<PAGE>
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) February 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): (214)960-4611
<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, 1996.
99.2 Monthly Certificateholders' Statement - Series C for the month
ended January 31, 1996.
<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.
JCP RECEIVABLES, INC.
Date: February 15, 1996 By: /s/ Catherine A. Walther
-----------------------------
Catherine A. Walther
President
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
- ------ -------
<S> <C>
99.1 Monthly Certificateholders' Statement - Series B for
the month ended January 31, 1996.
99.2 Monthly Certificateholders' Statement - Series C for
the month ended January 31, 1996.
</TABLE>
<PAGE>
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
February 15, 1996, and with respect to the performance of the Trust during the
month of January, 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
<PAGE>
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.................. $ 67,351,299
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.................. $ 5,041,557
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).............. $ 1,731,591,648
(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.................. 41.87%
Page 2
<PAGE>
(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........................ 20.21%
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:
<TABLE>
<CAPTION>
Aggregate
Account
Balance
-------
<S> <C> <C>
(a) 1 month: ....................................... $ 66,120,974
(b) 2 months: ...................................... 22,834,171
(c) 3 months: ...................................... 16,322,266
(d) 4 months: ...................................... 12,267,902
(e) 5 months: ...................................... 6,199,156
(f) 6 or more months: .............................. 0
Total: $ 123,744,469
</TABLE>
6. Investor Default Amount
-----------------------
The aggregate amount of the Investor Default Amount
which was allocated in respect of the Certificates of
this Series......................................... $ 1,497,506
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
<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 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
<PAGE>
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 February 15, 1996, and with
respect to the performance of the Trust during the month of January, 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
<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............... $ 0.00
2. The total amount on deposit in the Interest Funding
Account allocable to Certificate Interest, per $1,000
original Certificate amount......................... $ 16.04
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.................. $ 72,162,106
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.................. $ 5,401,668
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).............. $ 1,731,591,648
(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.................. 41.87%
(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........................ 21.66%
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:
<TABLE>
<CAPTION>
Aggregate
Account
Balance
-------
<S> <C> <C>
(a) 1 month: ....................................... $ 66,120,974
(b) 2 months: ...................................... 22,834,171
(c) 3 months: ...................................... 16,322,266
(d) 4 months: ...................................... 12,267,902
(e) 5 months: ...................................... 6,199,156
(f) 6 or more months: .............................. 0
Total: $ 123,744,469
</TABLE>
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......................................... $ 1,604,471
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
<PAGE>
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
