SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
---------------
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) FEBRUARY 15, 2000
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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
<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 January 31, 2000.
99.2 Monthly Certificateholders' Statement - Series C for the month
ended January 31, 2000.
99.3 Monthly Certificateholders' Statement - Series E for the month
ended January 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: FEBURARY 15, 2000 /s/ Rick Davis
----------------------------------
Name: Rick Davis
Title: President
3
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------ -------
99.1 Monthly Certificateholders' Statement - Series B for the month ended
January 31, 2000.
99.2 Monthly Certificateholders' Statement - Series C for the month ended
January 31, 2000.
99.3 Monthly Certificateholders' Statement - Series E for the month ended
January 31, 2000.
4
Exhibit 99.1
MONTHLY CERTIFICATEHOLDERS' STATEMENT 1.
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 February 15,
2000, and with respect to the performance of the Trust during the month of
January, 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.
1. The total amount of the distribution to
Certificateholders per $1,000 original
Certificate Principal amount ....................... $ 39.69
2. The amount of the distribution set forth in
paragraph 1 above allocable to Certificate
Principal, per $1,000 original Certificate
Principal amount.................................... $ 38.24
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.................................... $ 1.45
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..................................... $ 13,137,295
(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.......................................... $ 13,137,295
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.................... $ 1,408,080
(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..... $ 1,408,080
Page 2
<PAGE>
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).................... $ 1,535,048,703
(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 ............................ $ 847,370,212
(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............. 55.20%
(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.......... 3.56%
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: .......................... $ 31,435,106
(b) 2 months: .......................... 13,716,161
(c) 3 months: .......................... 10,859,290
(d) 4 months: .......................... 8,728,501
(e) 5 months:........................... 0
(f) 6 or more months: .................. 0
Total: $ 64,739,058
Page 3
<PAGE>
6. Investor Default Amount
The aggregate amount of the Investor Default
Amount which was allocated in respect of the
Certificates of this Series..................... $ 247,129
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 ....................................... $ 42,545
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 .... $ 70,908
Page 4
<PAGE>
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
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)........ 0.156249
GENERAL ELECTRIC CAPITAL CORPORATION,
as Servicer
By: /s/ Michael W. Towe
-----------------------------------
Title: Attorney-in-Fact
Page 5
Exhibit 99.2
MONTHLY CERTIFICATEHOLDERS' STATEMENT 1.
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 February 15, 2000,
and with respect to the performance of the Trust during the month of January,
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>
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).................................................................... $ 1,535,048,703
(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 ................................................................ $ 847,370,212
(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....................................................... 55.20%
(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: .......................... $ 31,435,106
(b) 2 months: .......................... 13,716,161
(c) 3 months: .......................... 10,859,290
(d) 4 months: .......................... 8,728,501
(e) 5 months: .......................... 0
(f) 6 or more months: .................. 0
Total: $ 64,739,058
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
MONTHLY CERTIFICATEHOLDERS' STATEMENT 1.
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 February 15,
2000, and with respect to the performance of the Trust during the month of
January, 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................................................................... $ 125,444,794
(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.. $ 125,444,794
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........................................................... $ 13,445,412
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.. $ 13,445,412
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)..................... $ 1,535,048,703
(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 ...................................... $ 847,370,212
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.................... 55.20%
(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................ 42.34%
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: ......................... $ 31,435,106
(b) 2 months: ......................... 13,716,161
(c) 3 months: ......................... 10,859,290
(d) 4 months: ......................... 8,728,501
(e) 5 months: ......................... 0
(f) 6 or more months: ................. 0
Total: $ 64,739,058
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........... $ 2,359,773
Page 4
<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 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
(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
Page 5
<PAGE>
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 6
