March 25, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Provident Bank Home Equity Loan Trust 1997-3 Home Equity Loan
Asset-Backed Certificates, Series 1997-3; File No. 333-18897.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of September 1, 1997 (the "Pooling and Servicing Agreement")
among Lehman ABS Corporation, as Depositor (the "Depositor"), The
Provident Bank, as Seller (the "Seller"), and as Master Servicer
(the "Master Servicer"), and Bankers Trust Company of California,
N.A., as Trustee (the "Trustee"), is a Current Report on Form 8-K
(the "Report").
The Home Equity Loan Asset-Backed Certificates, Series 1997-3 (the
"Certificates"), will consist of five Classes (each, a "Class") of
senior Certificates: The Class A-1 Certificates, the Class A-2
Certificates, the Class A-3 Certificates, the Class A-4 Certificates,
and the Class A-5 Certificates (collectively, the "Class A
Certificates") and one Class of subordinated Certificates (the "Class
R Certificates"). Only the Class A Certificates (The "Offered
Certificates") are being offered hereby.
The Certificates will evidence in the aggregate the entire
beneficial interest in a pool (the "Mortgage Pool") of closed-end
fixed and adjustable rate mortgage loans
(the "Mortgage Loans") consisting of two groups ("Loan Group 1" and
Loan Group 2", respectively, and each a "Loan Group") held by
Provident Bank Home Equity Loan Trust 1997-3 (the "Trust") to be
formed pursuant to the Pooling and Servicing Agreement. The Class
A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates,
and Class A-4 Certificates (the "Group 1 Certificates") will
represent undivided ownership interests in Loan Group 1 which consists
of Mortgage Loans with fixed interest rates. The Class A-5
Certificates (the "Group 2 Certificates") will represent undivided
ownership interests in Loan Group 2 which consists of Mortgage Loans
with adjustable interest rates. The assets of the Trust will also
include certain other property. The Mortgage Loans are secured by
first and second deeds of trust or mortgages primarily on one- to
four-family residential properties.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-18897). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Provident Bank Home Equity Loan Trust
1997-3 Home Equity Loan Asset-Backed Certificates, Series 1997-3.
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): October 25, 1997
THE PROVIDENT BANK
(as depositor under the Pooling and Servicing Agreement, dated as of
September 1, 1997, which forms Provident Bank Home Equity Loan Trust
1997-3, which will issue the Provident Bank Home Equity Loan Trust
1997-3, Home Equity Loan Asset-Backed Certificates, Series 1997-3)
THE PROVIDENT BANK
(Exact name of Registrant as specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
333-35275 31-0412725
(Commission File Number (I.R.S. Employer
Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (513) 579-2000
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
October 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1997.
SIGNATURE
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of September 1, 1997.
Date: March 25, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of October 25, 1997. 4
Monthly Remittance Statement to the Certificateholders
dated as of November 25, 1997. 6
PROVIDENT BANK HOME EQUITY LOAN TRUST SERIES 1997-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 41,860,000.00 41,860,000.00 265,113.33 269,899.69
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
535,013.02 0.00 0.00 41,590,100.31
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 111,875,000.00 111,875,000.00 527,323.59 1,339,944.57
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,867,268.16 0.00 0.00 110,535,055.43
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
153,735,000.00 153,735,000.00 792,436.92 1,609,844.26
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,402,281.18 0.00 0.00 152,125,155.74
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AA0 1,000.000000 6.333333 6.4476750 12.781009
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
993.552325 7.600000% 7.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AB8 1,000.000000 4.713507 11.977158 16.690665
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
988.022842 5.851250% 5.695000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: September 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: October 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
PROVIDENT BANK HOME EQUITY LOAN TRUST SERIES 1997-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 41,860,000.00 41,590,100.31 263,403.97 537,491.61
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
800,895.58 0.00 0.00 41,052,608.70
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 111,875,000.00 110,535,055.43 556,939.32 1,744,515.80
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,301,455.12 0.00 0.00 108,790,539.63
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
153,735,000.00 152,125,155.74 820,343.29 2,282,007.40
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
3,102,350.69 0.00 0.00 149,843,148.33
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 743844AA0 993.552325 6.292498 12.840220 19.132718
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
980.712105 7.600000% 7.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 743844AB8 988.022842 4.978229 15.593437 20.571666
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
972.429405 5.851250% 5.695000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMINISTRATOR: David Arnold
SERVICER: Provident Bank Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: October 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: November 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company