<PAGE>
Exhibit 99.2
Series 1998-2 Monthly Certificateholders' Statement
for the month of September 2000
<PAGE>
Series 1998-2
Monthly Certificateholder's Statement
Saks 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 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 1998-2 is
set forth below:
Date of the Certificate October 10, 2000
Monthly Period ending: September 30, 2000
Determination Date October 10, 2000
Distribution Date October 16, 2000
<TABLE>
<CAPTION>
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General
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<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
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Investor Amount
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as of the end of
as of the end of the prior the relevant
Monthly Period Monthly Period
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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 7.37125% 218
219 Class D Certificate Rate 7.62125% 219
220 Weighted average interest rate for Series 1998-2 6.24% 220
as of the end of
for the relevant the relevant
Monthly Period Monthly Period
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221 Series 1998-2 Investor Percentage with respect to Finance
Charge Receivables 23.54% 221(a) 22.36% 221(b)
222 Class A 18.01% 222(a) 17.10% 222(b)
223 Class B 1.94% 223(a) 1.84% 223(b)
224 Collateral Indebtedness Amount 2.16% 224(a) 2.05% 224(b)
225 Class D 1.44% 225(a) 1.37% 225(b)
226 Series 1998-2 Investor Percentage with respect to
Principal Receivables 23.54% 226(a) 22.36% 226(b)
227 Class A 18.01% 227(a) 17.10% 227(b)
228 Class B 1.94% 228(a) 1.84% 228(b)
229 Collateral Indebtedness Amount 2.16% 229(a) 2.05% 229(b)
230 Class D 1.44% 230(a) 1.37% 230(b)
231 Series 1998-2 Investor Percentage with respect to
Allocable Amounts 23.54% 231(a) 22.36% 231(b)
232 Class A 18.01% 232(a) 17.10% 232(b)
233 Class B 1.94% 233(a) 1.84% 233(b)
234 Collateral Indebtedness Amount 2.16% 234(a) 2.05% 234(b)
235 Class D 1.44% 235(a) 1.37% 235(b)
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Series 1998-2 Investor Distributions
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236 The sum of the daily allocations of collections
of Principal Receivables for the relevant
Monthly Period $ - 236
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Series 1998-2
<TABLE>
<S> <C> <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 $ 6.35 243
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
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Collections Allocated to Series 1998-2
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246 Series allocation of collections of Principal Receivables $ 48,541,039 246
247 Class A $ 37,125,078 247
248 Class B $ 3,990,946 248
249 Collateral Indebtedness Amount $ 4,455,009 249
250 Class D $ 2,970,006 250
251 Series allocation of collections of Finance Charge Receivables $ 5,157,248 251
252 Class A $ 3,944,358 252
253 Class B $ 424,018 253
254 Collateral Indebtedness Amount $ 473,323 254
255 Class D $ 315,549 255
Available Funds
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256 Class A Available Funds $ 3,944,358 256
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 $ 424,018 260
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 $ 473,323 264
265 Class D Available Funds $ 315,549 265
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Application of Collections
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Class A
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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 $ 747,341 268
269 An amount to be included in the Excess Spread $ 2,197,017 269
Class B
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Series 1998-2
<TABLE>
<S> <C> <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 $ 313,831 272
Collateral
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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 $ 473,323 274
Class D
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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 $ 315,549 276
277 Available Excess Spread $ 3,299,719 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 3,299,719 279
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 $ 80,339 283
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 $ 152,339 286
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 $ 89,681 289
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 $ 105,004 292
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 $ 59,787 295
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 $ 2,376,735 299
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Determination of Monthly Principal
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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 $ 48,541,039 301
302 Class A Accumulation Amount $ - 302
</TABLE>
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Series 1998-2
<TABLE>
<S> <C> <C> <C>
303 Class B Monthly Principal (the least of line#304, line#305 and line#209)
(distributable only after payout of Class A) $ - 303
304 Available Principal Collections held in the Collection Account less portion of
such Collections applied to Class A Monthly Principal $ 48,541,039 304
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 $ 48,541,039 307
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 $ 48,541,039 310
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Available Enhancement Amount
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311 Available Enhancement Amount $ 40,000,000 311
312 Amount on Deposit in the Cash Collateral Account $ - 312
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Reallocated Principal Collections
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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
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Investor Default Amounts, Adjustment Amounts, and Allocable Amounts
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% Amount
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317 Series 1998-2 Default Amount 23.54% 317(a) $ 977,149 317(b)
318 Class A Investor Default Amount 18.01% 318(a) $ 747,341 318(b)
319 Class B Investor Default Amount 1.94% 319(a) $ 80,339 319(b)
320 Collateral Default Amount 2.16% 320(a) $ 89,681 320(b)
321 Class D Investor Default Amount 1.44% 321(a) $ 59,787 321(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 $ 977,149 327
328 Class A Allocable Amount $ 747,341 328
329 Class B Allocable Amount $ 80,339 329
330 Collateral Allocable Amount $ 89,681 330
331 Class D Allocable Amount $ 59,787 331
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Required Amounts
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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 $ - 343
</TABLE>
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Series 1998-2
<TABLE>
<S> <C> <C> <C>
344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 152,339 345
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
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Reduction of Investor Amounts
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Class A
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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
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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
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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
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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
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Servicing Fee
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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
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Reserve Account
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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 2 months 373
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of October, 2000.
Saks Incorporated,
as Servicer
By /s/ Scott A. Honnold
--------------------------------
Name: Scott A. Honnold
Title: Vice President and Treasurer
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