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Previous: NEBCO EVANS HOLDING CO, 424B3, 1998-03-16 |
Next: FNANB CREDIT CARD MASTER TRUST, 8-K, 1998-03-16 |
<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): MARCH 16, 1998
PROFFITT'S CREDIT CARD MASTER TRUST
-----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
<TABLE>
<CAPTION>
NOT APPLICABLE 333-28811-01 NOT APPLICABLE
----------------- ------------ ------------------
<S> <C> <C>
(STATE OR OTHER (COMMISSION (IRS EMPLOYER
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
INCORPORATION)
</TABLE>
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
February 1998, to the Series 1997-2 Certificateholders on March 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 February 1998
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROFFITT'S, INC., AS SERVICER UNDER THE
PROFFITT'S CREDIT CARD MASTER TRUST
(Registrant)
/s/ Douglas E. Coltharp
--------------------------
Douglas E. Coltharp
Executive Vice President and
Chief Financial Officer
Date: March 16, 1998
3
<PAGE>
INDEX TO EXHIBITS
-----------------
<TABLE>
<CAPTION>
Exhibit
- -------
<S> <C>
99.1 Series 1997-2 Monthly Certificateholders' Statement for the month of February 1998
</TABLE>
<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 the Series 1997-2 Certificates is set forth
below:
Date of the Certificate March 10, 1998
Monthly Period ending: February 28, 1998
Determination Date March 10, 1998
Distribution Date March 16, 1998
<TABLE>
<CAPTION>
General
<S> <C> <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
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 6.2250% 218
219 Class D Certificate Rate 6.5000% 219
220 Weighted average interest rate for Series 1997-2 6.49% 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 69.32% 221(a) 40.51% 221(b)
222 Class A 53.03% 222(a) 30.99% 222(b)
223 Class B 5.89% 223(a) 3.44% 223(b)
224 Collateral Indebtedness Amount 6.19% 224(a) 3.62% 224(b)
225 Class D 4.21% 225(a) 2.46% 225(b)
226 Series 1997-2 Investor Percentage with respect
to Principal Receivables 69.32% 226(a) 40.51% 226(b)
227 Class A 53.03% 227(a) 30.99% 227(b)
228 Class B 5.89% 228(a) 3.44% 228(b)
229 Collateral Indebtedness Amount 6.19% 229(a) 3.62% 229(b)
230 Class D 4.21% 230(a) 2.46% 230(b)
231 Series 1997-2 Investor Percentage with respect
to Allocable Amounts 69.32% 231(a) 40.51% 231(b)
232 Class A 53.03% 232(a) 30.99% 232(b)
233 Class B 5.89% 233(a) 3.44% 233(b)
234 Collateral Indebtedness Amount 6.19% 234(a) 3.62% 234(b)
235 Class D 4.21% 235(a) 2.46% 235(b)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Collections Allocated to Series 1997-2
<S> <C> <C> <C>
236 Series allocation of collections of
Principal Receivables $ 73,533,030 236
237 Class A $ 56,251,362 237
238 Class B $ 6,250,151 238
239 Collateral Indebtedness Amount $ 6,562,659 239
240 Class D $ 4,468,858 240
241 Series allocation of collections of
Finance Charge Receivables $ 7,406,518 241
242 Class A $ 5,665,845 242
243 Class B $ 629,538 243
244 Collateral Indebtedness Amount $ 661,015 244
245 Class D $ 450,120 245
Available Funds
---------------
246 Class A Available Funds $ 5,665,845 246
247 The amount to be withdrawn from the Reserve
Account to be included in Class A available funds $ - 247
248 Principal Investment Proceeds to be included
in Class A Available Funds $ - 248
249 The amount of investment earnings on amounts
held in the Reserve Account to be included
in Class A available funds $ - 249
250 Class B Available Funds $ 629,538 250
251 The amount to be withdrawn from the Reserve
Account to be included in Class B available funds $ - 251
252 Principal Investment Proceeds to be included in
Class B Available Funds $ - 252
253 The amount of investment earnings on amounts held
in the Reserve Account to be included in
Class B available funds $ - 253
254 Collateral Available Funds $ 661,015 254
255 Class D Available Funds $ 450,120 255
Application of Collections
Class A
-------
256 Class A Monthly Interest for the related Distribution
Date, plus the amount of any Class A Monthly
Interest previously due but not paid plus any additional
interest with respect to interest amounts that were
due but not paid on a prior Distribution date $ 975,000 256
257 If Proffitt's Inc. is no longer the Servicer,
an amount equal to Class A Servicing fee for
the related Distribution Date $ - 257
258 Class A Allocable Amount $ 1,053,039 258
259 An amount to be included in the Excess Spread $ 3,637,806 259
Class B
-------
260 Class B Monthly Interest for the related
Distribution Date, plus the amount of
any Class B Monthly Interest previously due
but not paid plus any additional interest with
respect to interest amounts that were due but not
paid on a prior Distribution date $ 111,500 260
261 If Proffitt's Inc. is no longer the Servicer, an
amount equal to Class B Servicing fee for
the related Distribution Date $ - 261
262 An amount to be included in the Excess Spread $ 518,038 262
Collateral
----------
263 If Proffitt's Inc. is no longer the Servicer, an
amount equal to Collateral Servicing fee for
the related Distribution Date $ - 263
264 An amount to be included in the Excess Spread $ 661,015 264
Class D
-------
265 If Proffitt's Inc. is no longer the Servicer, an
amount equal to Class D Servicing fee for
the related Distribution Date $ - 265
266 An amount to be included in the Excess Spread $ 450,120 266
267 Available Excess Spread $ 5,266,980 267
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
268 Available Shared Excess Finance Charge Collections $ - 268
269 Class A Required Amount is to be used to fund
any deficiency in line256, line257 and line258 $ - 269
270 The aggregate amount of Class A Investor
Charge Offs which have not been previously reimbursed $ - 270
271 Class B Required Amount to the extent attributable to
line260, and line261 $ - 271
272 Class B Allocable Amount $ 117,004 272
273 Any remaining portion of the Class B Required Amount $ - 273
274 An amount equal to any unreimbursed reductions of
the Class B Investor Amount, if any, due to:
(i) Class B Investor Charge Offs; (ii) Reallocated
Principal Collections; (iii) reallocations of the
Class B Investor Amount to the Class A Investor Amount $ - 274
275 Collateral Monthly Interest for the related
Distribution Date plus Collateral Monthly Interest
previously due but not paid to the Collateral Indebtedness
Holder plus Collateral Additional Interest $ 98,044 275
276 Class A Servicing Fee plus Class B Servicing Fee
plus Collateral Servicing Fee due for the relevant
Monthly Period and not paid above $ 368,333 276
277 Class A Servicing Fee plus Class B Servicing Fee
plus Collateral Servicing Fee due but not
distributed to the Servicer for prior Monthly Periods $ - 277
278 Collateral Allocable Amount $ 122,855 278
279 Any unreimbursed reductions of the Collateral
Indebtedness Amount (CIA), if any, due to:
(i) CIA Charge Offs; (ii) Reallocated Principal Collections;
(iii) reallocations of the CIA to the Class A or Class B
Investor Amount $ - 279
280 The excess, if any, of the Required Cash
Collateral Amount over the Available
Collateral Amount $ - 280
281 An amount equal to Class D Monthly Interest
due but not paid to the Class D Certificateholders
plus Class D Additional Interest $ 77,458 281
282 Class D Servicing Fee due for the relevant
Monthly Period and not paid above $ 23,833 282
283 Class D Servicing Fee due but not distributed to
the Servicer for prior Monthly Periods $ - 283
284 Class D Allocable Amount $ 83,658 284
285 Any unreimbursed reductions of the Class D
Investor Amount, if any, due to: (i)
Class D Investor Charge Offs; (ii) Reallocated
Principal Collections; (iii) reallocations of the
Class D Investor Amounts to the Class A or Class B
Investor Amount or CIA $ - 285
286 Aggregate amount of any other amounts due to the
Collateral Indebtedness Holder pursuant to the
Loan Agreement $ - 286
287 Excess, if any, of the Required Reserve Account
Amount over the amount on deposit in the
Reserve Account $ - 287
288 Shared Excess Finance Charge Collections $ 4,375,794 288
Determination of Monthly Principal
289 Class A Monthly Principal (the least of
line#290, line#291 and line#208) $ - 289
290 Available Principal Collections held in the
Collection Account $ 73,533,030 290
291 Class A Accumulation Amount $ - 291
292 Class B Monthly Principal (the least of
line#293, line#294 and line#209) (distributable
only after payout of Class A) $ - 292
293 Available Principal Collections held in the
Collection Account less portion of such
Collections applied to Class A Monthly Principal $ 73,533,030 293
294 Class B Accumulation Amount $ - 294
295 Collateral Monthly Principal (prior to payout
of Class B) (the least of line#296 and line#297) $ - 295
296 Available Principal Collections held in the
Collection Account less portion of such
Collections applied to Class A and Class B Monthly
Principal $ 73,533,030 296
297 Enhancement Surplus $ - 297
298 Class D Monthly Principal $ - 298
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
299 Available Principal Collections held in the
Collection Account less portion of such
Collections applied to Class A, Class B
or collateral Monthly Principal $ 73,533,030 299
Available Enhancement Amount
300 Available Enhancement Amount $ 35,300,000 300
301 Amount on Deposit in the Cash Collateral Account $ - 301
Reallocated Principal Collections
302 Reallocated Principal Collections $ - 302
303 Class D Principal Collections (to the extent
needed to fund Required Amounts) $ - 303
304 Collateral Principal Collections (to the
extent needed to fund Required Amounts) $ - 304
305 Class B Principal Collections (to the
extent needed to fund Required Amounts) $ - 305
Investor Default Amounts, Adjustment Amounts, and
Allocable Amounts
% Amount
------------- -----------------
306 Series 1997-2 Default Amount 69.32% 306(a) $ 1,376,556 306(b)
307 Class A Investor Default Amount 53.03% 307(a) $ 1,053,039 307(b)
308 Class B Investor Default Amount 5.89% 308(a) $ 117,004 308(b)
309 Collateral Default Amount 6.19% 309(a) $ 122,855 309(b)
310 Class D Investor Default Amount 4.21% 310(a) $ 83,658 310(b)
311 Series 1997-2 Adjustment Amount $ - 311
312 Class A Adjustment Amount $ - 312
313 Class B Adjustment Amount $ - 313
314 Collateral Adjustment Amount $ - 314
315 Class D Adjustment Amount $ - 315
316 Series 1997-2 Allocable Amount $ 1,376,556 316
317 Class A Allocable Amount $ 1,053,039 317
318 Class B Allocable Amount $ 117,004 318
319 Collateral Allocable Amount $ 122,855 319
320 Class D Allocable Amount $ 83,658 320
Required Amounts
321 Class A Required Amount $ - 321
322 Class A Monthly Interest for current
Distribution Date $ 975,000 322
323 Class A Monthly Interest previously
due but not paid $ - 323
324 Class A Additional Interest for prior Monthly
Period or previously due but not paid $ - 324
325 Class A Servicing Fee (if Proffitt's is
no longer the Servicer) $ - 325
326 Class B Required Amount $ - 326
327 Class B Monthly Interest for current
Distribution Date $ 111,500 327
328 Class B Monthly Interest previously due
but not paid $ - 328
329 Class B Additional Interest for prior Monthly
Period or previously due but not paid $ - 329
330 Class B Servicing Fee (if Proffitt's is
no longer the Servicer) $ - 330
331 Excess of Class B Allocable Amount over funds
available to make payments $ - 331
332 Collateral Required Amount $ - 332
333 Collateral Monthly Interest for
current Distribution Date $ 98,044 333
334 Collateral Monthly Interest previously
due but not paid $ - 334
335 Collateral Additional Interest for prior
Monthly Period or previously due but not paid $ - 335
336 Collateral Servicing Fee (if Proffitt's is no
longer the Servicer) $ - 336
337 Excess of Collateral Allocable Amount over funds
available to make payments $ - 337
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Reduction of Investor Amounts
Class A
-------
338 Class A Investor Amount reduction $ - 338
339 Class A Investor Charge Off $ - 339
340 Reductions of the Class A Investor Amount $ - 340
Class B
-------
341 Class B Investor Amount reduction $ - 341
342 Class B Investor Charge Off $ - 342
343 Reductions of the Class B Investor Amount $ - 343
344 Reallocated Principal Collections applied to Class A $ - 344
Collateral
----------
345 Collateral Indebtedness Amount reduction $ - 345
346 Collateral Indebtedness Amount Charge Off $ - 346
347 Reductions of the Collateral Indebtedness Amount $ - 347
348 Reallocated Principal Collections applied to Class B $ - 348
Class D
-------
349 Class D Investor Amount reduction $ - 349
350 Class D Investor Charge Off $ - 350
351 Reductions of the Class D Investor Amount $ - 351
352 Reallocated Principal Collections applied to
Collateral Indebtedness Amount $ - 352
Servicing Fee
353 Series 1997-2 Servicing Fee $ 392,167 353
354 Class A Servicing Fee $ 300,000 354
355 Class B Servicing Fee $ 33,333 355
356 Collateral Servicing Fee $ 35,000 356
357 Class D Servicing Fee $ 23,833 357
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of March, 1998
Proffitt's Inc.,
as Servicer
By: /s/ James S. Scully
---------------------------------
Name: James S. Scully
Title: Vice President and Treasurer
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