SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from December 1, 1998
(Commencement of Operations) to December 31, 1998
[ ] 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 333-39649-13
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
LEHMAN ABS CORPORATION
BANKBOSTON HOME EQUITY LOAN TRUST
HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
(Title of each class of securities covered by this form)
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/A or any
amendment to this Form 10-K/A. [X]
Documents incorporated by reference: None
Page 1 of 5
This report consists of 10 consecutively numbered pages.
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AMENDMENT NUMBER 1 OF 1
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LEHMAN ABS CORPORATION
BANKBOSTON HOME EQUITY LOAN TRUST
HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
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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.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Servicer Statement of Compliance and Officer's Certificate,
filed as Exhibit 99.1 hereto.
Annual Statement of Independent Accountants Report for the Servicer,
filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: There were no Current Reports on Form 8-K filed by
the Registrant during the last quarter of 1998. The first distribution was on
January 25, 1999. The item reported in such Current Report was 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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: July 19, 1999 By: /s/JoAnn Manieri
-----------------------------
JoAnn Manieri
Trust Officer
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EXHIBIT INDEX
Exhibit Description Page
99.1 Servicer's Annual Statement of Compliance 6
and Officer's Certification
99.2 Servicer's Annual Independent Accountant's Report 9
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EXHIBIT 99.1
Servicer's Annual Statement of Compliance
and Officer's Certification
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BankBoston, N.A.
100 Federal Street
Boston, Massachusetts 02110
BankBoston
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
May 31, 1999
As of and for the period from December 12, 1998 (inception), through December
31, 1998, BankBoston, 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 ("USAP")
exclusive of standards IV. 1, and V.2, (collectively the "Minimum Applicable
Standards"). Our assertion relates solely to the loans included in the
BankBoston Home Equity Master Trust 1998-2 (the "Trust") as of and for the
period from December 12, 1998 (inception), through December 31, 1998 and not
other loans serviced by the Bank or their designated representative.
As the loans applicable to management's assertion are fixed rate loans, and
because Chase Manhattan Bank (the Trustee) waived the testing of one standard,
certain USAP minimum servicing standards are not applicable. Specifically, no
assertions as to USAP minimum servicing IV.l, and V.2 are being made.
As of and for the period December 12, 1998 (inception), through December 31,
1998, BankBoston, N.A. had in effect a fidelity bond and errors and omission
policies in the amounts of at least $10,000,000 and $5,000,000 respectively.
By: /s/ Paul C. Mangelsdorf III
Mr. Paul C. Mangelsdorf III
Director, Consumer Asset Finance
By: /s/ J. Roberts Snow
Mr. J. Roberts Snow
Director, Portfolio Management
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BANKBOSTON, N.A.
OFFICER'S CERTIFICATION
The undersigned hereby certifies, warrants, and represents to The Chase
Manhattan Bank (as "Trustee"), MBIA Insurance Corporation (as "Insurer"),
Moody's Investors Service, Inc. (as "Rating Agency"), and Standard & Poor's
Rating Services (as "Rating Agency") pursuant to Article III, Section 3.10(a) of
the Pooling and Servicing Agreement among Lehman ABS Corporation (as
"Depositor"), BankBoston, N.A. (as "Seller" and "Master Servicer"), and the
Trustee, dated as of December 1, 1998 (the"Agreement"):
(1) that the undersigned is duly authorized to execute this Certification on
behalf of the Master Servicer;
(2) that, to the best knowledge of the undersigned officer, the Master Servicer
has fully complied in all material respects with the provisions of Articles III
and V of the Agreement;
(3) that a review of the activities of the Master Servicer during the period
from December 1, 1998 to December 31, 1998 (the "Applicable Period"), and of the
Master Servicer's performance under the Agreement, has been made under the
supervision of the undersigned officer; and
(4) to the best of the undersigned officer's knowledge, based on the review
certified in paragraph 3, the Master Servicer has fulfilled all of its material
obligations under the Agreement throughout the Applicable Period.
DATED as of May 31, 1999
BANKBOSTON, N.A., as Master Servicer
By: /s/ John R. Snow
John R. Snow
Its: Director, Portfolio Management
BankBoston.Home Equity Securitization.sjs.officer's certificate
re Trust 2 Agreement 063099 doc
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EXHIBIT 99.2
Servicer's Annual Independent Accountant's Report
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PRICEWATERHOUSECOOPERS
Report of Independent Accountants
To the Board of Directors and Stockholder of BankBoston, N.A.:
We have examined management's assertion about BankBoston, N.A.'s (the "Bank")
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers ("USAP") exclusive of standards IV.l, and V.2, (collectively the
"Minimum Applicable Standards"), solely for thc purpose of servicing loans
included in the BankBoston Home Equity Master Trust 1998-2 (the "Trust") as of
and for the period from December 12, 1998 (inception), through December 31, 1998
included in the accompanying management assertion (see Exhibit I).
As the loans applicable to management's assertion are fixed rate loans, and
because Chase Manhattan Bank (the Trustee), waived the testing of one standard,
certain USAP minimum servicing standards are not applicable. Therefore, USAP
minimum servicing standards IV. I, and V.2, were not addressed during our
examination. Further, management's assertion and this report relate only to the
loans underlying the Trust and not other loans serviced by the Bank or their
designated representative.
Management is responsible for the Bank's compliance with the Minimum Applicable
Standards. Our responsibility is to express an opinion exclusively on
management's assertion about the Bank's compliance with the Applicable standards
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 the Bank's compliance with the
Minimum Applicable 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 the Bank's compliance with the Minimum Applicable
Standards.
In our opinion, management's assertion that the Bank complied with the Minimum
Applicable Standards solely for the purpose of servicing loans underlying the
Trust as of and for the period from inception, December 12, 1998 through
December 31, 1998 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers, LLP
Boston, Massachusetts May 31, 1999
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