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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):February 12, 1998
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) 987-5000
Not Applicable
(Former name or former address if changed since last report)
Exhibit Index located at Page 3
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Items 1 through 4, Item 6 and Item 8 are not included because they are not
applicable.
ITEM 5. OTHER EVENTS.
On or prior to March 23, 1998 the Registrants will cause the
issuance and sale of EQCC Home Equity Loan Asset Backed Certificates, Series
1998-1 (the "Certificates") pursuant to a Pooling and Servicing Agreement dated
as of March 1, 1998, 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 Nationsbanc
Montgomery Securities, Inc. (the "Underwriter"), that the Underwriter has
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 Underwriter are being filed as an exhibit
to this report.
The Term Sheets attached hereto have been provided by the Underwriter.
The information in the Term Sheets was preliminary and will be superseded by the
Prospectus Supplement relating to the Certificates and may be superseded by any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 Underwriter at the request of certain prospective investors, based on
assumptions provided by, and satisfying the special requirements of, such
prospective investors. Such materials may not include, and do not purport to
include, information based on assumptions representing a complete set of
possible scenarios. Accordingly, such materials may not be relevant to or
appropriate for investors other than those specifically requesting them.
Certain assumptions may have been made in the Term Sheets which have
resulted in any returns to holders of the Certificates that are detailed in the
Term Sheets. No representation is made that any returns indicated in the Term
Sheets will be achieved. Changes to the assumptions may have a material impact
on any returns detailed. Past performance is not necessarily indicative of
future results.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Certificates (the "Mortgage Loans") will differ from the
assumptions used in the Term Sheets, which are hypothetical in nature and which
were provided to certain investors only to give a general sense of how the
yield, average life, duration, expected maturity, interest rate sensitivity and
cash 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,
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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.
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<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
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<S> <C> <C>
99.1(D) Computational Materials prepared in 005
connection with the sale of EQCC Home Equity
Loan Asset Backed Certificates, Series 1998-1,
by Nationsbanc Montgomery Securities, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
EQCC RECEIVABLES CORPORATION
EQCC ASSET BACKED CORPORATION
(Registrants)
EQCC RECEIVABLES CORPORATION
February 12, 1998 By: /s/James B. Dodd
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James B. Dodd
Vice President
EQCC ASSET BACKED CORPORATION
February 12, 1998 By: /s/James B. Dodd
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James B. Dodd
Vice President
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EXHIBIT 99.1(D)
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<CAPTION>
TOTAL POOL FIXED RATE MORTGAGES ADJUSTABLE RATE MORTGAGES
<S> <C> <C> <C> <C> <C>
Pool Size $762,938,526.17 Pool Size $693,480,043.63 Pool Size $69,458,482.54
Loan Count: 15,382 Loan Count: 14,611 Loan Count: 711
Average Loan Balance $ 49,599.44 Average Loan Balance $ 47,462.87 Average Loan Balance $ 90,088.82
Minimum Loan Balance $ 1,266.86 Minimum Loan Balance $ 1,266.86 Minimum Loan Balance $ 20,242.04
Maximum Loan Balance $ 225,000.00 Maximum Loan Balance $ 225,000.00 Maximum Loan Balance $ 224,566.65
Minimum Gross Coupon 6.75% Minimum Gross Coupon 7.00% Minimum Gross Coupon 6.75%
Maximum Gross Coupon 17.00% Maximum Gross Coupon 17.00% Maximum Gross Coupon 11.88%
W.A. Gross Coupon 10.56% W.A. Gross Coupon 10.76% W.A. Gross Coupon 8.49%
Minimum OTERM 48 Minimum OTERM 48 Minimum OTERM 83
Maximum OTERM 360 Maximum OTERM 360 Maximum OTERM 360
W.A. OTERM 180.27 W.A. OTERM 186.49 W.A. OTERM 118.19
Minimum AMTERM 0 Minimum AMTERM 48 Minimum AMTERM 0
Maximum AMTERM 360 Maximum AMTERM 360 Maximum AMTERM 360
W.A. AMTERM 292.06 W.A. AMTERM 285.79 W.A. AMTERM 354.65
Minimum RTERM 8 Minimum RTERM 8 Minimum RTERM 62
Maximum RTERM 462 Maximum RTERM 462 Maximum RTERM 360
W.A. RTERM 178.28 W.A. RTERM 184.47 W.A. RTERM 116.56
W.A. Age 2.02 W.A. Age 2.06 W.A. Age 1.66
Minimum Original LTV 0.00% Minimum Original LTV 0.00% Minimum Original LTV 23.00%
Maximum Original LTV 107.27% Maximum Original LTV 107.27% Maximum Original LTV 104.28%
W.A. Original LTV 67.96% W.A. Original LTV 66.40% W.A. Original LTV 83.53%
Minimum Current LTV 0.00% Minimum Current LTV 0.00% Minimum Current LTV 0.00%
Maximum Current LTV 122.31% Maximum Current LTV 122.31% Maximum Current LTV 104.28%
W.A. Current LTV 78.95% W.A. Current LTV 78.51% W.A. Current LTV 83.42%
1st Lien % 80.89% 1st Lien % 78.98% 1st Lien % 100.00%
2nd Lien % 19.11% 2nd Lien % 21.02% 2nd Lien % 0.00%
W.A. Margin 5.08%
W.A. Rollterm 5.83
W.A. Initial Cap
W.A. Interim Cap 1.00%
W.A. Ceiling 14.48%
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