Document:

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EXECUTED VERSION
================

                                                    Ambac Assurance Corporation
                                                      c/o CT Corporation Systems
                                                          44 East Mifflin Street
                                                        Madison, Wisconsin 53703
                                                           Administrative Office
                                                          One State Street Plaza
                                                        New York, New York 10004
                                                       Telephone: (212) 668-0340

Surety Bond

Issuer: EQCC Trust 2001-1F                               Policy Number: AB0516BE

Insured Obligations: $1,500,768,958
aggregate principal amount of EQCC
Asset Backed Certificates, Series 2001-
1F, Class A-2 (the "Certificates")

Trustee: The Bank of New York

Ambac Assurance Corporation ("Ambac"), a Wisconsin stock insurance corporation,
in consideration of its receipt of the Deposit Premium and the Monthly Premium
and subject to the terms of this Surety Bond, hereby unconditionally and
irrevocably agrees to pay each Insured Payment to the Trustee named above or its
successor, as trustee for the Certificateholders, to the extent set forth in 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 (the "Pooling and Servicing Agreement").

Ambac will make Insured Payments (other than Preference Amounts) our of its own
funds by 12:00 noon (New York City time) in immediately available funds to the
Trustee on the later of (i) the Business Day next following the day on which
Ambac shall have received Notice that an Insured Payment is due and (ii) the
Distribution Date on which the Insured Payment is distributable to
Certificateholders pursuant to the Pooling and Servicing Agreement, for
disbursement to Certificateholders in the same manner as other payments with
respect to the Certficates are required to be made. Any Notice received by
Ambac after 12:00 noon New York City time on a given Business Day or on any day
that is not a Business Day shall be deemed to have been received by Ambac on the
next succeeding Business Day.

Ambac shall make Insured Payments which are Preference Amounts out of its own
funds by 12:00 noon (New York City time) in immediately available funds to the
Trustee on the later of (a) the Business Day next following the day on which
Ambac shall have received (i) a certified copy of a final, non-appealable order
of a court or other body exercising jurisdiction in such Insolvency proceeding
to the effect that the Trustee or the Certificateholder, as applicable, is
required to return such Preference Amount paid during the term of this Surety
Bond because such payments were avoided as a preferential transfer or otherwise
rescinded or required to be restored by the Trustee or the Certificateholder, as
applicable (the "Order"), (ii) a certificate by or on behalf of the Trustee that
the Order has been entered and is not subject to any stay,

<PAGE>

                                                    Ambac Assurance Corporation
                                                      c/o CT Corporation Systems
                                                          44 East Mifflin Street
                                                        Madison, Wisconsin 53703
                                                          Administrative Office:
                                                          One State Street Plaza
                                                        New York, New York 10004
                                                       Telephone: (212) 668-0340

Surety Bond

(iii) an assignment, in form and substance satisfactory to Ambac, duly executed
and delivered by the Trustee or the Certificateholder, as applicable,
irrevocably assigning to Ambac all rights and claims of the Trustee or the
Certificateholder, as applicable, relating to or arising under the Pooling and
Servicing Agreement against the estate of the bankruptcy trustee or otherwise
with respect to such Preference Amount and (iv) a Notice appropriately completed
and executed by the Trustee, and (b) the date due pursuant to the Order. Such
payment shall be disbursed to the receiver, conservator, debtor-in-possession or
trustee in bankruptcy named in the Order, and not to the Trustee or the
Certificateholder, as applicable, directly, unless the Trustee or the
Certificateholder, as applicable, has made a payment of the Preference Amount to
the court or such receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the Order, in which case Ambac will pay the Trustee on
behalf of the Certificateholders, subject to the delivery of (a) the items
referred to in clauses (i), (ii), (iii) and (iv) above to Ambac and (b) evidence
satisfactory to Ambac that payment has been made to such court or receiver,
conservator, debtor-in-possession or trustee in bankruptcy named in the Order.
Notwithstanding the foregoing two sentences, the Insurer shall not be obligated
to pay any Preference Amount in respect of principal (other than principal paid
in connection with Mortgage Loan Losses) except on the Final Scheduled
Distribution Date or earlier termination of the Trust Fund pursuant to the terms
of the Agreement.

Upon such payment, Ambac shall be fully subrogated to the rights of the
Certificateholders to receive the amount so paid. Ambac's obligations hereunder
with respect to each Distribution Date shall be discharged to the extent funds
consisting of the Insured Payment are received by the Trustee on behalf of the
Certificateholders for distribution to such Certificateholders, as provided in
the Pooling and Servicing Agreement and herein, whether or not such funds are
properly applied by the Trustee. This Surety Bond is non-cancelable for any
reason, including nonpayment of any Monthly Premium. The Monthly Premium on this
Surety Bond is not refundable for any reason, including the payment of the
Certificates prior to their respective maturities. This Surety Bond shall expire
and terminate without any action on the part of Ambac or any other Person on the
date that is one year and one day following the date on which the Certificates
shall have been paid in full.

The "Deposit Premium" shall be due and payable on the date hereof as provided
in a letter agreement of even date herewith among Ambac and the Depositor (the
"Letter Agreement"), and a Monthly Premium shall be due and payable as provided
in the Pooling and Servicing Agreement and the Letter Agreement.

This Surety Bond does not cover shortfalls, if any, attributable to the
liability of the Trust Fund, any REMIC or the Trustee for wlthholding taxes, if
any (including interest and penalties in respect of any such liability).

                                       2

<PAGE>

                                                     Ambac Assurance Corporation
                                                      c/o CT Corporation Systems
                                                          44 East Mifflin Street
                                                        Madison, Wisconsin 53703
                                                          Administrative Office:
                                                          One State Street Plaza
                                                        New York, New York 10004
                                                       Telephone: (212) 668-0340

Surety Bond

No waiver of any rights or powers of Ambac, the Certificateholders or the
Trustee or consent by any of them shall be valid unless signed by an authorized
officer or agent thereof.

This Surety Bond is subject to and shall be governed by the laws of the State
of New York. THE INSURANCE PROVIDED BY THIS SURETY BOND IS NOT COVERED BY THE
NEW YORK PROPERTY/CASUALTY INSURANCE SECURITY FUND (NEW YORK INSURANCE LAW,
ARTICLE 76).

Capitalized terms used and not defined herein shall have respective meanings set
forth in the Pooling and Servicing Agreement. "Notice" means written notice in
the form of Exhibit Q to the Pooling and Servicing Agreement by registered or
certified mail or telephonic or telegraphic notice subsequently confirmed by
written notice delivered via telecopy, telex or hand delivery from the Trustee
to Ambac specifying the information set forth therein. "Certificateholder"
means, as to a particular Certificate, the person, other than the Trust, the
Servicer, any Subservicer or the Representative or any Depositor who, on the
applicable Distribution Date, is entitled under the terms of such Certificate to
payment thereof. "Preference Amount" means any payment of Insured Amounts on a
Certificate which has become due and which is made to a Certificateholder by or
on behalf of the Trustee which has been deemed a preferential transfer and
theretofore recovered from the Certificateholder or Trustee pursuant to the
United States Bankruptcy Code in accordance with a final, nonappealable order of
a court of competent jurisdiction.

In the event that payments under any Certificate is accelerated, nothing herein
contained shall obligate Ambac to make any payment of principal or interest on
such Certificates on an accelerated basis, unless such acceleration of payment
by Ambac is at the sole option of Ambac.

IN WITNESS WHEREOF, Ambac has caused this Surety Bond to be signed by its duly
authorized officer to become effective and binding upon Ambac by virtue of the
countersignature of its duly authorized representative

/s/ Kathleen Drennen                       /s/ Thomas J. Adams
---------------------------------          -------------------------------
Assistant Secretary                        Managing Director
Effective Date: December 14, 2001

                                       3<PAGE>

                                                                   Exhibit 10.1C

EXECUTED VERSION
================

                                                    Ambac Assurance Corporation
                                                      c/o CT Corporation Systems
                                                          44 East Mifflin Street
                                                        Madison, Wisconsin 53703
                                                           Administrative Office
                                                          One State Street Plaza
                                                        New York, New York 10004
                                                       Telephone: (212) 668-0340

Surety Bond

Issuer: EQCC Trust 2001-1F                                Policy Number AB0517BE

Insured Obligations: $1,595,675,768
aggregate principal amount of EQCC
Asset Backed Certificates, Series 2001-
1F, Class A-3 (the "Certificates")

Trustee: The Bank of New York

Ambac Assurance Corporation ("Ambac") a Wisconsin stock insurance corporation,
in consideration of its receipt of the Deposit Premium and the Monthly Premium
and subject to the terms of this Surety Bond, hereby unconditionally and
irrevocably agrees to pay each Insured Payment to the Trustee named above or its
successor, as trustee for the Certificateholders, to the extent set forth in the
Pooling and Servicing Agreement, dared 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 (the "Pooling and Servicing Agreement").

Ambac will make Insured Payments (other than Preference Amounts) our of its own
funds by 12:00 noon (New York City time) in immediately available funds to the
Trustee on the later of (i) the Business Day next following the day on which
Ambac shall have received Notice that an Insured Payment is due and (ii) the
Distribution Date on which the Insured Payment is distributable to
Certificateholders pursuant to the Pooling and Servicing Agreement, for
disbursement to Certificateholders in the same manner as other payments with
respect to the Certficates are required to be made. Any Notice received by
Ambac after 12:00 noon New York City time on a given Business Day or on any day
that is not a Business Day shall be deemed to have been received by Ambac on the
next succeeding Business Day.

Ambac shall make Insured Payments which are Preference Amounts out of its own
funds by 12:00 noon (New York City time) in immediately available funds to the
Trustee on the later of (a) the Business Day next following the day on which
Ambac shall have received (i) a certified copy of a final non-appealable order
of a court or other body exercising jurisdiction in such insolvency proceeding
to the effect that the Trustee or the Certificateholder, as applicable, is
required to return such Preference Amount paid during the term of this Surety
Bond because such payments were avoided as a preferential Transfer or otherwise
rescinded or required to be restored by the Trustee or the Certificateholder, as
applicable (the "Order"), (ii) a certificate by or on behalf of the Trustee that
the Order has been entered and is not subject to any stay.

<PAGE>

                                                    Ambac Assurance Corporation
                                                      c/o CT Corporation Systems
                                                          44 East Mifflin Street
                                                        Madison, Wisconsin 53703
                                                           Administrative Office
                                                          One State Street Plaza
                                                        New York, New York 10004
                                                       Telephone: (212) 668-0340

Surety Bond

(iii) an assignment, in form and substance satisfactory to Ambac, duly executed
and delivered by the Trustee or the Certificateholder, as applicable,
irrevocably assigning to Ambac all rights and claims of the Trustee or the
Certificateholder, as applicable, relating to or arising under the Pooling and
Servicing Agreement against the estate of the bankruptcy trustee or otherwise
with respect to such Preference Amount and (iv) a Notice appropriately completed
and executed by the Trustee, and (b) the date due pursuant to the Order. Such
payment shall be disbursed to the receiver, conservator, debtor-in-possession or
trustee in bankruptcy named in the Order, and not to the Trustee or the
Certificateholder, as applicable, directly, unless the Trustee or the
Certificateholder, as applicable, has made a payment of the Preference Amount to
the court or such receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the Order, in which case Ambac will pay the Trustee on
behalf of the Certificateholders, subject to the delivery of (a) the items
referred to in clauses (i), (ii), (iii) and (iv) above to Ambac and (b) evidence
satisfactory to Ambac that payment has been made to such court or receiver,
conservator, debtor-in-possession or trustee in bankruptcy named in the Order.
Notwithstanding the foregoing two sentences, the Insurer shall not be obligated
to pay any Preference Amount in respect of principal (other than principal paid
in connection with Mortgage Loan Losses) except on the Final Scheduled
Distribution Date or earlier termination of the Trust Fund pursuant to the terms
of the Agreement.

Upon such payment, Ambac shall be fully subrogated to the rights of the
Certificateholders to receive the amount so paid. Ambac's obligations hereunder
with respect to each Distribution Date shall be discharged to the extent funds
consisting of the Insured Payment are received by the Trustee on behalf of the
Certificateholders for distribution to such Certificateholders as provided in
the Pooling and Servicing Agreement and herein, whether or not such funds are
properly applied by the Trustee. This Surety Bond is non-cancelable for any
reason, including nonpayment of any Monthly Premium. The Monthly Premium on this
Surety Bond is not refundable for any reason including the payment of the
Certificates prior to their respective maturities. This Surety Bond shall expire
and terminate without any action on the part of Ambac or any other Person on the
date that is one year and one day following the date on which the Certificates
shall have been paid in full.

The "Deposit Premium" shall be due and payable on the date hereof as provided
in a letter agreement of even date herewith among Ambac and the Depositor (the
"Letter Agreement"), and a Monthly Premium shall be due and payable as provided
in the Pooling and Servicing Agreement and the Letter Agreement.

This Surety Bond does not cover shortfalls, if any, attributable to the
liability of the Trust Fund, any REMIC or the Trustee for withholding taxes, if
any (including interest and penalties in respect of any such liability).

                                        2

<PAGE>

                                                    Ambac Assurance Corporation
                                                      c/o CT Corporation Systems
                                                          44 East Mifflin Street
                                                        Madison, Wisconsin 53703
                                                           Administrative Office
                                                          One State Street Plaza
                                                        New York, New York 10004
                                                       Telephone: (212) 668-0340

Surety Bond

No waiver of any rights or powers of Ambac, the Certificateholders or the
Trustee or consent by any of them shall be valid unless signed by an authorized
officer or agent thereof.

This Surety Bond is subject to and shall be governed by the laws of the State
of New York. THE INSURANCE PROVIDED BY THIS SURETY BOND IS NOT COVERED BY THE
NEW YORK PROPERTY/CASUALTY INSURANCE SECURITY FUND (NEW YORK INSURANCE LAW,
ARTICLE 76).

Capitalized terms used and not defined herein shall have respective meanings set
forth in the Pooling and Servicing Agreement. "Notice" means written notice in
the form of Exhibit Q to the Pooling and Servicing Agreement by registered or
certified mall or telephonic or telegraphic notice, subsequently confirmed by
written notice delivered via telecopy, telex or hand delivery from the Trustee
to Ambac specifying the information set forth therein. "Certificateholder"
means, as to a particular Certificate, the person, other than the Trust, the
Servicer, any Subservicer or the Representative or any Depositor who, on the
applicable Distribution Date, is entitled under the terms of such Certificate to
payment thereof. "Preference Amount" means any payment of Insured Amounts on a
Certificate which has become due and which is made to a Certificateholder by or
on behalf of the Trustee which has been deemed a preferential transfer and
theretofore recovered from the Certificateholder or Trustee pursuant to the
United States Bankruptcy Code in accordance with a final, nonappealable order of
a court of competent jurisdiction.

In the event that payments under any Certificate is accelerated, nothing herein
contained shall obligate Ambac to make any payment of principal or interest on
such Certificates on an accelerated basis, unless such acceleration of payment
by Ambac is at the sole option of Ambac.

IN WITNESS WHEREOF, Ambac has caused this Surety Bond to be signed by its duly
authorized officer to become effective and binding upon Ambac by virtue of the
countersignature of its duly authorized representative

/s/ Kathleen Drennen                       /s/ Thomas J. Adams
---------------------------------          -------------------------------------
Assistant Secretary                        Managing Director
Effective Date: December 14, 2001

                                       3

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