<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: February 25, 1999
(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)
<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")) and
Collateral Term Sheets (as defined in the no-action letter dated February 17,
1995 issued by the Securities and Exchange Commission to the Public Securities
Association) prepared by NationsBanc Montgomery Securities LLC, which are hereby
filed pursuant to such letter.
-2-
<PAGE> 3
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Computational Materials and Collateral Term Sheets
prepared by NationsBanc Montgomery Securities LLC in
connection with EQCC Home Equity Loan Asset Backed
Certificates, Series 1999-1
-3-
<PAGE> 4
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
February 25, 1999
By: /s/ Lenore Hanapel
-------------------------
Name: Lenore Hanapel
Title: Senior Vice President
EQCC ASSET BACKED CORPORATION
February 25, 1999
By: /s/ Lenore Hanapel
-------------------------
Name: Lenore Hanapel
Title: Senior Vice President
-4-
<PAGE> 5
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials and Collateral Term Sheets E
prepared by NationsBanc Montgomery Securities LLC in
connection with EQCC Home Equity Loan Asset Backed
Certificates, Series 1999-1
-5-
<PAGE> 1
NATIONSBANC MONTGOMERY SECURITIES
NationsBanc Montgomery Securities LLC
BANKAMERIC
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RMBS NEW ISSUE TERM SHEET
EQCC HOME EQUITY LOAN TRUST
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES
SERIES 1999-1
CLASSES A-1F, A-2F, A-3F, A-4F, A-5F, A-6F & A-1A
$780,000,000 (APPROXIMATE)
FEBRUARY 22, 1999
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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.
1
<PAGE> 2
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
OFFERED CERTIFICATES
<TABLE>
<CAPTION>
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PRINCIPAL PRINCIPAL FINAL
EXPECTED AVERAGE MODIFIED WINDOW WINDOW SCHEDULED
CLASS RATINGS APPROXIMATE LIFE DURATION (TO MATURITY) (TO CALL) PAYMENT
CLASS DESCRIPTION S&P/MOODY'S SIZE (YEARS) (YEARS) IN MONTHS IN MONTHS DATE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F SEQ AAA/Aaa 306,000,000 0.95 0.89 1 - 21 1 - 21 12/20/2000
- ---------------------------------------------------------------------------------------------------------------------------------
A-2F SEQ AAA/Aaa 100,000,000 2.07 1.90 21 - 29 21 - 29 8/20/2001
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A-3F SEQ AAA/Aaa 135,000,000 3.05 2.71 29 - 47 29 - 47 2/20/2003
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A-4F SEQ AAA/Aaa 86,000,000 5.07 4.21 47 - 117 47 - 78 12/20/2008
- ---------------------------------------------------------------------------------------------------------------------------------
A-5F SEQ AAA/Aaa 17,803,970 6.53 5.14 117 - 360 78 - 78 9/20/2005
- ---------------------------------------------------------------------------------------------------------------------------------
A-6F NAS AAA/Aaa 112,000,000 6.27 4.98 37 - 125 37 - 78 8/20/2009
- ---------------------------------------------------------------------------------------------------------------------------------
A-1A Floater AAA/Aaa 23,196,030 2.79 2.43 1 - 356 1 - 78 9/20/2005
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------
FINAL
LEGAL * SPREAD
MATURITY REQUIREMENT
DATE
- ----------------------------------
<C> <C>
3/15/2029 [ 3.00%]
- ----------------------------------
3/15/2029 [ 3.00%]
- ----------------------------------
3/15/2029 [ 3.00%]
- ----------------------------------
3/15/2029 [ 3.00%]
- ----------------------------------
3/15/2029 [ 3.00%]
- ----------------------------------
3/15/2029 [ 3.00%]
- ----------------------------------
3/15/2029 [ 3.00%]
- ----------------------------------
</TABLE>
* The initial spread requirement will be 0.0% increasing to [ 3 ]% of
the original unpaid principal balance. Beginning month 31 the spread
requirement will be [ 6 ]% based on the current unpaid principal
balance.
<TABLE>
<CAPTION>
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Fixed Rate Certificates:
- ------------------------
<S> <C>
1. Classes A-1F through A-6F are sequential pay and are backed by the Fixed
Rate Mortgage Loan Group.
2. Classes A-1F through A-6F are payable monthly starting 4/20/99 with fixed
pass-through rates calculated on a (30/360) basis accruing from 3/1/99.
3. The Class A-6F will pay sequentially until the Principal Balance of such
Class has been reduced to zero. The Lockout Percentage for each Payment
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. Optional Call is 10%. If the Optional Call is not exercised by the
Servicer, the coupon on the Class A-5F will increase by 0.50%.
5. Fixed Rate Mortgage Loan Group pricing speed: 125% Prepayment Assumption,
where 100% Prepayment Assumption is equal to 4.0% CPR in month 1, and an
additional 1.8182% in each month thereafter until month 12; on and
thereafter, 24% CPR.
6. Classes A-1F, A-2F, A-3F, A-4F, and A-6F are priced to maturity.
7. The Class A-5F is priced to call.
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<CAPTION>
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Adjustable Rate Certificates:
- -----------------------------
<C> <C>
1. The Class A-1A is backed by the Adjustable Rate Mortgage Loan Group.
2. The Class A-1A is payable monthly (actual/360) starting 4/20/99 with
accrual from Closing Date. The Class A-1A resets monthly to One-Month
LIBOR plus [ ]%.
3. The Class A-1A is subject to an Available Funds Cap, as described
herein.
4. Optional Call is 10%. If the Optional Call is not exercised by the
Servicer, the margin on the Class A-1A Certificates will increase by a
multiple of two.
5. Adjustable Rate Mortgage Loan Group pricing speed: 27% CPR
beginning in month 1.
6. The Class A-1A is priced to call.
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</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.
2
<PAGE> 3
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
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 BankAmerica Corporation.
SERVICER: EquiCredit Corporation of America, a wholly owned
subsidiary of EquiCredit Corporation, which itself is
an indirect wholly owned subsidiary of BankAmerica
Corporation.
As of December 31, 1998, EquiCredit serviced a total
loan portfolio of 138,123 mortgage loans, having an
aggregate unpaid principal balance of $7.0 billion.
EquiCredit's portfolio consists of loans serviced for
itself as well as investors consisting primarily of
major commercial banks, savings and loan
associations, brokerage houses and Fannie Mae.
TRUSTEE: U.S. Bank National Association
OFFERING: Public; subject to a variance of plus or minus 5.0%.
MANAGERS: NationsBanc Montgomery Securities LLC (Lead and Book
Manager) Merrill Lynch & Co.
CUT-OFF DATE: March 1, 1999
EXPECTED
PRICING DATE: February [ ], 1999
EXPECTED
CLOSING DATE: March 10, 1999
SETTLEMENT: Fixed Rate Certificates settle with accrued
interest. Adjustable Rate Certificates settle flat;
without accrued interest.
REGISTRATION: Certificates will be available in book-entry form
through DTC, Euroclear or CEDEL.
PAYMENT
DATE: The 20th of each month (or next succeeding business
day), beginning April 20, 1999.
INTEREST
CALCULATION: The Class A-1F through A-6F Certificates are payable
(FIXED RATE monthly starting 4/20/99 with fixed pass-through rates
CERTIFICATES) calculated on a (30/360) basis. If the Optional Call
is not exercised by the Servicer, the coupon on the
Class A-5F will increase by 0.50%.
AVAILABLE
FUNDS CAP: All Fixed Rate Certificate coupons may be subject to
(FIXED RATE the fixed rate Available Funds Cap. The fixed
CERTIFICATES) rate Available Funds Cap is a rate equal to the
weighted average of the Mortgage Interest Rates on
the Mortgage Loans in the Fixed Rate Mortgage Loan
Group less the sum of the Servicing Fee and the
Certificate Insurer Fee (together, the "Ongoing
Fees").
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.
3
<PAGE> 4
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
INTEREST
CALCULATION: The Class A-1A Certificates are payable monthly
(ADJUSTABLE RATE starting 4/20/99 and reset monthly on an actual/360
CERTIFICATES) basis to One-Month LIBOR plus [ ]%. If the Optional
Call is not exercised by the Servicer, the margin on
the Class A-1A Certificates will increase by a
multiple of two.
AVAILABLE
FUNDS CAP: The Class A-1A Certificates will be subject to an
(ADJUSTABLE RATE Available Funds Cap equal to the weighted average
CERTIFICATES) of the Mortgage Interest Rates on the Mortgage Loans
in the Adjustable Rate Mortgage Loan Group as of the
first day of the related Accrual Period less: (a) an
amount, expressed as an annual percentage rate across
the mortgage pool balance, equal to the sum of the
Servicing Fee and the Certificate Insurer Fee
(together, the "Ongoing Fees") with respect to the
first twelve Accrual Periods or (b) the sum of the
amount in (a) plus 0.50% per annum, with respect to
each subsequent Accrual Period.
INTEREST
CARRYOVER: The Interest Carryover for any Payment Date shall
(ADJUSTABLE RATE equal (i) the difference between (a) the amount of
CERTIFICATES) interest the Class A-1A Certificates would be
entitled to receive on such Payment Date without
regard to the Net Funds Cap Rate and (b) the amount
of interest actually distributed to the Class
A-1A Certificates, plus (ii) the portion of any
amount calculated and unpaid from prior payment dates
(and interest accrued at the then applicable Class
A-1A Certificate rate).
OPTIONAL CALL: 10% optional clean-up call.
DENOMINATIONS: $1,000 minimum and integral multiples of $1 in excess
thereof.
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"); Ambac's claims
paying ability is rated "AAA" by Standard & Poor's
Rating Service, "Aaa" by Moody's Investor Service and
"AAA" by Fitch IBCA, Inc.
SECURITIES
INSURANCE POLICY: The Securities Insurance Policy will provide 100%
coverage of timely interest and ultimate principal
payments due on the Certificates.
RATING
AGENCIES: S&P and Moody's.
INITIAL MORTGAGE
LOAN GROUPS: The statistical information presented in this Term
Sheet regarding the Initial Mortgage Loans is based
on balances as of February 1, 1999. The Initial
Mortgage Loans consist of conventional, fully
amortizing, first and second lien, fixed and
adjustable rate closed end, one- to four-family
residential mortgage loans. The total Initial
Mortgage Loans will consist of 11,099 loans, with a
principal balance of approximately $672,379,469. The
Initial Mortgage Loans have been divided into two
separate mortgage loan groups. The Fixed Rate
Mortgage Loan Group will consist of 10,875 fixed
rate, agency conforming balance mortgage loans with a
principal balance of approximately $649,183,438. The
Adjustable Rate Mortgage Loan Group will consist of
224 adjustable rate mortgage loans with a principal
balance of approximately $23,196,031.
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.
4
<PAGE> 5
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
ADDITIONAL
MORTGAGE LOANS: It is anticipated that additional fixed rate,
agency conforming balance mortgage loans totaling
approximately $ 107,620,532 will be delivered into
the Fixed Rate Mortgage Loan Group prior to the
Closing Date. ON THE CLOSING DATE, IT IS EXPECTED
THAT THE TOTAL MORTGAGE LOAN POOL WILL EQUAL
APPROXIMATELY $780,000,000.
CONTACT: NationsBanc Montgomery Securities LLC
Mortgage Syndicate
Chris Hentemann (email: [email protected])
Bill Hale (email: [email protected])
Mark Ryan (email: [email protected])
Alex Cha (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.
5
<PAGE> 6
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
SUMMARY
<TABLE>
<CAPTION>
TOTAL MINIMUM MAXIMUM
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Aggregate Principal Balance $649,183,438.26
Number of Loans 10,875
Average Original Loan Balance $60,608.15 $5,850.00 $297,000.00
Average Current Loan Balance $59,695.03 $2,413.07 $294,615.00
Weighted Average Combined Current LTV 78.86% 1.72% 100.00%
Weighted Average Gross Coupon 10.28% 5.65% 19.65%
Weighted Average Remaining Term to Maturity (months) 229.61 11 360
Weighted Average Original Term (months) 233.55 42 360
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
PERCENT OF
CUT-OFF DATE
RANGE PRINCIPAL BALANCE
----- -----------------
<S> <C> <C>
Level Pay Mortgage Loans 66.45%
Balloon Mortgage Loans 33.55%
Lien Position First 88.77%
Second 11.23%
Property Type Single Family 87.44%
2-4 Family 9.39%
Townhouse 0.91%
Manufactured 0.81%
Condominium 0.80%
Others 0.65%
Occupancy Status Owner Occupied 93.14%
Non-owner Occupied 6.80%
Second Home 0.07%
Geographic Concentration Florida 11.40%
New York 10.12%
Ohio 8.95%
Pennsylvania 7.40%
Illinois 4.94%
Other 57.18%
Credit Grade A 55.86%
B 25.25%
C 17.94%
D 0.95%
- ---------------------------------------------------------------------------------------------------------
</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.
6
<PAGE> 7
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF CUT-OFF DATE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------------------- --------- ---------------------- ---------------------
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
$0.01 to 20,000.00 1,234 $ 18,239,033.43 2.81%
20,000.01 to 30,000.00 1,524 39,029,619.78 6.01%
30,000.01 to 40,000.00 1,413 49,814,786.99 7.67%
40,000.01 to 50,000.00 1,344 60,740,979.00 9.36%
50,000.01 to 60,000.00 1,202 66,391,092.40 10.23%
60,000.01 to 70,000.00 906 58,888,248.41 9.07%
70,000.01 to 80,000.00 711 53,324,310.07 8.21%
80,000.01 to 90,000.00 547 46,571,178.23 7.17%
90,000.01 to 100,000.00 450 42,914,772.02 6.61%
100,000.01 to 110,000.00 320 33,688,380.52 5.19%
110,000.01 to 120,000.00 293 33,707,295.76 5.19%
120,000.01 to 130,000.00 196 24,556,234.97 3.78%
130,000.01 to 140,000.00 168 22,746,223.72 3.50%
140,000.01 to 150,000.00 155 22,596,822.30 3.48%
150,000.01 to 160,000.00 94 14,617,664.10 2.25%
160,000.01 to 170,000.00 73 12,055,742.55 1.86%
170,000.01 to 180,000.00 69 12,136,250.86 1.87%
180,000.01 to 190,000.00 32 5,959,419.39 0.92%
190,000.01 to 200,000.00 45 8,793,172.47 1.35%
200,000.01 to 225,000.00 55 11,712,843.35 1.80%
225,000.01 to 250,000.00 32 7,487,914.42 1.15%
250,000.01 to 275,000.00 9 2,345,212.76 0.36%
275,000.01 to 300,000.00 3 866,240.76 0.13%
------ --------------- ------
TOTAL 10,875 $649,183,438.26 100.00%
====== =============== ======
</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.
7
<PAGE> 8
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
STATE OR TERRITORY CONCENTRATION
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------- ---------------------- ---------------------
STATE OR TERRITORY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
Florida 1,444 $ 73,977,324.25 11.40%
New York 731 65,723,237.73 10.12%
Ohio 927 58,124,713.19 8.95%
Pennsylvania 895 48,067,510.42 7.40%
Illinois 500 32,070,093.58 4.94%
Michigan 494 30,353,022.93 4.68%
Tennessee 387 23,381,614.71 3.60%
Maryland 335 22,936,655.16 3.53%
Indiana 442 21,418,153.64 3.30%
Connecticut 262 20,977,137.11 3.23%
California 418 19,736,961.47 3.04%
North Carolina 328 17,871,603.94 2.75%
Massachusetts 260 17,750,804.77 2.73%
South Carolina 315 17,462,698.88 2.69%
Georgia 306 15,740,630.19 2.42%
Virginia 268 14,904,983.50 2.30%
Louisiana 293 14,338,122.32 2.21%
Minnesota 254 14,285,249.17 2.20%
Arizona 183 13,136,138.72 2.02%
Others* 1,833 106,926,782.58 16.47%
------ --------------- ------
TOTAL 10,875 $649,183,438.26 100.00%
====== =============== ======
</TABLE>
* State or Territory Concentration less than or equal to 2.0%
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.
8
<PAGE> 9
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
COMBINED LOAN-TO-VALUE
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF COMBINED NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
----------------- --------- ---------------------- ---------------------
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0.01% to 5.00% 3 $ 11,826.07 0.00%
5.01% to 10.00% 7 150,952.14 0.02%
10.01% to 15.00% 27 369,307.08 0.06%
15.01% to 20.00% 47 955,144.82 0.15%
20.01% to 25.00% 43 1,128,196.20 0.17%
25.01% to 30.00% 79 2,215,162.93 0.34%
30.01% to 35.00% 108 3,005,302.34 0.46%
35.01% to 40.00% 126 4,061,083.88 0.63%
40.01% to 45.00% 155 5,640,332.80 0.87%
45.01% to 50.00% 204 8,102,908.20 1.25%
50.01% to 55.00% 257 11,174,435.25 1.72%
55.01% to 60.00% 385 16,706,490.42 2.57%
60.01% to 65.00% 472 23,891,787.77 3.68%
65.01% to 70.00% 679 37,622,138.71 5.80%
70.01% to 75.00% 1,157 68,668,898.76 10.58%
75.01% to 80.00% 2,274 155,278,913.34 23.92%
80.01% to 85.00% 2,306 157,980,399.48 24.34%
85.01% to 90.00% 1,594 112,265,984.69 17.29%
90.01% to 95.00% 367 22,533,597.87 3.47%
95.01% to 100.00% 585 17,420,575.51 2.68%
------ --------------- ------
TOTAL 10,875 $649,183,438.26 100.00%
====== =============== ======
</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.
9
<PAGE> 10
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
RANGE OF MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF MORTGAGE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
----------------- --------- ---------------------- ---------------------
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Less than 6.001% 5 $ 551,811.21 0.09%
6.001% to 6.250% 3 231,429.16 0.04%
6.251% to 6.500% 16 1,365,272.79 0.21%
6.501% to 6.750% 31 2,403,513.88 0.37%
6.751% to 7.000% 35 2,665,611.61 0.41%
7.001% to 7.250% 36 3,155,740.25 0.49%
7.251% to 7.500% 66 5,841,913.50 0.90%
7.501% to 7.750% 81 7,184,531.21 1.11%
7.751% to 8.000% 162 15,012,228.04 2.31%
8.001% to 8.250% 127 11,248,400.68 1.73%
8.251% to 8.500% 265 21,593,901.18 3.33%
8.501% to 8.750% 333 28,233,194.94 4.35%
8.751% to 9.000% 368 29,951,316.47 4.61%
9.001% to 9.250% 321 24,906,685.35 3.84%
9.251% to 9.500% 487 36,822,617.24 5.67%
9.501% to 9.750% 786 52,260,216.84 8.05%
9.751% to 10.000% 777 52,494,487.09 8.09%
10.001% to 10.250% 625 41,813,299.76 6.44%
10.251% to 10.500% 746 46,901,333.38 7.22%
10.501% to 10.750% 686 42,513,752.18 6.55%
10.751% to 11.000% 777 45,478,688.48 7.01%
11.001% to 11.250% 524 28,972,351.70 4.46%
11.251% to 11.500% 472 25,388,773.10 3.91%
11.501% to 11.750% 573 25,990,563.87 4.00%
11.751% to 12.000% 403 17,867,123.83 2.75%
12.001% to 12.250% 332 14,187,455.56 2.19%
12.251% to 12.500% 301 12,140,809.55 1.87%
12.501% to 12.750% 321 12,729,171.77 1.96%
12.751% to 13.000% 260 10,761,462.09 1.66%
13.001% to 13.250% 368 10,376,900.61 1.60%
13.251% to 13.500% 122 5,229,938.50 0.81%
13.501% to 13.750% 133 4,016,950.91 0.62%
13.751% to 14.000% 119 3,890,427.98 0.60%
14.001% to 14.250% 72 2,040,617.73 0.31%
14.251% to 14.500% 33 905,724.73 0.14%
14.501% to 14.750% 31 734,764.70 0.11%
14.751% to 15.000% 24 417,553.30 0.06%
15.001% to 15.250% 6 89,214.27 0.01%
15.251% to 15.500% 12 199,268.22 0.03%
15.501% to 15.750% 5 93,512.18 0.01%
15.751% to 16.000% 8 135,904.32 0.02%
16.001% to 17.000% 19 331,279.70 0.05%
17.001% to 18.000% 2 33,511.15 0.01%
18.001% to 19.000% 1 15,390.82 0.00%
19.001% to 20.000% 1 $ 4,822.43 0.00%
------ --------------- ------
TOTAL 10,875 $649,183,438.26 100.00%
====== =============== ======
</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.
10
<PAGE> 11
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
ORIGINAL MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
RANGE OF ORIGINAL PERCENT OF FIXED RATE
- ----------------- ---------------------
MONTHS TO NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------- --------- ---------------------- ---------------------
STATED MATURITY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
--------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
37 to 48 2 $ 83,312.44 0.01%
49 to 60 19 540,320.63 0.08%
61 to 72 3 62,099.03 0.01%
73 to 84 203 13,839,045.56 2.13%
85 to 96 8 117,495.97 0.02%
97 to 108 2 23,435.17 0.00%
109 to 120 2,328 168,934,341.58 26.02%
121 to 132 3 61,783.07 0.01%
133 to 144 17 348,814.42 0.05%
145 to 156 1 31,792.93 0.00%
157 to 168 6 128,933.35 0.02%
169 to 180 4,409 181,470,264.92 27.95%
205 to 228 1 47,500.00 0.01%
229 to 240 677 36,179,888.11 5.57%
241 to 288 1 48,152.00 0.01%
289 to 300 36 2,028,000.51 0.31%
349 to 360 3,159 245,238,258.57 37.78%
------ --------------- ------
TOTAL 10,875 $649,183,438.26 100.00%
====== =============== ======
</TABLE>
MONTHS SINCE ORIGINATION
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF MONTHS NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- ---------------- --------- ---------------------- ---------------------
SINCE ORIGINATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 6 9,899 $621,899,072.46 95.80%
7 to 12 7 190,663.83 0.03%
Greater than 12 969 27,093,701.97 4.17%
------ --------------- ------
TOTAL 10,875 $649,183,438.26 100.00%
====== =============== ======
</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.
11
<PAGE> 12
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
<TABLE>
<CAPTION>
SUMMARY
- ------------------------------------------------------------------------------------------------
TOTAL MINIMUM MAXIMUM
----- ------- -------
<S> <C> <C> <C>
Cut-off Date Aggregate Principal Balance $23,196,030.90
Number of Loans 224
Average Original Loan Balance $ 103,572.26 $17,000.00 $568,750.00
Average Current Loan Balance $ 103,553.71 $16,981.75 $568,750.00
Weighted Average Combined LTV 81.91% 37.00% 95.00%
Weighted Average Gross Coupon 8.56% 6.25% 11.15%
Weighted Average Remaining Term to Maturity (months) 173.90 80 360
Weighted Average Original Term (months) 174.12 83 360
Weighted Average Gross Margin 5.56% 3.70% 8.65%
Weighted Average Gross Lifetime Cap 16.68% 14.88% 19.88%
Weighted Average Gross Lifetime Floor 8.56% 6.25% 11.15%
Weighted Average Periodic Cap 1.00% 1.00% 1.00%
Weighted Average First Adjustment Cap 1.00% 1.00% 1.00%
- ------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
PERCENT OF
CUT-OFF DATE
RANGE PRINCIPAL BALANCE
----- -----------------
<S> <C> <C>
Level Pay Mortgage Loans 25.09%
Balloon Mortgage Loans 74.91%
Product Type 6 Month LIBOR 100.00%
Lien Position First 100.00%
Property Type Single Family 95.74%
2-4 Family 2.90%
Condominium 1.08%
Manufactured 0.29%
Occupancy Status Owner Occupied 97.71%
Non-owner Occupied 2.29%
Geographic Concentration Ohio 19.57%
Illinois 13.14%
Michigan 12.15%
California 8.35%
Missouri 7.18%
Other 39.62%
Credit Grade A 58.05%
B 16.41%
C 25.54%
- ------------------------------------------------------------------------------------------------
</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.
12
<PAGE> 13
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF CUT-OFF DATE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- --------------------- --------- ---------------------- ---------------------
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<C> <C> <C> <C>
$0.01 to 20,000.00 1 $ 16,981.75 0.07%
30,000.01 to 40,000.00 5 181,900.00 0.78%
40,000.01 to 50,000.00 17 783,203.30 3.38%
50,000.01 to 60,000.00 22 1,210,598.40 5.22%
60,000.01 to 70,000.00 26 1,703,109.55 7.34%
70,000.01 to 80,000.00 26 1,932,660.64 8.33%
80,000.01 to 90,000.00 27 2,284,463.92 9.85%
90,000.01 to 100,000.00 14 1,347,049.81 5.81%
100,000.01 to 110,000.00 16 1,667,722.96 7.19%
110,000.01 to 120,000.00 14 1,605,424.76 6.92%
120,000.01 to 130,000.00 7 880,113.00 3.79%
130,000.01 to 140,000.00 7 947,550.00 4.08%
140,000.01 to 150,000.00 7 1,021,779.21 4.40%
150,000.01 to 160,000.00 5 773,313.11 3.33%
160,000.01 to 170,000.00 3 499,750.00 2.15%
170,000.01 to 180,000.00 5 880,567.21 3.80%
190,000.01 to 200,000.00 8 1,571,271.58 6.77%
200,000.01 to 225,000.00 4 848,700.00 3.66%
225,000.01 to 250,000.00 2 476,900.00 2.06%
250,000.01 to 275,000.00 4 1,032,421.70 4.45%
275,000.01 to 300,000.00 1 285,000.00 1.23%
325,000.01 to 350,000.00 2 676,800.00 2.92%
550,000.01 to 575,000.00 1 568,750.00 2.45%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</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.
13
<PAGE> 14
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
STATE OR TERRITORY CONCENTRATION
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------- ---------------------- ---------------------
STATE OR TERRITORY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
Ohio 52 $ 4,539,195.16 19.57%
Illinois 26 3,047,819.50 13.14%
Michigan 27 2,817,663.41 12.15%
California 9 1,936,378.70 8.35%
Missouri 22 1,665,681.15 7.18%
Florida 10 1,073,868.38 4.63%
Connecticut 6 952,200.00 4.11%
Indiana 11 826,754.04 3.56%
North Carolina 8 825,491.80 3.56%
New York 6 519,250.00 2.24%
Maryland 4 498,950.00 2.15%
South Carolina 5 471,875.00 2.03%
Others* 38 4,020,903.76 17.33%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</TABLE>
* State or Territory Concentration less than or equal to 2.0%
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.
14
<PAGE> 15
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
COMBINED LOAN-TO-VALUE
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF COMBINED NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
----------------- --------- ---------------------- ---------------------
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
35.01% to 40.00% 3 $ 252,800.00 1.09%
40.01% to 45.00% 1 149,864.39 0.65%
45.01% to 50.00% 2 66,981.75 0.29%
50.01% to 55.00% 1 166,000.00 0.72%
60.01% to 65.00% 4 813,450.00 3.51%
65.01% to 70.00% 7 691,999.48 2.98%
70.01% to 75.00% 20 1,673,208.23 7.21%
75.01% to 80.00% 58 5,689,074.27 24.53%
80.01% to 85.00% 68 6,889,754.11 29.70%
85.01% to 90.00% 50 5,597,585.79 24.13%
90.01% to 95.00% 10 1,205,312.88 5.20%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</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.
15
<PAGE> 16
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
RANGE OF MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF MORTGAGE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- ----------------- --------- ---------------------- ---------------------
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
6.001% to 6.250% 1 $ 49,500.00 0.21%
6.251% to 6.500% 1 149,864.39 0.65%
6.501% to 6.750% 2 385,800.00 1.66%
6.751% to 7.000% 8 881,059.81 3.80%
7.001% to 7.250% 9 897,274.45 3.87%
7.251% to 7.500% 7 863,577.89 3.72%
7.501% to 7.750% 17 1,849,316.42 7.97%
7.751% to 8.000% 22 2,078,718.34 8.96%
8.001% to 8.250% 31 3,495,179.94 15.07%
8.251% to 8.500% 16 1,933,145.29 8.33%
8.501% to 8.750% 20 1,962,295.53 8.46%
8.751% to 9.000% 11 1,861,400.00 8.02%
9.001% to 9.250% 20 2,008,181.29 8.66%
9.251% to 9.500% 11 948,923.18 4.09%
9.501% to 9.750% 13 942,602.14 4.06%
9.751% to 10.000% 11 923,358.50 3.98%
10.001% to 10.250% 2 94,350.00 0.41%
10.251% to 10.500% 3 251,200.00 1.08%
10.501% to 10.750% 13 967,283.73 4.17%
10.751% to 11.000% 3 340,800.00 1.47%
11.001% to 11.250% 3 312,200.00 1.35%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</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.
16
<PAGE> 17
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
RANGE OF MAXIMUM MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
RANGE OF MAXIMUM PERCENT OF ADJUSTABLE RATE
---------------- --------------------------
MORTGAGE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
-------- --------- ---------------------- ---------------------
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
14.501% to 15.000% 2 $ 185,014.39 0.80%
15.001% to 15.500% 13 $ 1,442,750.81 6.22%
15.501% to 16.000% 50 $ 6,171,704.32 26.61%
16.001% to 16.500% 55 $ 5,346,910.60 23.05%
16.501% to 17.000% 42 $ 4,382,953.37 18.90%
17.001% to 17.500% 18 $ 1,902,471.23 8.20%
17.501% to 18.000% 8 $ 862,283.73 3.72%
18.001% to 18.500% 6 $ 440,400.00 1.90%
18.501% to 19.000% 27 $ 2,246,426.70 9.68%
19.001% to 19.500% 2 $ 156,115.75 0.67%
19.501% to 20.000% 1 $ 59,000.00 0.25%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</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.
17
<PAGE> 18
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
RANGE OF MINIMUM MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
RANGE OF MINIMUM PERCENT OF ADJUSTABLE RATE
- ---------------- --------------------------
MORTGAGE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
-------- --------- ---------------------- ---------------------
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Less than 6.501% 2 $ 199,364.39 0.86%
6.501% to 6.750% 2 385,800.00 1.66%
6.751% to 7.000% 8 881,059.81 3.80%
7.001% to 7.250% 9 897,274.45 3.87%
7.251% to 7.500% 7 863,577.89 3.72%
7.501% to 7.750% 17 1,849,316.42 7.97%
7.751% to 8.000% 22 2,078,718.34 8.96%
8.001% to 8.250% 31 3,495,179.94 15.07%
8.251% to 8.500% 16 1,933,145.29 8.33%
8.501% to 8.750% 20 1,962,295.53 8.46%
8.751% to 9.000% 11 1,861,400.00 8.02%
9.001% to 9.250% 20 2,008,181.29 8.66%
9.251% to 9.500% 11 948,923.18 4.09%
9.501% to 9.750% 13 942,602.14 4.06%
9.751% to 10.000% 11 923,358.50 3.98%
10.001% to 10.250% 2 94,350.00 0.41%
10.251% to 10.500% 3 251,200.00 1.08%
10.501% to 10.750% 13 967,283.73 4.17%
10.751% to 11.000% 3 340,800.00 1.47%
11.001% to 11.250% 3 312,200.00 1.35%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</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.
18
<PAGE> 19
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
ORIGINAL MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
RANGE OF ORIGINAL PERCENT OF ADJUSTABLE RATE
- ----------------- --------------------------
MONTHS TO NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------- --------- ---------------------- ---------------------
STATED MATURITY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
--------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
73 to 84 32 $ 3,483,278.95 15.02%
109 to 120 125 13,351,239.24 57.56%
169 to 180 7 619,550.00 2.67%
229 to 240 1 141,950.00 0.61%
349 to 360 59 5,600,012.71 24.14%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</TABLE>
MONTHS SINCE ORIGINATION
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF MONTHS NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
---------------- --------- ---------------------- ---------------------
SINCE ORIGINATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 6 223 $23,124,030.90 99.69%
Greater than 12 1 72,000.00 0.31%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</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.
19
<PAGE> 20
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
GROSS MARGINS
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
-------- --------- ---------------------- ---------------------
GROSS MARGINS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
3.501% to 3.750% 1 $ 149,864.39 0.65%
3.751% to 4.000% 1 35,150.00 0.15%
4.001% to 4.250% 2 281,200.00 1.21%
4.251% to 4.500% 14 1,502,527.70 6.48%
4.501% to 4.750% 23 2,912,470.69 12.56%
4.751% to 5.000% 27 3,290,732.13 14.19%
5.001% to 5.250% 38 3,398,419.92 14.65%
5.251% to 5.500% 25 2,558,756.12 11.03%
5.501% to 5.750% 14 1,195,845.40 5.16%
5.751% to 6.000% 22 2,831,635.44 12.21%
6.001% to 6.250% 6 590,953.00 2.55%
6.251% to 6.500% 9 905,365.68 3.90%
6.501% to 6.750% 5 604,333.73 2.61%
6.751% to 7.000% 2 153,750.00 0.66%
7.001% to 7.250% 4 254,250.00 1.10%
7.251% to 7.500% 4 368,550.00 1.59%
7.501% to 7.750% 23 1,632,026.70 7.04%
7.751% to 8.000% 2 432,000.00 1.86%
8.001% to 8.250% 1 39,200.00 0.17%
8.501% to 8.750% 1 59,000.00 0.25%
---- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</TABLE>
NEXT MORTGAGE INTEREST RATE CHANGE
<TABLE>
<CAPTION>
MONTH OF PERCENT OF ADJUSTABLE RATE
-------- --------------------------
NEXT MORTGAGE INTEREST NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- ---------------------- --------- ---------------------- ---------------------
RATE CHANGE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------- -------------- ----------------- -----------------
<S> <C> <C> <C>
April 1999 2 $ 254,932.65 1.10%
May 1999 2 247,095.36 1.07%
June 1999 23 2,966,474.52 12.79%
July 1999 103 10,775,399.37 46.45%
August 1999 94 8,952,129.00 38.59%
--- -------------- ------
TOTAL 224 $23,196,030.90 100.00%
=== ============== ======
</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.
20
<PAGE> 21
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
BOND SUMMARY
<TABLE>
<CAPTION>
A-1F (TO MATURITY)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
% 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.) 8.426 1.976 1.421 1.129 0.946 0.821 0.656
Modified Duration (yrs.) 6.321 1.795 1.319 1.06 0.895 0.779 0.627
First Principal Payment Date 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99
Last Principal Payment Date 8/20/10 3/20/03 12/20/01 4/20/01 12/20/00 8/20/00 4/20/00
Payment Windows (mos.) 137 48 33 25 21 17 13
Yield @ 100.000 5.8448 5.7222 5.6605 5.6036 5.55 5.4993 5.4036
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.) 13.502 4.997 3.363 2.547 2.067 1.741 1.328
Modified Duration (yrs.) 9.042 4.211 2.971 2.305 1.897 1.614 1.246
First Principal Payment Date 8/20/10 3/20/03 12/20/01 4/20/01 12/20/00 8/20/00 4/20/00
Last Principal Payment Date 9/20/15 4/20/05 3/20/03 3/20/02 8/20/01 3/20/01 9/20/00
Payment Windows (mos.) 62 26 16 12 9 8 6
Yield @ 100.000 5.9855 5.9458 5.9147 5.8842 5.855 5.8259 5.7686
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.) 21.502 8.874 5.503 3.923 3.054 2.508 1.856
Modified Duration (yrs.) 11.653 6.646 4.537 3.395 2.713 2.266 1.711
First Principal Payment Date 9/20/15 4/20/05 3/20/03 3/20/02 8/20/01 3/20/01 9/20/00
Last Principal Payment Date 12/20/24 11/20/09 8/20/07 4/20/04 2/20/03 4/20/02 6/20/01
Payment Windows (mos.) 112 56 54 26 19 14 10
Yield @ 100.000 6.1377 6.117 6.0945 6.0707 6.047 6.0236 5.9777
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.) 27.699 13.484 10.695 7.664 5.071 3.812 2.598
Modified Duration (yrs.) 12.835 8.806 7.575 5.853 4.209 3.299 2.335
First Principal Payment Date 12/20/24 11/20/09 8/20/07 4/20/04 2/20/03 4/20/02 6/20/01
Last Principal Payment Date 7/20/28 8/20/18 4/20/13 5/20/10 12/20/08 1/20/04 3/20/02
Payment Windows (mos.) 44 106 69 74 71 22 10
Yield @ 100.000 6.3227 6.311 6.3049 6.292 6.27 6.2484 6.207
</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.
21
<PAGE> 22
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
<TABLE>
<CAPTION>
A-5F (TO MATURITY)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
% of Prepay Assumption 0.0% PPC 0.0% PPC 5.0% PPC 00.0% PPC 125.0% PPC 50.0% PPC 00.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 29.698 23.36 17.902 14.084 11.732 6.125 3.158
Modified Duration (yrs.) 12.559 11.417 10.034 8.759 7.821 4.768 2.767
First Principal Payment Date 7/20/28 8/20/18 4/20/13 5/20/10 12/20/08 1/20/04 3/20/02
Last Principal Payment Date 3/20/29 3/20/29 3/20/29 3/20/29 3/20/29 3/20/29 7/20/02
Payment Windows (mos.) 9 128 192 227 244 303 5
Yield @ 100.000 6.801 6.9386 6.9172 6.9269 6.9444 6.7938 6.6859
A-6F (TO MATURITY)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 0.0% PPC 5.0% PPC 00.0% PPC 125.0% PPC 50.0% PPC 00.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 9.683 7.599 6.976 6.554 6.267 6.097 4.704
Modified Duration (yrs.) 7.043 5.819 5.438 5.172 4.982 4.855 3.925
First Principal Payment Date 4/20/02 4/20/02 4/20/02 4/20/02 4/20/02 4/20/02 4/20/02
Last Principal Payment Date 8/20/09 8/20/09 8/20/09 8/20/09 8/20/09 5/20/22 8/20/28
Payment Windows (mos.) 89 89 89 89 89 242 317
Yield @ 100.000 6.3024 6.2925 6.2886 6.2854 6.283 6.2813 6.2651
A-1A (TO MATURITY)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% CPR 2.0% CPR 8.0% CPR 24.0% CPR 27.0% CPR 30.0% CPR 48.0% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 12.23 5.816 4.39 3.431 3.064 2.752 1.581
Modified Duration (yrs.) 8.29 4.552 3.574 2.88 2.605 2.367 1.429
First Principal Payment Date 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99
Last Principal Payment Date 1/20/29 1/20/29 1/20/29 11/20/28 11/20/28 11/20/28 3/20/22
Payment Windows (mos.) 358 358 358 356 356 356 276
Yield @ 100.000 5.3963 5.4054 5.4031 5.4098 5.421 5.4307 5.4252
</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.
22
<PAGE> 23
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
BOND SUMMARY
<TABLE>
<CAPTION>
A-1F (TO CALL)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
% 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.) 8.426 1.976 1.421 1.129 0.946 0.821 0.656
Modified Duration (yrs.) 6.321 1.795 1.319 1.060 0.895 0.779 0.627
First Principal Payment Date 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99
Last Principal Payment Date 8/20/10 3/20/03 12/20/01 4/20/01 12/20/00 8/20/00 4/20/00
Principal Windows (mos.) 137 48 33 25 21 17 13
Yield @ 100.000 5.8448 5.7222 5.6605 5.6036 5.5500 5.4993 5.4036
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.) 13.502 4.997 3.363 2.547 2.067 1.741 1.328
Modified Duration (yrs.) 9.042 4.211 2.971 2.305 1.897 1.614 1.246
First Principal Payment Date 8/20/10 3/20/03 12/20/01 4/20/01 12/20/00 8/20/00 4/20/00
Last Principal Payment Date 9/20/15 4/20/05 3/20/03 3/20/02 8/20/01 3/20/01 9/20/00
Principal Windows (mos.) 62 26 16 12 9 8 6
Yield @ 100.000 5.9855 5.9458 5.9147 5.8842 5.8550 5.8259 5.7686
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.) 21.502 8.874 5.503 3.923 3.054 2.508 1.856
Modified Duration (yrs.) 11.653 6.646 4.537 3.395 2.713 2.266 1.711
First Principal Payment Date 9/20/15 4/20/05 3/20/03 3/20/02 8/20/01 3/20/01 9/20/00
Last Principal Payment Date 12/20/24 11/20/09 8/20/07 4/20/04 2/20/03 4/20/02 6/20/01
Principal Windows (mos.) 112 56 54 26 19 14 10
Yield @ 100.000 6.1377 6.1170 6.0945 6.0707 6.0470 6.0236 5.9777
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.) 26.901 11.551 10.112 6.913 4.972 3.812 2.598
Modified Duration (yrs.) 12.698 8.014 7.298 5.441 4.149 3.299 2.335
First Principal Payment Date 12/20/24 11/20/09 8/20/07 4/20/04 2/20/03 4/20/02 6/20/01
Last Principal Payment Date 4/20/26 12/20/10 8/20/09 5/20/07 9/20/05 1/20/04 3/20/02
Principal Windows (mos.) 17 14 25 38 32 22 10
Yield @ 100.000 6.3225 6.3073 6.3032 6.2878 6.2689 6.2484 6.2070
</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.
23
<PAGE> 24
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
<TABLE>
<CAPTION>
A-5F (TO CALL)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
% 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.) 27.111 11.778 10.444 8.194 6.528 5.185 3.158
Modified Duration (yrs.) 12.167 7.922 7.306 6.132 5.141 4.258 2.767
First Principal Payment Date 4/20/26 12/20/10 8/20/09 5/20/07 9/20/05 1/20/04 3/20/02
Last Principal Payment Date 4/20/26 12/20/10 8/20/09 5/20/07 9/20/05 7/20/04 7/20/02
Principal Windows (mos.) 1 1 1 1 1 7 5
Yield @ 100.000 6.7848 6.7692 6.7654 6.7561 6.7450 6.7307 6.6859
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.) 9.683 7.599 6.976 6.385 5.610 4.891 3.682
Modified Duration (yrs.) 7.043 5.819 5.438 5.077 4.583 4.093 3.203
First Principal Payment Date 4/20/02 4/20/02 4/20/02 4/20/02 4/20/02 4/20/02 4/20/02
Last Principal Payment Date 8/20/09 8/20/09 8/20/09 5/20/07 9/20/05 7/20/04 12/20/02
Principal Windows (mos.) 89 89 89 62 42 28 9
Yield @ 100.000 6.3024 6.2925 6.2886 6.2842 6.2772 6.2686 6.2462
A-1A (TO CALL)
- ------------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% CPR 12.0% CPR 18.0% CPR 24.0% CPR 27.0% CPR 30.0% CPR 48.0% CPR
- ------------------------------------------------------------------------------------------------------------------------------------
Average Life (yrs.) 12.154 5.538 4.266 3.263 2.791 2.420 1.453
Modified Duration (yrs.) 8.273 4.433 3.516 2.782 2.432 2.145 1.334
First Principal Payment Date 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99 4/20/99
Last Principal Payment Date 4/20/26 12/20/10 8/20/09 5/20/07 9/20/05 7/20/04 12/20/02
Principal Windows (mos.) 325 141 125 98 78 64 45
Yield @ 100.000 5.3956 5.3970 5.3978 5.3984 5.3998 5.4000 5.4039
</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.
24
<PAGE> 25
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
AVAILABLE FUNDS CAP ("AFC")*
<TABLE>
<CAPTION>
Period Pay Date AFC Period Pay Date AFC
- ------ -------- --- ------ -------- ---
<S> <C> <C> <C> <C> <C>
1 4/20/99 7.85 41 8/20/02 9.41
2 5/20/99 7.85 42 9/20/02 9.41
3 6/20/99 7.85 43 10/20/02 9.41
4 7/20/99 7.86 44 11/20/02 9.41
5 8/20/99 7.89 45 12/20/02 9.41
6 9/20/99 8.03 46 1/20/03 9.41
7 10/20/99 8.85 47 2/20/03 9.41
8 11/20/99 8.85 48 3/20/03 9.41
9 12/20/99 8.85 49 4/20/03 9.41
10 1/20/00 8.86 50 5/20/03 9.41
11 2/20/00 8.88 51 6/20/03 9.41
12 3/20/00 9.02 52 7/20/03 9.41
13 4/20/00 9.29 53 8/20/03 9.41
14 5/20/00 9.29 54 9/20/03 9.41
15 6/20/00 9.29 55 10/20/03 9.41
16 7/20/00 9.30 56 11/20/03 9.41
17 8/20/00 9.30 57 12/20/03 9.41
18 9/20/00 9.31 58 1/20/04 9.41
19 10/20/00 9.41 59 2/20/04 9.41
20 11/20/00 9.41 60 3/20/04 9.41
21 12/20/00 9.41 61 4/20/04 9.41
22 1/20/01 9.41 62 5/20/04 9.41
23 2/20/01 9.41 63 6/20/04 9.41
24 3/20/01 9.41 64 7/20/04 9.41
25 4/20/01 9.41 65 8/20/04 9.41
26 5/20/01 9.41 66 9/20/04 9.41
27 6/20/01 9.41 67 10/20/04 9.41
28 7/20/01 9.41 68 11/20/04 9.41
29 8/20/01 9.41 69 12/20/04 9.41
30 9/20/01 9.41 70 1/20/05 9.41
31 10/20/01 9.41 71 2/20/05 9.41
32 11/20/01 9.41 72 3/20/05 9.41
33 12/20/01 9.41 73 4/20/05 9.41
34 1/20/02 9.41 74 5/20/05 9.41
35 2/20/02 9.41 75 6/20/05 9.41
36 3/20/02 9.41 76 7/20/05 9.41
37 4/20/02 9.41 77 8/20/05 9.41
38 5/20/02 9.41 78 9/20/05 9.41
39 6/20/02 9.41
40 7/20/02 9.41
</TABLE>
*AVAILABLE FUNDS CAP. The Adjustable Rate Group loan net WAC (net of Ongoing
Fees). Achieved assuming 6 month LIBOR stays constant at 5.0575%; run at the
pricing speed.
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.
25
<PAGE> 26
EQCC HOME EQUITY LOAN TRUST 1999-1
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
<TABLE>
<CAPTION>
AVAILABLE FUNDS CAP ("AFC")**
Period Pay Date AFC Period Pay Date AFC
- ------ -------- --- ------ -------- ---
<S> <C> <C> <C> <C> <C>
1 4/20/99 7.85 41 8/20/02 13.39
2 5/20/99 7.85 42 9/20/02 13.53
3 6/20/99 7.85 43 10/20/02 14.35
4 7/20/99 7.86 44 11/20/02 14.35
5 8/20/99 7.89 45 12/20/02 14.35
6 9/20/99 8.03 46 1/20/03 14.36
7 10/20/99 8.85 47 2/20/03 14.39
8 11/20/99 8.85 48 3/20/03 14.53
9 12/20/99 8.85 49 4/20/03 15.31
10 1/20/00 8.86 50 5/20/03 15.31
11 2/20/00 8.89 51 6/20/03 15.31
12 3/20/00 9.03 52 7/20/03 15.31
13 4/20/00 9.35 53 8/20/03 15.32
14 5/20/00 9.35 54 9/20/03 15.35
15 6/20/00 9.35 55 10/20/03 15.47
16 7/20/00 9.36 56 11/20/03 15.47
17 8/20/00 9.39 57 12/20/03 15.47
18 9/20/00 9.53 58 1/20/04 15.47
19 10/20/00 10.35 59 2/20/04 15.47
20 11/20/00 10.35 60 3/20/04 15.47
21 12/20/00 10.35 61 4/20/04 15.47
22 1/20/01 10.36 62 5/20/04 15.47
23 2/20/01 10.39 63 6/20/04 15.47
24 3/20/01 10.53 64 7/20/04 15.47
25 4/20/01 11.35 65 8/20/04 15.47
26 5/20/01 11.35 66 9/20/04 15.47
27 6/20/01 11.35 67 10/20/04 15.47
28 7/20/01 11.36 68 11/20/04 15.47
29 8/20/01 11.39 69 12/20/04 15.47
30 9/20/01 11.53 70 1/20/05 15.47
31 10/20/01 12.35 71 2/20/05 15.47
32 11/20/01 12.35 72 3/20/05 15.47
33 12/20/01 12.35 73 4/20/05 15.47
34 1/20/02 12.36 74 5/20/05 15.47
35 2/20/02 12.39 75 6/20/05 15.47
36 3/20/02 12.53 76 7/20/05 15.47
37 4/20/02 13.35 77 8/20/05 15.47
38 5/20/02 13.35 78 9/20/05 15.47
39 6/20/02 13.35
40 7/20/02 13.36
</TABLE>
** Achieved assuming 6 month LIBOR increases to a level beyond the highest
maximum obtainable rate on the underlying adjustable rate mortgage loans; run at
the pricing speed.
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.
26
