<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):
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
<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 May 30, 1997 the Registrants will cause the
issuance and sale of EQCC Home Equity Loan Asset Backed Certificates, Series
1997-A, 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 May 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, 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The information in the Term Sheets was preliminary and will be superseded by the
Prospectus Supplement relating to the Certificates and may be superseded by any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
2
<PAGE> 3
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 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-A,
by Salomon Brothers Inc, Lehman Brothers Inc.
and Prudential Securities Incorporated
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
May 23, 1997 By: /s/ Stephen Veth
------------------------------
Stephen Veth
Senior Vice President
EQCC ASSET BACKED CORPORATION
May 23, 1997 By: /s/ Stephen Veth
------------------------------
Stephen Veth
Senior Vice 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 1997-A, by Salomon Brothers Inc, Lehman Brothers Inc.
and Prudential Securities Incorporated
<PAGE> 1
Exhibit 99.1(D)
Computational Materials
<PAGE> 2
LEHMAN BROTHERS
DERIVED INFORMATION
$194,500,000 Certificates
EQUICREDIT FUNDING TRUST 1997-A
EQCC FUNDING CORPORATION & EQCC ASSET BACKED CORPORATION (Depositors)
EQUICREDIT CORPORATION OF AMERICA (Servicer)
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 3
LEHMAN BROTHERS
<TABLE>
<CAPTION>
I. SENSITIVITY ANALYSIS
PROJECTED PERFORMANCE
UNDER VARYING PREPAYMENT ASSUMPTIONS
<S> <C> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 75% 100% 125% 150% 200%
IMPLIED SEASONED CPR 0% 15% 20% 25% 30% 40%
CLASS A-1
Expected Rating (Moodys/S&P) Aaa/AAA
FGIC Wrap;Legal Final 12/10
Avg Life (yrs) 7.74 1.61 1.24 1.00 0.84 0.63
Mod Duration (yrs) 5.69 1.46 1.14 0.93 0.78 0.59
First Pay (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay (mm/yy) 12/10 11/00 1/00 7/99 2/99 9/98
CLASS A-2
Expected Rating (Moodys/S&P) Aaa/AAA
FGIC Wrap;Legal Final 01/14
Avg Life (yrs) 14.53 5.24 3.94 3.10 2.53 1.84
Mod Duration (yrs) 8.92 4.23 3.32 2.69 2.24 1.67
First Pay (mm/yy) 12/10 11/00 1/00 7/99 2/99 9/98
Last Pay (mm/yy) 1/14 3/05 3/03 11/01 1/01 12/99
CLASS A-3
Expected Rating (Moodys/S&P) Aaa/AAA
FGIC Wrap;Legal Final 05/20
Avg Life (yrs) 19.57 9.24 6.63 5.10 4.09 2.82
Mod Duration (yrs) 10.21 6.54 5.10 4.13 3.42 2.47
First Pay (mm/yy) 1/14 3/05 3/03 11/01 1/01 12/99
Last Pay (mm/yy) 5/20 2/08 7/05 4/03 1/02 7/00
CLASS A-4
Expected Rating (Moodys/S&P) Aaa/AAA
FGIC Wrap;Legal Final 03/24
Avg Life (yrs) 25.01 12.07 9.50 7.00 5.29 3.53
Mod Duration (yrs) 11.14 7.75 6.61 5.28 4.24 3.00
First Pay (mm/yy) 5/20 2/08 7/05 4/03 1/02 7/00
Last Pay (mm/yy) 3/24 1/11 6/08 4/06 8/03 5/01
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 4
LEHMAN BROTHERS
I. SENSITIVITY ANALYSIS (CONTINUED)
<TABLE>
<CAPTION>
PROJECTED PERFORMANCE
UNDER VARYING PREPAYMENT ASSUMPTIONS
<S> <C> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 75% 100% 125% 150% 200%
IMPLIED SEASONED CPR 0% 15% 20% 25% 30% 40%
CLASS A-5
Expected Rating (Moodys/S&P) Aaa/AAA
FGIC Wrap;Legal Final 06/28
Avg Life (yrs) 28.11 15.96 13.70 11.60 9.33 4.93
Mod Duration (yrs) 11.16 8.81 8.12 7.34 6.31 3.90
First Pay (mm/yy) 3/24 1/11 6/08 4/06 8/03 5/01
Last Pay (mm/yy) 9/26 9/26 9/26 9/26 9/26 5/26
CLASS A-6-NAS
Expected Rating (Moodys/S&P) Aaa/AAA
FGIC Wrap;Legal Final 12/11
Avg Life (yrs) 10.15 7.06 6.61 6.27 6.01 5.70
Mod Duration (yrs) 6.86 5.28 5.03 4.82 4.67 4.46
First Pay (mm/yy) 6/00 6/00 6/00 6/00 6/00 6/00
Last Pay (mm/yy) 12/11 12/11 12/11 12/11 12/11 12/11
CLASS A-7
Expected Rating (Moodys/S&P) Aaa/AAA
FGIC Wrap;Legal Final 04/28
Avg Life (yrs) 13.42 4.87 3.88 3.17 2.65 1.91
Mod Duration (yrs) 8.17 3.80 3.14 2.64 2.25 1.68
First Pay (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay (mm/yy) 2/27 2/27 2/27 2/27 2/27 2/27
Avg Life to call (ys) 12.64 4.55 3.66 3.00 2.46 1.74
Mod Duration to call (yrs) 8.00 3.67 3.04 2.55 2.14 1.56
First Pay to call (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay to call (mm/yy) 12/20 5/08 3/06 8/04 7/03 11/01
10% call assumption
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 5
LEHMAN BROTHERS
II. COLLATERAL SUMMARY
FIXED RATE COLLATERAL SUMMARY
<TABLE>
<S> <C> <C>
Total Number of Loans 4,354
Level Pay/Balloon 68% / 32%
Total Outstanding Loan Balance $189,419,121
1st Lien/2nd Lien 77% / 23%
Avg Loan Balance: $ 43,504.62
Highest Balance: $ 347,776.47
Lowest Balance: $ 3,152.65
RANGE % TOTAL # LOANS
Less than or equal to 24,999.99 13.81 1,514
25,000 -- 49,999.99 29.55 1,556
50,000 -- 74,999.99 22.99 716
75,000 - 99,999.99 13.45 295
100,000 - 347,776.47 20.20 273
Wtd Avg Coupon: 11.36%
Highest Coupon: 17.95%
Lowest Coupon: 7.25%
RANGE % TOTAL # LOANS
7.25% - 9.99% 20.83 602
10.00% - 10.99% 28.41 942
11.00% - 11.99% 20.80 871
12.00% - 17.95% 29.96 1,939
Wtd Avg Orig CLTV 78.40%
Highest CLTV 101.00%
Lowest CLTV 6.00%
RANGE % TOTAL # LOANS
6.00% -- 70.00% 20.62 908
70.01% -- 80.00% 39.10 1,365
80.01% -- 90.00% 30.36 1,194
90.01% -- 101.00% 9.92 887
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 6
LEHMAN BROTHERS
II. COLLATERAL SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
FIXED RATE COLLATERAL SUMMARY
<S> <C> <C>
Wtd Avg Original Term 209.09
Highest Original Term 360
Lowest Original Term 24
RANGE LEVEL PAY BALLOON
24 - 84 1.03% 6.47%
85 - 120 4.00% 2.25%
121 - 180 35.69% 23.37%
181 - 240 6.99% 0.05%
241 - 360 20.14% 0.00%
Wtd Avg Remaining Term 203.94
Highest Remaining Term 360
Lowest Remaining Term 17
RANGE LEVEL PAY BALLOON
17 - 84 1.04% 6.47%
85 - 120 4.00% 2.25%
121 - 180 35.69% 23.41%
181 - 240 6.99% 0.01%
241 - 360 20.14% 0.00%
Property Type
Single Family 94.90%
Other 5.10%
Occupancy Status
Primary Residence 97.58%
Other 2.42%
Geographic Distribution
FL 15%
CA 8%
CO 7%
NC 7%
LA 7%
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 7
LEHMAN BROTHERS
II. COLLATERAL SUMMARY (CONTINUED)
FLOATING RATE COLLATERAL SUMMARY
<TABLE>
<S> <C> <C>
Total Number of Loans 56
Level Pay/Balloon 41%/59%
Total Outstanding Loan Balance $5,124,653
1st Lien/2nd Lien 100%/ 0%
Avg Loan Balance $91,511.66
Highest Balance $248,729.26
Lowest Balance $31,940.33
RANGE % TOTAL # LOANS
Less than or equal to 24,999.99 0.00 0
25,000 - 49,999.99 6.81 8
50,000 - 74,999.99 22.56 18
75,000 - 99,999.99 23.84 14
100,000 - 248,729.26 46.79 16
Wtd Avg Coupon 9.20%
Highest Coupon 12.30%
Lowest Coupon 6.80%
RANGE % TOTAL # LOANS
6.80% - 9.99% 69.35 38
10.00% - 10.99% 21.35 13
11.00% - 11.99% 4.11 2
12.00% - 12.30% 5.19 3
Wtd. Avg Orig CLTV 78.28%
Highest CLTV 95.00%
Lowest CLTV 42.00%
RANGE% % TOTAL # LOANS
42.00% - 70.00% 13.90 12
70.01% - 80.00% 57.09 28
80.01% - 90.00% 21.66 13
90.01% - 95.00% 7.36 3
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 8
LEHMAN BROTHERS
II. COLLATERAL SUMMARY (CONTINUED)
FLOATING RATE COLLATERAL SUMMARY
Wtd Avg Original Term 200.78
Highest Original Term 360
Lowest Original Term 84
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C>
84 - 84.99 0.00% 54.50%
85 - 120 0.00% 0.88%
121 - 180 0.00% 3.73%
181 - 240 0.00% 0.00%
241 - 360 40.90% 0.00%
Wtd Avg Remaining Term 198.36
Highest Remaining Term 359
Lowest Remaining Term 80
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C>
80 - 84 0.00% 54.50%
85 - 120 0.00% 0.88%
121 - 180 0.00% 3.73%
181 - 240 0.00% 0.00%
241 - 359 40.90% 0.00%
Property Type:
Single Family 96.10%
Other 3.90%
Occupancy Status:
Primary Residence 100.00%
Other 0.00%
</TABLE>
Geographic Distribution
OH 23%
CA 15%
LA 9%
PA 9%
IL 7%
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 9
LEHMAN BROTHERS
II. COLLATERAL SUMMARY (CONTINUED)
FLOATING RATE COLLATERAL SUMMARY
6 MONTH LIBOR Collateral 100%
Periodic Cap 1.0%/1.5% 70%/ 30%
Wtd Avg Months to Next Rate Roll 3.85
Wtd Avg Margin 5.79%
Highest Margin 7.50%
Lowest Margin 4.00%
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C>
4.00% - 4.99% 20.12 7
5.00% - 5.99% 30.59 17
6.00% - 6.99% 38.60 25
7.00% - 7.99% 10.69 7
8.00% - 7.50% 0.00
Wtd Avg Life Cap 16.84%
Highest Life Cap 19.25%
Lowest Life Cap 12.75%
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C>
12.75% - 15.99% 19.06 9
16.00% - 16.99% 21.23 11
17.00% - 17.99% 43.04 25
18.00% - 18.99% 11.48 8
19.00% - 19.25% 5.19 3
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE> 10
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 1 OF 13
FIXED RATE COLLATERAL SUMMARY
Total Number of Loans 4,354 Level Pay/Balloon 68%/32%
Total Outstanding Loan Balance $189,419,121 1st Lien/2nd Lien 77%/23%
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Avg Loan Balance $ 43,504.62 less than
or equal to 24,999.99 13.81 1,514
Highest Balance $ 347,776.47 25,000 - 49,999.99 29.55 1,556
Lowest Balance $ 3,152.65 50,000 - 74,999.99 22.99 716
75,000 - 99,999.99 13.45 295
100,000 - 347,776.47 20.20 273
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd Avg Coupon 11.36% 7.25% - 9.99% 20.83 602
Highest Coupon 17.95% 10.00% - 10.99% 28.41 942
Lowest Coupon 7.25% 11.00% - 11.99% 20.80 871
12.00% - 17.95% 29.96 1,939
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 2 OF 13
FIXED RATE COLLATERAL SUMMARY CONTINUED
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd. Avg Orig CLTV 78.40% 6.00% - 70.00% 20.62 908
Highest CLTV 101.00% 70.01% - 80.00% 39.10 1,365
Lowest CLTV 6.00% 80.01% - 90.00% 30.36 1,194
90.01% - 101.00% 9.92 887
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C>
Wtd Avg Original Term 209.09 24 - 84 1.03% 6.47%
Highest Original Term 360 85 - 120 4.00% 2.25%
Lowest Original Term 24 121 - 180 35.69% 23.37%
181 - 240 6.99% 0.05%
241 - 360 20.14% 0.00%
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 3 OF 13
FIXED RATE COLLATERAL SUMMARY CONTINUED
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C>
Wtd Avg Remaining Term 203.94 17 - 84 1.04% 6.47%
Highest Remaining Term 360 85 - 120 4.00% 2.25%
Lowest Remaining Term 17 121 - 180 35.69% 23.41%
</TABLE>
<PAGE> 11
<TABLE>
<S> <C> <C> <C>
181 - 240 6.99% 0.01%
241 - 360 20.14% 0.00%
</TABLE>
<TABLE>
<CAPTION>
Property Type Occupancy Status
<S> <C> <C> <C>
Single Family 94.90% Primary Residence 97.58%
Other 5.10% Other 2.42%
</TABLE>
Geographics FL 15%, CA 8%, CO 7%, NC 7%, LA 7%
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 4 OF 13
FLOATING RATE COLLATERAL SUMMARY
<TABLE>
<S> <C> <C> <C>
Total Number of Loans 56 Level Pay/Balloon 41%/59%
Total Outstanding Loan Balance $5,124,653 1st Lien/2nd Lien 100%/ 0%
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Avg Loan Balance $ 91,511.66 less than
or equal to 24,999.99 0.00 0
Highest Balance $248,729.26 25,000 - 49,999.99 6.81 8
Lowest Balance $ 31,940.33 50,000 - 74,999.99 22.56 18
75,000 - 99,999.99 23.84 14
100,000 - 248,729.26 46.79 16
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Coupon 9.20% 6.80% - 9.99% 69.35 38
Highest Coupon 12.30% 10.00% - 10.99% 21.35 13
Lowest Coupon 6.80% 11.00% - 11.99% 4.11 2
12.00% - 12.30% 5.19 3
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 5 OF 13
FLOATING RATE COLLATERAL SUMMARY CONTINUED
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd. Avg Orig CLTV 78.28% 42.00% - 70.00% 13.90 12
Highest CLTV 95.00% 70.01% - 80.00% 57.09 28
Lowest CLTV 42.00% 80.01% - 90.00% 21.66 13
90.01% - 95.00% 7.36 3
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C> <C>
Wtd Avg Original Term 200.78 84 - 84 0.00% 54.50%
Highest Original Term 360 85 - 120 0.00% 0.88%
Lowest Original Term 84 121 - 180 0.00% 3.73%
181 - 240 0.00% 0.00%
241 - 360 40.90% 0.00%
</TABLE>
<PAGE> 12
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 6 OF 13
FLOATING RATE COLLATERAL SUMMARY CONTINUED
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C> <C>
Wtd Avg Remaining Term 198.36 80 - 84 0.00% 54.50%
Highest Remaining Term 359 85 - 120 0.00% 0.88%
Lowest Remaining Term 80 121 - 180 0.00% 3.73%
181 - 240 0.00% 0.00%
241 - 359 40.90% 0.00%
</TABLE>
<TABLE>
<CAPTION>
Property Type Occupancy Status
<S> <C> <C> <C>
Single Family 96.10% Primary Residence 100.00%
Other 3.90% Other 0.00%
</TABLE>
Geographics OH 23%, CA 15%, LA 9%, PA 9%, IL 7%
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 7 OF 13
FLOATING RATE COLLATERAL SUMMARY CONTINUED
6 MONTH LIBOR Collateral 100% Periodic Cap 1.0%/1.5% 70%/30%
Wtd Avg Months to Next Rate Roll 3.85
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Margin 5.79% 4.00% - 4.99% 20.12 7
Highest Margin 7.50% 5.00% - 5.99% 30.59 17
Lowest Margin 4.00% 6.00% - 6.99% 38.60 25
7.00% - 7.99% 10.69 7
8.00% - 7.50% 0.00
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C> <C>
Wtd Avg Life Cap 16.84% 12.75% - 15.99% 19.06 9
Highest Life Cap 19.25% 16.00% - 16.99% 21.23 11
Lowest Life Cap 12.75% 17.00% - 17.99% 43.04 25
18.00% - 18.99% 11.48 8
19.00% - 19.25% 5.19 3
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 8 OF 13
<PAGE> 13
<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>
CLASS A-1-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 12/10
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 7.74 1.61 1.24 1.00 0.84 0.63
Mod Duration (yrs) 5.69 1.46 1.14 0.93 0.78 0.59
First Pay (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay (mm/yy) 12/10 11/00 1/00 7/99 2/99 9/98
</TABLE>
CLASS A-2-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 01/14
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 14.53 5.24 3.94 3.10 2.53 1.84
Mod Duration (yrs) 8.92 4.23 3.32 2.69 2.24 1.67
First Pay (mm/yy) 12/10 11/00 1/00 7/99 2/99 9/98
Last Pay (mm/yy) 1/14 3/05 3/03 11/01 1/01 12/99
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 9 OF 13
<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>
CLASS A-3-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 05/20
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 19.57 9.24 6.63 5.10 4.09 2.82
Mod Duration (yrs) 10.21 6.54 5.10 4.13 3.42 2.47
First Pay (mm/yy) 1/14 3/05 3/03 11/01 1/01 12/99
Last Pay (mm/yy) 5/20 2/08 7/05 4/03 1/02 7/00
</TABLE>
CLASS A-4-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 03/24
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 25.01 12.07 9.50 7.00 5.29 3.53
Mod Duration (yrs) 11.14 7.75 6.61 5.28 4.24 3.00
First Pay (mm/yy) 5/20 2/08 7/05 4/03 1/02 7/00
Last Pay (mm/yy) 3/24 1/11 6/08 4/06 8/03 5/01
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 10 OF 13
<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>
CLASS A-5-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 06/28
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 28.11 15.96 13.70 11.60 9.33 4.93
Mod Duration (yrs) 11.16 8.81 8.12 7.34 6.31 3.90
First Pay (mm/yy) 3/24 1/11 6/08 4/06 8/03 5/01
Last Pay (mm/yy) 9/26 9/26 9/26 9/26 9/26 5/26
</TABLE>
<PAGE> 14
CLASS A-6-NAS: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 12/11
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 10.15 7.06 6.61 6.27 6.01 5.70
Mod Duration (yrs) 6.86 5.28 5.03 4.82 4.67 4.46
First Pay (mm/yy) 6/00 6/00 6/00 6/00 6/00 6/00
Last Pay (mm/yy) 12/11 12/11 12/11 12/11 12/11 12/11
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 11 OF 13
<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>
CLASS A-7: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 04/28
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 13.42 4.87 3.88 3.17 2.65 1.91
Mod Duration (yrs) 8.17 3.80 3.14 2.64 2.25 1.68
First Pay (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay (mm/yy) 2/27 2/27 2/27 2/27 2/27 2/27
Avg Life to call (ys) 12.64 4.55 3.66 3.00 2.46 1.74
Mod Duration to call (yrs) 8.00 3.67 3.04 2.55 2.14 1.56
First Pay to call (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay to call (mm/yy) 12/20 5/08 3/06 8/04 7/03 11/01
10% call assumption
</TABLE>
************ SEE PAGE 12 FOR DISCLAIMER ************
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 12 OF 13
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.
(Continued on next page)
<PAGE> 15
- -p
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS - PAGE 13 OF 13
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.
<PAGE> 16
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS
FIXED RATE COLLATERAL SUMMARY
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Total Number of Loans 4,354 Level Pay/Balloon 68%/32%
Total Outstanding Loan Balance $189,419,121 1st Lien/2nd Lien 77%/23%
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Avg Loan Balance $ 43,504.62 less than or equal to 24,999.99 13.81 1,514
Highest Balance $347,776.47 25,000 - 49,999.99 29.55 1,556
Lowest Balance $ 3,152.65 50,000 - 74,999.99 22.99 716
75,000 - 99,999.99 13.45 295
100,000 - 347,776.47 20.20 273
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd Avg Coupon 11.36% 7.25% - 9.99% 20.83 602
Highest Coupon 17.95% 10.00% - 10.99% 28.41 942
Lowest Coupon 7.25% 11.00% - 11.99% 20.80 871
12.00% - 17.95% 29.96 1,939
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd. Avg Orig CLTV 78.40% 6.00% - 70.00% 20.62 908
Highest CLTV 101.00% 70.01% - 80.00% 39.10 1,365
Lowest CLTV 6.00% 80.01% - 90.00% 30.36 1,194
90.01% - 101.00% 9.92 887
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C>
Wtd Avg Original Term 209.09 24 - 84 1.03% 6.47%
Highest Original Term 360 85 - 120 4.00% 2.25%
Lowest Original Term 24 121 - 180 35.69% 23.37%
181 - 240 6.99% 0.05%
241 - 360 20.14% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C>
Wtd Avg Remaining Term 203.94 17 - 84 1.04% 6.47%
Highest Remaining Term 360 85 - 120 4.00% 2.25%
Lowest Remaining Term 17 121 - 180 35.69% 23.41%
181 - 240 6.99% 0.01%
241 - 360 20.14% 0.00%
</TABLE>
<TABLE>
<CAPTION>
Property Type Occupancy Status
<S> <C>
Single Family 94.90% Primary Residence 97.58%
Other 5.10% Other 2.42%
</TABLE>
Geographics FL 15%, CA 8%, CO 7%, NC 7%, LA 7%
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.
<PAGE> 17
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS
FLOATING RATE COLLATERAL SUMMARY
- --------------------------------------------------------------------------------
Total Number of Loans 56 Level Pay/Balloon 41%/59%
Total Outstanding Loan Balance $ 5,124,653 1st Lien/2nd Lien 100%/ 0%
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Avg Loan Balance $ 91,511.66 less than or equal to 24,999.99 0.00 0
Highest Balance $248,729.26 25,000 - 49,999.99 6.81 8
Lowest Balance $ 31,940.33 50,000 - 74,999.99 22.56 18
75,000 - 99,999.99 23.84 14
100,000 - 248,729.26 46.79 16
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd Avg Coupon 9.20% 6.80% - 9.99% 69.35 38
Highest Coupon 12.30% 10.00% - 10.99% 21.35 13
Lowest Coupon 6.80% 11.00% - 11.99% 4.11 2
12.00% - 12.30% 5.19 3
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd. Avg Orig CLTV 78.28% 42.00% - 70.00% 13.90 12
Highest CLTV 95.00% 70.01% - 80.00% 57.09 28
Lowest CLTV 42.00% 80.01% - 90.00% 21.66 13
90.01% - 95.00% 7.36 3
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C>
Wtd Avg Original Term 200.78 84 - 84 0.00% 54.50%
Highest Original Term 360 85 - 120 0.00% 0.88%
Lowest Original Term 84 121 - 180 0.00% 3.73%
181 - 240 0.00% 0.00%
241 - 360 40.90% 0.00%
</TABLE>
<TABLE>
<CAPTION>
RANGE LEVEL PAY BALLOON
<S> <C> <C> <C>
Wtd Avg Remaining Term 198.36 80 - 84 0.00% 54.50%
Highest Remaining Term 359 85 - 120 0.00% 0.88%
Lowest Remaining Term 80 121 - 180 0.00% 3.73%
181 - 240 0.00% 0.00%
241 - 359 40.90% 0.00%
</TABLE>
<TABLE>
<CAPTION>
Property Type Occupancy Status
<S> <C>
Single Family 96.10% Primary Residence 100.00%
Other 3.90% Other 0.00%
</TABLE>
Geographics OH 23%, CA 15%, LA 9%, PA 9%, IL 7%
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.
<PAGE> 18
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS
FLOATING RATE COLLATERAL SUMMARY CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
6 MONTH LIBOR Collateral 100% Periodic Cap 1.0%/1.5% 70%/ 30%
Wtd Avg Months to Next Rate Roll 3.85
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd Avg Margin 5.79% 4.00% - 4.99% 20.12 7
Highest Margin 7.50% 5.00% - 5.99% 30.59 17
Lowest Margin 4.00% 6.00% - 6.99% 38.60 25
7.00% - 7.99% 10.69 7
8.00% - 7.50% 0.00
</TABLE>
<TABLE>
<CAPTION>
RANGE % TOTAL # LOANS
<S> <C> <C> <C>
Wtd Avg Life Cap 16.84% 12.75% - 15.99% 19.06 9
Highest Life Cap 19.25% 16.00% - 16.99% 21.23 11
Lowest Life Cap 12.75% 17.00% - 17.99% 43.04 25
18.00% - 18.99% 11.48 8
19.00% - 19.25% 5.19 3
</TABLE>
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.
<PAGE> 19
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS
<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>
CLASS A-1-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final
12/10
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 7.74 1.61 1.24 1.00 0.84 0.63
Mod Duration (yrs) 5.69 1.46 1.14 0.93 0.78 0.59
First Pay (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay (mm/yy) 12/10 11/00 1/00 7/99 2/99 9/98
</TABLE>
CLASS A-2-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final
01/14
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 14.53 5.24 3.94 3.10 2.53 1.84
Mod Duration (yrs) 8.92 4.23 3.32 2.69 2.24 1.67
First Pay (mm/yy) 12/10 11/00 1/00 7/99 2/99 9/98
Last Pay (mm/yy) 1/14 3/05 3/03 11/01 1/01 12/99
</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>
CLASS A-3-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final
05/20
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 19.57 9.24 6.63 5.10 4.09 2.82
Mod Duration (yrs) 10.21 6.54 5.10 4.13 3.42 2.47
First Pay (mm/yy) 1/14 3/05 3/03 11/01 1/01 12/99
Last Pay (mm/yy) 5/20 2/08 7/05 4/03 1/02 7/00
</TABLE>
CLASS A-4-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final
03/24
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 25.01 12.07 9.50 7.00 5.29 3.53
Mod Duration (yrs) 11.14 7.75 6.61 5.28 4.24 3.00
First Pay (mm/yy) 5/20 2/08 7/05 4/03 1/02 7/00
Last Pay (mm/yy) 3/24 1/11 6/08 4/06 8/03 5/01
</TABLE>
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.
<PAGE> 20
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS
<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>
CLASS A-5-SEQ: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final
06/28
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 28.11 15.96 13.70 11.60 9.33 4.93
Mod Duration (yrs) 11.16 8.81 8.12 7.34 6.31 3.90
First Pay (mm/yy) 3/24 1/11 6/08 4/06 8/03 5/01
Last Pay (mm/yy) 9/26 9/26 9/26 9/26 9/26 5/26
</TABLE>
CLASS A-6-NAS: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final
12/11
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 10.15 7.06 6.61 6.27 6.01 5.70
Mod Duration (yrs) 6.86 5.28 5.03 4.82 4.67 4.46
First Pay (mm/yy) 6/00 6/00 6/00 6/00 6/00 6/00
Last Pay (mm/yy) 12/11 12/11 12/11 12/11 12/11 12/11
</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>
CLASS A-7: Expected Rating (Moodys/S&P) Aaa/AAA;FGIC Wrap;Legal Final 04/28
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Avg Life (yrs) 13.42 4.87 3.88 3.17 2.65 1.91
Mod Duration (yrs) 8.17 3.80 3.14 2.64 2.25 1.68
First Pay (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay (mm/yy) 2/27 2/27 2/27 2/27 2/27 2/27
Avg Life to call (ys) 12.64 4.55 3.66 3.00 2.46 1.74
Mod Duration to call (yrs) 8.00 3.67 3.04 2.55 2.14 1.56
First Pay to call (mm/yy) 6/97 6/97 6/97 6/97 6/97 6/97
Last Pay to call (mm/yy) 12/20 5/08 3/06 8/04 7/03 11/01
10% call assumption
</TABLE>
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.
<PAGE> 21
EQCCF 1997-A - SALOMON BROTHERS COMPUTATIONAL MATERIALS
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.
