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Previous: STATEN ISLAND BANCORP INC, 424B3, 1997-09-24 |
Next: PETERSEN COMPANIES INC, S-1/A, 1997-09-24 |
<PAGE> 1
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): September 15, 1997
PROFFITT'S CREDIT CARD MASTER TRUST
--------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Not Applicable 333-28811-01 Not Applicable
- ----------------- ------------------------ ------------------
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
P.O. Box 20080, Jackson, Mississippi 39289
--------------------------------------------------------------
(Addresses of Principal Executive Offices, including Zip Code)
(601) 968-4400
----------------------------------------------------
(Registrant's Telephone Number, including Area Code)
<PAGE> 2
ITEM 5. OTHER EVENTS.
Proffitt's, Inc., as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the period from
the date of initial issuance on August 21, 1997 through August 31, 1997 to the
Series 1997-2 Certificateholders on September 15, 1997.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS.
(c) Exhibits.
The following exhibits are filed herewith:
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Series 1997-2 Monthly Certificateholders' Statement for the
period from August 21, 1997 through August 31, 1997
</TABLE>
-2-
<PAGE> 3
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.
PROFFITT'S, INC., AS SERVICER UNDER THE
PROFFITT'S CREDIT CARD MASTER TRUST
(REGISTRANT)
/s/ Douglas E. Coltharp
---------------------------------
Douglas E. Coltharp
Executive Vice President and
Chief Financial Officer
Date: September 23, 1997
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
-------
<S> <C>
99.1 Series 1997-2 Monthly Certificateholders' Statement for the period from August 21, 1997
through August 31, 1997
</TABLE>
<PAGE> 1
EXHIBIT 99.1
Series 1997-2 Monthly Certificateholders' Statement for the period from August
21, 1997 through August 31, 1997
<PAGE> 2
MONTHLY CERTIFICATEHOLDER'S STATEMENT
PROFFITT'S CREDIT CARD MASTER TRUST
SERIES 1997-2
Pursuant to the Master Pooling and Servicing Agreement dated as of August 21,
1997 (as amended or supplemented, the "Pooling and Servicing Agreement"), as
supplemented by the Series 1997-2 Supplement, dated as of August 21, 1997 (the
"Supplement" and together with the Pooling and Servicing Agreement the
"Agreement") each between Proffitt's Credit Corporation as Transferor,
Proffitt's, Inc. as Servicer, and Norwest Bank Minnesota, National Association
as Trustee, the Servicer is required to prepare certain information each month
regarding distributions to Certificateholders and the performance of the
Trust. The information with respect to the Series 1997-2 Certificates is set
forth below:
<TABLE>
<CAPTION>
DATE OF THE CERTIFICATE SEPTEMBER 10, 1997
MONTHLY PERIOD ENDING: AUGUST 31, 1997
DETERMINATION DATE SEPTEMBER 10, 1997
DISTRIBUTION DATE SEPTEMBER 15, 1997
GENERAL
<S> <C> <C> <C>
201 Amortization Period No 201
202 Early Amortization Period No 202
202 Class A Investor Amount paid in full No 202
203 Class B Investor Amount paid in full No 203
204 Collateral Indebtedness Amount paid in full No 204
205 Proffitt's Inc. is the Servicer Yes 205
<CAPTION>
INVESTOR AMOUNT
as of the end
as of the end of prior the relevant
Monthly Period Monthly Period
-------------------------------- --------------------
<S> <C> <C> <C> <C> <C>
204 Series 1997-2 Investor Amount $ 235,300,000 204(a) $ 235,300,000 204(b)
205 Class A Investor Amount $ 180,000,000 205(a) $ 180,000,000 205(b)
206 Class B Investor Amount $ 20,000,000 206(a) $ 20,000,000 206(b)
207 Collateral Indebtedness Amount $ 21,000,000 207(a) $ 21,000,000 207(b)
208 Class D Investor Amount $ 14,300,000 208(a) $ 14,300,000 208(b)
209 Series 1997-2 Adjusted Investor Amount $ 235,300,000 209(a) $ 235,300,000 209(b)
210 Class A Adjusted Investor Amount $ 180,000,000 210(a) $ 180,000,000 210(b)
211 Principal Account Balance $ - 211(a) $ - 211(b)
211 Class B Adjusted Investor Amount $ 20,000,000 211(a) $ 20,000,000 211(b)
212 Class A Certificate Rate 6.50% 212
213 Class B Certificate Rate 6.69% 213
214 Collateral Indebtedness Interest 6.23% 214
215 Class D Certificate Rate 6.50% 215
<CAPTION>
as of the end
as of the end of prior the relevant
Monthly Period Monthly Period
-------------------------------- --------------------
<S> <C> <C> <C> <C> <C>
216 Series 1997-2 Investor Percentage with
respect to Finance Charge Receivables 88.69% 216(a) 85.43% 216(b)
217 Class A 67.84% 217(a) 65.35% 217(b)
218 Class B 7.54% 218(a) 7.26% 218(b)
219 Collateral Indebtedness Amount 7.92% 219(a) 7.62% 219(b)
220 Class D 5.39% 220(a) 5.19% 220(b)
221 Series 1997-2 Investor Percentage with
respect to Principal Receivables 88.69% 221(a) 85.43% 221(b)
222 Class A 67.84% 222(a) 65.35% 222(b)
223 Class B 7.54% 223(a) 7.26% 223(b)
224 Collateral Indebtedness Amount 7.92% 224(a) 7.62% 224(b)
225 Class D 5.39% 225(a) 5.19% 225(b)
226 Series 1997-2 Investor Percentage with
respect to Allocable Amounts 88.69% 226(a) 85.43% 226(b)
</TABLE>
Page 1
<PAGE> 3
<TABLE>
<S> <C> <C> <C> <C> <C>
227 Class A 67.84% 227(a) 65.35% 227(b)
228 Class B 7.54% 228(a) 7.26% 228(b)
229 Collateral Indebtedness Amount 7.92% 229(a) 7.62% 229(b)
230 Class D 5.39% 230(a) 5.19% 230(b)
<CAPTION>
COLLECTIONS ALLOCATED TO SERIES 1997-2
<S> <C> <C> <C>
231 Series allocation of collections of Principal Receivables $ 47,650,953 231
232 Class A $ 36,452,068 232
233 Class B $ 4,050,230 233
234 Collateral Indebtedness Amount $ 4,252,741 234
235 Class D $ 2,895,914 235
236 Series allocation of collections of Finance Charge Receivables $ 3,997,115 236
237 Class A $ 3,057,717 237
238 Class B $ 339,746 238
239 Collateral Indebtedness Amount $ 356,734 239
240 Class D $ 242,919 240
Available Funds
241 Class A Available Funds $ 3,057,717 241
242 The amount to be withdrawn from the Reserve Account to be included
in Class A available funds $ - 242
243 Principal Investment Proceeds to be included in Class A Available Funds $ - 243
244 The amount of investment earnings on amounts held in the Reserve
Account to be included in Class A available funds $ - 244
245 Class B Available Funds $ 339,746 245
246 The amount to be withdrawn from the Reserve Account to be included
in Class B available funds $ - 246
247 Principal Investment Proceeds to be included in Class B Available
Funds $ - 247
248 The amount of investment earnings on amounts held in the Reserve
Account to be included in Class B available funds $ - 248
249 Collateral Available Funds $ 356,734 249
250 Class D Available Funds $ 242,919 250
APPLICATION OF COLLECTIONS
Class A
251 Class A Monthly Interest for the related Distribution Date, plus the amount of
any Class A Monthly Interest previously due but not paid plus any additional $ 780,000 251
interest with respect to interest amounts that were due but not paid on a prior
Distribution date
252 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class A
Servicing fee for the related Distribution Date $ - 252
253 Class A Allocable Amount $ 325,802 253
254 An amount to be included in the Excess Spread $ 1,951,915 254
Class B
255 Class B Monthly Interest for the related Distribution Date, plus the amount of
any Class B Monthly Interest previously due but not paid plus any addition $ 89,200 255
interest with respect to interest amounts that were due but not paid on a prior
Distribution date
256 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class B
Servicing fee for the related Distribution Date $ - 256
257 An amount to be included in the Excess Spread $ 250,546 257
Collateral
</TABLE>
Page 2
<PAGE> 4
<TABLE>
<S> <C> <C> <C>
258 If Proffitt's Inc. is no longer the Servicer, an amount equal to Collateral
Servicing fee for the related Distribution Date $ - 258
259 An amount to be included in the Excess Spread $ 356,734 259
Class D
260 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class D
Servicing fee for the related Distribution Date $ - 260
261 An amount to be included in the Excess Spread $ 242,919 261
262 Available Excess Spread $ 2,802,113 262
263 Available Shared Excess Finance Charge Collections $ - 263
264 Class A Required Amount is to be used to fund any deficiency in line251,
line252 and line253 $ - 264
265 The aggregate amount of Class A Investor Charge Offs which have not been
previously reimbursed $ - 265
266 Class B Required Amount to the extent attributable to line255, and line256 $ - 266
267 Class B Allocable Amount $ 36,200 267
268 Any remaining portion of the Class B Required Amount $ - 268
269 An amount equal to any unreimbursed reductions of the Class B Investor
Amount, if any, due to: (i) Class B Investor Charge Offs; (ii) Reallocated
Principal Collections; (iii) Reallocations of the Class B Investor Amount to
the Class A Investor Amount $ - 269
270 Collateral Monthly Interest for the related Distribution Date plus Collateral
Monthly Interest previously due but not paid to the Collateral Indebtedness
Holder plus Collateral Additional Interest $ 87,150 270
271 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing
Fee due for the relevant Monthly Period and not paid above $ 294,667 271
272 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing
Fee due but not distributed to the Servicer for prior Monthly Periods $ - 272
273 Collateral Allocable Amount $ 38,010 273
274 Any unreimbursed reductions of the Collateral Indebtedness Amount (CIA), if
any, due to: (i) CIA Charge Offs; (ii) Reallocated Principal Collections; (iii)
Reallocations of the CIA to the Class A or Class B Investor Amounts $ - 274
275 The excess, if any, of the Required Cash Collateral Amount over the
Available Collateral Amount $ - 275
276 An amount equal to Class D Monthly Interest due but not paid to the Class D
Certificateholders plus Class D Additional Interest $ 61,967 276
277 Class D Servicing Fee due for the relevant Monthly Period and not paid
above $ 19,067 277
278 Class D Servicing Fee due but not distributed to the Servicer for prior
Monthly Periods $ - 278
279 Class D Allocable Amount $ 25,883 279
280 Any unreimbursed reductions of the Class D Investor Amount, if any, due to:
(i) Class D Investor Charge Offs; (ii) Reallocated Principal Collections; (iii)
reallocations of the Class D Investor Amount to the Class A or Class B
Investor Amount or CIA $ - 280
281 Aggregate amount of any other amounts due to the Collateral Indebtedness
Holder pursuant to the Loan Agreement $ - 281
282 Excess, if any, of the Required Reserve Account Amount over the amount on
deposit in the Reserve Account $ - 282
283 Shared Excess Finance Charge Collections $ 2,239,170 283
DETERMINATION OF MONTHLY PRINCIPAL
284 Class A Monthly Principal (the least of line#285, line#286 and line#205) $ - 284
285 Available Principal Collections held in the Collection Account $47,650,953 285
286 Class A Accumulation Amount $ - 286
287 Class B Monthly Principal (the least of line#288, line#289 and line#206)
(distributable only after payout of Class A) $ - 287
288 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A Monthly Principal $47,650,953 288
289 Class B Accumulation Amount $ - 289
</TABLE>
Page 3
<PAGE> 5
<TABLE>
<S> <C> <C> <C>
290 Collateral Monthly Principal (prior to payout of Class B) (the least of line#291
and line#292) $ - 290
291 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A and Class B Monthly Principal $ 47,650,953 291
292 Enhancement Surplus $ - 292
293 Class D Monthly Principal $ - 293
294 Available Principal Collections held in the Collection Account less portion
of such Collections applied to Class A, Class B or Collateral Monthly Principal $ 47,650,953 294
AVAILABLE ENHANCEMENT AMOUNT
295 Available Enhancement Amount $ 35,300,000 295
296 Amount on Deposit in the Cash Collateral Account $ - 296
REALLOCATED PRINCIPAL COLLECTIONS
297 Reallocated Principal Collections $ - 297
298 Class D Principal Collections (to the extent needed to fund Required
Amounts) $ - 298
299 Collateral Principal Collections (to the extent needed to fund Required
Amounts) $ - 299
300 Class B Principal Collections (to the extent needed to fund Required
Amounts) $ - 300
<CAPTION>
INVESTOR DEFAULT AMOUNTS, ADJUSTMENT AMOUNTS, AND ALLOCABLE AMOUNTS
% Amount
--------- -------------
<S> <C> <C> <C> <C> <C>
301 Series 1997-2 Default Amount 88.69% 301(a) $ 425,895 301(b)
302 Class A Investor Default Amount 67.84% 302(a) $ 325,802 302(b)
303 Class B Investor Default Amount 7.54% 303(a) $ 36,200 303(b)
304 Collateral Default Amount 7.92% 304(a) $ 38,010 304(b)
305 Class D Investor Default Amount 5.39% 305(a) $ 25,883 305(b)
306 Series 1997-2 Adjustment Amount $ - 306
307 Class A Adjustment Amount $ - 307
308 Class B Adjustment Amount $ - 308
309 Collateral Adjustment Amount $ - 309
310 Class D Adjustment Amount $ - 310
311 Series 1997-2 Allocable Amount $ 425,895 311
312 Class A Allocable Amount $ 325,802 312
313 Class B Allocable Amount $ 36,200 313
314 Collateral Allocable Amount $ 38,010 314
315 Class D Allocable Amount $ 25,883 315
REQUIRED AMOUNTS
316 Class A Required Amount $ - 316
317 Class A Monthly Interest for current Distribution Date $ 780,000 317
318 Class A Monthly Interest previously due but not paid $ - 318
319 Class A Additional Interest for prior Monthly Period or previously due but not paid $ - 319
320 Class A Servicing Fee (if Proffitt's is no longer the Servicer) $ - 320
321 Class B Required Amount $ - 321
322 Class B Monthly Interest for current Distribution Date $ 89,200 322
323 Class B Monthly Interest previously due but not paid $ - 323
324 Class B Additional Interest for prior Monthly Period or previously due but not paid $ - 324
325 Class B Servicing Fee (if Proffitt's is no longer the Servicer) $ - 325
326 Excess of Class B Allocable Amount over funds available to make payments $ - 326
</TABLE>
Page 4
<PAGE> 6
<TABLE>
<S> <C> <C> <C>
327 Collateral Required Amount $ - 327
328 Collateral Monthly Interest for current Distribution Date $ 87,150 328
329 Collateral Monthly Interest previously due but not paid $ - 329
330 Collateral Additional Interest for prior Monthly Period or previously due but not paid $ - 330
331 Collateral Servicing Fee (if Proffitt's is no longer the Servicer) $ - 331
332 Excess of Collateral Allocable Amount over funds available to make payments $ - 332
REDUCTION OF INVESTOR AMOUNTS
Class A
333 Class A Investor Amount reduction $ - 333
334 Class A Investor Charge Off $ - 334
335 Reductions of the Class A Investor Amount $ - 335
Class B
336 Class B Investor Amount reduction $ - 336
337 Class B Investor Charge Off $ - 337
338 Reductions of the Class B Investor Amount $ - 338
339 Reallocated Principal Collections applied to Class A $ - 339
Collateral
340 Collateral Indebtedness Amount reduction $ - 340
341 Collateral Indebtedness Amount Charge Off $ - 341
342 Reductions of the Collateral Indebtedness Amount $ - 342
343 Reallocated Principal Collections applied to Class B $ - 343
Class D
344 Class D Investor Amount reduction $ - 344
345 Class D Investor Charge Off $ - 345
346 Reductions of the Class D Investor Amount $ - 346
347 Reallocated Principal Collections applied to Collateral Indebtedness Amount $ - 347
SERVICING FEE
348 Series 1997-2 Servicing Fee $ 313,734 348
349 Class A Servicing Fee $ 240,000 349
350 Class B Servicing Fee $ 26,667 350
351 Collateral Servicing Fee $ 28,000 351
352 Class D Servicing Fee $ 19,067 352
</TABLE>
IN WITNESS WHEREOF, THE UNDERSIGNED HAS DULY EXECUTED AND DELIVERED
THIS CERTIFICATE THIS 10TH DAY OF SEPTEMBER, 1997
PROFFITT'S INC.,
AS SERVICER
BY /s/ James S. Scully
-------------------------------------------
NAME: JAMES S. SCULLY
TITLE: VICE PRESIDENT AND TREASURER
Page 5
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