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 August 31, 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 - 333-91148
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION, (as depositor under
the Pooling and Servicing Agreement, dated as of August 31, 1996, which
forms ABFS Mortgage Loan Trust 1996-2, which issues the ABFS Mortgage Loan
Trust 1996-2, Mortgage Pass-through Certificates, Series 1996-2).
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-3526694
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One New York Plaza
New York, New York 10292
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 214-7435
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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AMENDMENT NUMBER
1 OF 1
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(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Related Computational Materical dated September 1996 for ABFS Mortgage
Loan Trust, Series 1996-2 (incorporated by reference to Exhibits 1
and 2 to Current Report on Form 8-K dated September 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 March 6, 1997, was filed for the purpose of
filing the Monthly Certificateholder Statements, as Exhibits 99.1 through 99.5
for payments made on October 15, 1996, November 15, 1996, December 15, 1996,
January 15, 1997 and February 15, 1997, respectively. 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
ABFS MORTGAGE LOAN TRUST 1996-2
Date: August 6, 1997 By: /s/ Ron Feldman
--------------------------
Ron Feldman
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
4.1 Related Computational Materical dated September 1996 *
for ABFS Mortgage Loan Trust, Series 1996-2
(incorporated by reference to Exhibits 1 and 2 to
Current Report on Form 8-K dated September 1996).
99.1 Annual Statement of Compliance 7
99.2 Annual Servicing Report 9
* Incorporated by reference.
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EXHIBIT 99.1
ANNUAL STATEMENT OF COMPLIANCE
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American Business Credit, Inc.
Bala Pointe Office Centre
111 Presidential Boulevard, Suite 215
Bala Cynwyd, PA 19004
(610)668-2440
1-800-537-1162
$38,799,000.00
MORTGAGE LOAN CERTIFICATES
SERIES 1996-2 C;ASS A AND CLASS R
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE
Pursuant to Section 5.17 of the Pooling and Servicing Agreement between
American Business Credit, Inc. As Servicer, Prudential Securities Secured
Financing Corporation as Depositor, The Chase Manhattan Bank as Trustee
("Trustee") dated as of August 31, 1996, the undersigned does hereby certify the
following:
1. I have reviewed the activities of the Servicer for the period ended
December 31, 1996 and its performance under the Agreement.
2. To the best of my knowledge, based on such review, the Servicer has
fulfulled its duties, responsibilities and obligations under the
Agreement in all material respects throughout such period.
IN WITNESS WHEREOF, the undersigned have executed this Certificate as of the
27th day of April, 1997.
American Business Credit, Inc.
Attest:
Jeffrey M. Ruben
Senior Vice President
David M. Levin
Senior Vice President
(corporate seal)
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EXHIBIT 99.2
ANNUAL SERVICING REPORT
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BDO Seidman, LLP
Accountants and Consultants
1601 Market Street
Philadelphia, PA 19103-2311
Telephone: (215)241-1500
Fax: (215) 977-8314
Independent Accountants' Report
American Business Credit, Inc.
Bala Cynwyd, Pennsylvania
We have examined management's assertion American Business Credit, Inc.'s
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers (the USAP) as of and for the year ended December 31, 1996.
Management is responsible for American Business Credit, Inc.'s compliance with
those minimum serving 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 American Business Credit, Inc.'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 American Business Credit, Inc.'s
compliance with the minimum servicing standards.
In our opinion, management's assertion that American Business Credit, Inc.
complied with the aforementioned minimum servicing standards as of and for the
period ended December 31, 1996, is fairly stated, in all material respects.
BDO Seidman, LLP
April 22, 1997
