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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):September 24, 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 Nos.)
organization)
10401 Deerwood Park Blvd., Jacksonville, Florida 32256
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(904)778-5000
Not Applicable
(Former name or former address if changed since last report)
Exhibit Index located at Page 2
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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.
The consolidated financial statements of Ambac Assurance
Corporation and its subsidiaries as of December 31, 1996 and December 31, 1995,
and for the three year period ended December 31, 1996, included in the Current
Report on Form 8-K of AMBAC Inc. (which was filed with the Securities and
Exchange Commission on March 12, 1997) and the consolidated financial statements
of Ambac Assurance Corporation and its subsidiaries as of June 30, 1997, and for
the periods ended June 30, 1997 and June 30, 1996, included in the Quarterly
Report on Form 10-Q of Ambac Financial Group for the period ended June 30, 1997
(which was filed with the Securities and Exchange Commission on August 14,
1997), are hereby incorporated by reference in this Current Report on Form 8-K
and shall be deemed to be a part hereof.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements - Not Applicable
(b) Pro Forma Financial Information - Not Applicable
(c) Exhibits (executed copies) - The following execution
copies of Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed:
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ----
<S> <C> <C>
10.1(d) Securities Insurance Policy with 004
respect to EQCC Home Equity Loan Trust,
Series 1997-3
23.1(d) Consent of Independent Auditors of 008
the Insurer with respect to EQCC Home
Equity Loan Trust, Series 1997-3
</TABLE>
2
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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
September 24, 1997 By: /s/ Terence G. Vane, Jr.
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Terence G. Vane, Jr.
Vice President
EQCC ASSET BACKED CORPORATION
September 24, 1997 By: /s/ Terence G. Vane, Jr.
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Terence G. Vane, Jr.
Vice President
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ----
<S> <C> <C>
10.1(d) Securities Insurance Policy with 004
respect to EQCC Home Equity Loan Trust,
Series 1997-3
23.1(d) Consent of Independent Auditors of 008
the Insurer with respect to EQCC Home
Equity Loan Trust, Series 1997-3
</TABLE>
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\ Exhibit 10.1(d)
ISSUER: EquiCredit Funding POLICY NUMBER: AB0126BE
Trust 1997-3
INSURED OBLIGATIONS: $648,425,000
in aggregate principal amount of
EQCC Home Equity Loan Asset Backed
Certificates, Series 1997-3 Class A-1,
Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7,
Class A-8, Class A-9 and Class A-10
Certificates (the "Certificates")
TRUSTEE: U.S. Bank National Association
Ambac Assurance Corporation ("Ambac"), a Wisconsin stock insurance company, in
consideration of its receipt of the Deposit Premium and subject to the terms of
this Surety Bond, hereby unconditionally and irrevocably agrees to pay each
Insured Payment to the Trustee named above or its successor, as trustee for the
Certificates, to the extent set forth in the Pooling and Servicing Agreement,
dated as of September 1, 1997, by and among EQCC Receivables Corporation and
EQCC Asset Backed Corporation, as Depositors, EquiCredit Corporation of
America, as Representative and Servicer, and U.S. Bank National Association, as
Trustee ( the "Pooling and Servicing Agreement"). This Surety Bond does not
cover, and an Insured Payment shall not include, any LIBOR Interest Carryover.
Ambac will make an Insured Payment out of its own funds by 12:00 noon (New York
City Time) in immediately available funds to the Trustee on the later of (i) the
Business Day next following the day on which Ambac shall have received Notice
that an Insured Payment is due and (ii) the Payment Date on which the Insured
Payment is distributable to Certificateholders pursuant to the Pooling and
Servicing Agreement, for disbursement to such Certificateholders in the same
manner as other payments with respect to the Certificates are required to be
made. Any Notice received by Ambac after 12:00 noon New York City time on a
given Business Day or on any day that is not a Business Day shall be deemed to
have been received by Ambac on the next succeeding Business Day.
Upon such payment, Ambac shall be fully subrogated to the rights of the
Certificateholders to receive the amount so paid. Ambac's obligations hereunder
with respect to each Payment Date shall be discharged to the extent funds
consisting of the Insured Payment are received by the Trustee on behalf of the
Certificateholders for distribution to such holders, as provided in the Pooling
and Servicing Agreement and herein, whether or not such funds are properly
applied by the Trustee.
This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium. The premium on this Surety Bond is not refundable for any reason,
including the payment of the Certificates prior to their respective maturities.
This Surety Bond shall expire and terminate without any action on the part of
Ambac or any other Person on the date that is one year and one day following the
date on which the Certificates shall have been paid in full.
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AMBAC ASSURANCE CORPORATION
ONE STATE STREET PLAZA
NEW YORK, NEW YORK 10004
(212) 668-0340
SURETY BOND
The "Deposit Premium" shall be due and payable on the date hereof, as provided
in a letter agreement of even date herewith among Ambac and the Depositors, and
a monthly premium shall be due and payable as provided in the Pooling and
Servicing Agreement.
This Surety Bond is subject to and shall be governed by the laws of the State of
Illinois. The insurance provided by this Surety Bond is not covered by the New
York Property/Casualty Insurance Security Fund (New York Insurance Code, Article
76).
Capitalized terms used and not defined herein shall have respective meanings set
forth in the Pooling and Servicing Agreement. "Notice" means written notice in
the form of Exhibit Q to the Pooling and Servicing Agreement by registered or
certified mail or telephonic or telegraphic notice, subsequently confirmed by
written notice delivered via telecopy, telex or hand delivery from the Trustee
to Ambac specifying the information set forth therein. "Certificateholder"
means, as to a particular Certificate, the person, other than the Trust, the
Servicer, any Subservicer or the Representative or any Depositor who, on the
applicable Payment Date is entitled under the terms of such Certificate to
payment thereof.
In the event that payments under any Certificate is accelerated, nothing herein
contained shall obligate Ambac to make any payment of principal or interest on
such Certificates on an accelerated basis, unless such acceleration of payment
by Ambac is at the sole option of Ambac.
IN WITNESS WHEREOF, Ambac has caused this Surety Bond to be affixed with its
corporate seal and to be signed by its duly authorized officer in facsimile to
become effective and binding upon Ambac by virtue of the countersignature of its
duly authorized representative.
President Authorized Representative
Effective Date: September 30, 1997
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Exhibit 23.1(d)
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration statement (No.
333-20675) of EQCC Receivables Corporation and EQCC Asset Backed Corporation
(together the "Registrant") and in the Prospectus Supplement of the Registrant
dated September 24, 1997 (the "Prospectus Supplement") of our report dated
January 30, 1997 on the consolidated financial statements of Ambac Assurance
Corporation (formerly AMBAC Corporation) as of December 31, 1996 and 1995, and
for each of the years in the three-year period ended December 31, 1996, which
report appears in the Form 8-K of Ambac Financial Group, Inc. (formerly AMBAC
Inc.), dated March 12, 1997 and to the reference to our firm under the heading
"Experts" in the Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
New York, New York
September 24, 1997
