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Exhibit 99.2
Series 1998-2 Monthly Certificateholders' Statement for the month of October
2000
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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 November 10, 2000
Monthly Period ending: October 31, 2000
Determination Date November 10, 2000
Distribution Date November 15, 2000
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General
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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 7.37000% 218
219 Class D Certificate Rate 7.62000% 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 22.35% 221(a) 22.18% 221(b)
222 Class A 17.10% 222(a) 16.96% 222(b)
223 Class B 1.84% 223(a) 1.82% 223(b)
224 Collateral Indebtedness Amount 2.05% 224(a) 2.04% 224(b)
225 Class D 1.37% 225(a) 1.36% 225(b)
226 Series 1998-2 Investor Percentage with respect
to Principal Receivables 22.35% 226(a) 22.18% 226(b)
227 Class A 17.10% 227(a) 16.96% 227(b)
228 Class B 1.84% 228(a) 1.82% 228(b)
229 Collateral Indebtedness Amount 2.05% 229(a) 2.04% 229(b)
230 Class D 1.37% 230(a) 1.36% 230(b)
231 Series 1998-2 Investor Percentage with respect
to Allocable Amounts 22.35% 231(a) 22.18% 231(b)
232 Class A 17.10% 232(a) 16.96% 232(b)
233 Class B 1.84% 233(a) 1.82% 233(b)
234 Collateral Indebtedness Amount 2.05% 234(a) 2.04% 234(b)
235 Class D 1.37% 235(a) 1.36% 235(b)
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Series 1998-2 Investor Distributions
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The sum of the daily allocations of collections
236 of Principal Receivables for the relevant Monthly Period $ - 236
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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 $ 6.14 243
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 $ 53,707,831 246
247 Class A $ 41,076,735 247
248 Class B $ 4,415,749 248
249 Collateral Indebtedness Amount $ 4,929,208 249
250 Class D $ 3,286,139 250
251 Series allocation of collections of Finance
Charge Receivables $ 5,125,702 251
252 Class A $ 3,920,231 252
253 Class B $ 421,425 253
254 Collateral Indebtedness Amount $ 470,428 254
255 Class D $ 313,619 255
Available Funds
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256 Class A Available Funds $ 3,920,231 256
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 $ 421,425 260
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 $ 470,428 264
265 Class D Available Funds $ 313,619 265
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Application of Collections
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Class A
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Class A Monthly Interest for the related
266 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 $ 848,042 268
269 An amount to be included in the Excess Spread $ 2,072,189 269
Class B
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270 Class B Monthly Interest for the related Distribution Date, plus the amount of $ 110,188 270
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 $ 311,237 272
Collateral
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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 $ 470,428 274
Class D
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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 $ 313,619 276
277 Available Excess Spread $ 3,167,473 277
278 Available Shared Excess Finance Charge Collections $ - 278
279 Total Cash Flow available for 1998-2 waterfall $ 3,167,473 279
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 been $ - 281
previously reimbursed
282 Class B Required Amount to the extent attributable to line270, and line271 $ - 282
283 Class B Allocable Amount $ 91,165 283
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 Collateral $ 147,400 286
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 $ 409,167 287
Fee due for the relevant Monthly Period and not paid above
288 Class A Servicing Fee plus Class B Servicing Fee plus Collateral Servicing $ - 288
Fee due but not distributed to the Servicer for prior Monthly Periods
289 Collateral Allocable Amount $ 101,765 289
290 Any unreimbursed reductions of the Collateral Indebtedness Amount (CIA), if $ - 290
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 $ 101,600 292
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 $ - 294
Monthly Periods
295 Class D Allocable Amount $ 67,843 295
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 $ - 297
Holder 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 $ 2,221,867 299
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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 $ 53,707,831 301
302 Class A Accumulation Amount $ - 302
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303 Class B Monthly Principal (the least of line#304, line#305 $ - 303
and line#209) (distributable only after payout of Class A)
304 Available Principal Collections held in the Collection $ 53,707,831 304
Account less portion of such Collections applied to
Class A Monthly Principal
305 Class B Accumulation Amount $ - 305
306 Collateral Monthly Principal (prior to payout of $ - 306
Class B) (the least of line#307 and line#308)
307 Available Principal Collections held in the Collection $ 53,707,831 307
Account less 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 $ 53,707,831 310
Account less portion of such Collections applied to Class A,
Class B or collateral Monthly Principal
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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 $ - 314
needed to fund Required Amounts)
315 Collateral Principal Collections (to the extent $ - 315
needed to fund Required Amounts)
316 Class B Principal Collections (to the extent $ - 316
needed to fund Required Amounts)
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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 22.35% 317(a) $ 1,108,815 317(b)
318 Class A Investor Default Amount 17.10% 318(a) $ 848,042 318(b)
319 Class B Investor Default Amount 1.84% 319(a) $ 91,065 319(b)
320 Collateral Default Amount 2.05% 320(a) $ 101,765 320(b)
321 Class D Investor Default Amount 1.37% 321(a) $ 67,643 321(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 $ 1,108,815 327
328 Class A Allocable Amount $ 848,042 328
329 Class B Allocable Amount $ 91,165 329
330 Collateral Allocable Amount $ 101,765 330
331 Class D Allocable Amount $ 67,843 331
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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 $ - 335
Period or previously due but not paid
336 Class A Allocable Amount for current Distribution Date $ - 336
337 Class A Servicing Fee (if Saks Incorporated is $ - 337
no longer the Servicer)
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 $ - 341
Period or previously due but not paid
342 Class B Servicing Fee (if Saks Incorporated is $ - 342
no longer the Servicer)
343 Excess of Class B Allocable Amount over funds $ - 343
available to make payments
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344 Collateral Required Amount $ - 344
345 Collateral Monthly Interest for current Distribution Date $ 147,400 345
346 Collateral Monthly Interest previously due but not paid $ - 346
347 Collateral Additional Interest for prior Monthly Period or previously due $ - 347
but 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
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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
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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of November, 2000.
Saks Incorporated,
as Servicer
By /s/ Scott A. Honnold
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Name: Scott A. Honnold
Title: Vice President and Treasurer
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