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Previous: TCW DW STRATEGIC INCOME TRUST, 497, 1997-07-02 |
Next: NORWEST AUTO RECEIVABLES CORP, 8-K, 1997-07-02 |
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, NW
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 333-0391101
BANC ONE HOME EQUITY LOAN TRUST 1996-A
(Exact name of Registrant as specified in its Charter)
New York 36-7151628
(State or other jurisdiction of incorporation (I.R.S. Employer Identification
or Organization of Registrant) Number of Registrant)
c/o The First National Bank of Chicago
Corporate Trust Services
One First National Plaza
Chicago, IL 60670
(Address of principal executive offices of Registrant) (Zip Code)
Registrant's telephone number, including area code (312) 407-1902
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
<PAGE>
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed bySection 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 files pursuant to item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of the 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 [ ] Not applicable.
State the aggregate market value of the voting stock held by non-affiliates
of the Registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and
asked prices of such stock, as of a specified date within 60 days prior to
the date of filing. Not applicable.
Documents incorporated by reference.
None
INTRODUCTORY NOTE
Each Revolving Home Equity Loan Asset-Backed Certificate, Series 1996-A
(collectively,the Certificates) will represent an undivided interest in
the Banc One Home Equity Loan Trust 1996-A (the Trust) to be formed
pursuant to a Pooling and Servicing Agreement among Bank One, Columbus, N.A.
(Bank One), as Seller and Servicer, Lehman ABS Corporation, asDepositor,
and The First National Bank of Chicago, as Trustee. The property of the
Trust will include a pool of adjustable rate home equity revolving credit
line loans (sometimes referred to herein as home equity loans) made or to
be made in the future (the Mortgage Loans) under certain home equity
revolving credit line loan agreements. The Mortgage Loans are secured by
first, second and third deeds of trust or mortgages on one- to four-family
residential properties.
The aggregate undivided interest in the Trust represented by the
Certificates will, as of June 7, 1996 (the Cut-Off Date), represent
approximately 98% of the outstanding principal balances of the Mortgage
Loans. The remaining undivided interest in the Trust not represented
by the Certificates (the Transferor Interest) will initially be equal to
$4,738,194, which as of the Cut-Off Date is approximately 2% of the
outstanding principal balances of the Mortgage Loans. The Transferor
Interest will be initially retained by Bank One. Only the Certificates
are offered hereby.
The Trust will file an Application for Exemptive Order with the
Securities and Exchange Commission (the Commission), pursuant to Section
12(h) of the Securities Exchange Act for an exemption from certain reporting
requirements under Section 13 of the Exchange Act.
<PAGE>
Part I
Item 1. Business.
Not Applicable.
Item 2. Properties.
Not Applicable.
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. 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. 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. Selected Financial Data.
Not Applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Not Applicable.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None. 4
Part III
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11. Executive Compensation.
Not Applicable.
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. Certain Relationships and Related Transactions.
Not Applicable.
Part IV
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.
<PAGE>
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
<PAGE>
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
<PAGE>
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)
1
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)
1
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)
1
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
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