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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
----------------
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) APRIL 17, 2000
----------------
JCP MASTER CREDIT CARD TRUST
(Issuer of the Certificates)
STAR RECEIVABLES FUNDING, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-17270 74-2932856
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1600 SUMMER STREET
STAMFORD, CONNECTICUT 06927
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code): (203) 357-4416
47660.1671
<PAGE>
Item 7. Financial Statements and Exhibits.
----------------------------------
The following are filed as Exhibits to this Report:
99.1 Monthly Certificateholders' Statement - Series B for the
month ended March 31, 2000.
99.2 Monthly Certificateholders' Statement - Series C for the
month ended March 31, 2000.
99.3 Monthly Certificateholders' Statement - Series E for the
month ended March 31, 2000.
2
<PAGE>
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.
STAR RECEIVABLES FUNDING, INC.
Date: APRIL 17, 2000
/s/ Rick Davis
---------------------------------------------
Name
Vice President and Assistant Secretary
---------------------------------------------
TITLE
3
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------ -------
99.1 Monthly Certificateholders' Statement - Series B for the month ended
March 31, 2000.
99.2 Monthly Certificateholders' Statement - Series C for the month ended
March 31, 2000.
99.3 Monthly Certificateholders' Statement - Series E for the month ended
March 31, 2000.
4
EXHIBIT 99.1
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1.
MONTHLY CERTIFICATEHOLDERS' STATEMENT
GENERAL ELECTRIC CAPITAL CORPORATION
---------------------------------------
JCP MASTER CREDIT CARD TRUST
---------------------------------------
8.95% ASSET BACKED CERTIFICATES
SERIES B
CUSIP NO. 466115AB8
Under Section 5.2 of the Master Pooling and Servicing Agreement dated
as of September 5, 1988, as amended by Amendment No. 1 dated as of October 15,
1997 and Amendment No. 2 dated as of October 15, 1999 and as supplemented by the
Series A, Series B, Series C, Series D and Series E Supplements thereto (as so
amended and supplemented, the "Pooling and Servicing Agreement"), by and among
JCP Receivables, Inc., J.C.Penney Company, Inc. ("JCPenney"), as Servicer and
The Fuji Bank and Trust Company (the "Trustee"), General Electric Capital
Corporation (as the successor and assign of JCPenney pursuant to the Assignment
and Assumption Agreement dated as of December 6, 1999) is required to prepare
certain information for each Series each month regarding current distributions
to Certificateholders of such Series and the performance of the JCP Master
Credit Card Trust (the "Trust") during the previous month. The information which
is required to be prepared with respect to the Distribution Date of April 17,
2000, and with respect to the performance of the Trust during the month of
March, 2000, is set forth below. Certain of the information is presented on the
basis of an original principal amount of $1,000 per Investor Certificate of this
Series (a "Certificate"). Certain other information is presented based on the
aggregate amounts for the Trust as a whole. Capitalized terms used in this
Certificate have their respective meanings set forth in the Pooling and
Servicing Agreement.
A. Information Regarding the Current Monthly Distribution (Stated on the
Basis of $1,000 Original Certificate Principal Amount) for this
Series.
<TABLE>
<S> <C>
1. The total amount of the distribution to Certificateholders
per $1,000 original Certificate Principal amount
......................................................... $ 22.17
2. The amount of the distribution set forth in paragraph 1
above allocable to Certificate Principal, per $1,000
original Certificate Principal amount.....................$ 21.22
Page 1
<PAGE>
3. The amount of the distribution set forth in paragraph 1
above allocable to Certificate Interest, per $1,000
original Certificate Principal amount.....................$ 0.96
B. Information Regarding the Performance of the Trust.
1. Collection of Principal Receivables
(a) The aggregate amount of Collections of
Principal Receivables processed which were
allocated in respect of the Certificates of
this Series....................................$ 7,259,893
(b) The Discounted Percentage in Respect of the
Collections of Principal Receivables set forth
in paragraph 1.(a)above........................ 0.00%
(c) The net amount of Collections of Principal
Receivables processed which were allocated in
respect of the Certificates of this Series.....$ 7,259,893
2. Collection of Finance Charge Receivables
(a) The aggregate amount of Collections of Finance
Charge Receivables processed which were
allocated in respect of the Certificates of
this Series....................................$ 1,017,024
(b) The aggregate amount of Discount Option
Receivable Collections which were allocated in
respect of the Certificates of this
Series.........................................$ 0.00
(c) The portion of Collections of Finance Charge
Receivables set forth in paragraph 2.(a) above
which were allocated in respect of the
Certificates of other Series...................$ 0.00
(d) The net amount of Collections of Finance Charge
Receivables which were allocated in respect of
the Certificates of this Series................$ 1,017,024
3. Net Recoveries
The aggregate amount of Net Recoveries which were
allocated in respect of the Certificates of this
Series....................................................$ 0.00
Page 2
<PAGE>
4. Principal Receivables in the Trust
(a) The aggregate amount of Principal Receivables
in the Trust as of the end of the day on the
last day of such month (which reflects the
Principal Receivables represented by the JCPR
Amount and by the Aggregate Investor
Amount)........................................$ 1,433,695,577
(b) The amount of Principal Receivables in the
Trust represented by the Aggregate Investor
Amount as of the end of the day on the last day
of such month .................................$ 30,144,701
(c) The Aggregate Investor Amount set forth in
paragraph 4(b) above as a percentage of the
aggregate amount of Principal Receivables set
forth in paragraph 4(a) above.................. 57.90%
(d) The Aggregate Investor Amount for this Series
as a percentage of the aggregate amount of
Principal Receivables in the Trust as set forth
in paragraph 4(a) above........................ 2.61%
5. Delinquent Balances
The aggregate amount of outstanding balances in the
Accounts in the Trust which were delinquent as of the end
of the day on the last day of such month:
Aggregate
Account
Balance
-------
(a) 1 month: .......................... $ 31,513,742
(b) 2 months: ........................ 15,052,399
(c) 3 months: ......................... 9,725,580
(d) 4 months:......................... 7,647,894
(e) 5 months:......................... (18)
(f) 6 or more months: ................ 0
Total: $ 63,939,597
6. Investor Default Amount
The aggregate amount of the Investor Default Amount which
was allocated in respect of the Certificates of this
Series....................................................$ 166,110
Page 3
<PAGE>
7. Investor Charge Offs; Reimbursement of Charge Offs
(a) The aggregate amount of Investor Charge Offs
which was allocated in respect of the
Certificates of this
Series.........................................$ 0.00
(b) The amount of the Investor Charge Offs set
forth in paragraph 7(a) above, per $1,000
original Certificate Principal amount (which
will have the effect of reducing pro rata, the
amount of each Certificateholder's investment)
allocated to this Series
...............................................$ 0.00
(c) The aggregate amount reimbursed to the Trust in
the current month from drawings under the
Letter of Credit in respect of Investor Charge
Offs in prior months...........................$ 0.00
(d) The amount set forth in paragraph 7(c) above,
per $1,000 original Certificate Principal
amount (which will have the effect of
increasing, pro rata, the amount of each
Certificateholder's investment) allocated to
this Series....................................$ 0.00
8. Investor Monthly Servicing Fee
The amount of the Investor Monthly Servicing Fee for this
Series for the preceding Monthly Period payable by the
Trust to the Servicer.....................................$ 28,055
9. Investor Monthly Facility Fee
The amount of the Investor Monthly Facility Fee for this
Series for the preceding Monthly Period payable by the
Trust to JCPR.............................................$ 46,758
10. Available L/C Amount
The Available L/C Amount as of the close of business on
the Distribution Date specified above for this Series.....$ 17,500,000
Page 4
<PAGE>
C. The Pool Factor.
The Pool Factor (which represents the ratio of the
Adjusted Investor Amount for this Series as of the end of
the last day of such month to the applicable Initial
Investor Amount). (The amount of a Certificateholder's pro
rata share of the Investor Amount can be determined by
multiplying the original denomination of the Holder's
Certificate by the Pool Factor)........................... 0.107034
</TABLE>
GENERAL ELECTRIC CAPITAL CORPORATION,
as Servicer
By: /s/ Michael W. Towe
-------------------------------------
Title:Attorney-in-Fact
Page 5
EXHIBIT 99.2
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1.
MONTHLY CERTIFICATEHOLDERS' STATEMENT
GENERAL ELECTRIC CAPITAL CORPORATION
---------------------------------------
JCP MASTER CREDIT CARD TRUST
--------------------------------------
9.625% ASSET BACKED CERTIFICATES
SERIES C
CUSIP NO. 466115AC6
Under Section 5.2 of the Master Pooling and Servicing Agreement dated
as of September 5, 1988, as amended by Amendment No. 1 dated October 15, 1997,
and Amendment No. 2 dated as of October 15, 1999 and as supplemented by the
Series A, Series B, Series C, Series D and Series E Supplements thereto (as so
amended and supplemented, the "Pooling and Servicing Agreement"), by and among
JCP Receivables, Inc., J.C. Penney Company, Inc. ("JCPenney"), as Servicer and
The Fuji Bank and Trust Company (the "Trustee"), General Electric Capital
Corporation (as the successor and assign of JCPenney pursuant to the Assignment
and Assumption Agreement dated as of December 6, 1999) is required to prepare
certain information for each Series each month regarding current distribu- tions
to Certificateholders of such Series and the performance of the JCPMaster Credit
Card Trust (the "Trust") during the previous month. The information which is
required to be prepared with respect to the Funding Date of April 17, 2000, and
with respect to the performance of the Trust during the month of March, 2000, is
set forth below. Certain of the information is presented on the basis of an
original principal amount of $1,000 per Investor Certificate of this Series (a
"Certificate"). Certain other infor- mation is presented based on the aggregate
amounts for the Trust as a whole. Capitalized terms used in this Certificate
have their respective meanings set forth in the Pooling and Servicing Agreement.
A. Information Regarding the Current Monthly Distribution (Stated on the
Basis of $1,000 Original Certificate Principal Amount) for this
Series.
<TABLE>
<S> <C>
1. The total amount of the distribution to Certificateholders
per $1,000 original Certificate Principal amount
..........................................................$ 0.00
2. The amount of the distribution set forth in paragraph 1
above allocable to Certificate Principal, per $1,000
original Certificate Principal amount.....................$ 0.00
Page 1
<PAGE>
3. The amount of the distribution set forth in paragraph 1
above allocable to Certificate Interest, per $1,000
original Certificate Principal
amount....................................................$ 0.00
B. Information Regarding the Funding Accounts (Stated on the Basis of
$1,000 Original Certificate Principal Amount) for this Series.
1. The total amount on deposit in the Principal Funding
Account allocable to Certificate Principal per $1,000
original Certificate Principal amount.....................$ 1,000.00
2. The total amount on deposit in the Interest Funding
Account allocable to Certificate Interest, per $1,000
original Certificate amount...............................$ 0.00
C. Information Regarding the Performance of the Trust.
1. Collection of Principal Receivables
(a) The aggregate amount of Collections of
Principal Receivables processed which were
allocated in respect of the Certificates of
this Series....................................$ 0.00
(b) The Discounted Percentage in respect of the
Collections of Principal Receivables set forth
in paragraph 1.(a) above....................... 0.00%
(c) The net amount of Collections of Principal
Receivables processed which were allocated in
respect of the Certificates of this Series.....$ 0.00
2. Collection of Finance Charge Receivables
(a) The aggregate amount of Collections of Finance
Charge Receivables processed which were
allocated in respect of the Certificates of
this Series....................................$ 0.00
Page 2
<PAGE>
(b) The aggregate amount of Discount Option
Receivable Collections which were allocated in
respect of the Certificates of this
Series.........................................$ 0.00
(c) The aggregate amount of Collections of Finance
Charge Receivables processed in respect of the
Certificates of other Series which were
allocated in respect of the Certificates of
this Series....................................$ 0.00
(d) The net amount of Collections of Finance Charge
Receivables which were allocated in respect of
the Certificates of this Series................$ 0.00
3. Net Recoveries
The aggregate amount of Net Recoveries which were
allocated in respect of the Certificates of this
Series....................................................$ 0.00
4. Principal Receivables in the Trust
(a) The aggregate amount of Principal Receivables
in the Trust as of the end of the day on the
last day of such month (which reflects the
Principal Receivables represented by the JCPR
Amount and by the Aggregate Investor
Amount)........................................$ 1,433,695,577
(b) The amount of Principal Receivables in the
Trust represented by the Aggregate Investor
Amount as of the end of the day on the last day
of such month .................................$ 830,144,701
(c) The Aggregate Investor Amount set forth in
paragraph 4(b) above as a percentage of the
aggregate amount of Principal Receivables set
forth in paragraph 4(a) above.................. 57.90%
(d) The Aggregate Investor Amount for this Series
as a percentage of the aggregate amount of
Principal Receivables in the Trust as set forth
in paragraph 4(a) above........................ 0.00%
Page 3
<PAGE>
5. Delinquent Balances
The aggregate amount of outstanding balances in the
Accounts in the Trust which were delinquent as of the end
of the day on the last day of such month:
Aggregate
Account
Balance
-------
(a) 1 month: .......................... $ 31,513,742
(b) 2 months: ........................ 15,052,399
(c) 3 months: ......................... 9,725,580
(d) 4 months:......................... 7,647,894
(e) 5 months:......................... (18)
(f) 6 or more months: ................ 0
Total: $ 63,939,597
6. Investor Default Amount
The aggregate amount of the Investor Default Amount which
was allocated in respect of the Certificates of this
Series....................................................$ 0.00
7. Investor Charge Offs; Reimbursement of Charge Offs
(a) The aggregate amount of Investor Charge Offs
which was allocated in respect of the
Certificates of this
Series.........................................$ 0.00
(b) The amount of the Investor Charge Offs set
forth in paragraph 7(a) above, per $1,000
original Certificate Principal amount (which
will have the effect of reducing pro rata, the
amount of each Certificateholder's investment)
allocated to this
Series.........................................$ 0.00
(c) The aggregate amount reimbursed to the Trust in
the current month from drawings under the
Letter of Credit in respect of Investor Charge
Offs in prior months...........................$ 0.00
Page 4
<PAGE>
(d) The amount set forth in paragraph 7(c) above,
per $1,000 original Certificate Principal
amount (which will have the effect of
increasing, pro rata, the amount of each
Certificateholder's investment) allocated to
this Series....................................$ 0.00
8. Investor Monthly Servicing Fee
The amount of the Investor Monthly Servicing Fee for this
Series for the preceding Monthly Period payable by the
Trust to the Servicer.....................................$ 0.00
9. Investor Monthly Facility Fee
The amount of the Investor Monthly Facility Fee for this
Series for the preceding Monthly Period payable by the
Trust to JCPR.............................................$ 0.00
10. Available L/C Amount
The Available L/C Amount as of the close of business on
the Distribution Date specified above for this
Series....................................................$ 0.00
D. The Pool Factor.
The Pool Factor (which represents the ratio of the
Adjusted Investor Amount for this Series as of the end of
the last day of such month to the applicable Initial
Investor Amount). (The amount of a Certificateholder's pro
rata share of the Investor Amount can be determined by
multiplying the original denomination of the Holder's
Certificate by the Pool Factor)........................... 0.0000000
</TABLE>
GENERAL ELECTRIC CAPITAL CORPORATION,
as Servicer
By: /s/ Michael W. Towe
-------------------------------------
Title:Attorney-in-Fact
Page 5
EXHIBIT 99.3
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1.
MONTHLY CERTIFICATEHOLDERS' STATEMENT
GENERAL ELECTRIC CAPITAL CORPORATION
---------------------------------------
JCP MASTER CREDIT CARD TRUST
---------------------------------------
5.50% ASSET BACKED CERTIFICATES
SERIES E (Class A)
CUSIP NO. 466115AE2
Under Section 5.2 of the Master Pooling and Servicing Agreement dated
as of September 5, 1988, as amended by Amendment No. 1 dated as of October 15,
1997 and Amendment No. 2 dated as of October 15, 1999 and as supplemented by the
Series A, Series B, Series C, Series D and Series E Supplements thereto (as so
amended and supplemented, the "Pooling and Servicing Agreement"), by and among
JCP Receivables Inc., JCPenney Company, Inc. ("JCPenney"), as Servicer and The
Fuji Bank and Trust Company (the "Trustee"), General Electric Capital
Corporation (as the successor and assign of JCPenney pursuant to the Assignment
and Assumption Agreement dated as of December 6, 1999) is required to prepare
certain Information for each Series each month regarding current distributions
to Certificateholders of such Series and the performance of the JCP Master
Credit Card Trust (the "Trust") during the previous month. The Information which
is required to be prepared with respect to the Distribution Date of April 17,
2000, and with respect to the performance of the Trust during the month of
March, 2000, is set forth below. Certain of the information is presented on the
basis of an original principal amount of $1,000 per Investor Certificate of
Class A of this Series (a "Certificate"). Certain other information is presented
based on the aggregate amounts for the Trust as a whole. Capitalized terms used
in this Certificate have their respective meanings set forth in the Pooling and
Servicing Agreement.
A. Information Regarding the Current Monthly Distribution (Stated on the
Basis of $1,000 Original Certificate Principal Amount) for Class A of
this Series.
<TABLE>
<S> <C>
1. The total amount of the distribution to Certificateholders
per $1,000 original Certificate Principal amount
..........................................................$ 4.58
Page 1
<PAGE>
2. The amount of the distribution set forth in paragraph 1
above allocable to Certificate Principal, per $1,000
original Certificate Principal amount.....................$ 0.00
3. The amount of the distribution set forth in paragraph 1
above allocable to Certificate Interest, per $1,000
original Certificate Principal amount.....................$ 4.58
B. Information Regarding the Performance of the Trust.
1. Collection of Principal Receivables
(a) The aggregate amount of Collections of
Principal Receivables processed which were
allocated in respect of the Certificates of
Class A of this Series.........................$ 105,127,287
(b) The Discounted Percentage in Respect of the
Collections of Principal Receivables set forth
in paragraph 1.(a)above........................ 0.00%
(c) The net amount of Collections of Principal
Receivables processed which were allocated in
respect of the Certificates of Class A of this
Series.........................................$ 105,127,287
2. Collection of Finance Charge Receivables
(a) The aggregate amount of Collections of Finance
Charge Receivables processed which were
allocated in respect of the Certificates of
Class A of this Series.........................$ 14,727,067
Page 2
<PAGE>
(b) The aggregate amount of Discount Option
Receivable Collections which were allocated in
respect of the Certificates of Class A of this
Series.........................................$ 0.00
(c) The portion of Collections of Finance Charge
Receivables set forth in paragraph 2.(a) above
which were allocated in respect of the
Certificates of other Series...................$ 0.00
(d) The net amount of Collections of Finance Charge
Receivables which were allocated in respect of
the Certificates of Class A of this
Series.........................................$ 14,727,067
3. Net Recoveries
The aggregate amount of Net Recoveries which were
allocated in respect of the Certificates of Class A of
this Series...............................................$ 0.00
4. Principal Receivables in the Trust
(a) The aggregate amount of Principal Receivables
in the Trust as of the end of the day on the
last day of such month (which reflects the
Principal Receivables represented by the JCPR
Amount and by the Aggregate Investor
Amount)........................................$ 1,433,695,577
(b) The amount of Principal Receivables in the
Trust represented by the Aggregate Investor
Amount as of the end of the day on the last day
of such month..................................$ 830,144,701
Page 3
<PAGE>
(c) The Aggregate Investor Amount set forth in
paragraph 4(b) above as a percentage of the
aggregate amount of Principal Receivables set
forth in paragraph 4(a) above.................. 57.90%
(d) The Aggregate Investor Amount for Class A of
this Series as a percentage of the aggregate
amount of Principal Receivables in the Trust as
set forth in paragraph 4(a) above.............. 45.34%
5. Delinquent Balances
The aggregate amount of outstanding balances in the
Accounts in the Trust which were delinquent as of the end
of the day on the last day of such month:
Aggregate
Account
Balance
-------
(a) 1 month: .......................... $ 31,513,742
(b) 2 months: ........................ 15,052,399
(c) 3 months: ......................... 9,725,580
(d) 4 months:......................... 7,647,894
(e) 5 months:......................... (18)
(f) 6 or more months: ................ 0
Total: $ 63,939,597
6. Investor Default Amount
The aggregate amount of the Investor Default Amount which
was allocated in respect of the Certificates of Class A of
this Series...............................................$ 2,405,372
7. Investor Charge Offs; Reimbursement of Charge Offs
(a) The aggregate amount of Investor Charge Offs
which was allocated in respect of the
Certificates of Class A of this
Series.........................................$ 0.00
(b) The amount of the Investor Charge Offs set
forth in paragraph 7(a) above, per $1,000
original Certificate Principal amount (which
will have the effect of reducing pro rata, the
amount of each Certificateholder's investment)
allocated to Class A of this Series
...............................................$ 0.00
Page 4
<PAGE>
(c) The aggregate amount reimbursed to the Trust in
the current month from drawings under the
Letter of Credit in respect of Investor Charge
Offs in prior months...........................$ 0.00
(d) The amount set forth in paragraph 7(c) above,
per $1,000 original Certificate Principal
amount (which will have the effect of
increasing, pro rata, the amount of each
Certificateholder's investment) allocated to
Class A of this Series.........................$ 0.00
8. Investor Monthly Servicing Fee
The amount of the Investor Monthly Servicing Fee for Class
A of this Series for the preceding Monthly Period payable
by the Trust to the Servicer..............................$ 1,083,333
9. Investor Monthly Facility Fee
The amount of the Investor Monthly Facility Fee for Class
A of this Series for the preceding Monthly Period payable
by the Trust to JCPR $ 0.00
10. Available L/C Amount
The Available L/C Amount as of the close of business on
the Distribution Date specified above for Class A of this
Series....................................................$ 0.00
C. The Pool Factor.
The Pool Factor (which represents the ratio of the
Adjusted Investor Amount for Class A of this Series as of
the end of the last day of such month to the applicable
Initial Investor Amount). (The amount of a
Certificateholder's pro rata share of the Investor Amount
can be determined by multiplying the original denomination
of the Holder's Certificate by the Pool Factor)........... 1.000000
</TABLE>
GENERAL ELECTRIC CAPITAL CORPORATION,
as Servicer
By: /s/ Michael W. Towe
-------------------------------------
Title:Attorney-in-Fact
Page 5
