<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 15, 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
May 1999, to the Series 1997-2 Certificateholders on June 15, 1999.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
May 1999, to the Series 1998-1 Certificateholders on June 15, 1999.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
May 1999, to the Series 1998-2 Certificateholders on June 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 May 1999
99.2 Series 1998-1 Monthly Certificateholders' Statement for the
month of May 1999
99.3 Series 1998-2 Monthly Certificateholders' Statement for the
month of May 1999
-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: June 15, 1999
-3-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
- -------
99.1 Series 1997-2 Monthly Certificateholders' Statement for the month of
May 1999
99.2 Series 1998-1 Monthly Certificateholders' Statement for the month of
May 1999
99.3 Series 1998-2 Monthly Certificateholders' Statement for the month of
May 1999
<PAGE>
Exhibit 99.1
Series 1997-2 Monthly Certificateholders' Statement for the month of May 1999
<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, 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 June 10, 1999
Monthly Period ending: May 31, 1999
Determination Date June 10, 1999
Distribution Date June 15, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
General
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <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
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Investor Amount
- -----------------------------------------------------------------------------------------------------------------------------------
as of the end of
as of the end of prior the relevant
Monthly Period Monthly Period
---------------------- ---------------
<S> <C> <C> <C> <C> <C>
207 Series 1997-2 Investor Amount $ 235,300,000 207(a) $ 235,300,000 207(b)
208 Class A Investor Amount $ 180,000,000 208(a) $ 180,000,000 208(b)
209 Class B Investor Amount $ 20,000,000 209(a) $ 20,000,000 209(b)
210 Collateral Indebtedness Amount $ 21,000,000 210(a) $ 21,000,000 210(b)
211 Class D Investor Amount $ 14,300,000 211(a) $ 14,300,000 211(b)
212 Series 1997-2 Adjusted Investor Amount $ 235,300,000 212(a) $ 235,300,000 212(b)
213 Class A Adjusted Investor Amount $ 180,000,000 213(a) $ 180,000,000 213(b)
214 Principal Account Balance $ - 214(a) $ - 214(b)
215 Class B Adjusted Investor Amount $ 20,000,000 215(a) $ 20,000,000 215(b)
216 Class A Certificate Rate 6.50% 216
217 Class B Certificate Rate 6.69% 217
218 Collateral Indebtedness Interest Rate 5.50250% 218
219 Class D Certificate Rate 5.77750% 219
220 Weighted average interest rate for Series 1997-2 6.38% 220
as of the end of
as of the end of prior the relevant
Monthly Period Monthly Period
---------------------- ---------------
<S> <C> <C> <C> <C> <C>
221 Series 1997-2 Investor Percentage with respect to 32.04% 221(a) 32.04% 221(b)
Finance Charge Receivables
222 Class A 24.51% 222(a) 24.51% 222(b)
223 Class B 2.72% 223(a) 2.72% 223(b)
224 Collateral Indebtedness Amount 2.86% 224(a) 2.86% 224(b)
225 Class D 1.95% 225(a) 1.95% 225(b)
226 Series 1997-2 Investor Percentage with respect 32.04% 226(a) 32.04% 226(b)
to Principal Receivables
227 Class A 24.51% 227(a) 24.51% 227(b)
228 Class B 2.72% 228(a) 2.72% 228(b)
229 Collateral Indebtedness Amount 2.86% 229(a) 2.86% 229(b)
230 Class D 1.95% 230(a) 1.95% 230(b)
231 Series 1997-2 Investor Percentage with respect 32.04% 231(a) 32.04% 231(b)
to Allocable Amounts
232 Class A 24.51% 232(a) 24.51% 232(b)
233 Class B 2.72% 233(a) 2.72% 233(b)
234 Collateral Indebtedness Amount 2.86% 234(a) 2.86% 234(b)
235 Class D 1.95% 235(a) 1.95% 235(b)
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Series 1997-2 Investor Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
236 The sum of the daily allocations of collections of Principal $ - 236
Receivables for the relevant Monthly Period
237 Class A distribution of collections of Principal Receivables per $1,000 $ - 237
of original principal amount
Page 1 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
238 Class B distribution of collections of Principal Receivables per $1,000
of original principal amount $ - 238
239 Collateral Indebtedness Amount distribution of collections of Principal $ - 239
Receivables per $1,000 of original principal amount
240 Class D distribution of collections of Principal Receivables per $1,000 $ - 240
of original principal amount
241 Class A distribution attributable to interest per $1,000 of original $ 5.42 241
principal amount
242 Class B distribution attributable to interest per $1,000 of original $ 5.58 242
principal amount
243 Collateral Indebtedness Amount distribution attributable to interest $ 4.43 243
per $1,000 of original principal amount
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
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Collections Allocated to Series 1997-2
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
246 Series allocation of collections of Principal Receivables $ 46,640,031 246
247 Class A $ 35,678,732 247
248 Class B $ 3,964,304 248
249 Collateral Indebtedness Amount $ 4,162,519 249
250 Class D $ 2,834,477 250
251 Series allocation of collections of Finance Charge Receivables $ 4,960,501 251
252 Class A $ 3,794,688 252
253 Class B $ 421,632 253
254 Collateral Indebtedness Amount $ 442,714 254
255 Class D $ 301,467 255
Available Funds
---------------
256 Class A Available Funds $ 3,794,688 256
257 The amount to be withdrawn from the Reserve Account to be included in $ - 257
Class A Available funds
258 Principal Investment Proceeds to be included in Class A Available Funds $ - 258
259 The amount of investment earnings on amounts held in the Reserve $ - 259
Account to be included in Class A Available funds
260 Class B Available Funds $ 421,632 260
261 The amount to be withdrawn from the Reserve Account to be included in $ - 261
Class B Available funds
262 Principal Investment Proceeds to be included in Class B Available Funds $ - 262
263 The amount of investment earnings on amounts held in the Reserve $ - 263
Account to be included in Class B Available funds
264 Collateral Available Funds $ 442,714 264
265 Class D Available Funds $ 301,467 265
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Application of Collections
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
-------
266 Class A Monthly Interest for the related Distribution Date, plus the $ 975,000 266
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
267 If Saks Incorporated is no longer the Servicer, an amount equal to $ - 267
Class A Servicing fee for the related Distribution Date
268 Class A Allocable Amount $ 543,004 268
269 An amount to be included in the Excess Spread $ 2,276,685 269
Class B
-------
270 Class B Monthly Interest for the related Distribution Date, plus the $ 111,500 270
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
271 If Saks Incorporated is no longer the Servicer, an amount equal to $ - 271
Class B Servicing fee for the related Distribution Date
Page 2 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
272 An amount to be included in the Excess Spread $ 310,132 272
Collateral
----------
273 If Saks Incorporated is no longer the Servicer, an amount equal to Collateral $ - 273
Servicing fee for the related Distribution Date
274 An amount to be included in the Excess Spread $ 442,714 274
Class D
-------
275 If Saks Incorporated is no longer the Servicer, an amount equal to Class D $ - 275
Servicing fee for the related Distribution Date
276 An amount to be included in the Excess Spread $ 301,467 276
277 Available Excess Spread $ 3,330,997 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1997-2 waterfall $ 3,330,997 279
280 Class A Required Amount is to be used to fund any deficiency in line266, $ - 280
line267 and line268
281 The aggregate amount of Class A Investor Charge Offs which have not $ - 281
been previously reimbursed
282 Class B Required Amount to the extent attributable to line270, and line271 $ - 282
283 Class B Allocable Amount $ 60,334 283
284 Any remaining portion of the Class B Required Amount $ - 284
285 An amount equal to any unreimbursed reductions of the Class B Investor $ - 285
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
286 Collateral Monthly Interest for the related Distribution Date plus $ 93,084 286
Collateral Monthly Interest previously due but not paid to the
Collateral Indebtedness Holder plus Collateral Additional Interest
287 Class A Servicing Fee plus Class B Servicing Fee plus Collateral $ 368,333 287
Servicing Fee due for the relevant Monthly Period and not paid above
288 Class A Servicing Fee plus Class B Servicing Fee plus Collateral $ - 288
Servicing Fee due but not distributed to the Servicer for prior Monthly
Periods
289 Collateral Allocable Amount $ 63,350 289
290 Any unreimbursed reductions of the Collateral Indebtedness Amount $ - 290
(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
291 The excess, if any, of the Required Cash Collateral Amount over the $ - 291
Available Collateral Amount
292 An amount equal to Class D Monthly Interest due but not paid to the Class D $ 66,554 292
Certificateholders plus Class D Additional Interest
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 $ - 294
Monthly Periods
295 Class D Allocable Amount $ 43,139 295
296 Any unreimbursed reductions of the Class D Investor Amount, if any, due $ - 296
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
297 Aggregate amount of any other amounts due to the Collateral $ - 297
Indebtedness Holder pursuant to the Loan Agreement
298 Excess, if any, of the Required Reserve Account Amount over the amount $ - 298
on deposit in the Reserve Account
299 Shared Excess Finance Charge Collections $ 2,612,370 299
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Determination of Monthly Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
300 Class A Monthly Principal (the least of line#301, line#302 and line#208) $ - 300
301 Available Principal Collections held in the Collection Account $ 46,640,031 301
302 Class A Accumulation Amount $ - 302
303 Class B Monthly Principal (the least of line#304, line#305 and line#209) $ - 303
(distributable only after payout of Class A)
304 Available Principal Collections held in the Collection Account less $ 46,640,031 304
portion of such Collections applied to Class A Monthly Principal
305 Class B Accumulation Amount $ - 305
Page 3 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
306 Collateral Monthly Principal (prior to payout of Class B) (the least of $ - 306
line#307 and line#308)
307 Available Principal Collections held in the Collection Account less $ 46,640,031 307
portion of such Collections applied to Class A and Class B Monthly
Principal
308 Enhancement Surplus $ - 308
309 Class D Monthly Principal $ - 309
310 Available Principal Collections held in the Collection Account less $ 46,640,031 310
portion of such Collections applied to Class A, Class B or collateral
Monthly Principal
- -----------------------------------------------------------------------------------------------------------------------------------
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 $ - 314
Amounts)
315 Collateral Principal Collections (to the extent needed to fund Required $ - 315
Amounts)
316 Class B Principal Collections (to the extent needed to fund Required $ - 316
Amounts)
- -----------------------------------------------------------------------------------------------------------------------------------
Investor Default Amounts, Adjustment Amounts, and Allocable Amounts
- -----------------------------------------------------------------------------------------------------------------------------------
% Amount
------ --------------
317 Series 1997-2 Default Amount 32.04% 317(a) $ 709,826 317(b)
318 Class A Investor Default Amount 24.51% 318(a) $ 543,004 318(b)
319 Class B Investor Default Amount 2.72% 319(a) $ 60,334 319(b)
320 Collateral Default Amount 2.86% 320(a) $ 63,350 320(b)
321 Class D Investor Default Amount 1.95% 321(a) $ 43,139 321(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 $ 709,826 327
328 Class A Allocable Amount $ 543,004 328
329 Class B Allocable Amount $ 60,334 329
330 Collateral Allocable Amount $ 63,350 330
331 Class D Allocable Amount $ 43,139 331
- -----------------------------------------------------------------------------------------------------------------------------------
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 $ - 335
but not paid
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 $ - 341
but not paid
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 $ 93,084 345
346 Collateral Monthly Interest previously due but not paid $ - 346
347 Collateral Additional Interest for prior Monthly Period or previously $ - 347
due but not paid
Page 4 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
348 Collateral Servicing Fee (if Saks Incorporated is no longer the $ - 348
Servicer)
349 Excess of Collateral Allocable Amount over funds available to make $ - 349
payments
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Reduction of Investor Amounts
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
-------
350 Class A Investor Amount reduction $ - 350
351 Class A Investor Charge Off $ - 351
352 Reductions of the Class A Investor Amount $ - 352
Class B
-------
353 Class B Investor Amount reduction $ - 353
354 Class B Investor Charge Off $ - 354
355 Reductions of the Class B Investor Amount $ - 355
356 Reallocated Principal Collections applied to Class A $ - 356
Collateral
----------
357 Collateral Indebtedness Amount reduction $ - 357
358 Collateral Indebtedness Amount Charge Off $ - 358
359 Reductions of the Collateral Indebtedness Amount $ - 359
360 Reallocated Principal Collections applied to Class B $ - 360
Class D
-------
361 Class D Investor Amount reduction $ - 361
362 Class D Investor Charge Off $ - 362
363 Reductions of the Class D Investor Amount $ - 363
364 Reallocated Principal Collections applied to Collateral Indebtedness $ - 364
Amount
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Servicing Fee
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Reserve Account
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
370 Required Reserve Account Amount (if applicable) N/A 370
371 Reserve Account Reinvestment Rate (if applicable) N/A 371
372 Reserve Account balance $ - 372
- -----------------------------------------------------------------------------------------------------------------------------------
373 Accumulation Period Length 12 months 373
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of June, 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 May 1999
<PAGE>
Monthly Certificateholder's Statement
Younkers Master Trust Series 1995-1
Proffitt's Credit Card Master Trust Series 1998-1
Pursuant to the Master Pooling and Servicing Agreement dated as of August 21,
1997 (as amended or supplemented, the "Pooling and Servicing Agreement"), as
supplemented by the Series 1998-1 Supplement, dated as of May 6, 1998 (the
"Supplement" and together with the Pooling and Servicing Agreement,
the "Agreement") each between Proffitt's Credit Corporation as Transferor, 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 June 10, 1999
Monthly Period ending: May 31, 1999
Determination Date June 10, 1999
Distribution Date June 15, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
General
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <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
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Investor Amount
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
---------------------- ----------------
<S> <C> <C> <C> <C> <C>
218 Series 1998-1 Investor Percentage with respect 12.46% 218(a) 12.46% 218(b)
to Finance Charge Receivables
219 Class A 9.12% 219(a) 9.12% 219(b)
220 Class B 1.09% 220(a) 1.09% 220(b)
221 Class C 2.25% 221(a) 2.25% 221(b)
222 Series 1998-1 Investor Percentage with respect to 12.46% 222(a) 12.46% 222(b)
Principal
223 Class A 9.12% 223(a) 9.12% 223(b)
224 Class B 1.09% 224(a) 1.09% 224(b)
225 Class C 2.25% 225(a) 2.25% 225(b)
226 Series 1998-1 Investor Percentage with respect to 12.46% 226(a) 12.46% 226(b)
Default Amounts
227 Class A 9.12% 227(a) 9.12% 227(b)
228 Class B 1.09% 228(a) 1.09% 228(b)
229 Class C 2.25% 229(a) 2.25% 229(b)
Page 1 of 4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Series 1998-1 Investor Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
230 The sum of the daily allocations of collections of Principal $ - 230
Receivables for the relevant Monthly Period
231 Class A distribution of collections of Principal Receivables per $ - 231
$1,000 of original principal amount
232 Class B distribution of collections of Principal Receivables per $ - 232
$1,000 of original principal amount
233 Class C distribution of collections of Principal Receivables per $ - 233
$1,000 of original principal amount
234 Class A distribution attributable to interest per $1,000 of $ 5.36 234
original principal amount
235 Class B distribution attributable to interest per $1,000 of $ 5.51 235
original principal amount
236 Class C distribution attributable to interest per $1,000 of $ - 236
original principal amount
237 Monthly Servicing Fee for the next succeeding Distribution Date $ 1.67 237
per $1,000 of original principal amount
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Collections Allocated to Series 1998-1
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Allocations of Finance Charge Collections
-----------------------------------------
238 Investor allocation of Finance Charge Collections during the $ 1,928,966 238
Collection Period pursuant to Section 4.4
239 Investment earnings during Collection Period of Series Accounts $ - 239
to be treated as investor Finance Charge Collections:
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 $ 1,928,966 243
Finance Charge Collections (line 238 + line 239)
244 "Reserve Draw Amount" for the Distribution Date (pursuant to $ - 244
Section 4.9 (b))
245 "Reserve Account Surplus" for the Distribution Date (pursuant to $ - 245
Section 4.9(c))
246 Final Reserve Account disbursement (pursuant to Section 4.9 (d)) $ - 246
247 Total allocations of Finance Charge Collections during the $ 1,928,966 247
Relevant Monthly Period (sum of line 243, line 244, line 245 and
line 246)
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Application of Finance Charge Collections
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
248 Shared Finance Charge Collections allocated to Series 1998-1 to $ - 248
cover the Total Deficiency Amount pursuant to Section 4.6
249 Class A Monthly Interest plus the amount of any previous month's $ 359,008 249
Class A Interest Shortfall plus any Class A Additional Interest
(Section 4.6 (a))
250 Class B Monthly Interest plus the amount of any previous month's $ 44,067 250
Class B Interest Shortfall plus any Class B Additional Interest
(Section 4.6 (a))
251 Investor Monthly Servicing Fee due for the relevant Monthly $ 152,500 251
Period (Section 4.6 (c))
252 Investor Monthly Servicing Fee due but not distributed to the $ - 252
Servicer for prior Monthly Periods (Section 4.6 (c))
253 Investor Default Amount (Section 4.6 (d)) $ 276,027 253
254 Unpaid Deposit Obligation (Section 4.6 (e)) $ - 254
255 Aggregate amount of Class A Investor Charge-Offs which have not $ - 255
been previously reimbursed (Section 4.6 (f))
Page 2 of 4
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
256 An amount equal to any unreimbursed reductions of the Class B $ - 256
Investor Amount, if any, due to (i) Reallocated Principal
Collections and (ii) Class B Investor Charge-Offs (Section 4.6 (f))
257 An amount equal to any unreimbursed reductions of the Class C $ - 257
Investor Amount, if any, due to (i) Reallocated Principal
Collections and (ii) Class C Investor Charge-Offs (Section 4.6 (f))
258 Excess, if any, of the Required Reserve Account Amount over the $ - 258
amount on deposit in the Reserve Account (Section 4.6 (g))
259 Class C Certificate Interest accrued and unpaid in respect of the $ - 259
portion of the Class C Investor Amount held by Persons other than
the Servicer or its Affiliates (Section 4.6 (h))
260 Excess Spread $ 1,097,365 260
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Determination of Monthly Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
During the Accumulation Period
------------------------------
261 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) prior to $ - 261
the inclusion of amounts in line 262 below
262 Amounts included in calculation of Excess Spread to be included $ - 262
in Collections of Principal Receivables (Section 4.6 (d),(e),(f))
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 $ - 265
the Accumulation Period
266 Deficit Controlled Deposit Amount for the preceding Monthly Period $ - 266
267 Excess of the Monthly Total Principal Allocation over the $ - 267
Controlled Deposit Amount to be paid to the holder of the
Exchangeable Transferor Certificate
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 $ - 270
the inclusion of amounts in line 271 below
271 Amounts included in calculation of Excess Spread to be included $ - 271
in Collections of Principal Receivables (Section 4.6 (d),(e),(f))
272 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) $ - 272
273 Lesser of the Monthly Total Principal Allocation and the Adjusted $ - 273
Investor Amount (Section 4.4 (c)(ii))
274 Shared Principal Collections allocable to the Series 1998-1 $ - 274
Certificate (to the extent the Adjusted Investor Amount exceeds
the balance of the Principal Account after giving effect to line 273)
275 Total Amount deposited to the Principal Account $ - 275
276 Principal Account balance after deposit to Principal Account for $ - 276
relevant Monthly Period
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Reallocated Principal Collections
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
277 Reallocated Principal Collections $ - 277
278 Class C Reallocated Amount (to the extent needed to fund excess $ - 278
of Total Deficiency Amount over Investor Default Amount)
279 Class B Reallocated Amount (to the extent needed to fund excess $ - 279
of Total Deficiency Amount over Investor Default Amount)
Page 3 of 4
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Total Deficiency Amount and Investor Charge-Offs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
280 Monthly Finance Charge Allocation prior to allocation of Shared $1,928,966 280
Finance Charge Collections
281 Total Monthly Payment $ 831,602 281
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 $ 276,027 285
286 Unpaid Deposit Obligation $ - 286
287 Total Deficiency Amount prior to allocation of Shared Finance $ - 287
Charge Collections (excess of line 281 over line 280)
288 Allocation of Shared Finance Charge Collections to Series 1998-1 $ - 288
during the Relevant Monthly Period
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
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Reduction of Investor Amounts
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
-------
294 Aggregate amount of Class A Investor Charge-Offs over Class A $ - 294
Investor Charge-offs reimbursed pursuant to Section 4.6 (f)
Class B
-------
295 Aggregate amount of Class B Investor Charge-Offs over Class B $ - 295
Investor Charge-offs reimbursed pursuant to Section 4.6 (f)
296 Aggregate amount of Class B Reallocated Amounts over Class B $ - 296
Reallocated Amounts reimbursed 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 $ - 297
Investor Charge-offs reimbursed pursuant to Section 4.6 (f)
298 Aggregate amount of Class C Reallocated Amounts over Class C $ - 298
Reallocated Amounts reimbursed pursuant to subsection 4.6 (f)
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Pool Factors
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
299 Class A Pool Factor 100.00% 299
300 Class B Pool Factor 100.00% 300
301 Class C Pool Factor 100.00% 301
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Reserve Account
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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 June, 1999.
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 May 1999
<PAGE>
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 June 10, 1999
Monthly Period ending: May 31, 1999
Determination Date June 10, 1999
Distribution Date June 15, 1999
<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 Saks Incorporated is the Servicer Yes 206
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Investor Amount
- ------------------------------------------------------------------------------------------------------------------------------------
as of the end of prior as of the end of
Monthly Period the relevant
Monthly Period
---------------------- ----------------
<S> <C> <C> <C> <C> <C>
207 Series 1998-2 Investor Amount $ 261,500,000 207(a) $ 261,500,000 207(b)
208 Class A Investor Amount $ 200,000,000 208(a) $ 200,000,000 208(b)
209 Class B Investor Amount $ 21,500,000 209(a) $ 21,500,000 209(b)
210 Collateral Indebtedness Amount $ 24,000,000 210(a) $ 24,000,000 210(b)
211 Class D Investor Amount $ 16,000,000 211(a) $ 16,000,000 211(b)
212 Series 1998-2 Adjusted Investor Amount $ 261,500,000 212(a) $ 261,500,000 212(b)
213 Class A Adjusted Investor Amount $ 200,000,000 213(a) $ 200,000,000 213(b)
214 Principal Account Balance $ - 214(a) $ - 214(b)
215 Class B Adjusted Investor Amount $ 21,500,000 215(a) $ 21,500,000 215(b)
216 Class A Certificate Rate 6.00% 216
217 Class B Certificate Rate 6.15% 217
218 Collateral Indebtedness Interest Rate 5.65250% 218
219 Class D Certificate Rate 5.90250% 219
220 Weighted average interest rate for Series 1998-2 5.97% 220
as of the end of prior as of the end of
Monthly Period the relevant
Monthly Period
---------------------- ----------------
221 Series 1998-2 Investor Percentage with respect to Finance 35.61% 221(a) 35.61% 221(b)
Charge Receivables
222 Class A 27.24% 222(a) 27.24% 222(b)
223 Class B 2.93% 223(a) 2.93% 223(b)
224 Collateral Indebtedness Amount 3.27% 224(a) 3.27% 224(b)
225 Class D 2.18% 225(a) 2.18% 225(b)
226 Series 1998-2 Investor Percentage with respect to 35.61% 226(a) 35.61% 226(b)
Principal Receivables
227 Class A 27.24% 227(a) 27.24% 227(b)
228 Class B 2.93% 228(a) 2.93% 228(b)
229 Collateral Indebtedness Amount 3.27% 229(a) 3.27% 229(b)
230 Class D 2.18% 230(a) 2.18% 230(b)
231 Series 1998-2 Investor Percentage with respect to 35.61% 231(a) 35.61% 231(b)
Allocable Amounts
232 Class A 27.24% 232(a) 27.24% 232(b)
233 Class B 2.93% 233(a) 2.93% 233(b)
234 Collateral Indebtedness Amount 3.27% 234(a) 3.27% 234(b)
235 Class D 2.18% 235(a) 2.18% 235(b)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Series 1998-2 Investor Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
236 The sum of the daily allocations of collections $ - 236
of Principal Receivables for the relevant
Monthly Period
Page 1 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
237 Class A distribution of collections of Principal Receivables per $1,000 of $ - 237
original principal amount
238 Class B distribution of collections of Principal Receivables per $1,000 of $ - 238
original principal amount
239 Collateral Indebtedness Amount distribution of collections of Principal $ - 239
Receivables per $1,000 of original principal amount
240 Class D distribution of collections of Principal Receivables per $1,000 of $ - 240
original principal amount
241 Class A distribution attributable to interest per $1,000 of original principal $ 5.00 241
amount
242 Class B distribution attributable to interest per $1,000 of original principal $ 5.13 242
amount
243 Collateral Indebtedness Amount distribution attributable to interest per $1,000 $ 4.55 243
of original principal amount
244 Class D distribution attributable to interest per $1,000 of original principal $ - 244
amount
245 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000 of $ 1.67 245
original principal amount
- ------------------------------------------------------------------------------------------------------------------------------------
Collections Allocated to Series 1998-2
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
246 Series allocation of collections of Principal Receivables $ 51,833,269 246
247 Class A $ 39,643,035 247
248 Class B $ 4,261,626 248
249 Collateral Indebtedness Amount $ 4,757,164 249
250 Class D $ 3,171,443 250
251 Series allocation of collections of Finance Charge Receivables $ 5,512,839 251
252 Class A $ 4,216,320 252
253 Class B $ 453,254 253
254 Collateral Indebtedness Amount $ 505,958 254
255 Class D $ 337,306 255
Available Funds
---------------
256 Class A Available Funds $ 4,216,320 256
257 The amount to be withdrawn from the Reserve Account to be included in $ - 257
Class A Available funds
258 Principal Investment Proceeds to be included in Class A Available Funds $ - 258
259 The amount of investment earnings on amounts held in the Reserve $ - 259
Account to be included in Class A Available funds
260 Class B Available Funds $ 453,254 260
261 The amount to be withdrawn from the Reserve Account to be included in $ - 261
Class B Available funds
262 Principal Investment Proceeds to be included in Class B Available Funds $ - 262
263 The amount of investment earnings on amounts held in the Reserve $ - 263
Account to be included in Class B Available funds
264 Collateral Available Funds $ 505,958 264
265 Class D Available Funds $ 337,306 265
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Application of Collections
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
-------
<S> <C> <C> <C> <C>
266 Class A Monthly Interest for the related Distribution Date, plus the amount $ 1,000,000 266
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
267 If Saks Incorporated is no longer the Servicer, an amount equal to Class A $ - 267
Servicing fee for the related Distribution Date
268 Class A Allocable Amount $ 603,337 268
269 An amount to be included in the Excess Spread $ 2,612,983 269
Class B
-------
Page 2 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
270 Class B Monthly Interest for the related Distribution Date, $ 110,188 270
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
271 If Saks Incorporated is no longer the Servicer, an amount equal to Class B $ - 271
Servicing fee for the related Distribution Date
272 An amount to be included in the Excess Spread $ 343,067 272
Collateral
----------
273 If Saks Incorporated is no longer the Servicer, an amount equal to Collateral $ - 273
Servicing fee for the related Distribution Date
274 An amount to be included in the Excess Spread $ 505,958 274
Class D
-------
275 If Saks Incorporated is no longer the Servicer, an amount equal to Class D $ - 275
Servicing fee for the related Distribution Date
276 An amount to be included in the Excess Spread $ 337,306 276
277 Available Excess Spread $ 3,799,314 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 3,799,314 279
280 Class A Required Amount is to be used to fund any deficiency in line266, line267 $ - 280
and line268
281 The aggregate amount of Class A Investor Charge Offs which have not been $ - 281
previously reimbursed
282 Class B Required Amount to the extent attributable to line270, and line271 $ - 282
283 Class B Allocable Amount $ 64,859 283
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, $ - 285
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
286 Collateral Monthly Interest for the related Distribution Date plus Collateral $ 109,282 286
Monthly Interest previously due but not paid to the Collateral
Indebtedness Holder plus Collateral Additional Interest
287 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing Fee $ 409,167 287
due for the relevant Monthly Period and not paid above
288 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing Fee $ - 288
due but not distributed to the Servicer for prior Monthly Periods
289 Collateral Allocable Amount $ 72,400 289
290 Any unreimbursed reductions of the Collateral Indebtedness Amount (CIA), $ - 290
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
291 The excess, if any, of the Required Cash Collateral Amount over the Available $ - 291
Collateral Amount
292 An amount equal to Class D Monthly Interest due but not paid to the Class D $ 76,077 292
Certificateholders plus Class D Additional Interest
293 Class D Servicing Fee due for the relevant Monthly Period and not paid above $ 26,667 293
294 Class D Servicing Fee due but not distributed to the Servicer for prior Monthly $ - 294
Periods
295 Class D Allocable Amount $ 48,267 295
296 Any unreimbursed reductions of the Class D Investor Amount, if any, due to: $ - 296
(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
297 Aggregate amount of any other amounts due to the Collateral Indebtedness Holder $ - 297
pursuant to the Loan Agreement
298 Excess, if any, of the Required Reserve Account Amount over the amount on $ - 298
deposit in the Reserve Account
299 Shared Excess Finance Charge Collections $ 2,992,596 299
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Determination of Monthly Principal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
300 Class A Monthly Principal (the least of line#301, line#302 and line#208) $ - 300
301 Available Principal Collections held in the Collection Account $ 51,833,269 301
302 Class A Accumulation Amount $ - 302
Page 3 of 5
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
303 Class B Monthly Principal (the least of line#304, line#305 and line#209) $ - 303
(distributable only after payout of Class A)
304 Available Principal Collections held in the Collection Account less portion of $ 51,833,269 304
such Collections applied to Class A Monthly Principal
305 Class B Accumulation Amount $ - 305
306 Collateral Monthly Principal (prior to payout of Class B) (the least of line#307 $ - 306
and line#308)
307 Available Principal Collections held in the Collection Account less portion of $ 51,833,269 307
such Collections applied to Class A and Class B Monthly Principal
308 Enhancement Surplus $ - 308
309 Class D Monthly Principal $ - 309
310 Available Principal Collections held in the Collection Account less portion of $ 51,833,269 310
such Collections applied to Class A, Class B or collateral Monthly Principal
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Available Enhancement Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Investor Default Amounts, Adjustment Amounts, and Allocable Amounts
- ------------------------------------------------------------------------------------------------------------------------------------
% Amount
----------- ------------
<S> <C> <C> <C> <C> <C>
317 Series 1998-2 Default Amount 35.61% 317(a) $ 788,864 317(b)
318 Class A Investor Default Amount 27.24% 318(a) $ 603,337 318(b)
319 Class B Investor Default Amount 2.93% 319(a) $ 64,859 319(b)
320 Collateral Default Amount 3.27% 320(a) $ 72,400 320(b)
321 Class D Investor Default Amount 2.18% 321(a) $ 48,267 321(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 $ 788,864 327
328 Class A Allocable Amount $ 603,337 328
329 Class B Allocable Amount $ 64,859 329
330 Collateral Allocable Amount $ 72,400 330
331 Class D Allocable Amount $ 48,267 331
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Required Amounts
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
332 Class A Required Amount $ - 332
333 Class A Monthly Interest for current Distribution Date $ 1,000,000 333
334 Class A Monthly Interest previously due but not paid $ - 334
335 Class A Additional Interest for prior Monthly Period or previously due but not $ - 335
paid
336 Class A Allocable Amount for current Distribution Date $ - 336
337 Class A Servicing Fee (if 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>
<S> <C> <C> <C> <C>
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 109,282 345
346 Collateral Monthly Interest previously due but not paid $ - 346
347 Collateral Additional Interest for prior Monthly Period or previously due but $ - 347
not paid
348 Collateral Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 348
349 Excess of Collateral Allocable Amount over funds available to make payments $ - 349
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
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
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Servicing Fee
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
365 Series 1998-2 Servicing Fee $ 435,833 365
366 Class A Servicing Fee $ 333,333 366
367 Class B Servicing Fee $ 35,833 367
368 Collateral Servicing Fee $ 40,000 368
369 Class D Servicing Fee $ 26,667 369
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Reserve Account
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
370 Required Reserve Account Amount (if applicable) N/A 370
371 Reserve Account Reinvestment Rate (if applicable) N/A 371
372 Reserve Account balance $ - 372
373 Accumulation Period Length 12 months 373
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of June, 1999.
Saks Incorporated,
as Servicer
By /s/ James S. Scully
--------------------------------
Name: James S. Scully
Title: Vice President and Treasurer
Page 5 of 5
