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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) January 15, 1999
_____________
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 January 15, 1999 as set forth in
the pages attached hereto:
Exhibit 99.3, Monthly Certificateholders'
Statement - Series E, is amended to correct
certain errors therein. The section corrected
is Section B.8 thereof, which appears on page 5
thereof and which should read $1,083,333.
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 99.3
MONTHLY CERTIFICATEHOLDERS' STATEMENT
J. C. PENNEY COMPANY, INC.
__________________________________
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 (as amended, 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 January 15, 1999, and with respect to
the performance of the Trust during the month of December, 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 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.
_____________________________________________
1. The total amount of the distribution to
Certificateholders per $1,000 original
Certificate Principal amount.............. $ 4.58
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..... $ 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............................... $ 117,530,506
(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............................... $ 117,530,506
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............... $ 11,229,717
(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............................... $ 11,229,717
Page 2
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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)........... $1,736,017,779
(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........................ $1,142,682,926
(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.............. 65.82%
(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........ 37.44%
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:
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Aggregate
Account
Balance
_______
(a) 1 month:.......................... $ 49,468,450
(b) 2 months:......................... 20,643,735
(c) 3 months:......................... 14,926,527
(d) 4 months:......................... 11,856,475
(e) 5 months:......................... 341
(f) 6 or more months:................. 0
Total: $ 96,895,528
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............................... $ 3,371,544
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
Page 4
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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
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
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
J. C. PENNEY COMPANY, INC.,
as Servicer
By: /s/ M. Rich
________________________
Title: Credit Controller
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