<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: June 22, 1998
(Date of earliest event reported)
Commission File No. 333-48053
EQCC Receivables Corporation
EQCC Asset Backed Corporation
- --------------------------------------------------------------------------------
59-3170055
Delaware 59-3170052
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
10401 Deerwood Park Boulevard
Jacksonville, Florida 32256
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(904) 987-5000
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Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE> 2
ITEM 5. Other Events
Attached as an exhibit are the Computational Materials (as defined in
the no-action letter dated May 21, 1994 issued by the Securities and Exchange
Commission to Kidder, Peabody Acceptance Corporation-I, Kidder, Peabody & Co.
Incorporated and Kidder Structured Asset Corporation (the "Kidder Letter"))
prepared by NationsBanc Montgomery Securities LLC, which are hereby filed
pursuant to such letter.
-2-
<PAGE> 3
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EQCC RECEIVABLES CORPORATION
June 22, 1998
By: /s/ Lenore Hanapel
------------------------
Name: Lenore Hanapel
Title: Senior Vice President
EQCC ASSET BACKED CORPORATION
June 22, 1998
By: /s/ Lenore Hanapel
------------------------
Name: Lenore Hanapel
Title: Senior Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials E
prepared by NationsBanc Montgomery
Securities LLC in connection with
EQCC Home Equity Loan Asset Backed
Certificates, Series 1998-2
-4-
<PAGE> 1
[NationsBanc Montgomery Securities Logo]
________________________________________________________________________________
RMBS NEW ISSUE TERM SHEET
EQCC HOME EQUITY LOAN TRUST
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES
SERIES 1998-2
CLASSES A-1F, A-2F, A-3F, A-4F, A-5F, A-6F, A-7F
$753,082,000 (APPROXIMATE)
JUNE 24, 1998
________________________________________________________________________________
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
1
<PAGE> 2
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
OFFERED CERTIFICATES
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL PRINCIPAL
EXPECTED AVERAGE MODIFIED WINDOW WINDOW LEGAL
CLASS RATINGS APPROXIMATE LIFE DURATION (TO MATURITY) (TO CALL) FINAL
-------
CLASS DESCRIPTION S&P/MOODY'S SIZE COUPON (YEARS) (YEARS) IN MONTHS IN MONTHS MATURITY
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F SEQ AAA/Aaa $286,685,000.00 1.00 0.94 1 to 24 1 to 24 4/15/08
- --------------------------------------------------------------------------------------------------------------------------------
A-2F SEQ AAA/Aaa 22,350,000.00 2.00 1.83 24 to 26 24 to 26 10/15/08
- --------------------------------------------------------------------------------------------------------------------------------
A-3F SEQ AAA/Aaa 191,650,000.00 3.00 2.65 26 to 51 26 to 51 3/15/13
- --------------------------------------------------------------------------------------------------------------------------------
A-4F SEQ AAA/Aaa 70,250,000.00 5.00 4.16 51 to 73 51 to 73 1/15/22
- --------------------------------------------------------------------------------------------------------------------------------
A-5F SEQ AAA/Aaa 69,147,344.39 9.61 6.75 73 to 359 73 to 93 5/15/28
- --------------------------------------------------------------------------------------------------------------------------------
A-6F NAS AAA/Aaa 58,600,000.00 5.00 4.15 37 to 81 37 to 81 4/15/08
- --------------------------------------------------------------------------------------------------------------------------------
A-7F NAS AAA/Aaa 54,400,000.00 7.91 6.03 81 to 118 81 to 93 4/15/08
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
OFFERED CERTIFICATES:
1. Classes A-1F through A-7F are sequential pay and are backed by the
Mortgage Loan Group.
2. Classes A-1F through A-7F are payable monthly starting 7/15/98 with fixed
pass-through rates calculated on a (30/360) basis accruing from 6/1/98.
3. Both Class A-6F and A-7F will pay sequentially until the Principal Balance
of each such Class has been reduced to zero. The Lockout Percentage for
each Distribution Date is as follows: 0% to month 36; 45% from months 37
to 60; 80% from months 61 to 72; 100% from months 73 to 84; and 300%
thereafter.
4. The Mortgage Loan Group pricing speed is: 4.0% CPR in month 1, and an
additional 1.8182% in each month thereafter until month 12; on and
thereafter, 24% CPR. (100% Prepayment Assumption)
5. All classes are priced to maturity.
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NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
2
<PAGE> 3
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
SUMMARY OF TERMS
DEPOSITORS: EQCC Receivables Corporation and EQCC Asset Backed
Corporation are wholly owned subsidiaries of
EquiCredit Corporation, which itself is an indirect
wholly owned subsidiary of NationsBank Corporation.
On January 9, 1998, Barnett Banks Inc., the parent
and sole stockholder of EquiCredit Corporation,
merged with NationsBank Corporation. As a result
EquiCredit Corporation is now an indirect
wholly-owned subsidiary of NationsBank Corporation.
SERVICER: EquiCredit Corporation of America, a wholly owned
subsidiary of EquiCredit Corporation, which itself is
an indirect wholly owned subsidiary of NationsBank
Corporation.
As of March 31, 1998, EquiCredit serviced a total
portfolio of 121,317 mortgage loans, having an
aggregate unpaid principal balance of $5.6 billion
for itself and investors consisting primarily of
major commercial banks, savings and loan
associations, brokerage houses and the Federal
National Mortgage Association.
TRUSTEE: U.S. Bank National Association, an affiliate of First
Bank National Association.
OFFERING: Public; subject to a variance of plus or minus 5.0%.
MANAGERS: NationsBanc Montgomery Securities LLC (Lead and Book
Manager) Lehman Brothers Inc.
Bear Stearns & Co. Inc.
CUT-OFF DATE: June 1, 1998
PRICING DATE: June [ ], 1998
EXPECTED
CLOSING DATE: June [30], 1998
REGISTRATION: Certificates will be available in book-entry form
through DTC, Euroclear or CEDEL.
DISTRIBUTION
DATE: The 15th of each month (or next succeeding business
day), beginning July 15, 1998.
INTEREST
CALCULATION: Classes A-1F through A-7F are payable monthly
starting 7/15/98. The pass-through rates are
calculated on a 30/360 basis and accrue from 6/1/98.
OPTIONAL CALL: 10% optional clean-up call.
DENOMINATIONS: $1,000 minimum and integral multiples of $1 in excess
thereof.
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
3
<PAGE> 4
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
TAX STATUS: REMIC
ERISA: ERISA eligible. Prospective investors that are
pension plans should consult their own counsel with
respect to an investment in the Offered Certificates.
SMMEA: The Offered Certificates WILL NOT constitute
"mortgage related securities" for purposes of SMMEA.
CERTIFICATE
INSURER: Ambac Assurance Corporation ("AMBAC")
RATING
AGENCIES: S&P and Moody's.
MORTGAGE
LOAN GROUP: 14,709 primarily conventional,
fully-amortizing, first and second lien, fixed rate
(closed end), one- to four-family residential
mortgage loans, with remaining terms to maturity
ranging from approximately 7 months to 360 months.
CONTACT: NationsBanc Montgomery Securities LLC
Mortgage Syndicate
Chris Hentemann (email: [email protected])
Bill Hale (email: [email protected])
(704) 386-7744
(704) 335-5904 (Fax)
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
4
<PAGE> 5
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
DESCRIPTION OF THE COLLATERAL
<TABLE>
<CAPTION>
SUMMARY
TOTAL MINIMUM MAXIMUM
----- ------- -------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Cut-off Date Aggregate Principal Balance $ 753,082,344.39
Number of Loans 14,709
Average Original Loan Balance $ 51,831.94 $ 5,000.00 $ 225,000.00
Average Current Loan Balance $ 51,198.75 $ 1,259.26 $ 225,000.00
Weighted Average Combined Current LTV 78.64% 4.84% 100.00%
Weighted Average Gross Coupon 10.31% 7.40% 17.30%
Weighted Average Remaining Term to Maturity (months) 190.47 7 360
Weighted Average Original Term (months) 193.06 36 360
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
PERCENT OF
CUT-OFF DATE
RANGE PRINCIPAL BALANCE
----- -----------------
<S> <C> <C>
Range of Original Terms (in months) 0 to 180 75.37%
181 to 240 6.07%
241 to 360 18.56%
Level Pay Mortgage Loans 57.01%
Balloon Mortgage Loans 42.99%
Lien Position First 82.32%
Second 17.68%
Property Type Single Family 91.43%
2-4 Family 6.05%
Manufactured 0.90%
Multi Family 0.48%
Townhouse 0.50%
Condominium 0.63%
Other 0.01%
Occupancy Status Owner Occupied 94.41%
Non-owner Occupied 5.54%
Second Home 0.05%
Geographic Concentration Florida 12.29%
Ohio 8.09%
New York 7.46%
Pennsylvania 6.65%
Michigan 4.67%
Other 60.84%
Credit Grade A 57.06%
B 26.11%
C 15.24%
D 1.59%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
5
<PAGE> 6
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
DESCRIPTION OF THE COLLATERAL
CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENT OF
RANGE OF CUT-OFF DATE NUMBER OF AGGREGATE CUT-OFF DATE AGGREGATE CUT-OFF DATE
--------------------- --------- ---------------------- ----------------------
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<S> <C> <C>
$0.01 to 20,000.00 2,562 $ 37,843,881.59 5.03%
20,000.01 to 30,000.00 2,417 61,407,926.55 8.15%
30,000.01 to 40,000.00 2,148 76,042,478.45 10.10%
40,000.01 to 50,000.00 1,866 84,467,154.23 11.22%
50,000.01 to 60,000.00 1,444 79,772,248.89 10.59%
60,000.01 to 70,000.00 1,042 67,636,777.70 8.98%
70,000.01 to 80,000.00 784 58,784,073.60 7.81%
80,000.01 to 90,000.00 568 48,406,956.63 6.43%
90,000.01 to 100,000.00 423 40,266,113.52 5.35%
100,000.01 to 110,000.00 307 32,264,551.92 4.28%
110,000.01 to 120,000.00 267 30,744,518.22 4.08%
120,000.01 to 130,000.00 208 26,055,593.23 3.46%
130,000.01 to 140,000.00 151 20,398,161.04 2.71%
140,000.01 to 150,000.00 108 15,664,027.01 2.08%
150,000.01 to 160,000.00 103 16,001,753.54 2.12%
160,000.01 to 170,000.00 86 14,191,540.27 1.88%
170,000.01 to 180,000.00 67 11,775,309.65 1.56%
180,000.01 to 190,000.00 48 8,880,755.47 1.18%
190,000.01 to 200,000.00 55 10,759,560.22 1.43%
200,000.01 to 227,150.00 55 11,718,962.66 1.56%
------ ---------------- ------
TOTAL 14,709 $ 753,082,344.39 100.00%
====== ================ ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
6
<PAGE> 7
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
DESCRIPTION OF THE COLLATERAL
<TABLE>
<CAPTION>
STATE OR TERRITORY CONCENTRATION
PERCENT OF
----------
NUMBER OF AGGREGATE CUT-OFF DATE AGGREGATE CUT-OFF DATE
--------- ---------------------- ----------------------
STATE OR TERRITORY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
Florida 2,089 $ 92,552,334.04 12.29%
Ohio 1,136 60,950,571.84 8.09%
New York 799 56,159,193.25 7.46%
Pennsylvania 1,041 50,069,446.75 6.65%
Michigan 617 35,174,547.29 4.67%
Maryland 566 35,170,571.56 4.67%
Illinois 522 28,476,757.38 3.78%
Indiana 665 28,307,473.88 3.76%
California 551 27,880,362.22 3.70%
Connecticut 309 22,554,646.72 2.99%
Minnesota 431 21,069,771.93 2.80%
Virginia 427 20,771,467.26 2.76%
North Carolina 455 20,742,254.33 2.75%
Georgia 442 20,278,006.52 2.69%
Massachusetts 322 19,389,205.47 2.57%
Tennessee 409 19,241,406.81 2.56%
South Carolina 320 15,524,892.98 2.06%
Other 3,608 178,769,434.16 23.74%
------ ---------------- ------
TOTAL 14,709 $ 753,082,344.39 100.00%
====== ================ ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
7
<PAGE> 8
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
DESCRIPTION OF THE COLLATERAL
<TABLE>
<CAPTION>
COMBINED LOAN-TO-VALUE
PERCENT OF
----------
RANGE OF COMBINED NUMBER OF AGGREGATE CUT-OFF DATE AGGREGATE CUT-OFF DATE
----------------- --------- ---------------------- ----------------------
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0.01% to 5.00% 2 $ 6,926.24 0.00%
5.01% to 10.00% 11 113,172.34 0.02%
10.01% to 15.00% 39 487,868.14 0.06%
15.01% to 20.00% 66 1,141,732.55 0.15%
20.01% to 25.00% 86 1,852,507.06 0.25%
25.01% to 30.00% 110 2,740,238.27 0.36%
30.01% to 35.00% 152 3,965,713.12 0.53%
35.01% to 40.00% 187 5,300,234.01 0.70%
40.01% to 45.00% 209 6,624,688.69 0.88%
45.01% to 50.00% 338 11,082,906.64 1.47%
50.01% to 55.00% 302 11,701,892.23 1.55%
55.01% to 60.00% 431 17,924,581.95 2.38%
60.01% to 65.00% 515 22,657,242.76 3.01%
65.01% to 70.00% 933 47,880,019.71 6.36%
70.01% to 75.00% 2,017 114,423,286.27 15.19%
75.01% to 80.00% 2,514 156,944,600.29 20.84%
80.01% to 85.00% 3,191 197,931,288.32 26.28%
85.01% to 90.00% 1,374 74,876,552.19 9.94%
90.01% to 95.00% 549 32,849,692.64 4.36%
95.01% to 100.00% 1,683 42,577,200.97 5.65%
------ ---------------- ------
TOTAL 14,709 $ 753,082,344.39 100.00%
====== ================ ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
8
<PAGE> 9
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
DESCRIPTION OF THE COLLATERAL
<TABLE>
<CAPTION>
RANGE OF MORTGAGE INTEREST RATES
PERCENT OF
----------
RANGE OF MORTGAGE NUMBER OF AGGREGATE CUT-OFF DATE AGGREGATE CUT-OFF DATE
----------------- --------- ---------------------- ----------------------
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
7.251% to 7.500% 12 $ 1,049,550.05 0.14%
7.501% to 7.750% 48 4,504,273.88 0.60%
7.751% to 8.000% 115 10,448,192.79 1.39%
8.001% to 8.250% 96 8,292,297.57 1.10%
8.251% to 8.500% 280 20,172,719.45 2.68%
8.501% to 8.750% 259 21,580,378.73 2.87%
8.751% to 9.000% 599 44,688,545.73 5.93%
9.001% to 9.250% 519 34,316,328.26 4.56%
9.251% to 9.500% 743 46,962,272.31 6.24%
9.501% to 9.750% 1,182 73,664,790.21 9.78%
9.751% to 10.000% 1,395 84,046,188.00 11.16%
10.001% to 10.250% 939 54,211,654.06 7.20%
10.251% to 10.500% 1,344 66,630,070.14 8.85%
10.501% to 10.750% 1,316 65,910,886.43 8.75%
10.751% to 11.000% 890 45,599,348.37 6.06%
11.001% to 11.250% 751 34,067,102.09 4.52%
11.251% to 11.500% 657 28,138,672.12 3.74%
11.501% to 11.750% 387 16,393,396.98 2.18%
11.751% to 12.000% 361 13,725,406.58 1.82%
12.001% to 12.250% 349 13,821,128.21 1.84%
12.251% to 12.500% 279 9,109,480.80 1.21%
12.501% to 12.750% 353 10,332,936.29 1.37%
12.751% to 13.000% 240 7,354,091.32 0.98%
13.001% to 13.250% 780 18,666,823.10 2.48%
13.251% to 13.500% 310 7,699,890.42 1.02%
13.501% to 13.750% 95 2,502,459.90 0.33%
13.751% to 14.000% 279 6,853,415.64 0.91%
14.001% to 14.250% 52 1,107,201.39 0.15%
14.251% to 14.500% 20 360,220.76 0.05%
14.501% to 14.750% 9 156,431.68 0.02%
14.751% to 15.000% 13 203,948.52 0.03%
15.001% to 15.250% 7 115,636.86 0.02%
15.251% to 15.500% 9 84,094.70 0.01%
15.501% to 15.750% 2 14,731.70 0.00%
15.751% to 16.000% 9 127,570.25 0.02%
16.001% to 17.000% 9 161,445.11 0.02%
17.001% to 18.000% 1 8,763.99 0.00%
------ ---------------- ------
TOTAL 14,709 $ 753,082,344.39 100.00%
====== ================ ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
9
<PAGE> 10
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
DESCRIPTION OF THE COLLATERAL
<TABLE>
<CAPTION>
ORIGINAL MONTHS TO STATED MATURITY
RANGE OF ORIGINAL PERCENT OF
----------------- ----------
MONTHS TO NUMBER OF AGGREGATE CUT-OFF DATE AGGREGATE CUT-OFF DATE
--------- --------- ---------------------- ----------------------
STATED MATURITY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
--------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
25 to 36 1 $ 20,000.00 0.00%
37 to 48 2 24,817.51 0.00%
49 to 60 61 1,258,002.30 0.17%
61 to 72 8 160,688.36 0.02%
73 to 84 779 51,417,588.64 6.83%
85 to 96 7 109,426.07 0.01%
97 to 108 1 51,000.00 0.01%
109 to 120 3,139 209,250,722.01 27.79%
133 to 144 33 939,306.78 0.12%
145 to 156 3 145,117.46 0.02%
157 to 168 4 144,535.82 0.02%
169 to 180 7,977 304,053,922.37 40.37%
193 to 204 3 184,977.79 0.02%
205 to 228 1 85,729.94 0.01%
229 to 240 827 45,438,447.85 6.03%
289 to 300 4 243,637.73 0.03%
349 to 360 1,859 139,554,423.76 18.53%
------ ---------------- ------
TOTAL 14,709 $ 753,082,344.39 100.00%
====== ================ ======
</TABLE>
<TABLE>
<CAPTION>
MONTHS SINCE ORIGINATION
PERCENT OF
----------
RANGE OF MONTHS NUMBER OF AGGREGATE CUT-OFF DATE AGGREGATE CUT-OFF DATE
--------------- --------- ---------------------- ----------------------
SINCE ORIGINATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Less than 1 1 $ 20,000.00 0.00%
1 to 6 14,014 737,725,116.06 97.96%
7 to 12 23 956,413.17 0.13%
Greater than 12 671 14,380,815.16 1.91%
------ ---------------- ------
TOTAL 14,709 $ 753,082,344.39 100.00%
====== ================ ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
10
<PAGE> 11
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
BOND SUMMARY
------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
A-1F (TO MATURITY)
- ----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 7.05 1.76 1.27 1 0.83 0.72 0.57
Modified Duration (yrs.) 5.38 1.59 1.17 0.94 0.79 0.68 0.54
First Principal Payment Date 7/15/98 7/15/98 7/15/98 7/15/98 7/15/98 7/15/98 7/15/98
Last Principal Payment Date 4/15/08 2/15/02 12/15/00 6/15/00 1/15/00 10/15/99 7/15/99
Payment Windows (mos.) 117 43 29 23 18 15 12
Yield @ 100.000 6.212 6.107 6.052 6.001 5.952 5.904 5.814
A-2F (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 9.94 3.78 2.6 2 1.63 1.38 1.05
Modified Duration (yrs.) 7.25 3.28 2.33 1.83 1.51 1.28 0.99
First Principal Payment Date 4/15/08 2/15/02 12/15/00 6/15/00 1/15/00 10/15/99 7/15/99
Last Principal Payment Date 10/15/08 6/15/02 3/15/01 8/15/00 3/15/00 12/15/99 8/15/99
Payment Windows (mos.) 6 4 3 2 2 2 1
Yield @ 100.000 6.107 6.067 6.038 6.011 5.983 5.956 5.902
A-3F (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 13.2 6.17 4.05 3 2.38 1.98 1.48
Modified Duration (yrs.) 8.75 4.93 3.46 2.65 2.14 1.81 1.37
First Principal Payment Date 10/15/08 6/15/02 3/15/01 8/15/00 3/15/00 12/15/99 8/15/99
Last Principal Payment Date 3/15/13 4/15/08 5/15/04 9/15/02 10/15/01 2/15/01 6/15/00
Payment Windows (mos.) 53 70 38 25 19 14 10
Yield @ 100.000 6.223 6.202 6.182 6.161 6.139 6.118 6.076
A-4F (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 18.89 10.2 7.55 5 3.8 3.01 2.17
Modified Duration (yrs.) 10.65 7.29 5.79 4.16 3.27 2.65 1.96
First Principal Payment Date 3/15/13 4/15/08 5/15/04 9/15/02 10/15/01 2/15/01 6/15/00
Last Principal Payment Date 1/15/22 2/15/10 4/15/08 7/15/04 12/15/02 12/15/01 12/15/00
Payment Windows (mos.) 106 22 47 22 14 10 6
Yield @ 100.000 6.377 6.366 6.357 6.341 6.325 6.307 6.275
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
11
<PAGE> 12
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
A-5F (TO MATURITY)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 27.08 15.25 12.17 9.61 6.81 4.41 2.76
Modified Duration (yrs.) 12.15 9.15 7.97 6.75 5.16 3.67 2.44
First Principal Payment Date 1/15/22 2/15/10 4/15/08 7/15/04 12/15/02 12/15/01 12/15/00
Last Principal Payment Date 5/15/28 5/15/28 5/15/28 5/15/28 5/15/28 5/15/28 9/15/01
Payment Windows (mos.) 76 219 241 286 305 317 9
Yield @ 100.000 6.738 6.731 6.727 6.721 6.709 6.689 6.653
A-6F (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 8.07 5.89 5.4 5 4.68 4.43 3.6
Modified Duration (yrs.) 6.13 4.76 4.42 4.15 3.93 3.75 3.13
First Principal Payment Date 7/15/01 7/15/01 7/15/01 7/15/01 7/15/01 7/15/01 7/15/01
Last Principal Payment Date 4/15/08 12/15/05 7/15/05 3/15/05 9/15/04 4/15/04 9/15/02
Payment Windows (mos.) 81 53 48 44 38 33 14
Yield @ 100.000 6.219 6.208 6.204 6.200 6.197 6.194 6.181
A-7F (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 9.79 8.82 8.26 7.91 7.70 7.64 5.65
Modified Duration (yrs.) 7.10 6.56 6.23 6.03 5.90 5.84 4.58
First Principal Payment Date 4/15/08 12/15/05 7/15/05 3/15/05 9/15/04 4/15/04 9/15/02
Last Principal Payment Date 4/15/08 4/15/08 4/15/08 4/15/08 4/15/08 11/15/19 5/15/28
Payment Windows (mos.) 0 28 33 37 43 187 308
Yield @ 100.000 6.337 6.334 6.332 6.331 6.330 6.329 6.318
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
12
<PAGE> 13
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
A-1F (TO CALL)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 7.05 1.76 1.27 1 0.83 0.72 0.57
Modified Duration (yrs.) 5.38 1.59 1.17 0.94 0.79 0.68 0.54
First Principal Payment Date 7/15/98 7/15/98 7/15/98 7/15/98 7/15/98 7/15/98 7/15/98
Last Principal Payment Date 4/15/08 2/15/02 12/15/00 6/15/00 1/15/00 10/15/99 7/15/99
Principal Windows (mos.) 117 43 29 23 18 15 12
Yield @ 100.000 6.212 6.107 6.052 6.001 5.952 5.904 5.814
A-2F (TO CALL)
- --------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 9.94 3.78 2.6 2 1.63 1.38 1.05
Modified Duration (yrs.) 7.25 3.28 2.33 1.83 1.51 1.28 0.99
First Principal Payment Date 4/15/08 2/15/02 12/15/00 6/15/00 1/15/00 10/15/99 7/15/99
Last Principal Payment Date 10/15/08 6/15/02 3/15/01 8/15/00 3/15/00 12/15/99 8/15/99
Principal Windows (mos.) 6 4 3 2 2 2 1
Yield @ 100.000 6.107 6.067 6.038 6.011 5.983 5.956 5.902
A-3F (TO CALL)
- --------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 13.2 6.17 4.05 3 2.38 1.98 1.48
Modified Duration (yrs.) 8.75 4.93 3.46 2.65 2.14 1.81 1.37
First Principal Payment Date 10/15/08 6/15/02 3/15/01 8/15/00 3/15/00 12/15/99 8/15/99
Last Principal Payment Date 3/15/13 4/15/08 5/15/04 9/15/02 10/15/01 2/15/01 6/15/00
Principal Windows (mos.) 53 70 38 25 19 14 10
Yield @ 100.000 6.223 6.202 6.182 6.161 6.139 6.118 6.076
A-4F (TO CALL)
- --------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 18.85 10.18 7.55 5 3.8 3.01 2.17
Modified Duration (yrs.) 10.64 7.28 5.79 4.16 3.27 2.65 1.96
First Principal Payment Date 3/15/13 4/15/08 5/15/04 9/15/02 10/15/01 2/15/01 6/15/00
Last Principal Payment Date 4/15/21 9/15/09 4/15/08 7/15/04 12/15/02 12/15/01 12/15/00
Principal Windows (mos.) 97 17 47 22 14 10 6
Yield @ 100.000 6.377 6.366 6.357 6.341 6.325 6.307 6.275
A-5F (TO CALL)
- --------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- --------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 22.79 11.21 9.79 7.36 5.57 4.27 2.76
Modified Duration (yrs.) 11.37 7.65 6.97 5.63 4.5 3.59 2.44
First Principal Payment Date 4/15/21 9/15/09 4/15/08 7/15/04 12/15/02 12/15/01 12/15/00
Last Principal Payment Date 4/15/21 9/15/09 4/15/08 3/15/06 11/15/04 9/15/03 9/15/01
Principal Windows (mos.) 0 0 0 20 23 21 9
Yield @ 100.000 6.737 6.725 6.722 6.713 6.702 6.687 6.653
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
13
<PAGE> 14
EQCC HOME EQUITY LOAN TRUST 1998-2
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
A-6F (TO CALL)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 8.07 5.89 5.4 5 4.68 4.36 3.51
Modified Duration (yrs.) 6.13 4.76 4.42 4.15 3.93 3.7 3.06
First Principal Payment Date 7/15/01 7/15/01 7/15/01 7/15/01 7/15/01 7/15/01 7/15/01
Last Principal Payment Date 4/15/08 12/15/05 7/15/05 3/15/05 9/15/04 9/15/03 3/15/02
Principal Windows (mos.) 81 53 48 44 38 26 8
Yield @ 100.000 6.219 6.208 6.204 6.200 6.197 6.193 6.180
A-7F (TO CALL)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 9.79 8.82 8.26 7.45 6.37 5.21 3.71
Modified Duration (yrs.) 7.1 6.56 6.23 5.77 5.09 4.31 3.21
First Principal Payment Date 4/15/08 12/15/05 7/15/05 3/15/05 9/15/04 9/15/03 3/15/02
Last Principal Payment Date 4/15/08 4/15/08 4/15/08 3/15/06 11/15/04 9/15/03 3/15/02
Principal Windows (mos.) 0 28 33 12 2 0 0
Yield @ 100.000 6.337 6.334 6.332 6.329 6.323 6.314 6.295
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction. 06/19/98
14
