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): December 23, 1996
LEHMAN HOME EQUITY LOAN TRUST 1994-1
(Exact name of registrant as specified in its charter)
New York 33-67542-08 36-7070496
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o The First National Bank of Chicago,
Corporate Trust Services Division- 9th Floor
1 N. State Street, Chicago, IL 60670-0126
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (312) 407-1902
Item 5. Other Events
On behalf of Lehman Home Equity Loan Trust
1994-1, a Trust created pursuant to the Pooling
Agreement, dated February 23, 1994, by The
First National Bank of Chicago, as trustee for the
Trust, the Trustee has caused to be filed with the
Commission, the Monthly Report dated
December 23, 1996. The Monthly Report is filed
pursuant to and in accordance with (1) numerous
no-action letters (2) current Commission policy in
the area. The filing of the Monthly Report will
occur subsequent to each monthly distribution to
the holders of the Trust's Class A Certificates,
Due December 21, 2004.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date December 23, 1996.
Principal Interest Ending Balance
Cede & Co. $0.00 $318,466.82 $67,193,000.02
B. No delinquency in payment under the Private
Securities, or the Surety Bond has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Surety Bond? NO
Amount:
E. Are there any developments with respect to the Surety
Bond? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of Security
Holders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 23, 1996.
LEHMAN HOME EQUITY LOAN TRUST 1994-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
SERIES 1994-1
CERTIFICATE HOLDERS' REPORT
Distribution Date: 23-Dec-96
Beginning Total Ending
Certificate Principal Interest Total Certificate
Class Balance (a) Distribution Distribution Distribution Balance (a)
A 67193000.02 0.00 318466.82 318466.82 67193000.02
S 67193000.02 0.00 5599.42 5599.42 67193000.02
R 67193000.02 0.00 0.00 0.00 67193000.02
Total 67193000.02 0.00 324066.24 324066.24 67193000.02
AMOUNTS PER $1,000 UNIT
Ending
Principal Interest Total Certificate
Class Distribution Distribution Distribution Balance (a)
A 0.00000000 1.52761662 1.52761662 322.31032326
S NA 0.02685921 0.02685921 322.31032326
R 0.00000000 0.00000000 0.00000000 322.31032326
Original Current Next
Pass-Through Pass-Through Pass-Through
Class Interest Rate Interest Rate Interest Rate
A 3.850141% 5.687500% 6.000000%
S 0.100000% 0.100000% 0.100000%
R 0.000000% 0.000000% 0.000000%
SEC. 4.03 (i) Current Period Remaining
INTEREST PAYMENTS Class Unpaid Class Unpaid
Total Interest Interest
Class Interest Shortfall Shortfall
Class A $318,466.82 $0.00 $0.00
Class S $5,599.42 $0.00 $0.00
Class R $0.00 $0.00 $0.00
Total $324,066.24 $0.00 $0.00
SEC. 4.03 (ii)
PASS-THROUGH RATES
PASS-THROUGH
Class RATES
Class A 5.687500%
Class S 0.100000%
Class R 0.000000%
Accrual Period (Days) 30
Maximum Pass-Through Rate (1 5.78750%
SEC. 4.03 (iii)
PRINCIPAL DISTRIBUTIONS Class A Principal $0.00
SEC 4.03 (iv)
CERTIFICATE BALANCE Class A Balance $67,193,000.02
Class A Beginning Pool Facto 0.3223103
Class A Ending Pool Factor 0.3223103
SEC 4.03 (v)
PRIVATE SECURITIES Principal Collections $0.00
COLLECTIONS Interest Collections $324,066.24
SEC 4.03 (vi)
POOL INFORMATION Pool Balance (2) $67,193,000.00
SEC 4.03 (vii)
SHORTFALL ACCOUNT Current Period Withdrawal $0.00
SEC 4.03 (viii)
CREDIT ENHANCEMENT DRAW AMOUNT
Allocated to Interest $0.00
Allocated to Principal $0.00
Total Credit Enhancement Dr $0.00
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 thereunto duly authorized.
LEHMAN HOME EQUITY LOAN TRUST 1994-1
By
Name: Barbara Grosse
Title: Assistant Vice President
Dated: December 31, 1996
