<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): JULY 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.
- ------ ------------
Proffitt's, Inc., as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
June 1998, to the Series 1997-2 Certificateholders on July 15, 1998.
Proffitt's, Inc., as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
June 1998, to the Series 1998-1 Certificateholders on July 15, 1998.
Proffitt's, Inc., as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
June 1998, to the Series 1998-2 Certificateholders on July 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 June 1998
99.2 Series 1998-1 Monthly Certificateholders' Statement
for the month of June 1998
99.3 Series 1998-2 Monthly Certificateholders' Statement
for the month of June 1988
-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: July 15, 1998
-3-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
-------
99.1 Series 1997-2 Monthly Certificateholders' Statement for
the month of June 1998
99.2 Series 1998-1 Monthly Certificateholders' Statement for
the month of June 1998
99.3 Series 1998-2 Monthly Certificateholders' Statement for
the month of June 1998
-4-
<PAGE>
Exhibit 99.1
Series 1997-2 Monthly Certificateholders' Statement for the month of June 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, 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:
Date of the Certificate July 10, 1998
Monthly Period ending: June 30, 1998
Determination Date July 10, 1998
Distribution Date July 15, 1998
<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
- --------------------------------------------------------------------------------------------------------------------------------
INVESTOR AMOUNT
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
as of the end of prior as of the end
Monthly of the relevant
Monthly Period
---------------------- ---------------
<S> <C> <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 6.25625% 218
219 Class D Certificate Rate 6.53125% 219
220 Weighted average interest rate for Series 1997-2 6.50% 220
<CAPTION>
as of the end of prior as of the end
Monthly Period of the relevant
Monthly Period
---------------------- ---------------
<S> <C> <C> <C> <C>
221 Series 1997-2 Investor Percentage with respect to Finance Charge 34.13% 221(a) 34.66% 221(b)
Receivables
222 Class A 26.11% 222(a) 26.51% 222(b)
223 Class B 2.90% 223(a) 2.95% 223(b)
224 Collateral Indebtedness Amount 3.05% 224(a) 3.09% 224(b)
225 Class D 2.07% 225(a) 2.11% 225(b)
226 Series 1997-2 Investor Percentage with respect to Principal Receivables 34.13% 226(a) 34.66% 226(b)
227 Class A 26.11% 227(a) 26.51% 227(b)
228 Class B 2.90% 228(a) 2.95% 228(b)
229 Collateral Indebtedness Amount 3.05% 229(a) 3.09% 229(b)
230 Class D 2.07% 230(a) 2.11% 230(b)
231 Series 1997-2 Investor Percentage with respect to Allocable Amounts 34.13% 231(a) 34.66% 231(b)
232 Class A 26.11% 232(a) 26.51% 232(b)
233 Class B 2.90% 233(a) 2.95% 233(b)
234 Collateral Indebtedness Amount 3.05% 234(a) 3.09% 234(b)
235 Class D 2.07% 235(a) 2.11% 235(b)
- ------------------------------------------------------------------------------------------------------------------------------------
SERIES 1997-2 INVESTOR DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
236 The sum of the daily allocations of collections of Principal Receivables for the $ - 236
relevant Monthly Period
237 Class A distribution of collections of Principal Receivables per $1,000 of $ - 237
original principal amount
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
238 Class B distribution of collections of Principal Receivables per $1,000 of $ - 238
original principal amount
239 Collateral Indebtedness Amount distribution of collections of Principal $ - 239
Receivables per $1,000 of original principal amount
240 Class D distribution of collections of Principal Receivables per $1,000 of $ - 240
original principal amount
241 Class A distribution attributable to interest per $1,000 of original principal $ 5.42 241
amount
242 Class B distribution attributable to interest per $1,000 of original principal $ 5.58 242
amount
243 Collateral Indebtedness Amount distribution attributable to interest per $1,000 $ 5.21 243
of original principal amount
244 Class D distribution attributable to interest per $1,000 of original principal $ - 244
amount
245 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000 of $ 1.67 245
original principal amount
- ------------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1997-2
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
246 Series allocation of collections of Principal Receivables $ 43,367,645 246
247 Class A $ 33,175,419 247
248 Class B $ 3,686,158 248
249 Collateral Indebtedness Amount $ 3,870,466 249
250 Class D $ 2,635,603 250
251 Series allocation of collections of Finance Charge Receivables $ 4,422,780 251
252 Class A $ 3,383,342 252
253 Class B $ 375,927 253
254 Collateral Indebtedness Amount $ 394,723 254
255 Class D $ 268,788 255
Available Funds
---------------
256 Class A Available Funds $ 3,383,342 256
257 The amount to be withdrawn from the Reserve Account to be included in Class A $ - 257
available funds
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 $ 375,927 260
261 The amount to be withdrawn from the Reserve Account to be included in Class B $ - 261
available funds
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 $ 394,723 264
265 Class D Available Funds $ 268,788 265
- ------------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF COLLECTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
-------
<S> <C> <C> <C>
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 $ 975,000 266
Distribution date
267 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class A $ - 267
Servicing fee for the related Distribution Date
268 Class A Allocable Amount $ 485,804 268
269 An amount to be included in the Excess Spread $ 1,922,538 269
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 $ 111,500 270
Distribution date
271 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class B $ - 271
Servicing fee for the related Distribution Date
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
272 An amount to be included in the Excess Spread $ 264,427 272
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 $ 394,723 274
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 $ 268,788 276
277 Available Excess Spread $ 2,850,476 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1997-2 waterfall $ 2,850,476 279
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 $ 53,978 283
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 $ 109,484 286
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 $ 56,677 289
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 $ 77,831 292
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 $ 38,594 295
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 $ 2,121,745 299
--------------------------------------------------------------------------------------------------------------------------
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 $ 43,367,645 301
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 $ 43,367,645 304
305 Class B Accumulation Amount $ - 305
</TABLE>
<PAGE>
<TABLE>
<S> <C> <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 $ 43,367,645 307
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 $ 43,367,645 310
----------------------------------------------------------------------------------------------------------------------------------
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 34.13% 317(a) $ 635,054 317(b)
318 Class A Investor Default Amount 26.11% 318(a) $ 485,804 318(b)
319 Class B Investor Default Amount 2.90% 319(a) $ 53,978 319(b)
320 Collateral Default Amount 3.05% 320(a) $ 56,677 320(b)
321 Class D Investor Default Amount 2.07% 321(a) $ 38,594 321(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 $ 635,054 327
328 Class A Allocable Amount $ 485,804 328
329 Class B Allocable Amount $ 53,978 329
330 Collateral Allocable Amount $ 56,677 330
331 Class D Allocable Amount $ 38,594 331
- -----------------------------------------------------------------------------------------------------------------------------------
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 Allocable Amount for current Distribution Date $ - 336
337 Class A Servicing Fee (if Proffitt's is no longer the Servicer) $ - 337
338 Class B Required Amount $ - 338
339 Class B Monthly Interest for current Distribution Date $ 111,500 339
340 Class B Monthly Interest previously due but not paid $ - 340
341 Class B Additional Interest for prior Monthly Period or previously due but not
paid $ - 341
342 Class B Servicing Fee (if Proffitt's is no longer the Servicer) $ - 342
343 Excess of Class B Allocable Amount over funds available to make payments $ - 343
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 109,484 345
346 Collateral Monthly Interest previously due but not paid $ - 346
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
347 Collateral Additional Interest for prior Monthly Period or previously due but
not paid $ - 347
348 Collateral Servicing Fee (if Proffitt's is no longer the Servicer) $ - 348
349 Excess of Collateral Allocable Amount over funds available to make payments $ - 349
-----------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
-----------------------------------------------------------------------------------------------------------------------------------
Class A
-------
350 Class A Investor Amount reduction $ - 350
351 Class A Investor Charge Off $ - 351
352 Reductions of the Class A Investor Amount $ - 352
Class B
-------
353 Class B Investor Amount reduction $ - 353
354 Class B Investor Charge Off $ - 354
355 Reductions of the Class B Investor Amount $ - 355
356 Reallocated Principal Collections applied to Class A
Collateral $ - 356
----------
357 Collateral Indebtedness Amount reduction $ - 357
358 Collateral Indebtedness Amount Charge Off $ - 358
359 Reductions of the Collateral Indebtedness Amount $ - 359
360 Reallocated Principal Collections applied to Class B
Class D $ - 360
-------
361 Class D Investor Amount reduction $ - 361
362 Class D Investor Charge Off $ - 362
363 Reductions of the Class D Investor Amount $ - 363
364 Reallocated Principal Collections applied to Collateral Indebtedness Amount $ - 364
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SERVICING FEE
--------------------------------------------------------------------------------------------------------------------------
365 Series 1997-2 Servicing Fee $ 392,167 365
366 Class A Servicing Fee $ 300,000 366
367 Class B Servicing Fee $ 33,333 367
368 Collateral Servicing Fee $ 35,000 368
369 Class D Servicing Fee $ 23,833 369
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RESERVE ACCOUNT
---------------------------------------------------------------------------------------------------------------------------
370 Required Reserve Account Amount ( if applicable) N/A 370
371 Reserve Account Reinvestment Rate (if applicable) N/A 371
372 Reserve Account balance $ - 372
373 Accumulation Period Length 12 months 373
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of
July, 1998.
Proffitt's, Inc.,
as Servicer
By James S. Scully
---------------------------------
Name: James S. Scully
TITLE: VICE PRESIDENT AND TREASURER
<PAGE>
Exhibit 99.2
Series 1998-1 Monthly Certificateholders' Statement for the month of June 1998
<PAGE>
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 May 6,1998 (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.
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:
<TABLE>
<CAPTION>
Date of the Certificate July 10, 1998
Monthly Period ending: June 30, 1998
Determination Date July 10, 1998
Distribution Date July 15, 1998
- ---------------------------------------------------------------------------------------------------------------------------------
GENERAL
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <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 Class C Investor Amount paid in full No 205
206 Proffitt's Inc. is the Servicer Yes 206
---------------------------------------------------------------------------------------------------------------------------------
INVESTOR AMOUNT
---------------------------------------------------------------------------------------------------------------------------------
as of the end of
of the end of prior the 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 of
as of the end of prior the relevant
Monthly Period Monthly Period
----------------------- ------------------------
218 Series 1998-1 Investor Percentage with respect to Finance Charge 13.27% 218(a) 13.48% 218(b)
Receivables
219 Class A 9.72% 219(a) 9.87% 219(b)
220 Class B 1.16% 220(a) 1.18% 220(b)
221 Class C 2.39% 221(a) 2.43% 221(b)
222 Series 1998-1 Investor Percentage with respect to Principal 13.27% 222(a) 13.48% 222(b)
223 Class A 9.72% 223(a) 9.87% 223(b)
224 Class B 1.16% 224(a) 1.18% 224(b)
225 Class C 2.39% 225(a) 2.43% 225(b)
226 Series 1998-1 Investor Percentage with respect to Default Amounts 13.27% 226(a) 13.48% 226(b)
227 Class A 9.72% 227(a) 9.87% 227(b)
228 Class B 1.16% 228(a) 1.18% 228(b)
229 Class C 2.39% 229(a) 2.43% 229(b)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
SERIES 1998-1 INVESTOR DISTRIBUTIONS
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
230 The sum of the daily allocations of collections of Principal Receivables for $ - 230
the relevant Monthly Period
231 Class A distribution of collections of Principal Receivables per $1,000 of $ - 231
original principal amount
232 Class B distribution of collections of Principal Receivables per $1,000 of $ - 232
original principal amount
233 Class C distribution of collections of Principal Receivables per $1,000 of $ - 233
original principal amount
234 Class A distribution attributable to interest per $1,000 of original $ 5.36 234
principal amount
235 Class B distribution attributable to interest per $1,000 of original $ 5.51 235
principal amount
236 Class C distribution attributable to interest per $1,000 of original $ - 236
principal amount
237 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000 of $ 1.67 237
original principal amount
--------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1998-1
---------------------------------------------------------------------------------------------------------------------------------
Allocations of Finance Charge Collections
-------------------------------------------
238 Investor allocation of Finance Charge Collections during the Collection $ 1,719,866 238
Period pursuant to Section 4.4
239 Investment earnings during Collection Period of Series Accounts to $ - 239
be treated as investor Finance Charge Collections: $ - 240
240 (a) Collection Account $ - 241
241 (b) Reserve Account $ - 242
242 (c) Principal Account
243 Monthly Finance Charge Allocation prior to allocation of Shared
Finance Charge Collections (line 238 + line 239) $ 1,719,866 243
244 "Reserve Draw Amount" for the Distribution Date (pursuant to Section $ - 244
4.9 (b))
245 "Reserve Account Surplus" for the Distribution Date (pursuant to Section $ - 245
4.9(c))
246 Final Reserve Account disbursement (pursuant to Section 4.9 (d)) $ - 246
247 Total allocations of Finance Charge Collections during the Relevant $ 1,719,866 247
Monthly Period (sum of line 243, line 244, line 245and line 246)
- -----------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF FINANCE CHARGE COLLECTIONS
- -----------------------------------------------------------------------------------------------------------------------------------
248 Shared Finance Charge Collections allocated to Series 1998-1 to cover $ - 248
the Total Deficiency Amount pursuant to Section 4.6
249 Class A Monthly Interest plus the amount of any previous month's
Class A Interest Shortfall plus any Class A Additional $ 359,008 249
Interest (Section 4.6 (a))
250 Class B Monthly Interest plus the amount of any previous month's
Class B Interest Shortfall plus any Class B Additional $ 44,067 250
Interest (Section 4.6 (a))
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)) $ 246,950 253
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>
<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 $ - 256
Collections and (ii) Class B Investor Charge-Offs (Section 4.6 (f))
257 An amount equal to any unreimbursed reductions of the Class C
Investor Amount, if any, due to (i) Reallocated Principal Collections and $ - 257
(ii) Class C Investor Charge-Offs (Section 4.6 (f))
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 259
Servicer or its Affiliates (Section 4.6 (h))
260 Excess Spread $ 917,340 260
- ----------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF MONTHLY PRINCIPAL
- ----------------------------------------------------------------------------------------------------------------------------
During the Accumulation Period
------------------------------
261 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) prior to the $ - 261
inclusion of amounts in line 262 below
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 $ - 265
Accumulation Period
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 $ - 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 $ - 270
inclusion of amounts in line 271 below
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 $ - 274
Principal Account after giving effect to line 273)
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 $ 1,719,866 280
281 Total Monthly Payment $ 802,525 281
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 $ 246,950 285
286 Upaid 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 $ - 294
allocated to the Class C Investor Amount pursuant to Section 4.11
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 July, 1998.
Proffitt's, Inc., as Servicer
By /s/ James S. Scully
___________________________________________
NAME: JAMES S. SCULLY
TITLE: VICE PRESIDENT AND TREASURER
</TABLE>
<PAGE>
Exhibit 99.3
Series 1998-2 Monthly Certificateholders' Statement for the month of June 1988
<PAGE>
Series 1998-2
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 May 21, 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:
Date of the Certificate July 10, 1998
Monthly Period ending: June 30, 1998
Determination Date July 10, 1998
Distribution Date July 15, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <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
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
as of the end of prior as of the end of
Monthly Period the relevant
Monthly Period
---------------------- ------------------
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 of prior as of the end of
Monthly Period the relevant
Monthly Period
---------------------- ------------------
221 Series 1998-2 Investor Percentage with respect to Finance Charge 37.94% 221(a) 38.51% 221(b)
Receivables
222 Class A 29.01% 222(a) 29.46% 222(b)
223 Class B 3.12% 223(a) 3.17% 223(b)
224 Collateral Indebtedness Amount 3.48% 224(a) 3.53% 224(b)
225 Class D 2.32% 225(a) 2.36% 225(b)
226 Series 1998-2 Investor Percentage with respect to Principal 37.94% 226(a) 38.51% 226(b)
Receivables
227 Class A 29.01% 227(a) 29.46% 227(b)
228 Class B 3.12% 228(a) 3.17% 228(b)
229 Collateral Indebtedness Amount 3.48% 229(a) 3.53% 229(b)
230 Class D 2.32% 230(a) 2.36% 230(b)
231 Series 1998-2 Investor Percentage with respect to Allocable Amounts 37.94% 231(a) 38.51% 231(b)
232 Class A 29.01% 232(a) 29.46% 232(b)
233 Class B 3.12% 233(a) 3.17% 233(b)
234 Collateral Indebtedness Amount 3.48% 234(a) 3.53% 234(b)
235 Class D 2.32% 235(a) 2.36% 235(b)
-----------------------------------------------------------------------------------------------------------------------------------
SERIES 1998-2 INVESTOR DISTRIBUTIONS
-----------------------------------------------------------------------------------------------------------------------------------
236 The sum of the daily allocations of collections of Principal Receivables for the $ - 236
relevant Monthly Period
</TABLE>
Page 1 of 5
<PAGE>
Series 1998-2
<TABLE>
<S> <C> <C>
237 Class A distribution of collections of Principal Receivables per $1,000 of $ - 237
original principal amount
238 Class B distribution of collections of Principal Receivables per $1,000 of $ - 238
original principal amount
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 $ - 240
original principal amount
241 Class A distribution attributable to interest per $1,000 of original principal $ 5.00 241
amount
242 Class B distribution attributable to interest per $1,000 of original principal $ 5.13 242
amount
243 Collateral Indebtedness Amount distribution attributable to interest per $1,000 $ 5.34 243
of original principal amount
244 Class D distribution attributable to interest per $1,000 of original principal $ - 244
amount
245 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000 of $ 1.67 245
original principal amount
- ------------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1998-2
- ------------------------------------------------------------------------------------------------------------------------------------
246 Series allocation of collections of Principal Receivables $ 48,196,511 246
247 Class A $ 36,861,576 247
248 Class B $ 3,962,619 248
249 Collateral Indebtedness Amount $ 4,423,389 249
250 Class D $ 2,948,926 250
251 Series allocation of collections of Finance Charge Receivables $ 4,915,244 251
252 Class A $ 3,759,269 252
253 Class B $ 404,121 253
254 Collateral Indebtedness Amount $ 451,112 254
255 Class D $ 300,742 255
Available Funds
---------------
256 Class A Available Funds $ 3,759,269 256
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 $ 404,121 260
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 $ 451,112 264
265 Class D Available Funds $ 300,742 265
- ------------------------------------------------------------------------------------------------------------------------------------
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 $ 1,000,000 266
Distribution date
267 If Proffitt's Inc. is no longer the Servicer, an amount equal to Class A $ - 267
Servicing fee for the related Distribution Date
268 Class A Allocable Amount $ 539,782 268
269 An amount to be included in the Excess Spread $ 2,219,487 269
Class B
-------
</TABLE>
Page 2 of 5
<PAGE>
<TABLE>
<S> <C> <C>
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 $ 110,188 270
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 $ 293,934 272
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 $ 451,112 274
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 $ 300,742 276
277 Available Excess Spread $ 3,265,275 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 3,265,275 279
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 $ - 281
previously reimbursed
282 Class B Required Amount to the extent attributable to line270, and line271 $ - 282
283 Class B Allocable Amount $ 58,027 283
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 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 $ 128,125 286
287 Class A Servicing Fee plus Class B Servicing Fee plus Collateral
Servicing Fee due for the relevant Monthly Period and not paid above $ 409,167 287
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 $ 64,774 289
290 Any unreimbursed reductions of the Collateral Indebtedness Amount (CIA), if
any, due to: (i) CIA Charge Offs; (ii) Reallocated $ - 290
Principal Collections; (iii) reallocations of the CIA to the Class A or
Class B Investor Amount
291 The excess, if any, of the Required Cash Collateral Amount over the $ - 291
Available Collateral Amount
292 An amount equal to Class D Monthly Interest due but not paid to the
Class D Certificateholders plus Class D Additional Interest $ 88,750 292
293 Class D Servicing Fee due for the relevant Monthly Period and not paid above $ 26,667 293
294 Class D Servicing Fee due but not distributed to the Servicer for prior Monthly $ - 294
Periods
295 Class D Allocable Amount $ 43,183 295
296 Any unreimbursed reductions of the Class D Investor Amount, if any, due to:
(i) Class D Investor Charge Offs; (ii) Reallocated $ - 296
Principal Collections; (iii) reallocations of the Class D Investor Amount to
the Class A or Class B Investor Amount or CIA
297 Aggregate amount of any other amounts due to the Collateral Indebtedness Holder $ - 297
pursuant to the Loan Agreement
298 Excess, if any, of the Required Reserve Account Amount over the amount on $ - 298
deposit in the Reserve Account
299 Shared Excess Finance Charge Collections $ 2,446,584 299
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF MONTHLY PRINCIPAL
-----------------------------------------------------------------------------------------------------------------------------------
<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 $ 48,196,511 301
302 Class A Accumulation Amount $ - 302
</TABLE>
Page 3 of 5
<PAGE>
<TABLE>
<S> <C> <C>
303 Class B Monthly Principal (the least of line#304, line#305 and line #209) $ - 303
(distributable only after payout of Class A)
304 Available Principal Collections held in the Collection Account less portion of $ 48,196,511 304
such Collections applied to Class A Monthly Principal
305 Class B Accumulation Amount $ - 305
306 Collateral Monthly Principal (prior to payout of Class B) (the least of line#307 $ - 306
and line#308)
307 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A and Class B Monthly Principal $ 48,196,511 307
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 $ 48,196,511 310
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE ENHANCEMENT AMOUNT
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
311 Available Enhancement Amount $ 40,000,000 311
312 Amount on Deposit in the Cash Collateral Account $ - 312
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
REALLOCATED PRINCIPAL COLLECTIONS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR DEFAULT AMOUNTS, ADJUSTMENT AMOUNTS, AND ALLOCABLE AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
% Amount
--------------- --------------
<S> <C> <C> <C> <C>
317 Series 1998-2 Default Amount 37.94% 317(a) $ 705,765 317(b)
318 Class A Investor Default Amount 29.01% 318(a) $ 539,782 318(b)
319 Class B Investor Default Amount 3.12% 319(a) $ 58,027 319(b)
320 Collateral Default Amount 3.48% 320(a) $ 64,774 320(b)
321 Class D Investor Default Amount 2.32% 321(a) $ 43,183 321(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 $ 705,765 327
328 Class A Allocable Amount $ 539,782 328
329 Class B Allocable Amount $ 58,027 329
330 Collateral Allocable Amount $ 64,774 330
331 Class D Allocable Amount $ 43,183 331
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
REQUIRED AMOUNTS
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
332 Class A Required Amount $ - 332
333 Class A Monthly Interest for current Distribution Date $ 1,000,000 333
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 $ - 335
paid
336 Class A Allocable Amount for current Distribution Date $ - 336
337 Class A Servicing Fee (if Proffitt's is no longer the Servicer) $ - 337
338 Class B Required Amount $ - 338
339 Class B Monthly Interest for current Distribution Date $ 110,188 339
340 Class B Monthly Interest previously due but not paid $ - 340
341 Class B Additional Interest for prior Monthly Period or previously due but not $ - 341
paid
342 Class B Servicing Fee (if Proffitt's is no longer the Servicer) $ - 342
343 Excess of Class B Allocable Amount over funds available to make $ - 343
</TABLE>
Page 4 of 5
<PAGE>
<TABLE>
<S> <C> <C>
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 128,125 345
346 Collateral Monthly Interest previously due but not paid $ - 346
347 Collateral Additional Interest for prior Monthly Period or previously due but $ - 347
not paid
348 Collateral Servicing Fee (if Proffitt's is no longer the Servicer) $ - 348
349 Excess of Collateral Allocable Amount over funds available to make payments $ - 349
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Class A
-------
350 Class A Investor Amount reduction $ - 350
351 Class A Investor Charge Off $ - 351
352 Reductions of the Class A Investor Amount $ - 352
Class B
-------
353 Class B Investor Amount reduction $ - 353
354 Class B Investor Charge Off $ - 354
355 Reductions of the Class B Investor Amount $ - 355
356 Reallocated Principal Collections applied to Class A $ - 356
Collateral
----------
357 Collateral Indebtedness Amount reduction $ - 357
358 Collateral Indebtedness Amount Charge Off $ - 358
359 Reductions of the Collateral Indebtedness Amount $ - 359
360 Reallocated Principal Collections applied to Class B $ - 360
Class D
-------
361 Class D Investor Amount reduction $ - 361
362 Class D Investor Charge Off $ - 362
363 Reductions of the Class D Investor Amount $ - 363
364 Reallocated Principal Collections applied to Collateral Indebtedness Amount $ - 364
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
SERVICING FEE
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
365 Series 1998-2 Servicing Fee $ 435,833 365
366 Class A Servicing Fee $ 333,333 366
367 Class B Servicing Fee $ 35,833 367
368 Collateral Servicing Fee $ 40,000 368
369 Class D Servicing Fee $ 26,667 369
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
370 Required Reserve Account Amount (if applicable) N/A 370
371 Reserve Account Reinvestment Rate (if applicable) N/A 371
372 Reserve Account balance $ - 372
373 Accumulation Period Length 12 months 373
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of July, 1998.
Proffitt's, Inc.,
as Servicer
By James S Scully
-------------------
Name: James S. Scully
TITLE: VICE PRESIDENT AND TREASURER
Page 5 of 5
