<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): November 16, 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.
- - ------ ------------
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
October 1998, to the Series 1997-2 Certificateholders on November 16, 1998.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
October 1998, to the Series 1998-1 Certificateholders on November 16, 1998.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
October 1998, to the Series 1998-2 Certificateholders on November 16, 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 October 1998
99.2 Series 1998-1 Monthly Certificateholders' Statement for the
month of October 1998
99.3 Series 1998-2 Monthly Certificateholders' Statement for the
month of October 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.
SAKS INCORPORATED, 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: November 16, 1998
-3-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
- - -------
99.1 Series 1997-2 Monthly Certificateholders' Statement for the month of
October 1998
99.2 Series 1998-1 Monthly Certificateholders' Statement for the month of
October 1998
99.3 Series 1998-2 Monthly Certificateholders' Statement for the month of
October 1998
<PAGE>
Exhibit 99.1
Series 1997-2 Monthly Certificateholders' Statement
for the month of October 1998
<PAGE>
Series 1997-2
Monthly Certificateholder's Statement
Proffitt's Credit Card Master Trust
Series 1997-2
Pursuant to the Master Pooling and Servicing Agreement dated as of August 21,
1997 (as amended or supplemented, the "Pooling and Servicing Agreement"), as
supplemented by the Series 1997-2 Supplement, dated as of August 21, 1997 (the
"Supplement" and together with the Pooling and Servicing Agreement, the
"Agreement") each between Proffitt's Credit Corporation as Transferor, Saks
Incorporated (formerly known as 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 November 10, 1998
Monthly Period ending: October 31, 1998
Determination Date November 10, 1998
Distribution Date November 16, 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 Saks Incorporated is the Servicer Yes 206
- - -------------------------------------------------------------------------------------------------------------------
Investor Amount
- - -------------------------------------------------------------------------------------------------------------------
as of the end of
as of the end of prior 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 Rate 6.00859% 218
219 Class D Certificate Rate 6.28359% 219
220 Weighted average interest rate for Series 1997-2 6.46% 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 35.17% 221(a) 33.68% 221(b)
222 Class A 26.91% 222(a) 25.76% 222(b)
223 Class B 2.99% 223(a) 2.86% 223(b)
224 Collateral Indebtedness Amount 3.14% 224(a) 3.01% 224(b)
225 Class D 2.14% 225(a) 2.05% 225(b)
226 Series 1997-2 Investor Percentage with respect
to Principal Receivables 35.17% 226(a) 33.68% 226(b)
227 Class A 26.91% 227(a) 25.76% 227(b)
228 Class B 2.99% 228(a) 2.86% 228(b)
229 Collateral Indebtedness Amount 3.14% 229(a) 3.01% 229(b)
230 Class D 2.14% 230(a) 2.05% 230(b)
231 Series 1997-2 Investor Percentage with respect 35.17% 231(a) 33.68% 231(b)
to Allocable Amounts
232 Class A 26.91% 232(a) 25.76% 232(b)
233 Class B 2.99% 233(a) 2.86% 233(b)
234 Collateral Indebtedness Amount 3.14% 234(a) 3.01% 234(b)
235 Class D 2.14% 235(a) 2.05% 235(b)
- - -------------------------------------------------------------------------------------------------------------------
SERIES 1997-2 INVESTOR DISTRIBUTIONS
- - -------------------------------------------------------------------------------------------------------------------
The sum of the daily allocations of collections
236 of Principal Receivables for the relevant
Monthly Period $ - 236
Class A distribution of collections of Principal
237 Receivables per $1,000 of original principal
amount $ - 237
Page 1 of 5
</TABLE>
<PAGE>
Series 1997-2
<TABLE>
<S> <C> <C> <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 $ 5.34 243
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 $ 46,944,304 246
247 Class A $ 35,911,495 247
248 Class B $ 3,990,166 248
249 Collateral Indebtedness Amount $ 4,189,674 249
250 Class D $ 2,852,969 250
251 Series allocation of collections of Finance
Charge Receivables $ 5,211,452 251
252 Class A $ 3,986,661 252
253 Class B $ 442,962 253
254 Collateral Indebtedness Amount $ 465,110 254
255 Class D $ 316,718 255
Available Funds
---------------
256 Class A Available Funds $ 3,986,661 256
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
260 Class B Available Funds $ 442,962 260
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 $ 465,110 264
265 Class D Available Funds $ 316,718 265
- - -------------------------------------------------------------------------------------------------------------------
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 Saks Incorporated is no longer the
Servicer, an amount equal to Class A
Servicing fee for the related Distribution
Date $ - 267
268 Class A Allocable Amount $ 599,732 268
269 An amount to be included in the Excess Spread $ 2,411,929 269
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 Saks Incorporated is no longer the Servicer,
an amount equal to Class B Servicing fee for the
related Distribution Date $ - 271
Page 2 of 5
</TABLE>
<PAGE>
Series 1997-2
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
272 An amount to be included in the Excess Spread $ 331,462 272
Collateral
----------
273 If Saks Incorporated 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 $ 465,110 274
Class D
-------
275 If Saks Incorporated 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 $ 316,718 276
277 Available Excess Spread $ 3,525,220 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1997-2 waterfall $ 3,525,220 279
280 Class A Required Amount is to be used to fund
any deficiency in line 266, line 267 and line 268 $ - 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 line 270, and line 271 $ - 282
283 Class B Allocable Amount $ 66,637 283
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 $ 112,160 286
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 $ 69,969 289
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 $ 79,871 292
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 $ 47,645 295
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 $ 2,756,771 299
- - ----------------------------------------------------------------------------------------------------------------------
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 $ 46,944,304 301
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 $ 46,944,304 304
305 Class B Accumulation Amount $ - 305
Page 3 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
Series 1997-2
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 $ 46,944,304 307
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 $ 46,944,304 310
- - --------------------------------------------------------------------------------------------------------------------
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 35.17% 317(a) $ 783,982 317(b)
318 Class A Investor Default Amount 26.91% 318(a) $ 599,732 318(b)
319 Class B Investor Default Amount 2.99% 319(a) $ 66,637 319(b)
320 Collateral Default Amount 3.14% 320(a) $ 69,969 320(b)
321 Class D Investor Default Amount 2.14% 321(a) $ 47,645 321(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 $ 783,982 327
328 Class A Allocable Amount $ 599,732 328
329 Class B Allocable Amount $ 66,637 329
330 Collateral Allocable Amount $ 69,969 330
331 Class D Allocable Amount $ 47,645 331
- - --------------------------------------------------------------------------------------------------------------------
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 $ - 335
336 Class A Allocable Amount for current Distribution Date $ - 336
337 Class A Servicing Fee (if Saks Incorporated 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 $ - 341
342 Class B Servicing Fee (if Saks Incorporated 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 $ 112,160 345
346 Collateral Monthly Interest previously due but not paid $ - 346
347 Collateral Additional Interest for prior Monthly Period
or previously due but not paid $ - 347
Page 4 of 5
</TABLE>
<PAGE>
<TABLE>
Series 1997-2
<S> <C> <C>
348 Collateral Servicing Fee (if Saks Incorporated 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 $ - 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
- - ---------------------------------------------------------------------------------------------------------------
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
- - ---------------------------------------------------------------------------------------------------------------
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
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 10th day of
November, 1998.
Saks Incorporated,
as Servicer
By /s/ James S. Scully
___________________________________________
Name: James S. Scully
Title: Vice President and Treasurer
Page 5 of 5
</TABLE>
<PAGE>
Exhibit 99.2
Series 1998-1 Monthly Certificateholders' Statement
for the month of October 1998
<PAGE>
Series 1998-1
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, Saks
Incorporated (formerly known as 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:
Date of the Certificate November 10, 1998
Monthly Period ending: October 31, 1998
Determination Date November 10, 1998
Distribution Date November 16, 1998
<TABLE>
- - ---------------------------------------------------------------------------------------------------------------------
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 Saks Incorporated is the Servicer Yes 206
- - -------------------------------------------------------------------------------------------------------------------
Investor Amount
- - -------------------------------------------------------------------------------------------------------------------
as of the end of
as 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 Receivables 13.68% 218(a) 13.10% 218(b)
219 Class A 10.01% 219(a) 9.59% 219(b)
220 Class B 1.20% 220(a) 1.14% 220(b)
221 Class C 2.47% 221(a) 2.36% 221(b)
222 Series 1998-1 Investor Percentage with respect
to Principal 13.68% 222(a) 13.10% 222(b)
223 Class A 10.01% 223(a) 9.59% 223(b)
224 Class B 1.20% 224(a) 1.14% 224(b)
225 Class C 2.47% 225(a) 2.36% 225(b)
226 Series 1998-1 Investor Percentage with respect
to Default Amounts 13.68% 226(a) 13.10% 226(b)
227 Class A 10.01% 227(a) 9.59% 227(b)
228 Class B 1.20% 228(a) 1.14% 228(b)
229 Class C 2.47% 229(a) 2.36% 229(b)
Page 1 of 4
</TABLE>
<PAGE>
<TABLE>
Series 1998-1
- - ---------------------------------------------------------------------------------------------------------------------
Series 1998-1 Investor Distributions
- - ---------------------------------------------------------------------------------------------------------------------
<S> <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 $ 2,026,553 238
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) $ 2,026,553 243
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) $ 2,026,553 247
- - ---------------------------------------------------------------------------------------------------------------------
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 (a)) $ 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)) $ 304,864 253
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
Page 2 of 4
</TABLE>
<PAGE>
<TABLE>
Series 1998-1
<S> <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 $ 1,166,114 260
- - ---------------------------------------------------------------------------------------------------------------------
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 Certificate $ - 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 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
Page 3 of 4
</TABLE>
<PAGE>
<TABLE>
Series 1998-1
- - ---------------------------------------------------------------------------------------------------------------------
Total Deficiency Amount and Investor Charge-Offs
- - ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
280 Monthly Finance Charge Allocation prior to allocation
of Shared Finance Charge Collections $ 2,026,553 280
281 Total Monthly Payment $ 860,439 281
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 $ 304,864 285
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
288 Allocation of Shared Finance Charge Collections to Series 1998-1
during the Relevant Monthly Period $ - 288
289 Total Deficiency Amount ("Shortfall") (Section 4.6) $ - 289
290 Investor Charge-Offs $ - 290
291 Class C Investor Charge-Offs $ - 291
292 Class B Investor Charge-Offs $ - 292
293 Class A Investor Charge-Offs $ - 293
- - -----------------------------------------------------------------------------------------------------------------------------------
Reduction of Investor Amounts
- - -----------------------------------------------------------------------------------------------------------------------------------
Class A
-------
294 Aggregate amount of Class A Investor Charge-Offs over Class A
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 294
Class B
-------
295 Aggregate amount of Class B Investor Charge-Offs over Class B
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 295
296 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 $ - 296
Class C
-------
297 Aggregate amount of Class C Investor Charge-Offs over Class C
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 297
298 Aggregate amount of Class C Reallocated Amounts over Class C
Reallocated Amounts reimbursed pursuant to subsection 4.6 (f) $ - 298
- - -----------------------------------------------------------------------------------------------------------------------------------
Pool Factors
- - -----------------------------------------------------------------------------------------------------------------------------------
299 Class A Pool Factor 100.00% 299
300 Class B Pool Factor 100.00% 300
301 Class C Pool Factor 100.00% 301
- - -----------------------------------------------------------------------------------------------------------------------------------
Reserve Account
- - -----------------------------------------------------------------------------------------------------------------------------------
302 Required Reserve Account Amount (if applicable) N/A 302
303 Reserve Account Reinvestment Rate (if applicable) N/A 303
304 Reserve Account balance $ - 304
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 10th day of
November, 1998.
Saks Incorporated, as Servicer
By /s/ James S. Scully
--------------------------------
Name: James S. Scully
Title: Vice President and Treasurer
Page 4 of 4
</TABLE>
<PAGE>
Exhibit 99.3
Series 1998-2 Monthly Certificateholders' Statement
for the month of October 1998
<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, Saks
Incorporated (formerly known as 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 November 10, 1998
Monthly Period ending: October 31, 1998
Determination Date November 10, 1998
Distribution Date November 16, 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 Saks Incorporated is the Servicer Yes 206
- - -------------------------------------------------------------------------------------------------------------------
Investor Amount
- - -------------------------------------------------------------------------------------------------------------------
as of the end of
as of the end of prior the relevant
Monthly Period 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 Rate 6.15859% 218
219 Class D Certificate Rate 6.40859% 219
220 Weighted average interest rate for Series 1998-2 6.05% 220
as of the end of
as of the end of prior the relevant
Monthly Period Monthly Period
---------------------- ------------------
221 Series 1998-2 Investor Percentage with respect
to Finance Charge Receivables 39.09% 221(a) 37.43% 221(b)
222 Class A 29.90% 222(a) 28.62% 222(b)
223 Class B 3.21% 223(a) 3.08% 223(b)
224 Collateral Indebtedness Amount 3.59% 224(a) 3.43% 224(b)
225 Class D 2.39% 225(a) 2.29% 225(b)
226 Series 1998-2 Investor Percentage with respect
to Principal Receivables 39.09% 226(a) 37.43% 226(b)
227 Class A 29.90% 227(a) 28.62% 227(b)
228 Class B 3.21% 228(a) 3.08% 228(b)
229 Collateral Indebtedness Amount 3.59% 229(a) 3.43% 229(b)
230 Class D 2.39% 230(a) 2.29% 230(b)
231 Series 1998-2 Investor Percentage with respect to
Allocable Amounts 39.09% 231(a) 37.43% 231(b)
232 Class A 29.90% 232(a) 28.62% 232(b)
233 Class B 3.21% 233(a) 3.08% 233(b)
234 Collateral Indebtedness Amount 3.59% 234(a) 3.43% 234(b)
235 Class D 2.39% 235(a) 2.29% 235(b)
- - -------------------------------------------------------------------------------------------------------------------
Series 1998-2 Investor Distributions
- - -------------------------------------------------------------------------------------------------------------------
236 The sum of the daily allocations of collections of
Principal Receivables for the relevant Monthly Period $ - 236
Page 1 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Series 1998-2
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 $ 5.00 241
242 Class B distribution attributable to interest
per $1,000 of original principal amount $ 5.13 242
243 Collateral Indebtedness Amount distribution
attributable to interest per $1,000 of
original principal amount $ 5.47 243
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 $ 52,171,421 246
247 Class A $ 39,901,661 247
248 Class B $ 4,289,429 248
249 Collateral Indebtedness Amount $ 4,788,199 249
250 Class D $ 3,192,133 250
251 Series allocation of collections of Finance
Charge Receivables $ 5,791,732 251
252 Class A $ 4,429,623 252
253 Class B $ 476,184 253
254 Collateral Indebtedness Amount $ 531,555 254
255 Class D $ 354,370 255
Available Funds
---------------
256 Class A Available Funds $ 4,429,623 256
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 $ 476,184 260
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 $ 531,555 264
265 Class D Available Funds $ 354,370 265
- - -------------------------------------------------------------------------------------------------------------------
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 $ 1,000,000 266
267 If Saks Incorporated is no longer the
Servicer, an amount equal to Class A
Servicing fee for the related Distribution
Date $ - 267
268 Class A Allocable Amount $ 666,368 268
269 An amount to be included in the Excess Spread $ 2,763,255 269
Page 2 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Series 1998-2
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 $ 110,188 270
271 If Saks Incorporated 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 $ 365,997 272
Collateral
----------
273 If Saks Incorporated 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 $ 531,555 274
Class D
-------
275 If Saks Incorporated 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 $ 354,370 276
277 Available Excess Spread $ 4,015,176 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 4,015,176 279
280 Class A Required Amount is to be used to fund
any deficiency in line 266, line 267 and line 268 $ - 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 line 270, and line 271 $ - 282
283 Class B Allocable Amount $ 71,635 283
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 $ 131,383 286
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 $ 79,964 289
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 $ 91,144 292
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 Periods $ - 294
295 Class D Allocable Amount $ 53,309 295
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 $ 3,151,907 299
- - ----------------------------------------------------------------------------------------------------------------------
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 $ 52,171,421 301
302 Class A Accumulation Amount $ - 302
Page 3 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Series 1998-2
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 $ 52,171,421 304
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 $ 52.171,421 307
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 $ 52,171,421 310
- - --------------------------------------------------------------------------------------------------------------------
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
- - --------------------------------------------------------------------------------------------------------------------
Investor Default Amounts, Adjustment Amounts, and Allocable Amounts
- - --------------------------------------------------------------------------------------------------------------------
% Amount
----------------- ------------------
317 Series 1998-2 Default Amount 39.09% 317(a) $ 871,277 317(b)
318 Class A Investor Default Amount 29.90% 318(a) $ 666,368 318(b)
319 Class B Investor Default Amount 3.21% 319(a) $ 71,635 319(b)
320 Collateral Default Amount 3.59% 320(a) $ 79,964 320(b)
321 Class D Investor Default Amount 2.39% 321(a) $ 53,309 321(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 $ 871,277 327
328 Class A Allocable Amount $ 666,368 328
329 Class B Allocable Amount $ 71,635 329
330 Collateral Allocable Amount $ 79,964 330
331 Class D Allocable Amount $ 53,309 331
- - --------------------------------------------------------------------------------------------------------------------
Required Amounts
- - --------------------------------------------------------------------------------------------------------------------
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 paid $ - 335
336 Class A Allocable Amount for current Distribution Date $ - 336
337 Class A Servicing Fee (if Saks Incorporated 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 paid $ - 341
342 Class B Servicing Fee (if Saks Incorporated is no
longer the Servicer) $ - 342
343 Excess of Class B Allocable Amount over funds
available to make payments $ - 343
Page 4 of 5
</TABLE>
<PAGE>
<TABLE>
Series 1998-2
<S> <C> <C>
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 131,383 345
346 Collateral Monthly Interest previously due but not paid $ - 346
347 Collateral Additional Interest for prior Monthly Period or previously due but
not paid $ - 347
348 Collateral Servicing Fee (if Saks Incorporated 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 $ - 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
- - ---------------------------------------------------------------------------------------------------------------
Servicing Fee
- - ---------------------------------------------------------------------------------------------------------------
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
- - ---------------------------------------------------------------------------------------------------------------
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
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 10th day of
November, 1998.
Saks Incorporated,
as Servicer
By /s/ James S. Scully
___________________________________________
Name: James S. Scully
Title: Vice President and Treasurer
Page 5 of 5
</TABLE>
