Item 1. Business.
Not Applicable.
Item 2.
Item 2. Properties.
Not Applicable.
Item 3.
Item 3. Legal Proceedings.
The Master Servicer 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 Master Servicer, there is no established public trading market for the Certificates. As of January 31, 1997, there were 16 Class A Certificateholders, some of whom may be holding 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.
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 following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of the Class A Certificates; (ii) the principal amount of Certificates owned by each, if known, and (iii) the percent that the principal amount of Certificates owned represents of the outstanding principal amount of the Class A Certificates. The information set forth in the table is based upon information obtained by the Master Servicer from the Trustee and from The Depository Trust Company as of January 31, 1997. The Master Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates.
Amount Owned
All dollar amounts are in thousands
Name and Address Principal Percent
Certificateholders
Bankers Trust Company $327,703 40.00 c/o BT Services Tennessee Inc. Pension Trust Services 648 Grassmere Park Drive Nashville, TN 37211
Chase Manhattan Bank $130,000 15.87 One Chase Manhattan Plaza 3B - Proxy Department New York, NY 10081
First National Bank of Chicago $100,000 12.21 One First National Plaza, Suite 0417 Chicago, IL 60670
Morgan Stanley & Co., Incorporated $107,600 13.13 One Pierrepont Plaza, 7th Floor Brooklyn, NY 11201
Item 13.
Item 13. Certain Relationships and Related Transactions.
None or Not Applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) List the following documents filed as a part of the report:
(1) Financial Statements
Not Applicable.
(2) Financial Statement Schedules
Not Applicable.
(3) The Master Servicer is obligated to prepare an Annual Statement to Certificateholders for the year ended December 31, 1996 and the Independent Public Accountants are required to prepare an Annual Servicing Report pertaining to the compliance of the Master Servicer with its servicing obligations pursuant to the Agreement for such year. Copies of said documents are or will be filed as exhibits to this Form 10-K when they are available.
(b) The Registrant filed the following current reports on Form 8-K for the fourth quarter of 1996:
Date of Reports Items Covered
October 21, 1996 Item 7 -- Statement with respect November 20, 1996 to distributions made on December 20, 1996 October 21, 1996, November 20, 1996 and December 20, 1996.
(c) Exhibit 99. Annual Statement to Certificateholders for the year ended December 31, 1996.
(d) Not Applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Master Servicer has duly caused this report to be signed on behalf of the Revolving Home Equity Loan Trust 1996-1 by the undersigned, thereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION, as Master Servicer of and on behalf of the
REVOLVING HOME EQUITY LOAN TRUST 1996-1 (Registrant)
Date: February 17, 1997 By:/s/ John W. Blenke John W. Blenke Assistant Secretary
Exhibit Index
Exhibit No. Exhibit Page No.
99 Annual Statement to Certificateholders 9 for the year ended December 31, 1996