<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): JUNE 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
---------------------------------------------------
(ADDRESSES OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(601) 968-4400
---------------------------------------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
<PAGE>
ITEM 5. OTHER EVENTS.
- ------ ------------
Pursuant to the Prospectus Supplement dated May 14, 1998 to the Prospectus
dated April 17, 1998, filed with Registration No. 333-48739 and 333-48739-01 on
Form S-3, the Proffitt's Credit Card Master Trust issued on May 21, 1998
$200,000,000 6.00% Class A Certificates, Series 1998-2 and $21,500,000 6.15%
Class B Certificates, Series 1998-2 (collectively, the "Certificates").
The net proceeds of $220,076,000 will be used to pay down that amount of
the Series 1997-1 Variable Funding Certificates previously issued by the
Proffitt's Credit Card Master Trust.
Proffitt's, Inc., as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
May 1998, to the Series 1997-2 Certificateholders on June 15, 1998.
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 May 6 through May 31 1998, to the Series 1998-1
Certificateholders on June 15, 1998.
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 May 21, 1998 through May 31, 1998, to the Series
1998-2 Certificateholders on June 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 Press Release
99.2 Series 1997-2 Monthly Certificateholders' Statement
for the month of May 1998
99.3 Series 1998-1 Monthly Certificateholders' Statement
for the period May 6, 1998 through May 31, 1998
99.4 Series 1998-2 Monthly Certificateholders' Statement
for the period May 21, 1998 through May 31, 1998
-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: June 17, 1998
-3-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
- -------
99.1 Press Release
99.2 Series 1997-2 Monthly Certificateholders' Statement for
the month of May 1998
99.3 Series 1998-1 Monthly Certificateholders' Statement for the
period May 6, 1998 through May 31, 1998
99.4 Series 1998-2 Monthly Certificateholders' Statement for the
period May 21, 1998 through May 31, 1998
<PAGE>
Exhibit 99.1
Press Release
<PAGE>
THURSDAY MAY 21, 4:01 PM EASTERN TIME
COMPANY PRESS RELEASE
PROFFITT'S, INC. ANNOUNCES ISSUANCE OF ASSET BACKED SECURITIES
BIRMINGHAM, Ala.--May 21, 1998--Department store retailer Proffitt's, Inc.
(NYSE: PFT) today announced the issue by the Proffitt's Credit Card Master Trust
("PCCMT") of a total of $221.5 million in Series 1998-2 three-year term asset
backed securities, supported by credit card receivables generated by the
proprietary credit cards issued by National Bank of the Great Lakes to customers
of the Company's department stores.
The securities were issued in two classes: $200.0 million in AAA/Aaa rated Class
A Certificates priced at 99.89% with a coupon of 6.00% and $21.5 million in A/A1
rated Class B Certificates priced at 99.87% with a coupon of 6.15%. The Class A
Certificates were underwritten by NationsBanc Montgomery Securities LLC,
BancAmerica Robertson Stephens, and J.P. Morgan & Co. The Class B Certificates
were underwritten by NationsBanc Montgomery Securities LLC. Proceeds of the
Series 1998-2 Certificates were used to pay down approximately $220,076,000 of
the Series 1997-1 Variable Funding Certificates previously issued by the PCCMT.
Proffitt's, Inc. Executive Vice President and Chief Financial Officer, Douglas
E. Coltharp, commented, "We are extremely pleased with the attractive terms
which we were again able to realize in the securitization market. The favorable
advance rates and interest rates are both indicative of the quality in the
underlying receivables portfolio. This transaction largely finances, at fixed
rates, the receivables added to the PCCMT as a result of the January 31, 1998
acquisition of Carson Pirie Scott & Co., and furthers our capital structure
objectives of maintaining an appropriate balance of fixed and floating rate debt
and matching asset and liability durations."
Proffitt's, Inc. currently operates 233 department stores and four free-standing
furniture stores in twenty-four states under the names of Proffitt's, McRae's,
Younkers, Parisian, Herberger's, Carson Pirie Scott, Boston Store, and
Bergner's. The Company's annual revenues exceed $3.5 billion.
Contact:
Proffitt's Inc., Birmingham
Julia Bentley, 423/981-6243
http://www.proffitts.com
<PAGE>
Exhibit 99.2
Series 1997-2 Monthly Certificateholders' Statement for the month of May 1998
<PAGE>
MONTHLY CERTIFICATEHOLDER'S STATEMENT
PROFFITT'S CREDIT CARD MASTER TRUST
SERIES 1997-2
<TABLE>
<CAPTION>
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 Series 1997-2 is set forth below:
<S> <C> <C> <C> <C>
DATE OF THE CERTIFICATE JUNE 10, 1998
MONTHLY PERIOD ENDING: MAY 31, 1998
DETERMINATION DATE JUNE 10, 1998
DISTRIBUTION DATE JUNE 15, 1998
- ----------------------------------------------------------------------------------------------------------------------------------
GENERAL
- ----------------------------------------------------------------------------------------------------------------------------------
201 Amortization Period No 201
202 Early Amortization Period No 202
203 Class A Investor Amount paid in full No 203
204 Class B Investor Amount paid in full No 204
205 Collateral Indebtedness Amount paid in full No 205
206 Proffitt's Inc. is the Servicer Yes 206
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTOR AMOUNT
- ----------------------------------------------------------------------------------------------------------------------------------
as of the end as of the end
of prior of the relevant
Monthly Period Monthly Period
-------------- ---------------
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 6.25625% 218
219 Class D Certificate Rate 6.53125% 219
220 Weighted average interest rate for Series 1997-2 6.50% 220
as of the end of
as of the end of prior the relevant
Monthly Period Monthly Period
------------------------ ---------------------
221 Series 1997-2 Investor Percentage with respect to
Finance Charge Receivables 33.99% 221(a) 34.13% 221(b)
222 Class A 26.00% 222(a) 26.11% 222(b)
223 Class B 2.89% 223(a) 2.90% 223(b)
224 Collateral Indebtedness Amount 3.03% 224(a) 3.05% 224(b)
225 Class D 2.07% 225(a) 2.07% 225(b)
226 Series 1997-2 Investor Percentage with respect to
Principal Receivables 33.99% 226(a) 34.13% 226(b)
227 Class A 26.00% 227(a) 26.11% 227(b)
228 Class B 2.89% 228(a) 2.90% 228(b)
229 Collateral Indebtedness Amount 3.03% 229(a) 3.05% 229(b)
230 Class D 2.07% 230(a) 2.07% 230(b)
231 Series 1997-2 Investor Percentage with respect to
Allocable Amounts 33.99% 231(a) 34.13% 231(b)
232 Class A 26.00% 232(a) 26.11% 232(b)
233 Class B 2.89% 233(a) 2.90% 233(b)
234 Collateral Indebtedness Amount 3.03% 234(a) 3.05% 234(b)
235 Class D 2.07% 235(a) 2.07% 235(b)
- ----------------------------------------------------------------------------------------------------------------------------------
SERIES 1997-2 INVESTOR DISTRIBUTIONS
- ----------------------------------------------------------------------------------------------------------------------------------
236 The sum of the daily allocations of collections of Principal
Receivables for the relevant Monthly Period $ - 236
237 Class A distribution of collections of Principal
Receivables per $1,000 of original principal amount $ - 237
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
238 Class B distribution of collections of Principal
Receivables per $1,000 of original principal amount $ - 238
239 Collateral Indebtedness Amount distribution of
collections of Principal Receivables per $1,000 of original
principal amount $ - 239
240 Class D distribution of collections of Principal
Receivables per $1,000 of original principal amount $ - 240
241 Class A distribution attributable to interest per $1,000 of
original principal amount $ 5.42 241
242 Class B distribution attributable to interest per $1,000 of
original principal amount $ 5.58 242
243 Collateral Indebtedness Amount distribution attributable
to interest per $1,000 of original principal amount $ 5.39 243
244 Class D distribution attributable to interest per $1,000 of
original principal amount $ - 244
245 Monthly Servicing Fee for the next succeeding Distribution Date
per $1,000 of original principal amount $ 1.67 245
- -------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1997-2
- -------------------------------------------------------------------------------------------------------------------------------
246 Series allocation of collections of Principal Receivables $46,283,172 246
247 Class A $35,405,742 247
248 Class B $ 3,933,971 248
249 Collateral Indebtedness Amount $ 4,130,670 249
250 Class D $ 2,812,789 250
251 Series allocation of collections of Finance Charge Receivables $ 4,644,009 251
252 Class A $ 3,552,578 252
253 Class B $ 394,731 253
254 Collateral Indebtedness Amount $ 414,467 254
255 Class D $ 282,233 255
Available Funds
---------------
256 Class A Available Funds $ 3,552,578 256
257 The amount to be withdrawn from the Reserve Account to be included in
Class A available funds $ - 257
258 Principal Investment Proceeds to be included in Class A Available Funds $ - 258
259 The amount of investment earnings on amounts held in the Reserve Account
to be included in Class A available funds $ - 259
260 Class B Available Funds $ 394,731 260
261 The amount to be withdrawn from the Reserve Account to be included in
Class B available funds $ - 261
262 Principal Investment Proceeds to be included in Class B Available Funds $ - 262
263 The amount of investment earnings on amounts held in the Reserve Account
to be included in Class B available funds - 263
264 Collateral Available Funds 414,467 264
265 Class D Available Funds 282,233 265
- -------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF COLLECTIONS
- -------------------------------------------------------------------------------------------------------------------------------
Class A
-------
266 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
interest with respect to interest amounts that were due but not paid on a prior
Distribution date $ 975,000 266
267 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class A
Servicing fee for the related Distribution Date $ - 267
268 Class A Allocable Amount $ 509,031 268
269 An amount to be included in the Excess Spread $ 2,068,547 269
Class B
-------
270 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
interest with respect to interest amounts that were due but not paid on a prior
Distribution date $ 111,500 270
271 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class B
Servicing fee for the related Distribution Date $ - 271
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
272 An amount to be included in the Excess Spread $ 283,231 272
Collateral
----------
273 If Proffitt's Inc. is no longer the Servicer, an amount equal to Collateral
Servicing fee for the related Distribution Date $ - 273
274 An amount to be included in the Excess Spread $ 414,467 274
Class D
-------
275 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class D
Servicing fee for the related Distribution Date $ - 275
276 An amount to be included in the Excess Spread $ 282,233 276
277 Available Excess Spread $ 3,048,478 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1997-2 waterfall $ 3,048,478 279
280 Class A Required Amount is to be used to fund any deficiency in line266,
line267 and line268 $ - 280
281 The aggregate amount of Class A Investor Charge Offs which have not been
previously reimbursed $ - 281
282 Class B Required Amount to the extent attributable to line270, and line271 $ - 282
283 Class B Allocable Amount $ 56,559 283
284 Any remaining portion of the Class B Required Amount $ - 284
285 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 Class B Investor Amount to the
Class A Investor Amount $ - 285
286 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 $ 113,134 286
287 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing
Fee due for the relevant Monthly Period and not paid above $ 368,333 287
288 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing
Fee due but not distributed to the Servicer for prior Monthly Periods $ - 288
289 Collateral Allocable Amount $ 59,387 289
290 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 $ - 290
291 The excess, if any, of the Required Cash Collateral Amount over the
Available Collateral Amount $ - 291
292 An amount equal to Class D Monthly Interest due but not paid to the Class D
Certificateholders plus Class D Additional Interest $ 80,425 292
293 Class D Servicing Fee due for the relevant Monthly Period and not paid
above $ 23,833 293
294 Class D Servicing Fee due but not distributed to the Servicer for prior
Monthly Periods $ - 294
295 Class D Allocable Amount $ 40,440 295
296 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 $ - 296
297 Aggregate amount of any other amounts due to the Collateral Indebtedness
Holder pursuant to the Loan Agreement $ - 297
298 Excess, if any, of the Required Reserve Account Amount over the amount on
deposit in the Reserve Account $ - 298
299 Shared Excess Finance Charge Collections $ 2,306,367 299
- ----------------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF MONTHLY PRINCIPAL
- ----------------------------------------------------------------------------------------------------------------------------------
300 Class A Monthly Principal (the least of line#301, line#302 and line#208) $ - 300
301 Available Principal Collections held in the Collection Account $46,283,172 301
302 Class A Accumulation Amount $ - 302
303 Class B Monthly Principal (the least of line#304, line#305 and line#209)
(distributable only after payout of Class A) $ - 303
304 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A Monthly Principal $46,283,172 304
305 Class B Accumulation Amount $ - 305
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
306 Collateral Monthly Principal (prior to payout of Class B) (the least of line#307
and line#308) $ - 306
307 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A and Class B Monthly Principal $46,283,172 307
308 Enhancement Surplus $ - 308
309 Class D Monthly Principal $ - 309
310 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A, Class B or collateral Monthly Principal $46,283,172 310
- ----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE ENHANCEMENT AMOUNT
- ----------------------------------------------------------------------------------------------------------------------------------
311 Available Enhancement Amount $35,300,000 311
312 Amount on Deposit in the Cash Collateral Account $ - 312
- ----------------------------------------------------------------------------------------------------------------------------------
REALLOCATED PRINCIPAL COLLECTIONS
- ----------------------------------------------------------------------------------------------------------------------------------
313 Reallocated Principal Collections $ - 313
314 Class D Principal Collections (to the extent needed to fund Required
Amounts) $ - 314
315 Collateral Principal Collections (to the extent needed to fund Required
Amounts) $ - 315
316 Class B Principal Collections (to the extent needed to fund Required
Amounts) $ - 316
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTOR DEFAULT AMOUNTS, ADJUSTMENT AMOUNTS, AND ALLOCABLE AMOUNTS
- ----------------------------------------------------------------------------------------------------------------------------------
% Amount
--------------------------- ----------------------
317 Series 1997-2 Default Amount 33.99% 317(a) $ 665,416 317(b)
318 Class A Investor Default Amount 26.00% 318(a) $ 509,031 318(b)
319 Class B Investor Default Amount 2.89% 319(a) $ 56,559 319(b)
320 Collateral Default Amount 3.03% 320(a) $ 59,387 320(b)
321 Class D Investor Default Amount 2.07% 321(a) $ 40,440 321(b)
322 Series 1997-2 Adjustment Amount $ - 322
323 Class A Adjustment Amount $ - 323
324 Class B Adjustment Amount $ - 324
325 Collateral Adjustment Amount $ - 325
326 Class D Adjustment Amount $ - 326
327 Series 1997-2 Allocable Amount $ 665,416 327
328 Class A Allocable Amount $ 509,031 328
329 Class B Allocable Amount $ 56,559 329
330 Collateral Allocable Amount $ 59,387 330
331 Class D Allocable Amount $ 40,440 331
- ----------------------------------------------------------------------------------------------------------------------------------
REQUIRED AMOUNTS
- ----------------------------------------------------------------------------------------------------------------------------------
332 Class A Required Amount $ - 332
333 Class A Monthly Interest for current Distribution Date $ 975,000 333
334 Class A Monthly Interest previously due but not paid $ - 334
335 Class A Additional Interest for prior Monthly Period or previously due but not paid $ - 335
336 Class A Servicing Fee (if Proffitt's is no longer the Servicer) $ - 336
337 Class B Required Amount $ - 337
338 Class B Monthly Interest for current Distribution Date $ 111,500 338
339 Class B Monthly Interest previously due but not paid $ - 339
340 Class B Additional Interest for prior Monthly Period or previously due but not paid $ - 340
341 Class B Servicing Fee (if Proffitt's is no longer the Servicer) $ - 341
342 Excess of Class B Allocable Amount over funds available to make payments $ - 342
343 Collateral Required Amount $ - 343
344 Collateral Monthly Interest for current Distribution Date $ 113,134 344
345 Collateral Monthly Interest previously due but not paid $ - 345
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
346 Collateral Additional Interest for prior Monthly Period or previously due but not paid $ - 346
347 Collateral Servicing Fee (if Proffitt's is no longer the Servicer) $ - 347
348 Excess of Collateral Allocable Amount over funds available to make payments $ - 348
- ----------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
-------
349 Class A Investor Amount reduction $ - 349
350 Class A Investor Charge Off $ - 350
351 Reductions of the Class A Investor Amount $ - 351
Class B
-------
352 Class B Investor Amount reduction $ - 352
353 Class B Investor Charge Off $ - 353
354 Reductions of the Class B Investor Amount $ - 354
355 Reallocated Principal Collections applied to Class A $ - 355
Collateral
----------
356 Collateral Indebtedness Amount reduction $ - 356
357 Collateral Indebtedness Amount Charge Off $ - 357
358 Reductions of the Collateral Indebtedness Amount $ - 358
359 Reallocated Principal Collections applied to Class B $ - 359
Class D
-------
360 Class D Investor Amount reduction $ - 360
361 Class D Investor Charge Off $ - 361
362 Reductions of the Class D Investor Amount $ - 362
363 Reallocated Principal Collections applied to Collateral Indebtedness Amount $ - 363
- ----------------------------------------------------------------------------------------------------------------------------------
SERVICING FEE
- ----------------------------------------------------------------------------------------------------------------------------------
364 Series 1997-2 Servicing Fee $ 392,167 364
365 Class A Servicing Fee $ 300,000 365
366 Class B Servicing Fee $ 33,333 366
367 Collateral Servicing Fee $ 35,000 367
368 Class D Servicing Fee $ 23,833 368
- ----------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
- ----------------------------------------------------------------------------------------------------------------------------------
369 Required Reserve Account Amount (if applicable) N/A 369
370 Reserve Account Reinvestment Rate (if applicable) N/A 370
371 Reserve Account balance $ - 371
372 Accumulation Period Length 12 months 372
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of June, 1998.
Proffitt's, Inc.,
as Servicer
By: /s/ James S. Scully
-------------------------------
Name: James S. Scully
Title: Vice President and Treasurer
<PAGE>
Exhibit 99.3
Series 1998-1 Monthly Certificateholders' Statement
for the period May 6, 1998 through May 31, 1998
<PAGE>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATEHOLDER'S STATEMENT
YOUNKERS MASTER TRUST SERIES 1995-1
PROFFITT'S CREDIT CARD MASTER TRUST SERIES 1998-1
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 1998-1 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. All references herein to
Younkers Master Trust Series 1995-1 and Proffitt's Credit Card Master Trust Series 1998-1 are used interchangeably. The information
with respect to Series 1998-1 is set forth below:
<S> <C> <C> <C> <C>
DATE OF THE CERTIFICATE JUNE 10, 1998
MONTHLY PERIOD ENDING: MAY 31, 1998
DETERMINATION DATE JUNE 10, 1998
DISTRIBUTION DATE JUNE 15, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL
- ------------------------------------------------------------------------------------------------------------------------------------
201 Amortization Period No 201
202 Early Amortization Period No 202
203 Class A Investor Amount paid in full No 203
204 Class B Investor Amount paid in full No 204
205 Class C Investor Amount paid in full No 205
206 Proffitt's Inc. is the Servicer Yes 206
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
as of the end as of the end
of prior of relevant
Monthly Period Monthly Period
--------------- --------------
207 Series 1998-1 Investor Amount $91,500,000 207(a) $91,500,000 207(b)
208 Class A Investor Amount $67,000,000 208(a) $67,000,000 208(b)
209 Class B Investor Amount $ 8,000,000 209(a) $ 8,000,000 209(b)
210 Class C Investor Amount $16,500,000 210(a) $16,500,000 210(b)
211 Series 1998-1 Adjusted Investor Amount $91,500,000 211(a) $91,500,000 211(b)
212 Series 1998-1 Investor Amount $91,500,000 212(a) $91,500,000 212(b)
213 Principal Account Balance $ -- 213(a) $ -- 213(b)
214 Class A Certificate Rate 6.43% 214
215 Class B Certificate Rate 6.61% 215
216 Class C Certificate Rate 0.00% 216
217 Weighted average interest rate for Series 1998-1 5.29% 217
as of the end as of the end
of prior of relevant
Monthly Period Monthly Period
--------------- --------------
218 Series 1998-1 Investor Percentage with respect to Finance Charge
Receivables 13.22% 218(a) 13.27% 218(b)
219 Class A 9.68% 219(a) 9.72% 219(b)
220 Class B 1.16% 220(a) 1.16% 220(b)
221 Class C 2.38% 221(a) 2.39% 221(b)
222 Series 1998-1 Investor Percentage with respect to Principal
Receivables 13.22% 222(a) 13.27% 222(b)
223 Class A 9.68% 223(a) 9.72% 223(b)
224 Class B 1.16% 224(a) 1.16% 224(b)
225 Class C 2.38% 225(a) 2.39% 225(b)
226 Series 1998-1 Investor Percentage with respect to Default Amounts 13.22% 226(a) 13.27% 226(b)
227 Class A 9.68% 227(a) 9.72% 227(b)
228 Class B 1.16% 228(a) 1.16% 228(b)
229 Class C 2.38% 229(a) 2.39% 229(b)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SERIES 1998-1 INVESTOR DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
230 The sum of the daily allocations of collections of Principal
Receivables for the relevant Monthly Period $ -- 230
231 Class A distribution of collections of Principal Receivables
per $1,000 of original principal amount $ -- 231
232 Class B distribution of collections of Principal Receivables
per $1,000 of original principal amount $ -- 232
233 Class C distribution of collections of Principal Receivables
per $1,000 of original principal amount $ -- 233
234 Class A distribution attributable to interest per $1,000 of
original principal amount $ 5.36 234
235 Class B distribution attributable to interest per $1,000 of
original principal amount $ 5.51 235
236 Class C distribution attributable to interest per $1,000 of
original principal amount $ -- 236
237 Monthly Servicing Fee for the next succeeding Distribution Date
per $1,000 of original principal amount $ 1.67 237
- ------------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1998-1
- ------------------------------------------------------------------------------------------------------------------------------------
Allocations of Finance Charge Collections
-----------------------------------------
238 Investor allocation of Finance Charge Collections during the
Collection Period pursuant to Section 4.4 $ 1,805,894 238
239 Investment earnings during Collection Period of Series Accounts
to be treated as investor Finance Charge Collections: $ -- 239
240 (a) Collection Account $ -- 240
241 (b) Reserve Account $ -- 241
242 (c) Principal Account $ -- 242
243 Monthly Finance Charge Allocation prior to allocation of Shared
Finance Charge Collections (line 238 + line 239) $ 1,805,894 243
244 "Reserve Draw Amount" for the Distribution Date (pursuant to
Section 4.9 (b)) $ -- 244
245 "Reserve Account Surplus" for the Distribution Date (pursuant to
Section 4.9(c)) $ -- 245
246 Final Reserve Account disbursement (pursuant to Section 4.9 (d)) $ -- 246
247 Total allocations of Finance Charge Collections during the Relevant
Monthly Period (sum of line 243, line 244, line 245 and line 246) $ 1,805,894 247
- ------------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF FINANCE CHARGE COLLECTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
248 Shared Finance Charge Collections allocated to Series 1998-1 to
cover the Total Deficiency Amount pursuant to Section 4.6 $ -- 248
249 Class A Monthly Interest plus the amount of any previous month's
Class A Interest Shortfall plus any Class A Additional Interest
(Section 4.6 (a)) $ 359,008 249
250 Class B Monthly Interest plus the amount of any previous month's
Class B Interest Shortfall plus any Class B Additional Interest
(Section 4.6 (b)) $ 44,067 250
251 Investor Monthly Servicing Fee due for the relevant Monthly
Period (Section 4.6 (c)) $ 152,500 251
252 Investor Monthly Servicing Fee due but not distributed to the
Servicer for prior Monthly Periods (Section 4.6 (c)) $ -- 252
253 Investor Default Amount (Section 4.6 (d)) $ 258,757 253
254 Unpaid Deposit Obligation (Section 4.6 (e)) $ -- 254
255 Aggregate amount of Class A Investor Charge-Offs which have not
been previously reimbursed (Section 4.6 (f)) $ -- 255
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
256 An amount equal to any unreimbursed reductions of the Class B
Investor Amount, if any, due to (i) Reallocated Principal
Collections and (ii) Class B Investor Charge-Offs (Section
4.6 (f)) $ -- 256
257 An amount equal to any unreimbursed reductions of the Class C
Investor Amount, if any, due to (i) Reallocated Principal
Collections and (ii) Class C Investor Charge-Offs (Section
4.6 (f)) $ -- 257
258 Excess, if any, of the Required Reserve Account Amount over the
amount on deposit in the Reserve Account (Section 4.6 (g)) $ -- 258
259 Class C Certificate Interest accrued and unpaid in respect of
the portion of the Class C Investor Amount held by Persons
other than the Servicer or its Affiliates (Section 4.6 (h)) 259
260 Excess Spread $ 991,561 260
- ------------------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF MONTHLY PRINCIPAL
- ------------------------------------------------------------------------------------------------------------------------------------
During the Accumulation Period
------------------------------
261 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) prior
to the inclusion of amounts in line 262 below $ -- 261
262 Amounts included in calculation of Excess Spread to be included
in Collections of Principal Receivables (Section 4.6 (d),(e),(f)) $ -- 262
263 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) $ -- 263
264 Controlled Deposit Amount $ -- 264
265 Controlled Deposit Amount for the relevant Monthly
Period during the Accumulation Period $ -- 265
266 Deficit Controlled Deposit Amount for the preceding Monthly Period $ -- 266
267 Excess of the Monthly Total Principal Allocation over the Controlled
Deposit Amount to be paid to the holder of the Exchangeable Transferor
Certificates $ -- 267
268 Deficit Controlled Deposit Amount for the relevant Monthly Period $ -- 268
269 Total amount deposited to the Principal Account $ -- 269
During the Rapid Amortization Period
------------------------------------
270 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) prior
to the inclusion of amounts in line 271 below $ -- 270
271 Amounts included in calculation of Excess Spread to be included
in Collections of Principal Receivables (Section 4.6 (d),(e),(f)) $ -- 271
272 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) $ -- 272
273 Lesser of the Monthly Total Principal Allocation and the Adjusted
Investor Amount (Section 4.4 (c)(ii)) $ -- 273
274 Shared Principal Collections allocable to the Series 1998-1
Certificate (to the extent the Adjusted Investor Amount
exceeds the balance of the Principal Account after giving
effect to line 273) $ -- 274
275 Total Amount deposited to the Principal Account $ -- 275
276 Principal Account balance after deposit to Principal Account for
relevant Monthly Period $ -- 276
- ------------------------------------------------------------------------------------------------------------------------------------
REALLOCATED PRINCIPAL COLLECTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
277 Reallocated Principal Collections $ -- 277
278 Class C Reallocated Amount (to the extent needed to fund excess
of Total Deficiency Amount over Investor Default Amount) $ -- 278
279 Class B Reallocated Amount (to the extent needed to fund excess
of Total Deficiency Amount over Investor Default Amount) $ -- 279
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFICIENCY AMOUNT AND INVESTOR CHARGE-OFFS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
280 Monthly Finance Charge Allocation prior to allocation of Shared
Finance Charge Collections $ 1,805,894 280
281 Total Monthly Payment $ 814,332 281
282 Class A Certificate Interest $ 359,008 282
283 Class B Certificate Interest $ 44,067 283
284 Investor Monthly Servicing Fee $ 152,500 284
285 Investor Default Amount $ 258,757 285
286 Unpaid Deposit Obligation $ -- 286
287 Total Deficiency Amount prior to allocation of Shared Finance
Charge Collections (excess of line 281 over line 280) $ -- 287
Allocation of Shared Finance Charge Collections to Series 1998-1
during the Relevant Monthly Period $ --
287 Total Deficiency Amount ("Shortfall") (Section 4.6) $ -- 287
288 Investor Charge-Offs $ -- 288
289 Class C Investor Charge-Offs $ -- 289
290 Class B Investor Charge-Offs $ -- 290
291 Class A Investor Charge-Offs $ -- 291
- ------------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
-------
292 Aggregate amount of Class A Investor Charge-Offs over Class A
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ -- 292
Class B
-------
293 Aggregate amount of Class B Investor Charge-Offs over Class B
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ -- 293
294 Aggregate amount of Class B Reallocated Amounts over Class B
Reallocated Amounts reimbursed pursuant to subsection 4.6 (f)
or allocated to the Class C Investor Amount pursuant to
Section 4.11 $ -- 294
Class C
-------
295 Aggregate amount of Class C Investor Charge-Offs over Class C
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ -- 295
296 Aggregate amount of Class C Reallocated Amounts over Class C
Reallocated Amounts reimbursed pursuant to subsection 4.6 (f) $ -- 296
- ------------------------------------------------------------------------------------------------------------------------------------
POOL FACTORS
- ------------------------------------------------------------------------------------------------------------------------------------
297 Class A Pool Factor 100.00% 297
298 Class B Pool Factor 100.00% 298
299 Class C Pool Factor 100.00% 299
- ------------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
300 Required Reserve Account Amount ( if applicable) N/A 300
301 Reserve Account Reinvestment Rate (if applicable) N/A 301
302 Reserve Account balance $ -- 302
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 10th day of
June, 1998.
Proffitt's, Inc., as Servicer
By: /s/ James S. Scully
-------------------
Name: James S. Scully
Title: Vice President and Treasurer
</TABLE>
<PAGE>
Exhibit 99.4
Series 1998-2 Monthly Certificateholders' Statement
for the period May 21, 1998 through May 31, 1998
<PAGE>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATEHOLDER'S STATEMENT
PROFFITT'S CREDIT CARD MASTER TRUST
SERIES 1998-2
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 1998-2 Supplement, dated as of April 17, 1998 (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 Series 1998-2 is set forth below:
<S> <C>
DATE OF THE CERTIFICATE JUNE 10, 1998
MONTHLY PERIOD ENDING: MAY 31, 1998
DETERMINATION DATE JUNE 10, 1998
DISTRIBUTION DATE JUNE 15, 1998
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
201 Amortization Period No 201
202 Early Amortization Period No 202
203 Class A Investor Amount paid in full No 203
204 Class B Investor Amount paid in full No 204
205 Collateral Indebtedness Amount paid in full No 205
206 Proffitt's Inc. is the Servicer Yes 206
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
as of the end as of the end
of prior of the relevant
Monthly Period Monthly Period
-------------- ---------------
<C> <S> <C> <C> <C> <C>
207 Series 1998-2 Investor Amount $261,500,000 207(a) $261,500,000 207(b)
208 Class A Investor Amount $200,000,000 208(a) $200,000,000 208(b)
209 Class B Investor Amount $ 21,500,000 209(a) $ 21,500,000 209(b)
210 Collateral Indebtedness Amount $ 24,000,000 210(a) $ 24,000,000 210(b)
211 Class D Investor Amount $ 16,000,000 211(a) $ 16,000,000 211(b)
212 Series 1998-2 Adjusted Investor Amount $261,500,000 212(a) $261,500,000 212(b)
213 Class A Adjusted Investor Amount $200,000,000 213(a) $200,000,000 213(b)
214 Principal Account Balance $ - 214(a) $ - 214(b)
215 Class B Adjusted Investor Amount $ 21,500,000 215(a) $ 21,500,000 215(b)
216 Class A Certificate Rate 6.00% 216
217 Class B Certificate Rate 6.15% 217
218 Collateral Indebtedness Interest 6.40625% 218
219 Class D Certificate Rate 6.65625% 219
220 Weighted average interest rate for Series 1998-2 6.09% 220
as of the end as of the end
of prior of the relevant
Monthly Period Monthly Period
-------------- ---------------
221 Series 1998-2 Investor Percentage with respect to Finance Charge Receivables 37.78% 221(a) 37.94% 221(b)
222 Class A 28.89% 222(a) 29.01% 222(b)
223 Class B 3.11% 223(a) 3.12% 223(b)
224 Collateral Indebtedness Amount 3.47% 224(a) 3.48% 224(b)
225 Class D 2.31% 225(a) 2.32% 225(b)
226 Series 1998-2 Investor Percentage with respect to Principal Receivables 37.78% 226(a) 37.94% 226(b)
227 Class A 28.89% 227(a) 29.01% 227(b)
228 Class B 3.11% 228(a) 3.12% 228(b)
229 Collateral Indebtedness Amount 3.47% 229(a) 3.48% 229(b)
230 Class D 2.31% 230(a) 2.32% 230(b)
231 Series 1998-2 Investor Percentage with respect to Allocable Amounts 37.78% 231(a) 37.94% 231(b)
232 Class A 28.89% 232(a) 29.01% 232(b)
233 Class B 3.11% 233(a) 3.12% 233(b)
234 Collateral Indebtedness Amount 3.47% 234(a) 3.48% 234(b)
235 Class D 2.31% 235(a) 2.32% 235(b)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SERIES 1998-2 INVESTOR DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
236 The sum of the daily allocations of collections of Principal Receivables for
the relevant Monthly Period $ - 236
237 Class A distribution of collections of Principal Receivables per $1,000 of
original principal amount $ - 237
238 Class B distribution of collections of Principal Receivables per $1,000 of
original principal amount $ - 238
239 Collateral Indebtedness Amount distribution of collections of Principal
Receivables per $1,000 of original principal amount $ - 239
240 Class D distribution of collections of Principal Receivables per $1,000
of original principal amount $ - 240
241 Class A distribution attributable to interest per $1,000 of
original principal amount $ 4.00 241
242 Class B distribution attributable to interest per $1,000 of
original principal amount $ 4.10 242
243 Collateral Indebtedness Amount distribution attributable to interest per
$1,000 of original principal amount $ 4.45 243
244 Class D distribution attributable to interest per $1,000 of
original principal amount $ - 244
245 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000
of original principal amount $ 1.67 245
- ------------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1998-2
- ------------------------------------------------------------------------------------------------------------------------------------
246 Series allocation of collections of Principal Receivables $ 41,149,340 246
247 Class A $ 31,471,770 247
248 Class B $ 3,383,215 248
249 Collateral Indebtedness Amount $ 3,776,612 249
250 Class D $ 2,517,742 250
251 Series allocation of collections of Finance Charge Receivables $ 4,128,885 251
252 Class A $ 3,157,847 252
253 Class B $ 339,469 253
254 Collateral Indebtedness Amount $ 378,942 254
255 Class D $ 252,628 255
Available Funds
256 Class A Available Funds $ 3,157,847 256
257 The amount to be withdrawn from the Reserve Account to be included in
Class A available funds $ - 257
258 Principal Investment Proceeds to be included in Class A Available Funds $ - 258
259 The amount of investment earnings on amounts held in the Reserve Account
to be included in Class A available funds $ - 259
260 Class B Available Funds $ 339,469 260
261 The amount to be withdrawn from the Reserve Account to be included in
Class B available funds $ - 261
262 Principal Investment Proceeds to be included in Class B Available Funds $ - 262
263 The amount of investment earnings on amounts held in the Reserve Account
to be included in Class B available funds $ - 263
264 Collateral Available Funds $ 378,942 264
265 Class D Available Funds $ 252,628 265
- ------------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF COLLECTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
-------
266 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 interest with respect to interest amounts that were due but
not paid on a prior Distribution date $ 800,000 266
267 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class A
Servicing fee for the related Distribution Date $ - 267
268 Class A Allocable Amount $ 452,472 268
269 An amount to be included in the Excess Spread $ 1,905,375 269
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<C> <S> <C> <C>
Class B
-------
270 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 interest with respect to interest amounts that were due but
not paid on a prior Distribution date $ 88,150 270
271 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class B
Servicing fee for the related Distribution Date $ - 271
272 An amount to be included in the Excess Spread $ 251,319 272
Collateral
----------
273 If Proffitt's Inc. is no longer the Servicer, an amount equal to Collateral
Servicing fee for the related Distribution Date $ - 273
274 An amount to be included in the Excess Spread $ 378,942 274
Class D
-------
275 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class D
Servicing fee for the related Distribution Date $ - 275
276 An amount to be included in the Excess Spread $ 252,628 276
277 Available Excess Spread $ 2,788,263 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 2,788,263 279
280 Class A Required Amount is to be used to fund any deficiency in line266,
line267 and line268 $ - 280
281 The aggregate amount of Class A Investor Charge Offs which have not been
previously reimbursed $ - 281
282 Class B Required Amount to the extent attributable to line270, and line271 $ - 282
283 Class B Allocable Amount $ 48,641 283
284 Any remaining portion of the Class B Required Amount $ - 284
285 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 $ - 285
286 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 $ 106,771 286
287 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing
Fee due for the relevant Monthly Period and not paid above $ 327,333 287
288 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing
Fee due but not distributed to the Servicer for prior Monthly Periods $ - 288
289 Collateral Allocable Amount $ 54,297 289
290 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 $ - 290
291 The excess, if any, of the Required Cash Collateral Amount over the
Available Collateral Amount $ - 291
292 An amount equal to Class D Monthly Interest due but not paid to the Class D
Certificateholders plus Class D Additional Interest $ 73,958 292
293 Class D Servicing Fee due for the relevant Monthly Period and not paid above $ 21,333 293
294 Class D Servicing Fee due but not distributed to the Servicer for prior
Monthly Periods $ - 294
295 Class D Allocable Amount $ 36,198 295
296 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 $ - 296
297 Aggregate amount of any other amounts due to the Collateral Indebtedness
Holder pursuant to the Loan Agreement $ - 297
298 Excess, if any, of the Required Reserve Account Amount over the amount on
deposit in the Reserve Account $ - 298
299 Shared Excess Finance Charge Collections $ 2,119,732 299
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF MONTHLY PRINCIPAL
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
300 Class A Monthly Principal (the least of line#301, line#302 and line#208) $ - 300
301 Available Principal Collections held in the Collection Account $ 41,149,340 301
302 Class A Accumulation Amount $ - 302
303 Class B Monthly Principal (the least of line#304, line#305 and line#209)
(dstributable only after payout of Class A) $ - 303
304 Available Principal Collections held in the Collection Account less
portion of such Collections applied to Class A Monthly Principal $ 41,149,340 304
305 Class B Accumulation Amount $ - 305
306 Collateral Monthly Principal (prior to payout of Class B)
(the least of line#307 and line#308) $ - 306
307 Available Principal Collections held in the Collection Account less portion
of such Collections applied to Class A and Class B Monthly Principal $ 41,149,340 307
308 Enhancement Surplus $ - 308
309 Class D Monthly Principal $ - 309
310 Available Principal Collections held in the Collection Account
less portion of such Collections applied to Class A, Class B or
collateral Monthly Principal $ 41,149,340 310
- ------------------------------------------------------------------------------------------------------------------------------------
AVAILABLE ENHANCEMENT AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
311 Available Enhancement Amount $ 40,000,000 311
312 Amount on Deposit in the Cash Collateral Account $ - 312
- ------------------------------------------------------------------------------------------------------------------------------------
REALLOCATED PRINCIPAL COLLECTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
313 Reallocated Principal Collections $ - 313
314 Class D Principal Collections (to the extent needed to fund
Required Amounts) $ - 314
315 Collateral Principal Collections (to the extent needed to
fund Required Amounts) $ - 315
316 Class B Principal Collections (to the extent needed to fund
Required Amounts) $ - 316
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR DEFAULT AMOUNTS, ADJUSTMENT AMOUNTS, AND ALLOCABLE AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
% Amount
-------------- ---------------
317 Series 1998-2 Default Amount 37.78% 317(a) $ 591,607 317(b)
318 Class A Investor Default Amount 28.89% 318(a) $ 452,472 318(b)
319 Class B Investor Default Amount 3.11% 319(a) $ 48,641 319(b)
320 Collateral Default Amount 3.47% 320(a) $ 54,297 320(b)
321 Class D Investor Default Amount 2.31% 321(a) $ 36,198 321(b)
322 Series 1998-2 Adjustment Amount $ - 322
323 Class A Adjustment Amount $ - 323
324 Class B Adjustment Amount $ - 324
325 Collateral Adjustment Amount $ - 325
326 Class D Adjustment Amount $ - 326
327 Series 1998-2 Allocable Amount $ 591,607 327
328 Class A Allocable Amount $ 452,472 328
329 Class B Allocable Amount $ 48,641 329
330 Collateral Allocable Amount $ 54,297 330
331 Class D Allocable Amount $ 36,198 331
- ------------------------------------------------------------------------------------------------------------------------------------
REQUIRED AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
332 Class A Required Amount $ - 332
333 Class A Monthly Interest for current Distribution Date $ 800,000 333
334 Class A Monthly Interest previously due but not paid $ - 334
335 Class A Additional Interest for prior Monthly Period or previously
due but not paid $ - 335
336 Class A Servicing Fee (if Proffitt's is no longer the Servicer) $ - 336
337 Class B Required Amount $ - 337
338 Class B Monthly Interest for current Distribution Date $ 88,150 338
339 Class B Monthly Interest previously due but not paid $ - 339
340 Class B Additional Interest for prior Monthly Period or previously
due but not paid $ - 340
341 Class B Servicing Fee (if Proffitt's is no longer the Servicer) $ - 341
342 Excess of Class B Allocable Amount over funds available to make payments $ - 342
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<C> <S> <C> <C>
343 Collateral Required Amount $ - 343
344 Collateral Monthly Interest for current Distribution Date $ 106,771 344
345 Collateral Monthly Interest previously due but not paid $ - 345
346 Collateral Additional Interest for prior Monthly Period or
previously due but not paid $ - 346
347 Collateral Servicing Fee (if Proffitt's is no longer the Servicer) $ - 347
348 Excess of Collateral Allocable Amount over funds available to make payments $ - 348
- ------------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
-------
349 Class A Investor Amount reduction $ - 349
350 Class A Investor Charge Off $ - 350
351 Reductions of the Class A Investor Amount $ - 351
Class B
-------
352 Class B Investor Amount reduction $ - 352
353 Class B Investor Charge Off $ - 353
354 Reductions of the Class B Investor Amount $ - 354
355 Reallocated Principal Collections applied to Class A $ - 355
Collateral
----------
356 Collateral Indebtedness Amount reduction $ - 356
357 Collateral Indebtedness Amount Charge Off $ - 357
358 Reductions of the Collateral Indebtedness Amount $ - 358
359 Reallocated Principal Collections applied to Class B $ - 359
Class D
-------
360 Class D Investor Amount reduction $ - 360
361 Class D Investor Charge Off $ - 361
362 Reductions of the Class D Investor Amount $ - 362
363 Reallocated Principal Collections applied to Collateral Indebtedness Amount $ - 363
- ------------------------------------------------------------------------------------------------------------------------------------
SERVICING FEE
- ------------------------------------------------------------------------------------------------------------------------------------
364 Series 1998-2 Servicing Fee $ 348,667 364
365 Class A Servicing Fee $ 266,667 365
366 Class B Servicing Fee $ 28,667 366
367 Collateral Servicing Fee $ 32,000 367
368 Class D Servicing Fee $ 21,333 368
- ------------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
369 Required Reserve Account Amount ( if applicable) N/A 369
370 Reserve Account Reinvestment Rate (if applicable) N/A 370
371 Reserve Account balance $ - 371
372 Accumulation Period Length 12 months 372
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 10th day of June, 1998.
Proffitt's, Inc.,
as Servicer
By: /s/ James S. Scully
-------------------
Name: James S. Scully
Title: Vice President and Treasurer
</TABLE>
