SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
April 14, 2000
Prudential Securities Secured Financing Corporation
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(Exact Name of Registrant as Specified in its Charter)
Delaware 333-75489 13-3526694
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State or Other Jurisdiction (Commission (I.R.S. Employer
Of Incorporation) File Number) Identification No.)
200 Vesey Street
New York, New York 10285
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 788-1000
No Change
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
The Registrant registered issuances of Home Equity Loan Pass-Through
Certificates on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, as amended (the "Act"), by a Registration Statement on
Form S-3 (Registration File No. 333-75489) (the "Registration Statement").
Pursuant to the Registration Statement, the Registrant issued $211,994,000 in
aggregate principal amount of Class A1, Class A2, Class A3, Class A4 and Class
A5 Certificates of Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1 on April 14, 2000. This Current
Report on Form 8-K is being filed to satisfy an undertaking, contained in the
definitive Prospectus dated April 10, 2000, as supplemented by the Prospectus
Supplement dated April 10, 2000 (the "Prospectus Supplement"), to file a
copies of certain agreements executed in connection with the issuance of the
Certificates.
This Current Report on Form 8-K is being filed to file a copy of
Amendment No. 1, dated as of May 1, 2000, among Mortgage Lenders Network USA,
Inc., as Seller and Servicer, Prudential Securities Secured Financing
Corporation, as Depositor and Norwest Bank Minnesota, N. A., as Trustee, to
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of April 1, 2000, among the Seller and Servicer, the Depositor and
the Trustee which Pooling and Servicing Agreement was previously filed on the
Registrant's Current Report as Form 8-K on May 1, 2000.
<PAGE>
Item 7. Financial Statements; Pro Forma Financial Information and
Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Amendment No. 1 to the Pooling and Servicing Agreement, dated as
of May 1, 2000, among Mortgage Lenders Network USA, Inc., as
Seller and Servicer, Prudential Securities Secured Financing
Corporation, as Depositor, and Norwest Bank Minnesota, N.A., as
Trustee.
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SIGNATURES
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.
PRUDENTIAL SECURITIES SECURED
FINANCING CORPORATION
By: /s/ Evan Mitnick
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Name: Evan Mitnick
Title: Vice President
Dated: July 5, 2000
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EXHIBIT INDEX
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<TABLE>
<CAPTION>
Exhibit No. Description Page No.
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<S> <C> <C>
99.1 Amendment No. 1 to the Pooling and Servicing Agreement,
dated as of May 1, 2000, among Mortgage Lenders Network
USA, Inc., as Seller and Servicer, Prudential Securities
Secured Financing Corporation, as Depositor, and Norwest
Bank Minnesota, N. A., as Trustee.
</TABLE>
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EXHIBIT 99.1
EXECUTION
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION,
Depositor
MORTGAGE LENDERS NETWORK USA, INC.,
Servicer
MORTGAGE LENDERS NETWORK USA, INC.,
Seller
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Trustee
AMENDMENT NO. 1 TO
POOLING AND SERVICING AGREEMENT
Dated as of May 1, 2000
---------------------------------
MORTGAGE LENDERS NETWORK HOME EQUITY LOAN TRUST,
SERIES 2000-1
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This Amendment No. 1 to the Pooling and Servicing Agreement is dated and
effective as of May 1, 2000 (the "Amendment"), among PRUDENTIAL SECURITIES
SECURED FINANCING CORPORATION, as depositor (the "Depositor"), MORTGAGE
LENDERS NETWORK USA, INC., as servicer (in such capacity, the "Servicer" or
"Mortgage Lenders"), MORTGAGE LENDERS NETWORK USA, INC., as seller (the
"Seller"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as trustee (the
"Trustee").
PRELIMINARY STATEMENT:
The Depositor, the Seller, the Servicer and the Trustee are parties to
the Pooling and Servicing Agreement, dated as of April 1, 2000 (the
"Agreement"), relating to Mortgage Lenders Network Home Equity Loan Trust
2000-1. Section 11.01 of the Agreement provides that the Agreement may be
amended by the Seller, the Servicer and the Trustee without the consent of any
Certificateholders, but with the consent of the Certificate Insurer, for among
other reasons, to cure any ambiguity or to make any other provisions with
respect to matters or questions arising under this Agreement which shall not
be inconsistent with the provisions of the Agreement. The parties desire to
amend the Agreement to clarify that Prepayment Charges that are required to be
deposited into the Collection Account are also required to be deposited into
the Certificate Account. The Depositor, the Servicer, the Seller and the
Trustee are willing to enter into this Amendment.
NOW, THEREFORE, in consideration of the foregoing and of other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
1. Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Agreement.
2. Section 1.01 of the Agreement is hereby amended by deleting the
definition of Interest Remittance Amount in its entirety and replacing it with
the following:
"Interest Remittance Amount": With respect to any Distribution Date and
related Servicer Remittance Date, the aggregate amount of all scheduled
interest payments due and Prepayment Charges received on the Mortgage
Loans during the related Due Period, which were either collected or
advanced, net of the related Servicing Fee thereon, minus the amount, if
any, by which (a) the aggregate of the Prepayment Interest Shortfalls
resulting from Principal Prepayments on such Mortgage Loans during the
previous calendar month exceeds (b) the aggregate Servicing Fee received
by the Servicer with respect to such Mortgage Loans and the related Due
Period.
3. Section 1.01 of the Agreement is hereby amended by deleting the
definition of Stepped Down Required Overcollateralized Percentage in its
entirety and replacing it with the following:
"Stepped Down Required Overcollateralized Percentage": For any
Distribution Date for which the Step Down Trigger has occurred, a
percentage equal to (i) the greater of (x) 8.50% and (y) the percentage
equivalent of a fraction, the numerator of which is the
Overcollateralized Amount as of the immediately preceding Distribution
Date and the denominator of which is the Aggregate Loan Balance of the
Mortgage Loans and REO Properties as of such Distribution Date, minus
(ii) the percentage equivalent of a fraction, the numerator of which is
the product of (A) the percentage calculated under clause (i) above,
minus 8.50%, multiplied by (B) the number of consecutive Distribution
Dates through and including the Distribution Date for which the Stepped
Down Required Overcollateralized Percentage is being calculated, up to a
maximum of six, for which the Step Down Trigger has occurred, and the
denominator of which is six.
4. The Agreement, as amended by this Amendment, is hereby ratified and
confirmed.
5. This Amendment may be executed in counterparts, each of which shall be
an original but all of which, taken together, shall constitute one and the
same instrument. This Amendment shall be construed in accordance with the laws
of the State of New York (excluding provisions regarding conflicts of laws)
and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
6. This Amendment shall become effective as of the date first written
above.
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IN WITNESS WHEREOF, the Seller, the Depositor, the Servicer and the
Trustee have caused their names to be signed hereto by their respective
officers thereunto duly authorized, all as of the day and year first above
written.
PRUDENTIAL SECURITIES SECURED
FINANCING CORPORATION,
as Depositor
By: /s/ Evan Mitnick
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Name: Evan Mitnick
Title: Vice President
MORTGAGE LENDERS NETWORK USA, INC.,
as Servicer
By: /s/ Michael Mattera
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Name: Michael Mattera
Title: Senior Vice President
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION,
as Trustee
By: /s/ Diane TenHoopen
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Name: Diane TenHoppen
Title: Vice President
MORTGAGE LENDERS NETWORK USA, INC.,
as Seller
By: /s/ Michael Mattera
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Name: Michael Mattera
Title: Senior Vice Presidene
ACKNOWLEDGED AND
AGREED TO:
FINANCIAL SECURITY ASSURANCE
By: /s/ Richard Bauerfeld
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Name: Richard Bauerfeld
Title: Managing Director
