SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from May 1, 1996 (Commencement of
Operations) to December 31, 1996
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number - 333-01451
LEHMAN ABS CORPORATION, (as depositor under the Pooling and Servicing
Agreement, dated as of May 1, 1996, which forms Lehman Home Equity Loan
Trust 1996-2, which will issue the Lehman Home Equity Loan Trust
1996-2, Home Equity Loan Asset-Backed Certificates, Series 1996-2).
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-3447441
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Three World Financial Center
200 Vesey Street
New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 526-7000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
Page 1 of 8
This report consists of 12 consecutively numbered pages.
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LEHMAN ABS CORPORATION
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TABLE OF CONTENTS
Page
PART I
Item 1. Business....................................................3
Item 2. Properties..................................................3
Item 3. Legal Proceedings...........................................3
Item 4. Submission of Matters to a Vote of Security Holders.........3
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters.........................................3
Item 6. Selected Financial Data.....................................3
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.........................4
Item 8. Financial Statements and Supplementary Data.................4
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.........................4
PART III
Item 10. Directors and Executive Officers of the Registrant..........4
Item 11. Executive Compensation......................................4
Item 12. Security Ownership of Certain Beneficial
Owners and Management..................................4
Item 13. Certain Relationships and Related Transactions..............4
PART IV
Item 14. Exhibits, Financial Statement Schedules and
Reports on Form 8-K.........................................4
SIGNATURE................................................................6
Supplemental Information to be Furnished with Reports Filed
Pursuant to Section 15(d) of the Act by Registrants Which
Have Not Registered Securities Pursuant to Section 12 of the Act.........7
INDEX TO EXHIBITS........................................................8
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This Annual Report on Form 10-K is filed in accordance with a letter dated March
30, 1994 sent to the Office of Chief Counsel, Division of Corporate Finance of
the Securities and Exchange Commission (the "Commission") requesting that the
Commission enter an order pursuant to Section 12(h) of the Securities Exchange
Act of 1934 (the "Exchange Act"), granting exemption for the Trust from the
reporting requirements of Section 13 and 15(d) and from the operation of Section
16 of the Exchange Act, or issue a no action letter to like effect. Accordingly,
responses to certain Items have been omitted from or modified in this Annual
Report on Form 10-K.
PART I
Item 1. Business
Omitted.
Item 2. Properties
Omitted.
Item 3. Legal Proceedings
The Registrant is not aware of any material legal proceeding with respect to a
Pool, the Trustee, the Servicer or LABS with respect to a Pool, other than
ordinary routine litigation incidental to the duties of the Trustee or Servicer
under the related Pooling and Servicing Agreement.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote or consent of Certificateholders during the
fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The Trust does not issue stock. There is currently no established secondary
market for the Certificates. As of January 2, 1997, there were seventeen
Certificateholders.
Item 6. Selected Financial Data
Omitted.
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Item 7. Management's Discussion and Analysis of Financial condition and Results
of Operations
Omitted.
Item 8. Financial Statements and Supplementary Data
Omitted.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
There was no change of accountants or disagreement with accountants on any
matter of accounting principles or practices or financial disclosure.
PART III
Item 10. Directors and Executive Officers of the Registrant
Omitted.
Item 11. Executive Compensation
Omitted.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Omitted.
Item 13. Certain Relationships and Related Transactions
Omitted.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
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(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Derived Materials of Lehman Brothers and of First Union dated May
1996 for Lehman Home Equity Loan Asset-Backed Certificates, Series
1996-2 (incorporated by reference to Exhibits 1 and 2 to Current
Report on Form 8-K dated May 1996).
Annual Statement of Compliance, filed as Exhibit 99.1 hereto.
Annual Servicing Report, filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant.
A Current Report on Form 8-K, dated September 26, 1996, was filed
for the purpose of filing the Monthly Certificateholder
Statements, as Exhibits 99.1 through 99.3 for payments made on
June 25, 1996, July 25, 1996, and August 26, 1996, respectively. A
Current Report on Form 8-K, dated February 11, 1997, was filed for
the purpose of filing the Monthly Certificateholder Statements, as
Exhibits 99.1 through 99.5 for payments made on September 25,
1996, October 25, 1996, November 25, 1996, December 26, 1996 and
January 27, 1997, respectively. A Current Report on Form 8-K,
dated March 27, 1997, was filed for the purpose of filing the
Monthly Certificateholder Statement, as Exhibit 99.6 for payments
made on February 25, 1997. The items reported in such Current
Report were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
CHASE MANHATTAN BANK
(SUCCESSOR BY MERGER OF THE
CHASE MANHATTAN BANK, N.A.),
AS TRUSTEE, FOR
LEHMAN HOME EQUITY LOAN TRUST 1996-2
Date: March 27, 1997 By: /s/ Ron Feldman
----------------
Ron Feldman
Vice President
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SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.
The registrant has not sent an annual report or proxy material to its security
holders. The registrant will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
4.1 Derived Materials of Lehman Brothers and of First Union *
dated May 1996 for Lehman Home Equity Loan
Asset-Backed Certificates, Series 1996-2 (incorporated
by reference to Exhibits 1 and 2 to Current Report on Form
8-K dated May 1996).
99.1 Annual Statement of Compliance 9
99.2 Annual Servicing Report 11
* Incorporated by reference.
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EXHIBIT 99.1
ANNUAL STATEMENT OF COMPLIANCE
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In accordance with the letter dated March 30, 1994 sent to the Securities and
Exchange Commission requesting an exemption from SEC reporting requirements, the
Trust is to include as an exhibit a copy of the Annual Statement of Compliance
required under the Pooling and Servicing Agreement dated May 1, 1996. Such
statement, as required under Section 3.09 of the Pooling and Servicing
Agreement, is due on or before the last day of the fifth month following the end
of the Servicer's fiscal year (December 31), beginning in 1997. Since there is
no requirement for the current year, the statement is not included as an exhibit
to this Form 10-K.
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EXHIBIT 99.2
ANNUAL SERVICING REPORT
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In accordance with the letter dated March 30, 1994 sent to the Securities and
Exchange Commission requesting an exemption from SEC reporting requirements, the
Trust is to include as an exhibit a copy of the Annual Servicing Report required
under the Pooling and Servicing Agreement dated May 1, 1996. Such statement, as
required under Section 3.10 of the Pooling and Servicing Agreement, is due on or
before the last day of the fifth month following the end of the Servicer's
fiscal year (December 31), beginning in 1997. Since there is no requirement for
the current year, the statement is not included as an exhibit to this Form 10-K.
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