Item 1. Business.
Not Applicable.
Item 2.
Item 2. Properties.
Not Applicable.
Item 3.
Item 3. Legal Proceedings.
The Trustee is not aware of any material pending legal proceedings involving either the Registrant, the Trustee, the Sellers or the Master Servicer with respect to the Certificates or the Registrant's property.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
No vote or consent of the holders of the Certificates (the Certificateholders) was solicited for any purpose during the year ended December 31, 1996.
Part II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
To the best knowledge of the Trustee, there is no established public trading market for the Certificates. As of December 31, 1996, Cede & Co., the nominee of The Depository Trust Company, was the only holder of record of the Certificates. DTC holds the Certificates for the accounts of others.
Item 6.
Item 6. Selected Financial Data.
Not Applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None. 4
Part III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11.
Item 11. Executive Compensation.
Not Applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
The Trustee is not aware of any Schedule 13D or 13G filed with the Securities and Exchange Commission in respect to the Certificates.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Not Applicable.
Part IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) The following documents are filed as part of the report
(1) Financial Statements
Not Applicable.
(2) Financial Statement Schedules
Not Applicable.
(b) Current Reports on Form 8-K containing the Monthly Servicing Reports for July 15, 1996 through December 16, 1996 were filed by the Registrant during the year ended December 31, 1996.
(c) Exhibits.
28.1 Monthly Statements to Certificateholders for the period ended December 31, 1996.
28.2 The Annual Statement as to Compliance and the Independent Public Accountant's Report with respect to 1996 servicing activities pursuant to Sections 3.09 and 3.10 of the Pooling and Servicing Agreement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, The First National Bank of Chicago has duly caused this report to be signed for the registrant Trust Fund by a duly authorized signatory of the Trustee.
BANC ONE HOME EQUITY LOAN TRUST 1996-1
BY: The First National Bank of Chicago
Not in its individual capacity but solely as Trustee on behalf of the Trust
By: Barbara G. Grosse Assistant Vice President
Date: June 5, 1997
EXHIBIT INDEX
(28.1) Monthly Statements to Certificateholders for the period ended December 31, 1996.
(28.2) The Annual Statement as to Compliance and the Independent Public Accountant's Report with respect to 1996 servicing activitie pursuant to Section 3.09 and 3.10 of the Pooling and Servicing Agreement.
Report of Independent Accountants
To Bank One, N.A.:
We have examined management's assertion about Bank One, N.A.'s (formerly, Bank One,Columbus, N.A.) compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP), for the Revolving Home Equity Loan Asset-Backed Certificates Series 1996-A, during the period from June 27, 1996 through December 31, 1996 included in the accompanying management assertion. Management is responsible for Bank One, N.A.'s compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Bank One, N.A.'s compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Bank One, N. A. 's compliance with the minimum servicing standards.
In our opinion, management's assertion that Bank One, N.A., complied with the aforementioned minimum servicing standards for the period from June 27, 1996 through December 31, 1996 is fairly stated, in all material respects.
Columbus, Ohio May 30, 1997
Assertion by Bank One, N.A.
During the period from June 27, 1996 through December 31, 1996, Bank One, N.A., (formerly, Bank One, Columbus, N.A.) has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers for the Revolving Home Equity Loan Asset-Backed Certificates Series 1996-A. For this same period, Bank One, N.A. was covered by BANC ONE CORPORATION's fidelity bond in the amount of $100,000,000 and is self insured for errors and omissions.
________________________ ___________________ John Jaeger May 30, 1997 Assistant Vice President
________________________ ___________________ Christine B. Caldwell May 30, 1997 Vice President
BANK ONE, N.A.
Annual Officer's Certificate of the Servicer Pursuant To Section 3.09(a) Of The Pooling and Servicing Agreement
The undersigned, a duly authorized representative of Bank One, N.A. (formerly, Bank One, Columbus, N.A.) , as servicer (the "Servicer"), pursuant to Section 3.09 of the Pooling and Servicing Agreement dated as of June 7, 1996 (the "Agreement") between Lehman ABS Corporation, as depositor (the "Depositor"), the Servicer and The First National Bank of Chicago, as trustee (the "Trustee"), does hereby certify as follows:
(1) All terms used herein that are defined in the Agreement shall have the meanings provided in the Agreement, unless otherwise defined herein.
(2) The undersigned is an officer of the Servicer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate.
(3) A review of the activities of the Servicer during the period from June 7, 1996 to December 31, 1996 (the "Servicing Period") and of its performance under the Agreement has been made under my supervision.
(4) Based on such review, the Servicer has, to the best of my knowledge, fulfilled all of its material obligations under the Agreement throughout the Servicing Period except as set forth in paragraph (5) below.
(5) The following is a brief description of each default in the fulfillment of the Servicer's obligations under the Agreement known to me to have been made by the Servicer during the Servicing Period, which sets forth in detail (i) the nature of each such default and (ii) the current status of each such default: "None".
IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed by a duly authorized officer as of December 31, 1996.
Bank One, N.A. as Servicer By:______________________________ Name: John Jaeger Title: Assistant Vice President
By: ________________________ Name: Christine B. Caldwell Title: Vice President
Lehman ABS Corporation Date of Report: 7/1/97 Banc One Home Equity Loan Trust 1996-A Time of Report: 5:29 PM P & S Agreement Date: "June 7, 1996" Original Settlement Date: "June 27, 1996" Series Number of Certificates: Original Collateral Sale Balance "$236,909,705.69 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 7/15/96
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 2.840235 Investor Certificate Interest ShortfallDistributed 0.000000 Remaining Unpaid Investor Certificate Interest Shortfall 0.000000
Managed Amortization Period ? (Yes=1;No=0) Investors Certificate Principal Distributed 16.021174 Principal Distribution Amount 12.4289 Maximum Principal Payment 23.268097 Alternative Principal Payment 12.428949 Principal Collections less Additional Balances 12.428949 Investor Loss Amount Distributed to Investors 0.000000 Accelerated Principal Distribution Amount 3.592225 Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 18.861409
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "232,171,000.00" Ending Investor Certificate Balance "228,451,348.00 " Beginning Invested Amount "232,171,511.58" Ending Invested Amount "229,285,870.03" Investor Certificateholder Floating Allocation Percentage 98.0000% Pool Factor 0.9839788 Liquidation Loss Amount for Liquidated Loans 0.00 Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "236,909,705.69 " Ending Pool Balance "234,024,064.14 " Servicing Fee "128,326.09 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.680470% LIBOR Rate 5.480470% Maximum Rate 8.896438%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days No. of Accounts 126 Trust Balances "5,285,213.28 " Delinquent 60-89 days No. of Accounts 31 Trust Balances "1,408,945.33 " Delinquent 90+ days No. of Accounts 4 Trust Balances "136,844.93 " Delinquent 9+ Months No. of Accounts 0 Trust Balances 0 REO No. of Accounts 0 Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 7/15/96
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed" "this 13th day of July, 1996"
" Bank One, NA" as Servicer
_______________________________________
John Jaeger Assistant Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago Aadit Seshasayee - Lehman Brothers
Lehman ABS Corporation Date of Report: 7/1/97 Banc One Home Equity Loan Trust 1996-A Time of Report: 5:40 PM P & S Agreement Date: "June 7, 1996" Original Settlement Date: "June 27, 1996" Series Number of Certificates: Original Collateral Sale Balance "$236,909,705.69 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 8/15/96
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.826392 Investor Certificate Interest Shortfall Distributed 0.000000 Remaining Unpaid Investor Certificate Interest Shortfall 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1 Investors Certificate Principal Distributed 15.115712 Principal Distribution Amount 13.608089 Maximum Principal Payment 29.972704 Alternative Principal Payment 13.608089 Principal Collections less Additional Balances 13.608089 Investor Loss Amount Distributed to Investors 0.000000 Accelerated Principal Distribution Amount 1.507624 Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 19.942104
B.INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "228,451,348.00 " Ending Investor Certificate Balance "224,941,917.96 " Beginning Invested Amount "229,285,870.03" Ending Invested Amount "226,126,466.49" Investor Certificateholder Floating Allocation Percentage 97.9753% Pool Factor 0.9688631 Liquidation Loss Amount for Liquidated Loans 0.00 Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "234,024,064.14 " Ending Pool Balance "230,864,660.60 " Servicing Fee "126,763.03 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.696100% LIBOR Rate 5.496100% Maximum Rate 8.479529%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days No. of Accounts 90 Trust Balances "4,079,096.72 " Delinquent 60-89 days No. of Accounts 30 Trust Balances "1,280,457.43 " Delinquent 90+ days No. of Accounts 6 Trust Balances "381,610.66 " Delinquent 9+ Months No. of Accounts 0 Trust Balances 0 REO No. of Accounts 0 Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 8/15/96
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed" "this 9th day of August, 1996"
" Bank One, NA" as Servicer
_______________________________________
John Jaeger Assistant Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago
Aadit Seshasayee - Lehman Brothers
Lehman ABS Corporation Date of Report: 7/1/97 Banc One Home Equity Loan Trust 1996-A Time of Report: 5:38 PM P & S Agreement Date: "June 7, 1996" Original Settlement Date: "June 27, 1996" Series Number of Certificates: Original Collateral Sale Balance "$236,909,705.69 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 9/16/96
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A.INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.841629 Investor Certificate Interest Shortfall Distributed 0.000000 Remaining Unpaid Investor Certificate Interest Shortfall 0.000000
Managed Amortization Period ? (Yes=1;No=0) Investors Certificate Principal Distributed 13.798473 Principal Distribution Amount 13.798473 Maximum Principal Payment 29.395146 Alternative Principal Payment 13.798473 Principal Collections less Additional Balances 13.798473 Investor Loss Amount Distributed to Investors 0.000000
Accelerated Principal Distribution Amount 0.000000 Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 18.640102
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "224,941,917.96 " Ending Investor Certificate Balance "221,738,312.59 " Beginning Invested Amount "226,126,466.49" Ending Invested Amount "222,922,861.12" Investor Certificateholder Floating Allocation Percentage 97.9476% Pool Factor 0.9550646 Liquidation Loss Amount for Liquidated Loans 0.00 Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "230,864,660.60 " Ending Pool Balance "227,661,055.23 " Servicing Fee "125,051.69 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.621880% LIBOR Rate 5.421880% Maximum Rate 8.194290%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days No. of Accounts 102 Trust Balances "4,712,900.32 " Delinquent 60-89 days No. of Accounts 20 Trust Balances "907,847.87 " Delinquent 90+ days No. of Accounts 11 Trust Balances "500,727.81 " Delinquent 9+ Months No. of Accounts 0 Trust Balances 0 REO No. of Accounts 0 Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 9/16/96
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed" "this 10th day of September, 1996"
" Bank One, NA" as Servicer
_______________________________________
John Jaeger Assistant Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago
Aadit Seshasayee - Lehman Brothers
Lehman ABS Corporation Date of Report: 7/1/97 Banc One Home Equity Loan Trust 1996-A Time of Report: 5:42 PM P & S Agreement Date: "June 7, 1996" Original Settlement Date: "June 27, 1996" Series Number of Certificates: Original Collateral Sale Balance "$236,909,705.69 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 10/15/96
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.388347 Investor Certificate Interest Shortfall Distributed 0.000000 Remaining Unpaid Investor Certificate Interest Shortfall 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1 Investors Certificate Principal Distributed 14.112170 Principal Distribution Amount 14.112170 Maximum Principal Payment 28.816771 Alternative Principal Payment 14.112170 Principal Collections less Additional Balances 14.112170 Investor Loss Amount Distributed to Investors 0.000000 Accelerated Principal Distribution Amount 0.000000 Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 18.500517
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "221,738,312.59 " Ending Investor Certificate Balance "218,461,875.96 " Beginning Invested Amount "222,922,861.12" Ending Invested Amount "219,646,424.49" Investor Certificateholder Floating Allocation Percentage 97.9188% Pool Factor 0.9409525 Liquidation Loss Amount for Liquidated Loans 0.00 Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "227,661,055.23 " Ending Pool Balance "224,384,618.60 " Servicing Fee "123,316.40 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.703910% LIBOR Rate 5.503910% Maximum Rate 8.226049%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days No. of Accounts 137 Trust Balances "5,684,085.16 " Delinquent 60-89 days No. of Accounts 15 Trust Balances "665,427.67 " Delinquent 90+ days No. of Accounts 10 Trust Balances "322,193.59 " Delinquent 9+ Months No. of Accounts 0 Trust Balances 0 REO No. of Accounts 0 Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 10/15/96
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed" "this 8th day of October, 1996"
" Bank One, NA" as Servicer
_______________________________________
John Jaeger Assistant Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago Aadit Seshasayee - Lehman Brothers
Lehman ABS Corporation Date of Report: 7/1/97 Banc One Home Equity Loan Trust 1996-A Time of Report: 5:44 PM P & S Agreement Date: "June 7, 1996" Original Settlement Date: "June 27, 1996" Series Number of Certificates: Original Collateral Sale Balance "$236,909,705.69 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 11/15/96
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.523553 Investor Certificate Interest Shortfall Distributed 0.000000 Remaining Unpaid Investor Certificate Interest Shortfall 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1 Investors Certificate Principal Distributed 12.924085 Principal Distribution Amount 12.924085 Maximum Principal Payment 25.981364 Alternative Principal Payment 12.924085 Principal Collections less Additional Balances 12.924085 Investor Loss Amount Distributed to Investors 0.000000 Accelerated Principal Distribution Amount 0.000000 Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 17.447639
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "218,461,875.96 " Ending Investor Certificate Balance "215,461,278.17 " Beginning Invested Amount "219,646,424.49" Ending Invested Amount "216,645,826.70" Investor Certificateholder Floating Allocation Percentage 97.8884% Pool Factor 0.9280284 Liquidation Loss Amount for Liquidated Loans 0.00 Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "224,384,618.60 " Ending Pool Balance "221,384,020.81 " Servicing Fee "121,541.67 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.582810% LIBOR Rate 5.382810% Maximum Rate 8.179200%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days No. of Accounts 110 Trust Balances "4,493,812.87 " Delinquent 60-89 days No. of Accounts 25 Trust Balances "959,190.07 " Delinquent 90+ days No. of Accounts 15 Trust Balances "508,815.14 " Delinquent 9+ Months No. of Accounts 0 Trust Balances 0 REO No. of Accounts 0 Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 11/15/96
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed" "this 8th day of November, 1996"
" Bank One, NA" as Servicer
_______________________________________
John Jaeger Assistant Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago Aadit Seshasayee - Lehman Brothers
Lehman ABS Corporation Date of Report: 7/1/97 Banc One Home Equity Loan Trust 1996-A Time of Report: 5:47 PM P & S Agreement Date: "June 7, 1996" Original Settlement Date: "June 27, 1996" Series Number of Certificates: Original Collateral Sale Balance "$236,909,705.69 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 12/16/96
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.455181 Investor Certificate Interest Shortfall Distributed 0.000000 Remaining Unpaid Investor Certificate Interest Shortfall 0.000000
Managed Amortization Period ? (Yes=1;No=0) Investors Certificate Principal Distributed 14.099177 Principal Distribution Amount 14.099177 Maximum Principal Payment 26.926959 Alternative Principal Payment 14.099177 Principal Collections less Additional Balances 14.099177 Investor Loss Amount Distributed to Investors 0.000000 Accelerated Principal Distribution Amount 0.000000 Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 18.554358
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "215,461,278.17 " Ending Investor Certificate Balance "212,187,858.07 " Beginning Invested Amount "216,645,826.70" Ending Invested Amount "213,372,406.60" Investor Certificateholder Floating Allocation Percentage 97.8597% Pool Factor 0.9139292 Liquidation Loss Amount for Liquidated Loans 0.00 Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "221,384,020.81 " Ending Pool Balance "218,110,600.71 " Servicing Fee "119,916.34 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.575000% LIBOR Rate 5.375000% Maximum Rate 8.221512%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days No. of Accounts 119 Trust Balances "5,093,371.20 " Delinquent 60-89 days No. of Accounts 26 Trust Balances "1,154,569.87 " Delinquent 90+ days No. of Accounts 19 Trust Balances "654,565.31 " Delinquent 9+ Months No. of Accounts 0 Trust Balances 0 REO No. of Accounts 0 Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 12/16/96
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed" "this 10th day of December, 1996"
" Bank One, NA" as Servicer
_______________________________________
John Jaeger Assistant Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago
Aadit Seshasayee - Lehman Brothers