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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) October 15, 1996
--------------
JCP MASTER CREDIT CARD TRUST
(Issuer of the Certificates)
JCP RECEIVABLES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-17270 75-2231415
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5001 Spring Valley Road
Dallas, Texas 75244
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code): (972)960-4611
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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 September 30, 1996.
99.2 Monthly Certificateholders' Statement - Series C
for the month ended September 30, 1996.
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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.
JCP RECEIVABLES, INC.
Date: October 15, 1996 By: /s/ Catherine A. Walther
--------------------------
Catherine A. Walther
President
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INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------ -------
99.1 Monthly Certificateholders' Statement - Series B for
the month ended September 30, 1996.
99.2 Monthly Certificateholders' Statement - Series C for
the month ended September 30, 1996.
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EXHIBIT 99.1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
J. C. PENNEY COMPANY, INC.
-------------------------------------
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, (the "Pooling and Servicing Agreement") by and between
JCP Receivables, Inc., J. C. Penney Company, Inc. ("JCPenney"), as Servicer and
The Fuji Bank and Trust Company (the "Trustee"), JCPenney 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
October 15, 1996, and with respect to the performance of the Trust during the
month of September, 1996, 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......................... $ 7.46
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
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3. The amount of the distribution set forth
in paragraph 1 above allocable to
Certificate Interest, per $1,000
original Certificate Principal amount.................. $ 7.46
B. Information Regarding the Performance of the Trust.
---------------------------------------------------
1. Collection of Principal Receivables
-----------------------------------
The aggregate amount of Collections of
Principal Receivables processed which
were allocated in respect of the
Certificates of this Series............................. $ 60,656,479
2. Collection of Finance Charge Receivables
----------------------------------------
The aggregate amount of Collections of
Finance Charge Receivables processed
which were allocated in respect of the
Certificates of this Series............................. $ 5,487,370
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).......................... $1,551,393,984
(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................................... $ 725,000,000
(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............................. 46.73%
(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....................... 22.56%
Page 2
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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: ........................................... $ 64,864,684
(b) 2 months:........................................... 26,683,584
(c) 3 months:........................................... 19,200,201
(d) 4 months:........................................... 15,488,264
(e) 5 months:........................................... 7,047,444
(f) 6 or more months:................................... 0
Total: $ 133,284,177
6. Investor Default Amount
-----------------------
The aggregate amount of the Investor
Default Amount which was allocated in
respect of the Certificates of this
Series.................................................. $ 1,911,845
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
Page 3
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(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............................... $ 218,750
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........................................... $ 364,583
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.................... $ 42,000,000
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)......................... 1.0000000
J. C. PENNEY COMPANY, INC.,
as Servicer
By: /s/ M. Rich
---------------------------
Title: Credit Controller
Page 4
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EXHIBIT 99.2
MONTHLY CERTIFICATEHOLDERS' STATEMENT
J. C. PENNEY COMPANY, INC.
-----------------------------------------
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 supplemented by the Series C Supplement dated as of April
9, 1990, (together with the "Pooling and Servicing Agreement") by and between
JCP Receivables, Inc., J. C. Penney Company, Inc. ("JCPenney"), as Servicer and
The Fuji Bank and Trust Company (the "Trustee"), JCPenney 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 Funding Date of October 15, 1996,
and with respect to the performance of the Trust during the month of September,
1996, 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.......................... $ 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
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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................. $ 0.00
2. The total amount on deposit in the
Interest Funding Account allocable to
Certificate Interest, per $1,000
original Certificate amount........................... $ 32.08
C. Information Regarding the Performance of the Trust.
---------------------------------------------------
1. Collection of Principal Receivables
-----------------------------------
The aggregate amount of Collections of
Principal Receivables processed which
were allocated in respect of the
Certificates of this Series........................... $ 64,989,084
2. Collection of Finance Charge Receivables
----------------------------------------
The aggregate amount of Collections of
Finance Charge Receivables processed
which were allocated in respect of the
Certificates of this Series........................... $ 5,879,325
3. Net Recoveries
--------------
The aggregate amount of Net Recoveries
which were allocated in respect of the
Certificates of this Series........................... $ 0.00
Page 2
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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)........................ $ 1,551,393,984
(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................................. $ 725,000,000
(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..................... 46.73%
(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............................................. 24.17%
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: ........................................ $ 64,864,684
(b) 2 months:........................................ 26,683,584
(c) 3 months:........................................ 19,200,201
(d) 4 months:........................................ 15,488,264
(e) 5 months:........................................ 7,047,444
(f) 6 or more months:................................ 0
Total: $ 133,284,177
Page 3
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6. Investor Default Amount
-----------------------
The aggregate amount of the Investor
Default Amount which was allocated in
respect of the Certificates of this
Series................................................ $ 2,048,405
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............................. $ 234,375
Page 4
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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......................................... $ 390,625
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.................. $ 45,000,000
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)....................... 1.0000000
J. C. PENNEY COMPANY, INC.,
as Servicer
By: /s/ M. Rich
------------------------------
Title: Credit Controller
Page 5
