8-K 1 eqc012_edgar0205.txt EQCC RECEIVABLES CORP, EQCC TRUST SERIES 2001-2 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 25, 2002 EQCC Receivables Corporation (Depositor) Delaware 33-66152 59-3170055 (State or other (Commission File No.) (I.R.S. Employer jurisdiction of Identification No.) organization) 10401 Deerwood Park Blvd, Jacksonville, FL 32256 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, including area code: 904-987-5000 Not Applicable (Former name, former address and former fiscal year, if changed since last report) Item 5. Other Events EQCC Receivables Corporation EQCC Trust 2001-2 EQCC Asset Backed Certificates, Series 2001-2 On May 25, 2002, The Bank of New York, as Trustee for EQCC Trust 2001-2 made a monthly distribution of principal and/or interest to the Holders of the EQCC Asset Backed Certificates, Series 2001-2. The monthly distributions were made pursuant to the terms of the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement") dated as of December 1, 2001 by and among EQCC Receivables Corporation as Depositor, EquiCredit Corporation of America, as Transferor and Initial Servicer, Bank of America, N.A., as Advancing Party, Fairbanks Capital Corp., as Expected Successor Servicer and The Bank of New York, as Trustee. All capitalized terms used, but not defined herein, shall have the meanings assigned to them in the Pooling and Servicing Agreement. Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit No. Description 99 Report to Holders of EQCC Asset Backed Certificates, Series 2001-2 relating to the Distribution Date of May 25, 2002 prepared by the Trustee pursuant to the terms of the Pooling and Servicing Agreement. SIGNATURES 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 thereunto duly authorized. Dated: May 25, 2002 By: /s/ Diane Pickett ------------------------------ Name: Diane Pickett Vice President The Bank of New York, as Trustee EXHIBIT INDEX Exhibit 99 Report to Holders of EQCC Asset Backed Certificates, Series 2001-2 relating to the Distribution Date of May 25, 2002 prepared by the Trustee pursuant to the terms of the Pooling and Servicing Agreement. 99 Monthly Remittance Statement dated May 25, 2002 Payment Date: 05/25/02 ------------------------------------------------------------ EQCC Trust 2001-2 EQCC Asset Backed Certificates, Series 2001-2 ------------------------------------------------------------
Class Information Current Payment Information ---------------------------------------------------------------------------------------------------------------------------------- Beginning Pass Thru Principal Interest Total Principal Interest Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls ---------------------------------------------------------------------------------------------------------------------------------- Senior A1 1,752,853,602.82 2.830000% 60,923,663.14 4,547,194.39 65,470,857.53 0.00 0.00 A2 1,614,910,307.20 2.830000% 81,438,855.02 4,189,346.49 85,628,201.51 0.00 0.00 A3 855,249,513.20 2.830000% 45,460,446.64 2,218,659.78 47,679,106.42 0.00 0.00 A4 986,066,000.39 2.830000% 29,643,147.64 2,558,019.55 32,201,167.19 0.00 0.00 A5 736,685,225.79 2.830000% 34,311,908.64 1,911,084.26 36,222,992.90 0.00 0.00 A6 1,432,847,787.95 5.470000% 34,502,476.02 6,531,397.83 41,033,873.85 0.00 0.00 A7 1,591,310,787.07 5.470000% 49,831,585.04 7,253,725.00 57,085,310.05 0.00 0.00 X 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 Residual R1 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Totals - - 8,969,923,224.42 - 336,112,082.16 29,209,427.30 365,321,509.46 - - ---------------------------------------------------------------------------------------------------------------------------------- Class Information -------------------------------------------------------------------------------- Ending Cert. Unpaid Type Class Code Name Notional Bal. Interest -------------------------------------------------------------------------------- Senior A1 1,691,929,939.68 0.00 A2 1,533,471,452.18 0.00 A3 809,789,066.56 0.00 A4 956,422,852.75 0.00 A5 702,373,317.15 0.00 A6 1,398,345,311.93 0.00 A7 1,541,479,202.03 0.00 X 0.00 0.00 Residual R1 0.00 0.00 R2 0.00 0.00 R3 0.00 0.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Totals - - 8,633,811,142.26 - --------------------------------------------------------------------------------
Payment Date: 05/25/02 ------------------------------------------------------------ EQCC Trust 2001-2 EQCC Asset Backed Certificates, Series 2001-2 ------------------------------------------------------------
Class Information Current Payment Information Factors per $1,000 ------------------------------------------------------------------------------------------------------------------------ Beginning Pass Thru CUSIP Principal Interest Ending Cert./ Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal. ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Senior A1 1,752,853,602.82 2.830000% 26882JAE6 30.507135 2.276979 847.223096 A2 1,614,910,307.20 2.830000% 26882JAF3 41.082234 2.113337 773.567278 A3 855,249,513.20 2.830000% 26882JAG1 43.079894 2.102479 767.384175 A4 986,066,000.39 2.830000% 26882JAH9 26.574861 2.293245 857.425954 A5 736,685,225.79 2.830000% 26882JAJ5 40.273241 2.243115 824.403273 A6 1,432,847,787.95 5.470000% 26882JAK2 21.831213 4.132699 884.793709 A7 1,591,310,787.07 5.470000% 26882JAL0 27.903848 4.061818 863.171459 X 0.00 0.000000% 0.000000 0.000000 0.000000 Residual R1 0.00 0.000000% 0.000000 0.000000 0.000000 R2 0.00 0.000000% 0.000000 0.000000 0.000000 R3 0.00 0.000000% 0.000000 0.000000 0.000000 ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Totals - - 8,969,923,224.42 - - - - - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------ EQCC Trust 2001-2 EQCC Asset Backed Certificates, Series 2001-2 ------------------------------------------------------------ -------------------------------------------------------------------------------- COLLATERAL INFORMATION -------------------------------------------------------------------------------- PrinBal 1,734,209,438.09 1,579,467,775.35 833,627,445.09 985,778,000.43 Loan count 15215 14809 9464 10785 Avg loan rate 9.140948% 9.955865% 9.790461% 10.541489% Prepay amount 51,740,373.99 71,861,216.31 40,488,108.93 23,362,355.75 Total ----- PrinBal 719,866,991.53 1,427,652,059.58 1,566,892,363.64 8,847,494,073.71 Loan count 3681 20834 19720 94508 Avg loan rate 9.097688% 10.932897% 9.808587% 9.90 Prepay amount 30,502,452.73 27,183,663.34 42,741,192.53 287,879,363.58 -------------------------------------------------------------------------------- FEES AND ADVANCES -------------------------------------------------------------------------------- Master serv fees 751,495.92 701,663.70 369,101.26 432,704.41 313,435.51 Sub servicer fees 0.00 0.00 0.00 0.00 0.00 Trustee fees 0.00 0.00 0.00 0.00 0.00 Agg advances N/A N/A N/A N/A N/A Adv this period 0.00 0.00 0.00 0.00 0.00 Total ----- Master serv fees 639,049.13 695,780.71 3,903,230.64 Sub servicer fees 0.00 0.00 0.00 Trustee fees 0.00 0.00 0.00 Agg advances N/A N/A N/A Adv this period 0.00 0.00 0.00 -------------------------------------------------------------------------------- LOSSES & INSURANCE COVERAGES -------------------------------------------------------------------------------- Realized losses 11,247.42 9,715.25 -2,821.89 10,173.27 0.00 Cumulative losses 80,961.07 35,827.72 10,608.79 109,566.69 12,816.71 Total ----- Realized losses -4,331.20 22,045.78 46,028.63 Cumulative losses 60,385.61 61,340.93 371,507.52 Coverage Amounts Total ---------------- ----- Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Fraud 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Special Hazard 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Aggregate Certificate Information ----------------------------------------------------------------------------- Class Aggregate Aggregate Aggregate Type Percentage Prepay Pct. End Cert. Bal. ----------------------------------------------------------------------------- Senior 100.000000% 100.000000% 8,969,923,224.42 ----------------------------------------------------------------------------- Junior 0.000000% 0.000000% 0.00 ----------------------------------------------------------------------------- -------------------------------------------------------------------------------- DELINQUENCY INFORMATION -------------------------------------------------------------------------------- Period Loan Count Ending Stated Balance ------ ---------- --------------------- 30 to 59 days 6930 545,202,778.02 60 to 89 days 2709 233,633,240.38 90 or more 4780 416,973,682.23 Foreclosure 3528 341,830,314.51 Totals: 17947 1,537,640,015.14 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- REO INFORMATION -------------------------------------------------------------------------------- REO Date Loan Number Ending Stated Balance Book Value -------- ----------- --------------------- ---------- N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A N/A # 0 N/A Totals: 0 N/A Current Total Outstanding Balance: 1,264,943.81 Current Total Outstanding Number of Loans: 17 -------------------------------------------------------------------------------- OTHER INFORMATION -------------------------------------------------------------------------------- Amount/Withdrawal Total/Ending Bal. ----------------- ----------------- Available remittance amount 365,321,509.46 365,321,509.46 Principal remittance amount 336,112,082.16 336,112,082.16 Interest remittance amount 29,209,427.30 29,209,427.30