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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________
FORM 8-K/A
(Amendment No. 1)
_____________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
_____________
Date of Report (Date of earliest event reported) December 15, 1998
_____________
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.)
6501 Legacy Drive, MS 1318
Plano, Texas 75024
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number,
including area code): (972)431-2082
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The undersigned registrant hereby amends the following
items, financial statements, exhibits, or other portions of its
Current Report on Form 8-K dated December 15, 1998 as set forth in
the pages attached hereto:
Exhibit 99.2, Monthly Certificateholders'
Statement - Series C, is amended to correct
certain errors therein. The section corrected
is Section B.2 thereof, which appears on page 2
thereof and which should read $0.00.
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: January 26, 1999 By: /s/Catherine A. Walther
________________________
Catherine A. Walther
President
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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 amended by Amendment No. 1 dated October
15, 1997, and as supplemented by the Series C Supplement dated as of April
9, 1990, as amended by Amendment No. 1 dated October 15, 1997, (as amended
and supplemented, 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 December 15, 1998, and with respect to the performance of
the Trust during the month of November, 1998, 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.............. $ 48.13
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.................................... $ 48.13
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..... $ 893.20
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......... $ 9,372,504
(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......... $ 9,372,504
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..................... $ 861,323
Page 2
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(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......... $ 861,323
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).......... $ 1,539,129,396
(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....................... $ 1,182,731,445
(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............. 76.84%
(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....... 2.60%
Page 3
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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:............................ $ 52,659,371
(b) 2 months:........................... 21,145,919
(c) 3 months:........................... 15,236,695
(d) 4 months:........................... 12,056,707
(e) 5 months:........................... 3,356
(f) 6 or more months:................... 0
Total: $ 101,102,048
6. Investor Default Amount
_______________________
The aggregate amount of the Investor
Default Amount which was allocated in
respect of the Certificates of this
Series.................................... $ 296,773
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
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(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................. $ 31,074
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............................. $ 51,789
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...... $ 18,750,000
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)........... 0.1067960
J. C. PENNEY COMPANY, INC.,
as Servicer
By: /s/ M. Rich
_______________________
Title: Credit Controller
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