36.19 3,883
Lowest Coupon 8.050% 11.001% - 12.000% 16.55 2,017
12.001% - 17.750% 15.50 2,717
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Orig CLTV 77.6% 0.01% - 65.00% 13.77 1,888
Highest CLTV 104.1% 65.01% - 75.00% 22.71 2,202
Lowest CLTV 4.1% 75.01% - 80.00% 17.85 1,746
80.01% - 85.00% 25.65 2,428
85.01% -100.00% 19.53 2,833
> =100.01% 0.49 106
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Original Term 174 25 - 120 34.35 2,973
Highest Original Term 360 121 - 180 47.96 6,836
Lowest Original Term 36 181 - 240 5.65 548
241 - 360 12.04 846
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Remaining Term 173 1 - 120 34.75 3,062
Highest Remaining Term 360 121 - 180 47.55 6,747
Lowest Remaining Term 12 181 - 240 5.65 548
241 - 360 12.04 846
</TABLE>
<TABLE>
<CAPTION>
Property Type Occupancy Status
<S> <C> <C> <C>
Single Family 92.23 Primary Residence 94.63
Two to Four Family 5.46 Other 5.37
Other 2.31
</TABLE>
Geographics FL 13%, CA 6%, NY 6%, PA 6%, OH 5%
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<TABLE>
<CAPTION>
<S> <C>
Total Number of Loans 1,195
Level Pay/Balloon 12%/88%
Total Outstanding Loan Balance $101,043,102.55
1st Lien/2nd Lien 100%/0%
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Avg Loan Balance $ 84,555 Less Than = 25,000.00 0.27 13
Highest Balance $260,204 25,000.01 - 50,000.00 7.40 183
Lowest Balance $ 13,480 50,000.01 - 75,000.00 25.31 408
75,000.01 -100,000.00 21.39 248
100,000.01 -275,000.00 45.62 343
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Coupon 9.226% 6.251% - 10.000% 78.07 894
Highest Coupon 14.800% 10.001% - 11.000% 10.15 133
Lowest Coupon 6.400% 11.001% - 12.000% 8.17 112
12.001% - 15.000% 3.60 56
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Orig CLTV 78.7% 20.01% - 65.00% 8.77 132
Highest CLTV 94.9% 65.01% - 75.00% 19.27 233
Lowest CLTV 21.3% 75.01% - 80.00% 28.42 331
80.01% - 85.00% 32.72 384
85.01% - 95.00% 10.82 115
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Original Term 110 73 - 120 86.08 997
Highest Original Term 360 121 - 180 7.43 123
Lowest Original Term 84 181 - 240 0.71 8
241 - 360 5.78 67
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Remaining Term 103 61 - 120 86.08 997
Highest Remaining Term 356 121 - 180 7.43 123
Lowest Remaining Term 71 181 - 240 0.71 8
241 - 360 5.78 67
</TABLE>
<TABLE>
<CAPTION>
Property Type Occupancy Status
<S> <C> <C> <C>
Single Family 94.32 Primary Residence 99.77
Two to Four Family 3.82 Other 0.23
Other 1.87
</TABLE>
Geographics OH 20%, IL 12%, MN 12%, MI 12%, PA 4%
<TABLE>
<CAPTION>
<S> <C>
6 MONTH LIBOR Collateral 100%
Periodic Cap 1.0%/2.0% 99.83%/0.17%
Wtd Avg Months to Next Rate Roll 3.577
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Margin 5.808 3.51 - 5.00% 14.23 169
Highest Margin 9.600 5.01 - 6.00% 53.85 607
Lowest Margin 3.650 6.01 - 7.00% 25.92 334
7.01 -10.00% 6.00 85
</TABLE>
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<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Life Cap 17.454 10.01 -16.00% 3.22 38
Highest Life Cap 21.250 16.01 -17.00% 22.28 258
Lowest Life Cap 10.250 17.01 -18.00% 54.68 632
18.01 -19.00% 16.92 228
19.01 -21.50% 2.90 39
</TABLE>
IMPLIED SEASONED CPR 0% 15% 20% 25% 30% 40%
Transaction will be priced at 125% of Assumption
<TABLE>
<CAPTION>
CLASS A-1: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 5/05
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 5.75 1.57 1.26 1.06 0.92 0.74
Mod Duration (yrs) 4.61 1.43 1.16 0.99 0.87 0.70
First Pay (mm/yy) 4/97 4/97 4/97 4/97 4/97 4/97
Last Pay (mm/yy) 5/05 4/00 8/99 3/99 12/98 7/98
<CAPTION>
CLASS A-2: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 6/06
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 8.70 3.26 2.53 2.08 1.77 1.38
Mod Duration (yrs) 6.44 2.84 2.26 1.88 1.62 1.27
First Pay (mm/yy) 5/05 4/00 8/99 3/99 12/98 7/98
Last Pay (mm/yy) 6/06 9/00 11/99 6/99 2/99 9/98
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 75% 100% 125% 150% 200%
IMPLIED SEASONED CPR 0% 15% 20% 25% 30% 40%
</TABLE>
Transaction will be priced at 125% of Assumption
<TABLE>
<CAPTION>
CLASS A-3: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 9/11
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 11.81 5.05 3.84 3.08 2.57 1.94
Mod Duration (yrs) 7.84 4.12 3.25 2.68 2.28 1.75
First Pay (mm/yy) 6/06 9/00 11/99 6/99 2/99 9/98
Last Pay (mm/yy) 9/11 2/04 8/02 7/01 9/00 10/99
<CAPTION>
CLASS A-4: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 3/13
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 14.90 7.45 6.28 4.95 4.03 2.88
Mod Duration (yrs) 8.88 5.58 4.89 4.03 3.38 2.51
First Pay (mm/yy) 9/11 2/04 8/02 7/01 9/00 10/99
Last Pay (mm/yy) 3/13 2/06 2/04 2/03 12/01 7/00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 75% 100% 125% 150% 200%
IMPLIED SEASONED CPR 0% 15% 20% 25% 30% 40%
</TABLE>
Transaction will be priced at 125% of Assumption
<TABLE>
<CAPTION>
CLASS A-5: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 10/19
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 18.90 9.87 7.78 6.50 5.19 3.60
Mod Duration (yrs) 9.87 6.78 5.72 4.99 4.17 3.05
First Pay (mm/yy) 3/13 2/06 2/04 2/03 12/01 7/00
Last Pay (mm/yy) 10/19 3/08 4/06 2/04 2/03 3/01
</TABLE>
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<TABLE>
<CAPTION>
CLASS A-6: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 5/28
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 26.72 13.98 11.83 9.95 8.29 5.17
Mod Duration (yrs) 11.08 8.24 7.47 6.66 5.85 4.06
First Pay (mm/yy) 10/19 3/08 4/06 2/04 2/03 3/01
Last Pay (mm/yy) 4/27 4/27 4/27 4/27 4/27 4/27
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 75% 100% 125% 150% 200%
IMPLIED SEASONED CPR 0% 15% 20% 25% 30% 40%
</TABLE>
Transaction will be priced at 125% of Assumption
<TABLE>
<CAPTION>
CLASS A-7: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 5/28
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 8.40 6.69 6.37 6.11 5.89 5.57
Mod Duration (yrs) 6.02 5.09 4.90 4.74 4.60 4.39
First Pay (mm/yy) 4/00 4/00 4/00 4/00 4/00 4/00
Last Pay (mm/yy) 1/27 8/25 8/22 5/19 1/17 6/14
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 75% 100% 125% 150% 200%
IMPLIED SEASONED CPR 0% 15% 20% 25% 30% 40%
</TABLE>
Transaction will be priced at 125% of Assumption
<TABLE>
<CAPTION>
CLASS A-8: Expected Rating (Moodys/S&P) Aaa/AAA; FGIC Wrap; Legal Final 11/27
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 7.65 4.19 3.52 2.98 2.54 1.88
Mod Duration (yrs) 5.87 3.47 2.96 2.54 2.20 1.67
First Pay (mm/yy) 4/97 4/97 4/97 4/97 4/97 4/97
Last Pay (mm/yy) 5/21 5/21 5/21 5/21 5/21 5/21
Avg Life to call (ys) 7.49 4.10 3.45 2.93 2.48 1.76
Mod Duration to call (yrs) 5 81 3.42 2.92 2.52 2.16 1.58
First Pay to call (mm/yy) 4/97 4/97 4/97 4/97 4/97 4/97
Last Pay to call (mm/yy) 5/14 7/06 9/04 2/04 8/03 11/01
10% call assumption
</TABLE>
Neither the Issuer of the Certificates nor any of its affiliates make any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary, and will be superseded by the applicable
prospectus supplement and by any other information subsequently filed with the
Securities and Exchange Commission. The above analysis is not intended to be a
prospectus and any investment decision with respect to the Certificates 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. All information described herein is preliminary, limited in nature
and subject to completion or amendment. No representation is made that the above
referenced securities will actually perform as described in any scenario
presented. The Depositors have not prepared, reviewed or participated in the
preparation hereof, are not responsible for the accuracy hereof and have not
authorized the dissemination hereof.
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EQCC97.1 FINAL SIZES
(Please forward to CO-MANAGERS)
<TABLE>
<CAPTION>
# Class Cusip Coupon Orig Balance Curr Balance Delay Daycount Description
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
1 A-1 6.3100 196833000.00 196833000.00 Greater Than 0 30/360 SEQ/REG/FIX
2 A-2 6.6100 18259000.00 18259000.00 Greater Than 0 30/360 SEQ/REG/FIX
3 A-3 6.8400 127073000.00 127073000.00 Greater Than 0 30/360 SEQ/REG/FIX
4 A-4 7.1600 47407000.00 47407000.00 Greater Than 0 30/360 SEQ/REG/FIX
5 A-5 7.3100 25494000.00 25494000.00 Greater Than 0 30/360 SEQ/REG/FIX
6 A-6 7.5600 33989000.00 33989000.00 Greater Than 0 30/360 SEQ/REG/FIX
7 A-7 7.1200 50000000.00 50000000.00 Greater Than 0 30/360 NAS/REG/FIX
8 A-8 5.6688 101043000.00 101043000.00 Greater Than 0 ACT/360 PT/REG/CPLX/XR
</TABLE>
