<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): February 16, 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
January 1999, to the Series 1997-2 Certificateholders on February 16, 1999.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
January 1999, to the Series 1998-1 Certificateholders on February 16, 1999.
Saks Incorporated, as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the month of
January 1999, to the Series 1998-2 Certificateholders on February 16, 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 January 1999
99.2 Series 1998-1 Monthly Certificateholders' Statement for the
month of January 1999
99.3 Series 1998-2 Monthly Certificateholders' Statement for the
month of January 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: February 16, 1999
-3-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
- -------
99.1 Series 1997-2 Monthly Certificateholders' Statement for the month
of January 1999
99.2 Series 1998-1 Monthly Certificateholders' Statement for the month
of January 1999
99.3 Series 1998-2 Monthly Certificateholders' Statement for the month
of January 1999
<PAGE>
Exhibit 99.1
Series 1997-2 Monthly Certificateholders' Statement for the month of January
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 FEBRUARY 10, 1999
MONTHLY PERIOD ENDING: JANUARY 31, 1999
DETERMINATION DATE FEBRUARY 10, 1999
DISTRIBUTION DATE FEBRUARY 16, 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 5.60000% 218
219 Class D Certificate Rate 5.87500% 219
220 Weighted average interest rate for Series 1997-2 6.40% 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 27.15% 221(a) 30.10% 221(b)
222 Class A 20.77% 222(a) 23.03% 222(b)
223 Class B 2.31% 223(a) 2.56% 223(b)
224 Collateral Indebtedness Amount 2.42% 224(a) 2.69% 224(b)
225 Class D 1.65% 225(a) 1.83% 225(b)
226 Series 1997-2 Investor Percentage with respect to
Principal Receivables 27.15% 226(a) 30.10% 226(b)
227 Class A 20.77% 227(a) 23.03% 227(b)
228 Class B 2.31% 228(a) 2.56% 228(b)
229 Collateral Indebtedness Amount 2.42% 229(a) 2.69% 229(b)
230 Class D 1.65% 230(a) 1.83% 230(b)
231 Series 1997-2 Investor Percentage with respect to
Allocable Amounts 27.15% 231(a) 30.10% 231(b)
232 Class A 20.77% 232(a) 23.03% 232(b)
233 Class B 2.31% 233(a) 2.56% 233(b)
234 Collateral Indebtedness Amount 2.42% 234(a) 2.69% 234(b)
235 Class D 1.65% 235(a) 1.83% 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>
<TABLE>
<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 $ 4.98 243
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 $ 48,148,403 246
247 Class A $ 36,832,607 247
248 Class B $ 4,092,512 248
249 Collateral Indebtedness Amount $ 4,297,138 249
250 Class D $ 2,926,146 250
251 Series allocation of collections of Finance Charge Receivables $ 4,588,402 251
252 Class A $ 3,510,040 252
253 Class B $ 390,004 253
254 Collateral Indebtedness Amount $ 409,505 254
255 Class D $ 278,853 255
Available Funds
---------------
256 Class A Available Funds $ 3,510,040 256
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 $ 390,004 260
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 $ 409,505 264
265 Class D Available Funds $ 278,853 265
- ----------------------------------------------------------------------------------------------------------------------------------
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 $ 477,007 268
269 An amount to be included in the Excess Spread $ 2,058,033 269
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>
<TABLE>
<S> <C> <C>
272 An amount to be included in the Excess Spread $ 278,504 272
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 $ 409,505 274
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 $ 278,853 276
277 Available Excess Spread $ 3,024,895 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1997-2 waterfall $ 3,024,895 279
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 $ - 281
previously reimbursed
282 Class B Required Amount to the extent attributable to line270, and line271 $ - 282
283 Class B Allocable Amount $ 53,001 283
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 $ 104,533 286
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 $ 55,651 289
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 $ 74,678 292
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 $ 37,896 295
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 $ 2,306,970 299
- ------------------------------------------------------------------------------------------------------------------------------------
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 $ 48,148,403 301
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 $ 48,148,403 304
305 Class B Accumulation Amount $ - 305
</TABLE>
<PAGE>
<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 $ 48,148,403 307
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 $ 48,148,403 310
-----------------------------------------------------------------------------------------------------------------------------------
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 27.15% 317(a) $ 623,554 317(b)
318 Class A Investor Default Amount 20.77% 318(a) $ 477,007 318(b)
319 Class B Investor Default Amount 2.31% 319(a) $ 53,001 319(b)
320 Collateral Default Amount 2.42% 320(a) $ 55,651 320(b)
321 Class D Investor Default Amount 1.65% 321(a) $ 37,896 321(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 $ 623,554 327
328 Class A Allocable Amount $ 477,007 328
329 Class B Allocable Amount $ 53,001 329
330 Collateral Allocable Amount $ 55,651 330
331 Class D Allocable Amount $ 37,896 331
- ------------------------------------------------------------------------------------------------------------------------------------
REQUIRED AMOUNTS
- ------------------------------------------------------------------------------------------------------------------------------------
332 Class A Required Amount $ - 332
333 Class A Monthly Interest for current Distribution Date $ 975,000 333
334 Class A Monthly Interest previously due but not paid $ - 334
335 Class A Additional Interest for prior Monthly Period or previously due but not $ - 335
336 Class A Allocable Amount for current Distribution Date $ - 336
337 Class A Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 337
338 Class B Required Amount $ - 338
339 Class B Monthly Interest for current Distribution Date $ 111,500 339
340 Class B Monthly Interest previously due but not paid $ - 340
341 Class B Additional Interest for prior Monthly Period or previously due but not $ - 341
342 Class B Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 342
343 Excess of Class B Allocable Amount over funds available to make payments $ - 343
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 104,533 345
346 Collateral Monthly Interest previously due but not paid $ - 346
347 Collateral Additional Interest for prior Monthly Period or previously due but not $ - 347
paid
</TABLE>
<PAGE>
<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 FEBRUARY, 1999.
SAKS INCORPORATED,
AS SERVICER
BY /s/ James S. Scully
--------------------
NAME: JAMES S. SCULLY
TITLE: VICE PRESIDENT AND TREASURER
<PAGE>
Exhibit 99.2
Series 1998-1 Monthly Certificateholders' Statement for the month of January
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 FEBRUARY 10, 1999
MONTHLY PERIOD ENDING: JANUARY 31, 1999
DETERMINATION DATE FEBRUARY 10, 1999
DISTRIBUTION DATE FEBRUARY 16, 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
as of the end of prior of 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
as of the end of prior of the relevant
Monthly Period Monthly Period
--------------------- ----------------
218 Series 1998-1 Investor Percentage with respect to Finance
Charge Receivables 10.56% 218(a) 11.71% 218(b)
219 Class A 7.73% 219(a) 8.57% 219(b)
220 Class B 0.92% 220(a) 1.02% 220(b)
221 Class C 1.90% 221(a) 2.11% 221(b)
222 Series 1998-1 Investor Percentage with respect to Principal 10.56% 222(a) 11.71% 222(b)
Receivables
223 Class A 7.73% 223(a) 8.57% 223(b)
224 Class B 0.92% 224(a) 1.02% 224(b)
225 Class C 1.90% 225(a) 2.11% 225(b)
226 Series 1998-1 Investor Percentage with respect to Default 10.56% 226(a) 11.71% 226(b)
Amounts
227 Class A 7.73% 227(a) 8.57% 227(b)
228 Class B 0.92% 228(a) 1.02% 228(b)
229 Class C 1.90% 229(a) 2.11% 229(b)
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SERIES 1998-1 INVESTOR DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
230 The sum of the daily allocations of collections of Principal Receivables for $ - 230
the relevant Monthly Period
231 Class A distribution of collections of Principal Receivables per $1,000 of $ - 231
original principal amount
232 Class B distribution of collections of Principal Receivables per $1,000 of $ - 232
original principal amount
233 Class C distribution of collections of Principal Receivables per $1,000 of $ - 233
original principal amount
234 Class A distribution attributable to interest per $1,000 of original $ 5.36 234
principal amount
235 Class B distribution attributable to interest per $1,000 of original $ 5.51 235
principal amount
236 Class C distribution attributable to interest per $1,000 of original $ - 236
principal amount
237 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000 of $ 1.67 237
original principal amount
- ------------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1998-1
- ------------------------------------------------------------------------------------------------------------------------------------
Allocations of Finance Charge Collections
-----------------------------------------
238 Investor allocation of Finance Charge Collections during the Collection $ 1,784,270 238
Period pursuant to Section 4.4
239 Investment earnings during Collection Period of Series Accounts to be treated $ - 239
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 Finance $ 1,784,270 243
Charge Collections (line 238 + line 239)
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 $ - 245
4.9(c))
246 Final Reserve Account disbursement (pursuant to Section 4.9 (d)) $ - 246
247 Total allocations of Finance Charge Collections during the Relevant Monthly $ 1,784,270 247
Period (sum of line 243, line 244, line 245 and line 246)
- ------------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF FINANCE CHARGE COLLECTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
248 Shared Finance Charge Collections allocated to Series 1998-1 to cover the $ - 248
Total Deficiency Amount pursuant to Section 4.6
249 Class A Monthly Interest plus the amount of any previous month's Class A Interest Shortfall
plus any Class A Additional $ 359,008 249
Interest (Section 4.6 (a))
250 Class B Monthly Interest plus the amount of any previous month's Class B Interest Shortfall
plus any Class B Additional $ 44,067 250
Interest (Section 4.6 (a))
251 Investor Monthly Servicing Fee due for the relevant Monthly Period (Section $ 152,500 251
4.6 (c))
252 Investor Monthly Servicing Fee due but not distributed to the Servicer for $ - 252
prior Monthly Periods (Section 4.6 (c))
253 Investor Default Amount (Section 4.6 (d)) $ 242,479 253
254 Unpaid Deposit Obligation (Section 4.6 (e)) $ - 254
255 Aggregate amount of Class A Investor Charge-Offs which have not been $ - 255
previously reimbursed (Section 4.6 (f))
</TABLE>
Page 2 of 4
<PAGE>
<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 $ - 256
and (ii) Class B Investor Charge-Offs (Section 4.6 (f))
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 $ 986,217 260
- -----------------------------------------------------------------------------------------------------------------------------------
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>
<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 $ 1,784,270 280
281 Total Monthly Payment $ 798,054 281
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 $ 242,479 285
286 Unpaid Deposit Obligation $ - 286
287 Total Deficiency Amount prior to allocation of Shared Finance Charge
Collections (excess of line 281 over line 280) $ - 287
288 Allocation of Shared Finance Charge Collections to Series 1998-1 during the
Relevant Monthly Period $ - 288
289 Total Deficiency Amount ("Shortfall") (Section 4.6) $ - 289
290 Investor Charge-Offs $ - 290
291 Class C Investor Charge-Offs $ - 291
292 Class B Investor Charge-Offs $ - 292
293 Class A Investor Charge-Offs $ - 293
- ---------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
- ---------------------------------------------------------------------------------------------------------------------------------
Class A
-------
294 Aggregate amount of Class A Investor Charge-Offs over Class A Investor
Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 294
Class B
-------
295 Aggregate amount of Class B Investor Charge-Offs over Class B Investor
Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 295
296 Aggregate amount of Class B Reallocated Amounts over Class B Reallocated Amounts
reimbursed pursuant to subsection 4.6 (f) or
allocated to the Class C Investor Amount pursuant to Section 4.11 $ - 296
Class C
-------
297 Aggregate amount of Class C Investor Charge-Offs over Class C Investor
Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 297
298 Aggregate amount of Class C Reallocated Amounts over Class C Reallocated
Amounts reimbursed pursuant to subsection 4.6 (f) $ - 298
- ---------------------------------------------------------------------------------------------------------------------------------
POOL FACTORS
- ---------------------------------------------------------------------------------------------------------------------------------
299 Class A Pool Factor 100.00% 299
300 Class B Pool Factor 100.00% 300
301 Class C Pool Factor 100.00% 301
---------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
---------------------------------------------------------------------------------------------------------------------------------
302 Required Reserve Account Amount ( if applicable) N/A 302
303 Reserve Account Reinvestment Rate (if applicable) N/A 303
304 Reserve Account balance $ - 304
</TABLE>
IN WITNESS WHEREOF, THE UNDERSIGNED HAS DULY EXECUTED AND DELIVERED THIS
CERTIFICATE THIS 10TH DAY OF
FEBRUARY, 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 January
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 FEBRUARY 10, 1999
MONTHLY PERIOD ENDING: JANUARY 31, 1999
DETERMINATION DATE FEBRUARY 10, 1999
DISTRIBUTION DATE FEBRUARY 16, 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 5.75000% 218
219 Class D Certificate Rate 6.00000% 219
220 Weighted average interest rate for Series 1998-2 5.99% 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 30.17% 221(a) 33.46% 221(b)
222 Class A 23.08% 222(a) 25.59% 222(b)
223 Class B 2.48% 223(a) 2.75% 223(b)
224 Collateral Indebtedness Amount 2.77% 224(a) 3.07% 224(b)
225 Class D 1.85% 225(a) 2.05% 225(b)
226 Series 1998-2 Investor Percentage with respect to Principal
Receivables 30.17% 226(a) 33.46% 226(b)
227 Class A 23.08% 227(a) 25.59% 227(b)
228 Class B 2.48% 228(a) 2.75% 228(b)
229 Collateral Indebtedness Amount 2.77% 229(a) 3.07% 229(b)
230 Class D 1.85% 230(a) 2.05% 230(b)
231 Series 1998-2 Investor Percentage with respect to Allocable
Amounts 30.17% 231(a) 33.46% 231(b)
232 Class A 23.08% 232(a) 25.59% 232(b)
233 Class B 2.48% 233(a) 2.75% 233(b)
234 Collateral Indebtedness Amount 2.77% 234(a) 3.07% 234(b)
235 Class D 1.85% 235(a) 2.05% 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>
<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 $ 5.11 243
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 $ 53,509,594 246
247 Class A $ 40,925,119 247
248 Class B $ 4,399,450 248
249 Collateral Indebtedness Amount $ 4,911,014 249
250 Class D $ 3,274,010 250
251 Series allocation of collections of Finance Charge Receivables $ 5,099,308 251
252 Class A $ 3,900,044 252
253 Class B $ 419,255 253
254 Collateral Indebtedness Amount $ 468,005 254
255 Class D $ 312,004 255
Available Funds
---------------
256 Class A Available Funds $ 3,900,044 256
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 $ 419,255 260
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 $ 468,005 264
265 Class D Available Funds $ 312,004 265
- ------------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF COLLECTIONS
-----------------------------------------------------------------------------------------------------------------------------------
Class A
-------
266 Class A Monthly Interest for the related Distribution Date, plus the
amount of any Class A Monthly Interest previously due but not paid plus
any additional interest with respect to interest amounts that were due
but not paid on a prior Distribution date $ 1,000,000 266
267 If Saks Incorporated is no longer the Servicer, an amount equal to Class
A Servicing fee for the related Distribution Date $ - 267
268 Class A Allocable Amount $ 530,008 268
269 An amount to be included in the Excess Spread $ 2,370,036 269
Class B
-------
</TABLE>
Page 2 of 5
<PAGE>
<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 $ 309,067 272
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 $ 468,005 274
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 $ 312,004 276
277 Available Excess Spread $ 3,459,112 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 3,459,112 279
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 $ 56,976 283
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 $ 122,667 286
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 $ 63,601 289
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 $ 85,333 292
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 $ 42,401 295
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 $ 2,652,302 299
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF MONTHLY PRINCIPAL
----------------------------------------------------------------------------------------------------------------------------------
<S> <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 $ 53,509,594 301
302 Class A Accumulation Amount $ - 302
</TABLE>
Page 3 of 5
<PAGE>
<TABLE>
<S> <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 $ 53,509,594 304
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 $ 53,509,594 307
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 $ 53,509,594 310
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE ENHANCEMENT AMOUNT
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
311 Available Enhancement Amount $ 40,000,000 311
312 Amount on Deposit in the Cash Collateral Account $ - 312
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
REALLOCATED PRINCIPAL COLLECTIONS
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
INVESTOR DEFAULT AMOUNTS, ADJUSTMENT AMOUNTS, AND ALLOCABLE AMOUNTS
----------------------------------------------------------------------------------------------------------------------------------
% Amount
----------- ------------
<S> <C> <C> <C> <C>
317 Series 1998-2 Default Amount 30.17% 317(a) $ 692,985 317(b)
318 Class A Investor Default Amount 23.08% 318(a) $ 530,008 318(b)
319 Class B Investor Default Amount 2.48% 319(a) $ 56,976 319(b)
320 Collateral Default Amount 2.77% 320(a) $ 63,601 320(b)
321 Class D Investor Default Amount 1.85% 321(a) $ 42,401 321(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 $ 692,985 327
328 Class A Allocable Amount $ 530,008 328
329 Class B Allocable Amount $ 56,976 329
330 Collateral Allocable Amount $ 63,601 330
331 Class D Allocable Amount $ 42,401 331
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
REQUIRED AMOUNTS
----------------------------------------------------------------------------------------------------------------------------------
<S> <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 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>
<TABLE>
<S> <C> <C>
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 122,667 345
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
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
----------------------------------------------------------------------------------------------------------------------------------
<S> <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 Amount $ - 364
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
SERVICING FEE
----------------------------------------------------------------------------------------------------------------------------------
<S> <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
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
---------------------------------------------------------------------------------------------------------------------------------
<S> <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 FEBRUARY, 1999.
SAKS INCORPORATED,
AS SERVICER
BY /S/ JAMES S. SCULLY
------------------------------------
NAME: JAMES S. SCULLY
TITLE: VICE PRESIDENT AND TREASURER
Page 5 of 5
