8-K 1 eqc012_edgar0207.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): July 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 July 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 July 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: July 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 July 25, 2002 prepared by the Trustee pursuant to the terms of the Pooling and Servicing Agreement. 99 Monthly Remittance Statement dated July 25, 2002 Payment Date: 07/25/02 ------------------------------------------------------------ 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 1,622,420,906.62 2.820000% 60,942,289.69 3,812,689.13 64,754,978.82 0.00 0.00 A2 1,453,297,264.20 2.820000% 64,553,204.51 3,415,248.57 67,968,453.08 0.00 0.00 A3 765,373,199.32 2.820000% 38,787,561.15 1,798,627.02 40,586,188.17 0.00 0.00 A4 922,887,908.91 2.820000% 29,650,168.72 2,168,786.59 31,818,955.31 0.00 0.00 A5 667,148,254.97 2.820000% 24,542,194.27 1,567,798.40 26,109,992.67 0.00 0.00 A6 1,357,342,690.68 5.470000% 34,493,361.31 6,187,220.43 40,680,581.74 0.00 0.00 A7 1,487,514,099.70 5.470000% 40,673,567.19 6,780,585.10 47,454,152.30 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 - - 8,275,984,324.39 - 293,642,346.85 25,730,955.24 319,373,302.09 - - ---------------------------------------------------------------------------------------------------------------------------------- Class Information -------------------------------------------------------------------------------- Ending Cert. Unpaid Type Class Code Name Notional Bal. Interest -------------------------------------------------------------------------------- Senior A1 1,561,478,616.93 0.00 A2 1,388,744,059.69 0.00 A3 726,585,638.17 0.00 A4 893,237,740.19 0.00 A5 642,606,060.70 0.00 A6 1,322,849,329.37 0.00 A7 1,446,840,532.50 0.00 X 0.00 0.00 Residual R1 0.00 0.00 R2 0.00 0.00 R3 0.00 0.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Totals - - 7,982,341,977.55 - --------------------------------------------------------------------------------
Payment Date: 07/25/02 ------------------------------------------------------------ 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 1,622,420,906.62 2.820000% 26882JAE6 30.516462 1.909180 781.900430 A2 1,453,297,264.20 2.820000% 26882JAF3 32.564184 1.722839 700.558827 A3 765,373,199.32 2.820000% 26882JAG1 36.756437 1.704441 688.537724 A4 922,887,908.91 2.820000% 26882JAH9 26.581155 1.944301 800.780971 A5 667,148,254.97 2.820000% 26882JAJ5 28.806142 1.840187 754.252086 A6 1,357,342,690.68 5.470000% 26882JAK2 21.825445 3.914923 837.024127 A7 1,487,514,099.70 5.470000% 26882JAL0 22.775696 3.796877 810.177297 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 - - 8,275,984,324.39 - - - - - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------ EQCC Trust 2001-2 EQCC Asset Backed Certificates, Series 2001-2 ------------------------------------------------------------ -------------------------------------------------------------------------------- COLLATERAL INFORMATION -------------------------------------------------------------------------------- Prin balance 1,620,065,085.34 1,451,901,719.07 758,803,459.99 Loan count 14287 13786 8797 Avg loan rate 9.122805% 9.957097% 9.742606% Prepay amount 51,484,610.09 54,682,894.45 33,466,166.59 Prin balance 932,832,020.56 666,444,580.06 1,362,904,286.18 Loan count 10274 3484 20033 Avg loan rate 10.503085% 9.066669% 10.933132% Prepay amount 23,233,103.03 21,554,155.99 26,573,086.84 Total ----- Prin balance 1,481,238,853.25 8,274,190,004.45 Loan count 18871 89532 Avg loan rate 9.799488% 9.89 Prepay amount 33,308,626.36 244,302,643.35 -------------------------------------------------------------------------------- FEES AND ADVANCES -------------------------------------------------------------------------------- Master serv fees 799,363.27 816,679.34 449,806.03 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 Master serv fees 895,087.61 579,664.97 1,080,035.05 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 Total ----- Master serv fees 1,017,761.10 5,638,397.37 Sub servicer fees 0.00 0.00 Trustee fees 0.00 0.00 Agg advances N/A N/A Adv this period 0.00 0.00 -------------------------------------------------------------------------------- LOSSES & INSURANCE COVERAGES -------------------------------------------------------------------------------- Realized losses 114,690.07 36,154.20 95,868.03 Cumulative losses 195,651.14 82,126.78 106,476.82 Realized losses 146,584.23 157,050.05 37,951.55 Cumulative losses 250,892.77 189,999.43 196,761.09 Total ----- Realized losses 236,883.56 825,181.69 Cumulative losses 315,730.45 1,337,638.48 Coverage Amounts ---------------- Bankruptcy 0.00 0.00 0.00 Fraud 0.00 0.00 0.00 Special Hazard 0.00 0.00 0.00 Bankruptcy 0.00 0.00 0.00 Fraud 0.00 0.00 0.00 Special Hazard 0.00 0.00 0.00 Total ----- Bankruptcy 0.00 0.00 Fraud 0.00 0.00 Special Hazard 0.00 0.00 Aggregate Certificate Information ----------------------------------------------------------------------------- Class Aggregate Aggregate Aggregate Type Percentage Prepay Pct. End Cert. Bal. ----------------------------------------------------------------------------- Senior 100.000000% 100.000000% 8,275,984,324.39 ----------------------------------------------------------------------------- Junior 0.000000% 0.000000% 0.00 ----------------------------------------------------------------------------- -------------------------------------------------------------------------------- DELINQUENCY INFORMATION -------------------------------------------------------------------------------- Period Loan Count Ending Stated Balance ------ ---------- --------------------- 30 to 59 days 4882 397,049,433.70 60 to 89 days 896 65,388,574.24 90 or more 909 59,803,456.68 Foreclosure 5882 541,037,998.95 Totals: 12569 1,063,279,463.57 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 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 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 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 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 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 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 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 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: 11,844,485.78 Current Total Outstanding Number of Loans: 150 -------------------------------------------------------------------------------- OTHER INFORMATION -------------------------------------------------------------------------------- Amount/Withdrawal Total/Ending Bal. ----------------- ----------------- Available remittance amount 319,373,302.09 319,373,302.09 Principal remittance amount 293,642,346.85 293,642,346.85 Interest remittance amount 25,730,955.24 25,730,955.24