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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 16, 1999
SAKS CREDIT CARD MASTER TRUST
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(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
NOT APPLICABLE 333-28811-01 NOT APPLICABLE
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(STATE OR OTHER (COMMISSION (IRS EMPLOYER
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
INCORPORATION)
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140 INDUSTRIAL DRIVE, ELMHURST, ILLINOIS, 60126
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(ADDRESSES OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(630) 516-8080
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(Registrant's Telephone Number, including Area Code)
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Item 5. Other Events.
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The Registrant hereby amends Exhibit 99.4 of its Current Report on Form 8-K
filed on August 16, 1999.
Saks Incorporated, as Servicer under the Saks Credit Card Master Trust,
distributed an amended Monthly Certificateholders' Statement for the period from
the date of initial issuance on July 21, 1999 through July 31, 1999, to the
Series 1999-1 Certificateholders.
Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits.
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(c) Exhibits.
The following exhibits are filed herewith:
Exhibit No. Description
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99.4 Amended Series 1999-1 Monthly Certificateholders'
Statement for the period from July 21, 1999 through
July 31, 1999
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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
SAKS CREDIT CARD MASTER TRUST
(Registrant)
/s/ Charles J. Hansen
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Charles J. Hansen
Senior Vice President and
Associate General Counsel
Date: August 16, 1999
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INDEX TO EXHIBITS
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Exhibit
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99.4 Amended Series 1999-1 Monthly Certificateholders' Statement for the
period from July 21, 1999 through July 31, 1999
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Exhibit 99.4
Monthly Certificateholder's Statement
Saks Credit Card Master Trust
Series 1999-1
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 1999-1 Supplement, dated as of July 21, 1999 (the
"Supplement" and together with the Pooling and Servicing Agreement, the
"Agreement") each between Saks Credit Corporation (as successor to 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 1999-1 is set forth below:
Date of the Certificate August 10, 1999
Monthly Period ending: July 31, 1999
Determination Date August 10, 1999
Distribution Date August 16, 1999
*****As a result of the July 21, 1999 issuance of Series 1999-1, the end of
prior month Investor Amounts for Series 1997-1 and Series 1999-1 have been
adjusted to reflect the average daily investor amounts for these Series for the
July Monthly Period. This adjustment is being made in order to more accurately
reflect the allocation of principal and finance charge collections to each of
the Series.*****
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General
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<S> <C> <C> <C> <C>
101 Amortization Period No 101
102 Early Amortization Period No 102
103 Class A Investor Amount paid in full No 103
104 Class B Investor Amount paid in full No 104
105 Collateral Interest Amount paid in full No 105
106 Saks Incorporated is the Servicer Yes 106
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Investor Amount
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as of the end of prior as of the end of
Monthly Period the relevant
Monthly Period
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<S> <C> <C> <C> <C>
107 Series 1999-1 Investor Amount $ 134,262,097 107(a) $ 378,375,000 107(b)
108 Class A Investor Amount $ 99,354,839 108(a) $ 280,000,000 108(b)
109 Class B Investor Amount $ 10,742,742 109(a) $ 30,275,000 109(b)
110 Collateral Interest Amount $ 24,164,516 110(a) $ 68,100,000 110(b)
111 Series 1999-1 Adjusted Investor Amount $ 134,262,097 111(a) $ 378,375,000 111(b)
112 Class A Adjusted Investor Amount $ 99,354,839 112(a) $ 280,000,000 112(b)
113 Principal Account Balance with respect to Class A $ - 113(a) $ - 113(b)
114 Class B Adjusted Investor Amount $ 10,742,742 114(a) $ 30,275,000 114(b)
115 Principal Account Balance with respect to Class B $ - 115(a) $ - 115(b)
116 Collateral Interest Adjusted Amount $ 24,164,516 116(a) $ 68,100,000 116(b)
117 Principal Account Balance with respect to the Collateral Interest $ - 117(a) $ - 117(b)
118 Class A Certificate Rate 5.40000% 118
119 Class B Certificate Rate 5.61000% 119
as of the end of prior as of the end of
Monthly Period the relevant
Monthly Period
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120 Series 1999-1 Investor Percentage with respect to Finance Charge 13.08% 120(a) 37.27% 120(b)
Receivables
121 Class A 9.68% 121(a) 27.58% 121(b)
122 Class B 1.05% 122(a) 2.98% 122(b)
123 Collateral Interest 2.35% 123(a) 6.71% 123(b)
124 Series 1999-1 Investor Percentage with respect to Principal 13.08% 124(a) 37.27% 124(b)
Receivables
125 Class A 9.68% 125(a) 27.58% 125(b)
126 Class B 1.05% 126(a) 2.98% 126(b)
127 Collateral Interest 2.35% 127(a) 6.71% 127(b)
128 Series 1999-1 Investor Percentage with respect to Allocable Amounts 13.08% 128(a) 37.27% 128(b)
129 Class A 9.68% 129(a) 27.58% 129(b)
130 Class B 1.05% 130(a) 2.98% 130(b)
131 Collateral Interest 2.35% 131(a) 6.71% 131(b)
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Series 1999-1 Investor Distributions
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<S> <C> <C> <C> <C>
132 The sum of the daily allocations of collections of Principal Receivables for $ - 132
the relevant Monthly Period
133 Class A distribution of collections of Principal Receivables per $1,000 of $ - 133
original principal amount
134 Class B distribution of collections of Principal Receivables per $ - 134
$1,000 of original principal amount
135 Collateral Interest distribution of collections of Principal Receivables per $ - 135
$1,000 of original principal amount
136 Class A distribution attributable to interest per $1,000 of original principal $ 3.90 136
amount
137 Class B distribution attributable to interest per $1,000 of original principal $ 4.05 137
amount
138 Collateral Interest distribution attributable to interest per $1,000 of original $ 2.95 138
principal amount
139 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000 $ 1.67 139
of original principal amount
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Collections Allocated to Series 1999-1
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<S> <C> <C> <C> <C>
140 Series allocation of collections of Principal Receivables $ 28,672,930 140
141 Class A $ 21,218,157 141
142 Class B $ 2,294,213 142
143 Collateral Interest $ 5,160,559 143
144 Series allocation of collections of Finance Charge Receivables $ 2,894,833 144
145 Class A $ 2,142,195 145
146 Class B $ 231,625 146
147 Collateral Interest $ 521,013 147
Available Funds
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148 Class A Available Funds $ 2,142,195 148
149 The amount to be withdrawn from the Reserve Account to be included $ - 149
in Class A Available funds
150 Principal Investment Proceeds to be included in Class A Available $ - 150
Funds
151 The amount of investment earnings on amounts held in the Reserve $ - 151
Account to be included in Class A Available funds
152 Class B Available Funds $ 231,625 152
153 The amount to be withdrawn from the Reserve Account to be included $ - 153
in Class B Available funds
154 Principal Investment Proceeds to be included in Class B Available $ - 154
Funds
155 Collateral Interest Available Funds $ 521,013 155
156 The amount to be withdrawn from the Reserve Account to be included in $ - 156
Collateral Interest Available Funds
157 Principal Investment Proceeds to be included in Collateral Interest Available $ - 157
Funds
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Application of Collections
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Class A
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<S> <C> <C> <C> <C>
158 Class A Monthly Interest for the related Distribution Date, $ 1,092,000 158
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
159 If Saks Incorporated is no longer the Servicer, an amount equal to $ - 159
Class A Servicing fee for the related Distribution Date
160 Class A Allocable Amount $ 216,044 160
161 An amount to be included in the Excess Spread $ 834,151 161
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<S> <C> <C> <C> <C>
Class B
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162 Class B Monthly Interest for the related Distribution Date, $ 122,664 162
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
163 If Saks Incorporated is no longer the Servicer, an amount equal to $ - 163
Class B Servicing fee for the related Distribution Date
164 An amount to be included in the Excess Spread $ 108,961 164
Collateral Interest
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165 If Saks Incorporated is no longer the Servicer, an amount equal to Collateral $ - 165
Interest Servicing fee for the related Distribution Date
166 An amount to be included in the Excess Spread $ 521,013 166
167 Available Excess Spread $ 1,464,125 167
168 Available Shared Excess Finance Charge Collections $ - 168
169 Total Cash Flow available for Series 1999-1 waterfall $ 1,464,125 169
170 Fund any Class A Required Amount $ - 170
171 Class A Investor Charge Offs which have not been previously reimbursed $ - 171
172 Class B Required Amount to the extent attributable to line 162 and line 163 $ - 172
173 Class B Allocable Amount $ 23.360 173
174 Excess of the Required Reserve Account Amount over the amount held in $ - 174
the Reserve Account
175 An amount equal to any unreimbursed reductions of the Class B Investor $ - 175
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
176 Collateral Monthly Interest for the related Distribution Date plus Collateral $ 200,999 176
Monthly Interest previously due but not paid to holders of the Collateral Interest
plus additional interest
177 Servicing Fee due for the relevant Monthly Period and not paid above plus $ 231,229 177
any amounts previously due but not distributed to the Servicer
178 Collateral Interest Allocable Amount $ 52,545 178
179 Any unreimbursed reductions of the Collateral Interest Amount, if any, due to: $ - 179
(i) Collateral Interest Charge Offs; (ii) Reallocated Principal Collections;
(iii) reallocations of the Collateral Interest Amount to the Class A or Class B
Investor Amount
180 Excess of the Required Spread Account Amount over the available Spread $ - 180
Account Amount
181 The aggregate of any other amounts, if any, then due to the Collateral $ - 181
Interest Holder
182 Shared Excess Finance Charge Collections $ 955,991 182
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Determination of Monthly Principal
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183 Available Principal Collections held in the Collection Account $ 28,672,930 183
184 Controlled Deposit Amount for the Monthly Period $ - 184
185 Deficit Controlled Accumulation Amount $ - 185
186 Principal Collections deposited for the Monthly Period $ - 186
187 Class A Monthly Principal $ - 187
188 Class B Monthly Principal (only after payout of Class A or the accumulation $ - 188
of the Class A Investor Amount)
189 Available Principal Collections held in the Collection Account less portion of $ 28,672,930 189
such Collections applied to Class A Monthly Principal
190 Controlled Deposit Amount less Class A Monthly Principal $ - 190
191 Collateral Interest Monthly Principal (only after payout of Class A and Class $ - 191
B or the accumulation of the Class A and Class B Investor Amount)
192 Available Principal Collections held in the Collection Account less portion of $ 28,672,930 192
such Collections applied to Class A and Class B Monthly Principal
193 Controlled Deposit Amount less Class A and Class B Monthly Principal $ - 193
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Reallocated Principal Collections
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<S> <C> <C> <C> <C>
194 Reallocated Principal Collections $ - 194
195 Collateral Subordinated Principal Collections (to the extent needed to fund $ - 195
Required Amounts)
196 Class B Subordinated Principal Collections (to the extent needed to fund Required $ - 196
Amounts)
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Investor Default Amounts, Adjustment Amounts, and Allocable Amounts
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% Amount
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197 Series 1999-1 Default Amount 13.08% 197(a) $ 291,949 197(b)
198 Class A Investor Default Amount 9.68% 198(a) $ 216,044 198(b)
199 Class B Investor Default Amount 1.05% 199(a) $ 23,360 199(b)
200 Collateral Interest Default Amount 2.35% 200(a) $ 52,545 200(b)
201 Series 1999-1 Adjustment Amount $ - 201
202 Class A Adjustment Amount $ - 202
203 Class B Adjustment Amount $ - 203
204 Collateral Interest Adjustment Amount $ - 204
205 Series 1999-1 Allocable Amount $ 291,949 205
206 Class A Allocable Amount $ 216,044 206
207 Class B Allocable Amount $ 23,360 207
208 Collateral Interest Allocable Amount $ 52,545 208
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Required Amounts
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209 Class A Required Amount $ - 209
210 Class A Monthly Interest for current Distribution Date $ 1,092,000 210
211 Class A Monthly Interest previously due but not paid $ - 211
212 Class A Additional Interest for prior Monthly Period or previously $ - 212
due but not paid
213 Class A Allocable Amount for current Distribution Date $ 216,044 213
214 Class A Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 214
215 Class B Required Amount $ - 215
216 Class B Monthly Interest for current Distribution Date $ 122,664 216
217 Class B Monthly Interest previously due but not paid $ - 217
218 Class B Additional Interest for prior Monthly Period or previously due $ - 218
but not paid
219 Class B Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 219
220 Excess of Class B Allocable Amount over funds available to make payments $ - 220
221 Collateral Interest Required Amount $ - 221
222 Collateral Monthly Interest for current Distribution Date $ 200,996 222
223 Collateral Monthly Interest previously due but not paid $ - 223
224 Collateral Interest Additional Interest for prior Monthly Period or previously $ 3 224
due but not paid
225 Collateral Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 225
226 Excess of Collateral Interest Allocable Amount over funds available to make payments $ - 226
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Reduction of Investor Amounts
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Class A
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227 Class A Investor Amount reduction $ - 227
228 Class A Investor Charge Off $ - 228
Class B
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229 Class B Investor Amount reduction $ - 229
230 Class B Investor Charge Off $ - 230
231 Reductions of the Class B Investor Amount due to Class A Allocable $ - 231
232 Reallocated Principal Collections applied to Class A $ - 232
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<S> <C> <C> <C> <C>
Collateral Interest
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233 Collateral Interest Amount reduction $ - 233
234 Collateral Interest Amount Charge Off $ - 234
235 Reductions of the Collateral Indebtedness Amount due to Class A and Class B $ - 235
Allocable Amounts
236 Reallocated Principal Collections applied to Class A and Class B $ - 236
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Servicing Fee
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237 Series 1999-1 Servicing Fee $ 231,229 237
238 Class A Servicing Fee $ 171,111 238
239 Class B Servicing Fee $ 18,501 239
240 Collateral Interest Servicing Fee $ 41,617 240
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Reserve Account
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241 Required Reserve Account Amount (if applicable) N/A 241
242 Reserve Account reinvestment rate (if applicable) N/A 242
243 Reserve Account reinvestment earnings $ - 243
244 Reserve Account balance $ - 244
245 Accumulation Period Length 12 months 245
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Excess Spread
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246 Portfolio Yield for Monthly Period (excluding Shared Excess Finance 22.51% 246
Charge Collections from other Series)
247 Base Rate for Monthly Period 7.18% 247
248 Portfolio Yield minus Base Rate for such Monthly Period 15.33% 248
249 Three month average of Portfolio Yield minus Base Rate N/A 249
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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of August, 1999.
Saks Incorporated,
as Servicer
By /s/ Charles J. Hansen
----------------------------------------
Name: Charles J. Hansen
Title: Senior Vice President
