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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 25, 1998
(Date of earliest event reported)
Commission File No. 333-48053
EQCC Receivables Corporation
EQCC Asset Backed Corporation
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59-3170055
Delaware 59-3170052
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(State of Incorporation) (I.R.S. Employer Identification No.)
10401 Deerwood Park Boulevard
Jacksonville, Florida 32256
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Address of principal executive offices (Zip Code)
(904) 987-5000
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year,
if changed since last report)
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Item 5. Other Events
Documents incorporated by Reference
The consolidated financial statements of Ambac Assurance Corporation and its
subsidiaries as of December 31, 1997 and December 31,1996, and for the
three-year period ended December 31, 1997, included in the Annual Report on Form
10-K of Ambac Financial Group, Inc. (which was filed with the Securities and
Exchange Commission on March 31, 1998) and the consolidated financial statements
of Ambac Assurance Corporation and its subsidiaries as of March 31, 1998, and
for periods ended March 31, 1998 and March 31, 1997, included in the Quarterly
Report on Form 10-Q of Ambac Financial Group, Inc. for the period ended March
31, 1998 (which was filed with the Securities and Exchange Commission on May 15,
1998) are hereby incorporated by reference in (i) this Current Report on Form
8-K; (ii) the registration statement of the registrants (Registration No.
333-48053) and (iii) the Prospectus Supplement and Prospectus, each dated June
23, 1998, relating to EQCC Home Equity Loan Asset Backed Certificates, Series
1998-2, and shall be deemed to be part hereof and thereof.
Item 7. Financial Statements and Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-23) Consent of KPMG Peat Marwick LLP, independent
auditors of Ambac Assurance Corporation
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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
June 25, 1998
By: /s/ Lenore Hanapel
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Name: Lenore Hanapel
Title: Senior Vice President
EQCC ASSET BACKED CORPORATION
June 25, 1998
By: /s/ Lenore Hanapel
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Name: Lenore Hanapel
Title: Senior Vice President
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INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-23) Consent of KPMG Peat Marwick E
LLP, independent auditors
of Ambac Assurance Corporation
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EX-23
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration statement (No.
333-48053) of EQCC Receivables Corporation and EQCC Asset Backed Corporation
(the "Registrant"), the Prospectus Supplement relating to Series 1998-2 of the
Registrant (the "Prospectus Supplement"), and the Form 8-K of the Registrant
dated June 25, 1998, of our report dated January 29, 1998 on the consolidated
financial statements of Ambac Assurance Corporation as of December 31, 1997 and
1996, and for each of the years in the three-year period ended December 31, 1997
which report appears in the Form 10-K of Ambac Financial Group, Inc. dated March
31, 1998 and to the reference to our firm under the heading "Experts" in the
Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
New York, New York
June 25, 1998
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