<PAGE>
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): May 15, 1998
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
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(Addresses of Principal Executive Offices, including Zip Code)
(601) 968-4400
---------------------------------------------
(Registrant's Telephone Number, including Area Code)
<PAGE>
Item 5. Other Events.
- ------ ------------
On May 6, 1998, the Proffitt's Credit Card Master Trust issued Class A, Class
B and Class C Certificates from Series 1998-1 to the Younkers Master Trust, in
exchange for the receivables from the credit card accounts issued by National
Bank of the Great Lakes to customers of the Younkers department stores which had
previously been sold to the Younkers Master Trust.
Proffitt's, Inc., as Servicer under the Proffitt's Credit Card Master Trust,
distributed the Monthly Certificateholders' Statement for the month of April
1998, to the Series 1997-2 Certificateholders on May 15, 1998.
Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits.
- ------ -------------------------------------------------------------------
(c) Exhibits.
The following exhibits are filed herewith:
Exhibit No. Description
----------- -----------
99.1 Series 1997-2 Monthly Certificateholders' Statement
for the month of April 1998
99.2 Amendment No. 1 dated as of May 6, 1998, to the
Receivables Purchase Agreement dated as of February 2,
1998, by and among National Bank of the Great Lakes,
as Seller, Proffitt's Credit Corporation, as
Purchaser, and Proffitt's, Inc., as Servicer
-2-
<PAGE>
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: May 15, 1998
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<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
- -------
99.1 Series 1997-2 Monthly Certificateholders' Statement for the month
of April 1998
99.2 Amendment No. 1 dated as of May 6, 1998, to the Receivables
Purchase Agreement dated as of February 2, 1998, by and among
National Bank of the Great Lakes, as Seller, Proffitt's Credit
Corporation, as Purchaser, and Proffitt's, Inc., as Servicer
<PAGE>
Exhibit 99.1
Series 1997-2 Monthly Certificateholders' Statement for the month of April 1998
<PAGE>
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, and
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:
Date of the Certificate May 11, 1998
Monthly Period ending: April 30, 1998
Determination Date May 11, 1998
Distribution Date May 15, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
General
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
201 Amortization Period No
202 Early Amortization Period No
203 Class A Investor Amount paid in full No
204 Class B Investor Amount paid in full No
205 Collateral Indebtedness Amount paid in full No
206 Proffitt's Inc. is the Servicer Yes
<CAPTION>
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Investor Amount
- ---------------------------------------------------------------------------------------------------------------
as of the end of
as of the end of prior the relevant
Monthly Period Monthly Period
---------------------- ------------------
<S> <C> <C> <C>
207 Series 1997-2 Investor Amount $ 235,300,000 207(a) $ 235,300,000 207(b)
208 Class A Investor Amount $ 180,000,000 208(a) $ 180,000,000 208(b)
209 Class B Investor Amount $ 20,000,000 209(a) $ 20,000,000 209(b)
210 Collateral Indebtedness Amount $ 21,000,000 210(a) $ 21,000,000 210(b)
211 Class D Investor Amount $ 14,300,000 211(a) $ 14,300,000 211(b)
212 Series 1997-2 Adjusted Investor Amount $ 235,300,000 212(a) $ 235,300,000 212(b)
213 Class A Adjusted Investor Amount $ 180,000,000 213(a) $ 180,000,000 213(b)
214 Principal Account Balance $ - 214(a) $ - 214(b)
215 Class B Adjusted Investor Amount $ 20,000,000 215(a) $ 20,000,000 215(b)
216 Class A Certificate Rate 6.50% 216
217 Class B Certificate Rate 6.69% 217
218 Collateral Indebtedness Interest 6.2563% 218
219 Class D Certificate Rate 6.5313% 219
220 Weighted average interest rate for Series 1997-2 6.50% 220
<CAPTION>
as of the end of
as of the end of prior the relevant
Monthly Period Monthly Period
----------------------- ---------------
<S> <C> <C> <C>
221 Series 1997-2 Investor Percentage with respect
to Finance Charge Receivables 41.03% 221(a) 40.18% 221(b)
222 Class A 31.39% 222(a) 30.74% 222(b)
223 Class B 3.49% 223(a) 3.42% 223(b)
224 Collateral Indebtedness Amount 3.66% 224(a) 3.59% 224(b)
225 Class D 2.49% 225(a) 2.44% 225(b)
226 Series 1997-2 Investor Percentage with respect
to Principal Receivables 41.03% 226(a) 40.18% 226(b)
227 Class A 31.39% 227(a) 30.74% 227(b)
228 Class B 3.49% 228(a) 3.42% 228(b)
229 Collateral Indebtedness Amount 3.66% 229(a) 3.59% 229(b)
230 Class D 2.49% 230(a) 2.44% 230(b)
231 Series 1997-2 Investor Percentage with respect
to Allocable Amounts 41.03% 231(a) 40.18% 231(b)
232 Class A 31.39% 232(a) 30.74% 232(b)
233 Class B 3.49% 233(a) 3.42% 233(b)
234 Collateral Indebtedness Amount 3.66% 234(a) 3.59% 234(b)
235 Class D 2.49% 235(a) 2.44% 235(b)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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Collections Allocated to Series 1997-2
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
236 Series allocation of collections of Principal Receivables $ 41,756,250 236
237 Class A $ 31,942,733 237
238 Class B $ 3,549,193 238
239 Collateral Indebtedness Amount $ 3,726,652 239
240 Class D $ 2,537,673 240
241 Series allocation of collections of Finance Charge Receivables $ 4,472,162 241
242 Class A $ 3,421,118 242
243 Class B $ 380,124 243
244 Collateral Indebtedness Amount $ 399,130 244
245 Class D $ 271,789 245
Available Funds
---------------
246 Class A Available Funds $ 3,421,118 246
247 The amount to be withdrawn from the Reserve Account to be included in
Class A available funds $ - 247
248 Principal Investment Proceeds to be included in Class A Available Funds $ - 248
249 The amount of investment earnings on amounts held in the Reserve
Account to be included in Class A available funds $ - 249
250 Class B Available Funds $ 380,124 250
251 The amount to be withdrawn from the Reserve Account to be included in
Class B available funds $ - 251
252 Principal Investment Proceeds to be included in Class B Available Funds $ - 252
253 The amount of investment earnings on amounts held in the Reserve
Account to be included in Class B available funds $ - 253
254 Collateral Available Funds $ 399,130 254
255 Class D Available Funds $ 271,789 255
<CAPTION>
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Application of Collections
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Class A
-------
256 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 $ 975,000 256
interest with respect to interest amounts that were due but not paid on a prior
Distribution date
257 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class A Servicing
fee for the related Distribution Date $ - 257
258 Class A Allocable Amount $ 395,042 258
259 An amount to be included in the Excess Spread $ 2,051,076 259
Class B
-------
260 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 additional $ 111,500 260
interest with respect to interest amounts that were due but not paid on a prior
Distribution date
261 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class B Servicing
fee for the related Distribution Date $ - 261
262 An amount to be included in the Excess Spread $ 268,624 262
Collateral
----------
263 If Proffitt's Inc. is no longer the Servicer, an amount equal to Collateral
Servicing fee for the related Distribution Date $ - 263
264 An amount to be included in the Excess Spread $ 399,130 264
Class D
-------
265 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class D Servicing
fee for the related Distribution Date $ - 265
266 An amount to be included in the Excess Spread $ 271,789 266
267 Available Excess Spread $ 2,990,619 267
</TABLE>
Page 2 of 5
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<TABLE>
<S> <C> <C>
268 Available Shared Excess Finance Charge Collections $ - 268
269 Class A Required Amount is to be used to fund any deficiency in line 256,
line 257 and line 258 $ - 269
270 The aggregate amount of Class A Investor Charge Offs which have not been
previously reimbursed $ - 270
271 Class B Required Amount to the extent attributable to line 260, and line 261 $ - 271
272 Class B Allocable Amount $ 43,894 272
273 Any remaining portion of the Class B Required Amount $ - 273
274 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 $ - 274
275 Collateral Monthly Interest for the related Distribution Date plus Collateral
Monthly Interest previously due but not paid to the Collateral Indebtedness $ 109,484 275
Holder plus Collateral Additional Interest
276 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing Fee
due for the relevant Monthly Period and not paid above $ 368,333 276
277 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing Fee
due but not distributed to the Servicer for prior Monthly Periods $ - 277
278 Collateral Allocable Amount $ 46,068 278
279 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 Amount $ - 279
280 The excess, if any, of the Required Cash Collateral Amount over the Available
Collateral Amount $ - 280
281 An amount equal to Class D Monthly Interest due but not paid to the Class D
Certificateholders plus Class D Additional Interest $ 77,831 281
282 Class D Servicing Fee due for the relevant Monthly Period and not paid above $ 23,833 282
283 Class D Servicing Fee due but not distributed to the Servicer for prior Monthly
Periods $ - 283
284 Class D Allocable Amount $ 31,384 284
285 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 $ - 285
286 Aggregate amount of any other amounts due to the Collateral Indebtedness
Holder pursuant to the Loan Agreement $ - 286
287 Excess, if any, of the Required Reserve Account Amount over the amount on
deposit in the Reserve Account $ - 287
288 Shared Excess Finance Charge Collections $ 2,289,772 288
</TABLE>
<TABLE>
<CAPTION>
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Determination of Monthly Principal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
289 Class A Monthly Principal (the least of line #290, line #291 and line #208) $ - 289
290 Available Principal Collections held in the Collection Account $ 41,756,250 290
291 Class A Accumulation Amount $ - 291
292 Class B Monthly Principal (the least of line #293, line #294 and line #209)
(distributable only after payout of Class A) $ - 292
293 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A Monthly Principal $ 41,756,250 293
294 Class B Accumulation Amount $ - 294
295 Collateral Monthly Principal (prior to payout of Class B) (the least of line #296
and line #297) $ - 295
296 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A and Class B Monthly Principal $ 41,756,250 296
297 Enhancement Surplus $ - 297
298 Class D Monthly Principal $ - 298
</TABLE>
Page 3 of 5
<PAGE>
<TABLE>
<S> <C> <C>
299 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A, Class B or collateral Monthly Principal $ 41,756,250 299
<CAPTION>
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Available Enhancement Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
300 Available Enhancement Amount $ 35,300,000 300
301 Amount on Deposit in the Cash Collateral Account $ - 301
<CAPTION>
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Reallocated Principal Collections
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
302 Reallocated Principal Collections $ - 302
303 Class D Principal Collections (to the extent needed to fund Required Amounts) $ - 303
304 Collateral Principal Collections (to the extent needed to fund Required Amounts) $ - 304
305 Class B Principal Collections (to the extent needed to fund Required Amounts) $ - 305
<CAPTION>
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Investor Default Amounts, Adjustment Amounts, and Allocable Amounts
- ------------------------------------------------------------------------------------------------------------------------------------
% Amount
------------------- -------------------
<S> <C> <C> <C> <C>
306 Series 1997-2 Default Amount 41.03% 306(a) $ 516,408 306(b)
307 Class A Investor Default Amount 31.39% 307(a) $ 395,042 307(b)
308 Class B Investor Default Amount 3.49% 308(a) $ 43,894 308(b)
309 Collateral Default Amount 3.66% 309(a) $ 46,088 309(b)
310 Class D Investor Default Amount 2.49% 310(a) $ 31,384 310(b)
311 Series 1997-2 Adjustment Amount $ - 311
312 Class A Adjustment Amount $ - 312
313 Class B Adjustment Amount $ - 313
314 Collateral Adjustment Amount $ - 314
315 Class D Adjustment Amount $ - 315
316 Series 1997-2 Allocable Amount $ 516,408 316
317 Class A Allocable Amount $ 395,042 317
318 Class B Allocable Amount $ 43,894 318
319 Collateral Allocable Amount $ 46,088 319
320 Class D Allocable Amount $ 31,384 320
<CAPTION>
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Required Amounts
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
321 Class A Required Amount $ - 321
322 Class A Monthly Interest for current Distribution Date $ 975,000 322
323 Class A Monthly Interest previously due but not paid $ - 323
324 Class A Additional Interest for prior Monthly Period or previously due but not paid $ - 324
325 Class A Servicing Fee (if Proffitt's is no longer the Servicer) $ - 325
326 Class B Required Amount $ - 326
327 Class B Monthly Interest for current Distribution Date $ 111,500 327
328 Class B Monthly Interest previously due but not paid $ - 328
329 Class B Additional Interest for prior Monthly Period or previously due but not paid $ - 329
330 Class B Servicing Fee (if Proffitt's is no longer the Servicer) $ - 330
331 Excess of Class B Allocable Amount over funds available to make payments $ - 331
332 Collateral Required Amount $ - 332
333 Collateral Monthly Interest for current Distribution Date $ 109,484 333
334 Collateral Monthly Interest previously due but not paid $ - 334
335 Collateral Additional Interest for prior Monthly Period or previously due but not paid $ - 335
336 Collateral Servicing Fee (if Proffitt's is no longer the Servicer) $ - 336
337 Excess of Collateral Allocable Amount over funds available to make payments $ - 337
</TABLE>
Page 4 of 5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Reduction of Investor Amounts
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
-------
338 Class A Investor Amount reduction $ - 338
339 Class A Investor Charge Off $ - 339
340 Reductions of the Class A Investor Amount $ - 340
Class B
-------
341 Class B Investor Amount reduction $ - 341
342 Class B Investor Charge Off $ - 342
343 Reductions of the Class B Investor Amount $ - 343
344 Reallocated Principal Collections applied to Class A $ - 344
Collateral
----------
345 Collateral Indebtedness Amount reduction $ - 345
346 Collateral Indebtedness Amount Charge Off $ - 346
347 Reductions of the Collateral Indebtedness Amount $ - 347
348 Reallocated Principal Collections applied to Class B $ - 348
Class D
-------
349 Class D Investor Amount reduction $ - 349
350 Class D Investor Charge Off $ - 350
351 Reductions of the Class D Investor Amount $ - 351
352 Reallocated Principal Collections applied to Collateral Indebtedness Amount $ - 352
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Servicing Fee
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
353 Series 1997-2 Servicing Fee $ 392,167 353
354 Class A Servicing Fee $ 300,000 354
355 Class B Servicing Fee $ 33,333 355
356 Collateral Servicing Fee $ 35,000 356
357 Class D Servicing Fee $ 23,833 357
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 11th day of May, 1998
Proffitt's Inc.,
as Servicer
By: /s/ James S. Scully
---------------------------
Name: James S. Scully
Title: Vice President and Treasurer
<PAGE>
Exhibit 99.2
Amendment No. 1 dated as of May 6, 1998 to the Receivables Purchase Agreement
dated as of February 2, 1998, by and among National Bank of the Great Lakes, as
Seller, Proffitt's Credit Corporation, as Purchaser, and Proffitt's, Inc., as
Servicer
<PAGE>
NATIONAL BANK OF THE GREAT LAKES,
as Seller
PROFFITT'S CREDIT CORPORATION,
as Purchaser
and
PROFFITT'S, INC.,
as Servicer
______________________________
AMENDMENT NO. 1
dated as of May 6, 1998
to the
RECEIVABLES PURCHASE AGREEMENT
dated as of February 2, 1998
______________________________
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<PAGE>
THIS AMENDMENT NO. 1 dated as of May 6, 1998 (this "Amendment") to the
Receivables Purchase Agreement, dated as of February 2, 1998 (the "RPA"), is by
and among National Bank of the Great Lakes, a national banking association, as
seller (the "Seller"), Proffitt's Credit Corporation, a Nevada corporation, as
purchaser (the "Purchaser"), and Proffitt's, Inc., a Tennessee corporation, as
servicer (the "Servicer").
W I T N E S S E T H
- - - - - - - - - -
WHEREAS, the parties hereto are parties to the RPA (capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to them in the
RPA);
WHEREAS, the parties hereto are authorized by Section 9.1 of the RPA to
change any of the provisions of the RPA, from time to time by an instrument in
writing;
WHEREAS, the Seller desires to sell and assign to the Purchaser from time
to time the accounts receivable in the Accounts owned by the Seller and issued
to customers of the Younkers Division of Proffitt's, Inc.
NOW, THEREFORE, in consideration of the mutual promises contained herein,
in the Master Pooling and Servicing Agreement and other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
Section 1. Amendment to the RPA
--------------------
The definition of "Department Stores" in Section 1.1 of the RPA is amended
in its entirety to read as follows:
"Department Stores" shall mean Proffitt's, Inc. (including stores operated
-----------------
by its Younkers Division), Parisian, Inc., McRae's, Inc., G.R. Herberger's,
Inc., Carson Pirie Scott & Co. and CPS Department Stores, Inc. and each
department store currently or hereafter owned or operated by Proffitt's, Inc. or
a subsidiary of Proffitt's, Inc. or a division of Proffitt's, Inc. or any such
subsidiary, where the Bank holds, originates or acquires Accounts and
Receivables for customers of such stores. For the purposes hereof "subsidiary"
means all those corporations, associations, or other business entities of which
Proffitt's, Inc. either (i) owns or controls 50% or more of the outstanding
equity securities either directly or through an unbroken chain of entities as to
each of which 50% or more of the outstanding equity securities is owned directly
or indirectly by its parent (provided there shall not be included any such
entity the equity securities of which are owned or controlled in a fiduciary
capacity), (ii) in the case of partnerships, serves as a general partner, (iii)
in the case of a limited liability company, serves as a managing member, or (iv)
otherwise has the ability to elect a majority of the directors, trustees or
managing members thereof.
-8-
<PAGE>
Section 2. Representations and Warranties
------------------------------
Each of the Seller and the Purchaser represents and warrants that:
(a) Its execution, delivery and performance of this Amendment are within
its corporate powers, have been duly authorized by all necessary corporate
action and do not require any consent or approval which has not been obtained.
(b) This Amendment and the RPA as amended hereby are legal, valid and
binding obligations of it, enforceable in accordance with their respective
terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors' rights generally
or by general equitable principles.
Section 3. Conditions Precedent
--------------------
This Amendment shall become effective as of its date, provided that the
Seller shall have obtained the prior written consent of the Agent and each
Senior Class Agent to the substance and form hereof pursuant to Section 3.3(l)
of the Certificate Purchase Agreement dated as of August 21, 1997 among
Proffitt's Credit Corporation, Proffitt's, Inc., Enterprise Funding Corporation,
Receivables Funding Corporation, NationsBank, N.A., and Bank of America National
Trust and Savings Association.
Section 4. Miscellaneous
-------------
(a) Applicability of the RPA
------------------------
In all respects not inconsistent with the terms and provisions of this
Amendment, the provisions of the RPA are hereby ratified, approved and
confirmed.
(b) Headings
--------
The captions in this Amendment are for convenience of reference only and
shall not define or limit the provisions hereof.
(c) Counterparts
------------
This Amendment may be executed in counterparts, each of which shall
constitute an original but all of which, when taken together, shall constitute
but one and the same instrument.
(d) Governing Law
-------------
THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF ALABAMA.
-9-
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the date first above written.
NATIONAL BANK OF THE GREAT LAKES,
as Seller
By: /s/ Douglas E. Coltharp
---------------------------
Name: Douglas E. Coltharp
Title: Executive Vice President
& Chief Financial Officer
PROFFITT'S CREDIT CORPORATION,
as Purchaser
By: /s/ James S. Scully
---------------------------
Name: James S. Scully
Title: Vice President and Treasurer
PROFFITT'S, INC.,
as Servicer
By: /s/ James S. Scully
-------------------
Name: James S. Scully
Title: Vice President and Treasurer
-10-
