SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: February 6, 1998
(Date of earliest event reported)
FIRSTPLUS Investment Corporation
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(Exact Name of Registrant as Specified in its Charter)
Nevada 333-26527 75-2596063
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
377 Howard Hughes Parkway
Suite 300N
Las Vegas, Nevada 89101
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (702) 892-3772
No Change
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
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Reference is hereby made to the Registrant's Registration Statement
on Form S-3 (File No. 333-26527) pursuant to which the Registrant
registered issuances of FIRSTPLUS Home Loan Owner Trust asset backed
securities, issuable in various series, for sale in accordance with the
provisions of the Securities Act of 1933, as amended (the "Act").
Reference is also hereby made to the Prospectus dated September 10,
1997, and the related Prospectus Supplement, dated January 30, 1998
(collectively, the "Prospectus"), which were previously filed with the
Commission pursuant to Rule 424(b)(5), relating to the publicly offered
FIRSTPLUS Home Loan Owner Trust 1998-1 Asset Backed Securities, Series
1998-1, consisting of the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, Class A-8, Class M-1 and Class M-2
Asset Backed Notes (the "Publicly Offered Securities"). Capitalized
terms used but not defined herein have the meanings assigned to such
terms in the Prospectus.
The Publicly Offered Securities were sold to PaineWebber
Incorporated ("PaineWebber"), Bear, Stearns & Co. Inc., Deutsche Morgan
Grenfell Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated
(collectively, the "Underwriters") pursuant to the terms of an
underwriting agreement dated June 12, 1997, (the "Underwriting
Agreement"), as supplemented by a terms agreement dated January 30, 1998
(the "Terms Agreement"), each among PaineWebber, as representative (the
"Representative") of the Underwriters, the Registrant, FIRSTPLUS
Financial, Inc. ("FFI") and FIRSTPLUS Financial Group, Inc. A copy of
the Underwriting Agreement was previously filed with the Commission and
a copy of the Terms Agreement is filed herewith as Exhibit 1.1.
The Notes were issued pursuant to an Indenture dated as of February
1, 1998 (the "Indenture") among FIRSTPLUS Home Loan Owner Trust 1998-1
(the "Issuer" or the "Trust") and U.S. Bank National Association, as
Indenture Trustee (the "Indenture Trustee"). A copy of the Indenture is
filed herewith as Exhibit 4.1.
The Notes are secured by the assets of the Trust pursuant to the
Indenture. The assets of the Trust primarily include a pool of home
loans (the "Home Loans") consisting of loans which are secured by
mortgages, deeds of trust or other similar security instruments. The
Home Loans consist of loans for which the related proceeds were used to
finance (i) property improvements, (ii) debt consolidation, or (iii) a
combination of property improvements, cash-out or other consumer
purposes.
The Home Loans were sold by FFI to the Registrant pursuant to the
terms of a Loan Sale Agreement dated as of February 1, 1998 (the "Loan
Sale Agreement") and were simultaneously sold by the Registrant to the
Trust pursuant to the Sale and Servicing Agreement (defined below). A
copy of the Loan Sale Agreement is filed herewith as Exhibit 10.1.
The Home Loans will be serviced by FFI, an affiliate of the
Registrant, pursuant to the terms of a Sale and Servicing Agreement
dated as of February 1, 1998 (the "Sale and Servicing Agreement") among
the Registrant, as Seller, FFI, as Transferor and Servicer, the Issuer,
and U.S. Bank National Association, as Indenture Trustee and Co-Owner
Trustee. A copy of the Sale and Servicing Agreement is filed herewith
as Exhibit 10.2.
Item 7. Financial Statements and Exhibits
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit No. Description
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1.1 Terms Agreement
4.1 Indenture
10.1 Loan Sale Agreement
10.2 Sale and Servicing Agreement
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly authorized.
FIRSTPLUS INVESTMENT CORPORATION
By: /s/ Lee F. Reddin
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Name: Lee F. Reddin
Title: Vice President
Dated: February 25, 1998
EXHIBIT INDEX
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Exhibit No. Description Page No.
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1.1 Terms Agreement
4.1 Indenture
10.1 Loan Sale Agreement
10.2 Sale and Servicing Agreement