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<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): January 15, 1999
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
December 1998, to the Series 1997-2 Certificateholders on January 15, 1999.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
December 1998, to the Series 1998-1 Certificateholders on January 15, 1999.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
December 1998, to the Series 1998-2 Certificateholders on January 15, 1999.
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 December 1998
99.2 Series 1998-1 Monthly Certificateholders' Statement
for the month of December 1998
99.3 Series 1998-2 Monthly Certificateholders' Statement
for the month of December 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.
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: January 15, 1999
-3-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
- -------
99.1 Series 1997-2 Monthly Certificateholders' Statement for the month of
December 1998
99.2 Series 1998-1 Monthly Certificateholders' Statement for the month of
December 1998
99.3 Series 1998-2 Monthly Certificateholders' Statement for the month of
December 1998
<PAGE>
Exhibit 99.1
Series 1997-2 Monthly Certificateholders' Statement for the month of December
1998
<PAGE>
EXHIBIT 99.1
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 January 10, 1999
Monthly Period ending: December 31, 1998
Determination Date January 10, 1999
Distribution Date January 15, 1999
<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 6.13547% 218
219 Class D Certificate Rate 6.41047% 219
220 Weighted average interest rate for Series 1997-2 6.48% 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 31.11% 221(a) 27.15% 221(b)
222 Class A 23.80% 222(a) 20.77% 222(b)
223 Class B 2.64% 223(a) 2.31% 223(b)
224 Collateral Indebtedness Amount 2.78% 224(a) 2.42% 224(b)
225 Class D 1.89% 225(a) 1.65% 225(b)
226 Series 1997-2 Investor Percentage with respect
to Principal Receivables 31.11% 226(a) 27.15% 226(b)
227 Class A 23.80% 227(a) 20.77% 227(b)
228 Class B 2.64% 228(a) 2.31% 228(b)
229 Collateral Indebtedness Amount 2.78% 229(a) 2.42% 229(b)
230 Class D 1.89% 230(a) 1.65% 230(b)
231 Series 1997-2 Investor Percentage with respect
to Allocable Amounts 31.11% 231(a) 27.15% 231(b)
232 Class A 23.80% 232(a) 20.77% 232(b)
233 Class B 2.64% 233(a) 2.31% 233(b)
234 Collateral Indebtedness Amount 2.78% 234(a) 2.42% 234(b)
235 Class D 1.89% 235(a) 1.65% 235(b)
- ------------------------------------------------------------------------------------------------------------------------------------
Series 1997-2 Investor Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
236 The sum of the daily allocations of collections of Principal
Receivables for the relevant Monthly Period $ - 236
237 Class A distribution of collections of Principal Receivables
per $1,000 of original principal amount $ - 237
</TABLE>
Page 1 of 5
<PAGE>
Series 1997-2
<TABLE>
<CAPTION>
<S> <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 $ 5.28 243
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 $ 45,962,045 246
247 Class A $ 35,160,085 247
248 Class B $ 3,906,676 248
249 Collateral Indebtedness Amount $ 4,102,010 249
250 Class D $ 2,793,273 250
251 Series allocation of collections of Finance Charge Receivables $ 4,450,886 251
252 Class A $ 3,404,843 252
253 Class B $ 378,316 253
254 Collateral Indebtedness Amount $ 397,232 254
255 Class D $ 270,496 255
Available Funds
---------------
256 Class A Available Funds $ 3,404,843 256
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 $ 378,316 260
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 $ 397,232 264
265 Class D Available Funds $ 270,496 265
- ------------------------------------------------------------------------------------------------------------------------------------
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 $ 547,607 268
269 An amount to be included in the Excess Spread $ 1,882,236 269
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
</TABLE>
Page 2 of 5
<PAGE>
Series 1997-2
<TABLE>
<S> <C> <C>
272 An amount to be included in the Excess Spread $ 266,816 272
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 $ 397,232 274
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 $ 270,496 276
277 Available Excess Spread $ 2,816,779 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1997-2 waterfall $ 2,818,779
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 $ 60,845 283
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 $ 110,950 286
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 $ 63,887 289
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 $ 78,938 292
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 $ 43,504 295
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 $ 2,066,488 299
- ----------------------------------------------------------------------------------------------------------------------------------
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 $ 45,962,045 301
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 $ 45,962,045 304
305 Class B Accumulation Amount $ - 305
</TABLE>
<PAGE>
Series 1997-2
<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 $ 45,962,045 307
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 $ 45,962,045 310
- ------------------------------------------------------------------------------------------------------------------------------------
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 31.11% 317(a) $ 715,844 317(b)
318 Class A Investor Default Amount 23.80% 318(a) $ 547,607 318(b)
319 Class B Investor Default Amount 2.64% 319(a) $ 60,845 319(b)
320 Collateral Default Amount 2.78% 320(a) $ 63,887 320(b)
321 Class D Investor Default Amount 1.89% 321(a) $ 43,504 321(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 $ 715,844 327
328 Class A Allocable Amount $ 547,607 328
329 Class B Allocable Amount $ 60,845 329
330 Collateral Allocable Amount $ 63,887 330
331 Class D Allocable Amount $ 43,504 331
- ------------------------------------------------------------------------------------------------------------------------------------
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 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 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
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 110,950 345
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
</TABLE>
Page 4 of 5
<PAGE>
Series 1997-2
<TABLE>
<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
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Certificate this 10th day of January, 1999.
Saks Incorporated,
as Servicer
By /s/ James S Scully
----------------------------------
Name: James S. Scully
Title: Vice President and Treasurer
Page 5 of 5
<PAGE>
Exhibit 99.2
Series 1998-1 Monthly Certificateholders' Statement for the month of December
1998
-6-
<PAGE>
EXHIBIT 99.2
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 JANUARY 10, 1999
MONTHLY PERIOD ENDING: DECEMBER 31, 1998
DETERMINATION DATE JANUARY 10, 1999
DISTRIBUTION DATE JANUARY 15, 1999
<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 Class C Investor Amount paid in full No 205
206 Saks Incorporated is the Servicer Yes 206
- ------------------------------------------------------------------------------------------------------------------------------------
Investor Amount
- ------------------------------------------------------------------------------------------------------------------------------------
as of the end of prior as of the end of the
Monthly Period relevant 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 prior as of the end of the
Period Monthly relevant Monthly Period
---------------------- -----------------------
218 Series 1998-1 Investor Percentage with respect 12.10% 218(a) 10.56% 218(b)
to Finance Charge Receivables
219 Class A 8.86% 219(a) 7.73% 219(b)
220 Class B 1.06% 220(a) 0.92% 220(b)
221 Class C 2.18% 221(a) 1.90% 221(b)
222 Series 1998-1 Investor Percentage with respect 12.10% 222(a) 10.56% 222(b)
to Principal
223 Class A 8.86% 223(a) 7.73% 223(b)
224 Class B 1.06% 224(a) 0.92% 224(b)
225 Class C 2.18% 225(a) 1.90% 225(b)
226 Series 1998-1 Investor Percentage with respect to 12.10% 226(a) 10.56% 226(b)
Default Amounts
227 Class A 8.86% 227(a) 7.73% 227(b)
228 Class B 1.06% 228(a) 0.92% 228(b)
229 Class C 2.18% 229(a) 1.90% 229(b)
</TABLE>
Page 1 of 4
<PAGE>
Series 1998-1
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
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 $ 1,730,795 238
239 Investment earnings during Collection Period of Series Accounts to be treated as investor
Finance Charge Collections: $ - 239
240 (a) Collection Account $ - 240
241 (b) Reserve Account $ - 241
242 (c) Principal Account $ - 242
243 Monthly Finance Charge Allocation prior to allocation of Shared Finance Charge Collections
(line 238 + line 239) $ 1,730,795 243
244 "Reserve Draw Amount" for the Distribution Date (pursuant to Section 4.9 (b)) $ - 244
245 "Reserve Account Surplus" for the Distribution Date (pursuant to Section 4.9(c)) $ - 245
246 Final Reserve Account disbursement (pursuant to Section 4.9 (d)) $ - 246
247 Total allocations of Finance Charge Collections during the Relevant Monthly Period
(sum of line 243, line 244, line 245 and line 246) $ 1,730,795 247
- ------------------------------------------------------------------------------------------------------------------------------------
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)) $ 278,367 253
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 2 of 4
<PAGE>
Series 1998-1
<TABLE>
<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 $ 896,853 260
- ---------------------------------------------------------------------------------------------------------------------------------
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 Amount exceeds the balance of the
Principal Account after giving effect to line 273) $ - 274
275 Total Amount deposited to the Principal Account $ - 275
276 Principal Account balance after deposit to Principal
Account for relevant Monthly Period $ - 276
- ---------------------------------------------------------------------------------------------------------------------------------
Reallocated Principal Collections
- ---------------------------------------------------------------------------------------------------------------------------------
277 Reallocated Principal Collections $ - 277
278 Class C Reallocated Amount (to the extent needed to fund excess of
Total Deficiency Amount over Investor Default Amount) $ - 278
279 Class B Reallocated Amount (to the extent needed to fund excess of
Total Deficiency Amount over Investor Default Amount) $ - 279
</TABLE>
Page 3 of 4
<PAGE>
Series 1998-1
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Total Deficiency Amount and Investor Charge-Offs
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
280 Monthly Finance Charge Allocation prior to allocation of Shared
Finance Charge Collections $ 1,730,795 280
281 Total Monthly Payment $ 833,942 281
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 $ 278,367 285
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 $ - 294
pursuant to Section 4.6 (f)
Class B
-------
295 Aggregate amount of Class B Investor Charge-Offs over Class B Investor Charge-offs reimbursed $ - 295
pursuant to Section 4.6 (f)
296 Aggregate amount of Class B Reallocated Amounts over Class B Reallocated Amounts reimbursed $ - 296
pursuant to subsection 4.6 (f) or allocated to the Class C Investor Amount pursuant to Section 4.11
Class C
-------
297 Aggregate amount of Class C Investor Charge-Offs over Class C Investor Charge-offs reimbursed $ - 297
pursuant to Section 4.6 (f)
298 Aggregate amount of Class C Reallocated Amounts over Class C Reallocated Amounts reimbursed $ - 298
pursuant to subsection 4.6 (f)
- ------------------------------------------------------------------------------------------------------------------------------------
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
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Certificate this 10th day of January, 1999.
Saks Incorporated, as Servicer
By /s/ James S. Scully
-------------------------------
Name: James S. Scully
Title: Vice President and Treasurer
Page 4 of 4
<PAGE>
Exhibit 99.3
Series 1998-2 Monthly Certificateholders' Statement for the month of December
1998
-7-
<PAGE>
EXHIBIT 99.3
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 JANUARY 10, 1999
MONTHLY PERIOD ENDING: DECEMBER 31, 1998
DETERMINATION DATE JANUARY 10, 1999
DISTRIBUTION DATE JANUARY 15, 1999
<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 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 6.28547% 218
219 Class D Certificate Rate 6.53547% 219
220 Weighted average interest rate for Series 1998-2 6.07% 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 34.57% 221(a) 30.17% 221(b)
222 Class A 26.44% 222(a) 23.08% 222(b)
223 Class B 2.84% 223(a) 2.48% 223(b)
224 Collateral Indebtedness Amount 3.17% 224(a) 2.77% 224(b)
225 Class D 2.12% 225(a) 1.85% 225(b)
226 Series 1998-2 Investor Percentage with respect to
Principal Receivables 34.57% 226(a) 30.17% 226(b)
227 Class A 26.44% 227(a) 23.08% 227(b)
228 Class B 2.84% 228(a) 2.48% 228(b)
229 Collateral Indebtedness Amount 3.17% 229(a) 2.77% 229(b)
230 Class D 2.12% 230(a) 1.85% 230(b)
231 Series 1998-2 Investor Percentage with respect
to Allocable Amounts 34.57% 231(a) 30.17% 231(b)
232 Class A 26.44% 232(a) 23.08% 232(b)
233 Class B 2.84% 233(a) 2.48% 233(b)
234 Collateral Indebtedness Amount 3.17% 234(a) 2.77% 234(b)
235 Class D 2.12% 235(a) 1.85% 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
</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
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 $ 5.41 243
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 $ 51,079,790 246
247 Class A $ 39,066,761 247
248 Class B $ 4,199,677 248
249 Collateral Indebtedness Amount $ 4,688,011 249
250 Class D $ 3,125,341 250
251 Series allocation of collections of Finance Charge Receivables $ 4,946,480 251
252 Class A $ 3,783,158 252
253 Class B $ 406,690 253
254 Collateral Indebtedness Amount $ 453,979 254
255 Class D $ 302,653 255
Available Funds
---------------
256 Class A Available Funds $ 3,783,158 256
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 $ 406,690 260
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 $ 453,979 264
265 Class D Available Funds $ 302,653 265
- -----------------------------------------------------------------------------------------------------------------------------------
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 $ 1,000,000 266
interest with respect to interest amounts that were due but not paid on a prior
Distribution date
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 $ 608,452 268
269 An amount to be included in the Excess Spread $ 2,174,706 269
Class B
-------
</TABLE>
Page 2 of 5
<PAGE>
Series 1998-2
<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 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 $ 296,502 272
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 $ 453,979 274
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 $ 302,653 276
277 Available Excess Spread $ 3,227,840 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 3,227,840 279
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 $ 65,409 283
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 $ 129,900 286
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 $ 73,014 289
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 $ 90,044 292
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 $ 48,676 295
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 $ 2,384,964 299
- ----------------------------------------------------------------------------------------------------------------------------------
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 $ 51,079,790 301
302 Class A Accumulation Amount $ - 302
</TABLE>
Page 3 of 5
<PAGE>
Series 1998-2
<TABLE>
<S> <C> <C> <C> <C>
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 $ 51,079,790 304
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 $ 51,079,790 307
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 $ 51,079,790 310
- ------------------------------------------------------------------------------------------------------------------------------------
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 34.57% 317(a) $ 795,551 317(b)
318 Class A Investor Default Amount 26.44% 318(a) $ 608,452 318(b)
319 Class B Investor Default Amount 2.84% 319(a) $ 65,409 319(b)
320 Collateral Default Amount 3.17% 320(a) $ 73,014 320(b)
321 Class D Investor Default Amount 2.12% 321(a) $ 48,676 321(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 $ 795,551 327
328 Class A Allocable Amount $ 608,452 328
329 Class B Allocable Amount $ 65,409 329
330 Collateral Allocable Amount $ 73,014 330
331 Class D Allocable Amount $ 48,676 331
- ------------------------------------------------------------------------------------------------------------------------------------
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
</TABLE>
Page 4 of 5
<PAGE>
Series 1998-2
<TABLE>
<S> <C> <C>
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 129,900 345
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
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of January, 1999.
Saks Incorporated,
as Servicer
By /s/ James S. Scully
-------------------------
Name: James S. Scully
Title: Vice President and Treasurer
Page 5 of 5
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