SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) : January 25, 1999
LEHMAN ABS CORPORATION, (as depositor under the Sales and Servicing Agreement,
dated December 1, 1998, which forms Provident Bank Home Equity Loan Trust
1998-A, which will issue Provident Bank Home Equity Loan Trust 1998-A, Home
Equity Loan Asset-Backed Notes, Series 1998-A)
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-39649-14 13-3447441
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
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
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities Exchange Act of 1934, as amended, with respect to the Registrant's
Provident Bank Home Equity Loan Trust 1998-A Home Equity Loan Asset-Backed
Notes, Series 1998-A (the "Notes") . The Notes were issued, and this report and
exhibit is being filed, pursuant to the terms of the Sales and Servicing
Agreement, dated as of December 1 , 1998 ( the "Agreement"), among Lehman ABS
Corporation, as depositor, The Provident Bank, as master servicer, and The Chase
Manhattan Bank, as indenture trustee. On January 25, 1999 distribution was made
to the Noteeholders. Specific information with respect to the distribution is
filed as Exhibit 99.1. No other reportable transactions or matters have occurred
during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Noteholders on January 25, 1999,
as Exhibit 99.1.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Indenture Trustee under the Agreement
referred to herein
Date: March 3, 1999 By: /s/ Jennifer Cupo
Jennifer Cupo
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Noteholder Statement on 5
January 25, 1999.
<PAGE>
Exhibit 99.1
Monthly Noteholder Statement on January 25, 1999
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-A
STATEMENT TO NOTEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 01/25/99 PAGE #1
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTE PRINCIPAL NOTE PRINCIPAL PRINCIPAL INTEREST TOTAL NOTE PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 100,000,000.00 100,000,000.00 1,562,816.09 446,246.67 2,009,062.76 98,437,183.91
A-2 60,000,000.00 60,000,000.00 962,311.12 267,748.00 1,230,059.12 59,037,688.88
A-3 23,150,000.00 23,150,000.00 371,291.71 96,136.81 467,428.51 22,778,708.29
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 183,150,000.00 183,150,000.00 2,896,418.92 810,131.47 3,706,550.39 180,253,581.08
- -----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. PASS
CLASS CUSIP DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
- ------------------------------------------------------------- ---------------------------
A-1 743844CE0 15.62816090 4.46246667 984.37183910 A-1 6.17880%
A-2 743844CF7 16.03851870 4.46246667 983.96148130 A-2 6.17880%
A-3 743844CG5 16.03851870 4.15277778 983.96148130 A-3 5.75000%
- ------------------------------------------------------------- ---------------------------
If there are any questions or problems with this statement, please contact the
Administrator listed below.
---------------------------------------
JOSEPH VERFENSTEIN
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3261
---------------------------------------
(C) COPYRIGHT 1999, THE CHASE MANHATTAN BANK
</TABLE>
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<TABLE>
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PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-A
STATEMENT TO NOTEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 01/25/99 PAGE #2
<S> <C> <C>
SEC. 5.03 (i) INVESTOR FLOATING ALLOCATION PERCENTAGE:
GROUP I GROUP II
99% 99%
SEC. 5.03(iv)(v) NOTE INTEREST:
----------------------------------------------------------------------------------
PREVIOUS CURRENT REMAINING
CLASS UNPAID INTEREST UNPAID INTEREST UNPAID INTEREST
SHORTFALL SHORTFALL SHORTFALL
----------------------------------------------------------------------------------
A-1 0.00 0.00 0.00
A-2 0.00 0.00 0.00
A-3 0.00 0.00 0.00
----------------------------------------------------------------------------------
SEC. 5.03 (vi) AGGREGATE PRINCIPAL DISTRIBUTION: 2,896,418.92
SEC. 5.03 (vii) SPREAD ACCOUNT DEPOSIT:
GROUP 1: 5,500,000.00
GROUP 2: 4,989,000.00
SEC. 5.03 (viii) SIMPLE INTEREST EXCESS SUB-ACCOUNT DEPOSIT:
GROUP 1: 233,629.16
GROUP 2: 195,402.22
SEC. 5.03 (ix) SERVICING FEE:
GROUP 1: 42,087.68
GROUP 2: 34,996.42
SEC. 5.03 (x) INVESTED AMOUNT FOR EACH GROUP:
GROUP 1: 100,000,000.00
GROUP 2: 83,150,000.00
SEC. 5.03 (xi) PRINCIPAL POOL BALANCE:
================================================================
BEG PRINCIPAL BALANCE END PRINCIPAL BALANCE
================================================================
GROUP 1 101,010,425.99 99,447,609.90
GROUP 2 83,991,407.33 82,657,804.50
----------------------------------------------------------------
TOTAL: 182,105,414.40
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SEC. 5.03 (xii) DEFICIENCY AMOUNT: 0.00
(C) COPYRIGHT 1999, THE CHASE MANHATTAN BANK
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-A
STATEMENT TO NOTEHOLDERS
---------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 01/25/99 PAGE #3
SEC. 5.03 (xiii) DELINQUENCIES:
===========================================================
GROUP 1 DELINQUENCIES
===========================================================
PERIOD NUMBER AGG.PRINCIPAL BALANCE
===========================================================
30 - 59 DAYS 14 15,678.30
60 - 89 DAYS 3 5,297.43
90+ DAYS 0 0.00
FORECLOSURE 0 0.00
-----------------------------------------------------------
===========================================================
GROUP 2 DELINQUENCIES
===========================================================
PERIOD NUMBER AGG.PRINCIPAL BALANCE
===========================================================
30 - 59 DAYS 11 30,838.45
60 - 89 DAYS 1 32,755.04
90+ DAYS 0 0.00
FORECLOSURE 0 0.00
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SEC. 5.03 (xiv) REO LOANS:
===========================================================
GROUP NUMBER BOOK VALUE
===========================================================
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SEC. 5.03 (xvi) MORTGAGE LOANS RETRANFERRED TO THE TRANSFEROR
===========================================================
GROUP NUMBER BOOK VALUE
===========================================================
-----------------------------------------------------------
==========================================================
SEC. 5.03 (xvii) GROUP 1
==========================================================
AGG.PRINCIPAL BALANCE
===========================================================
CUMULATIVE NET LOSSES: 0.00
90 DAY DELINQUENCY AMOUNT: 0.00%
90+ DAY ROLLING AVERAGE: 0.00%
LIQUIDATION LOSS AMOUNTS 0.00
-----------------------------------------------------------
==========================================================
GROUP 2
==========================================================
AGG.PRINCIPAL BALANCE
===========================================================
CUMULATIVE NET LOSSES: 0.00
90 DAY DELINQUENCY AMOUNT: 0.00%
90+ DAY ROLLING AVERAGE: 0.00%
LIQUIDATION LOSS AMOUNTS 0.00
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(C) COPYRIGHT 1999, THE CHASE MANHATTAN BANK
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