PROSPECTUS SUPPLEMENT This Prospectus Supplement
DATED APRIL 15, 1994 filed pursuant to Rule 424(b)(3),
TO PROSPECTUS DATE relates to Registration Statement
NOVEMBER 10, 1992, AS No. 33-41484 and the Prospectus
SUPPLEMENTED THROUGH dated November 10, 1992
MARCH 15, 1994
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 15, 1994
Sears Credit Account Master Trust I
(Exact name of registrant as specified in charter)
Illinois 33-41484-01 Not Applicable
(State of (Commission (IRS Employer
Organization) File Number) Identification No.)
c/o Sears Receivables Financing Group, Inc.
3711 Kennett Pike
Greenville, Delaware 19807
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (302) 888-3176
Former name, former address and former fiscal year, if changed
since last report: Not Applicable
<PAGE>
Item 5. Other Events
On April 15, 1994, Registrant made available the Monthly
Investor Certificateholders' Statement set forth as Exhibit 21.
Item 7. Financial Statements and Exhibits
21. Monthly Investor Certificateholders' Statement related to
the distribution of April 15, 1994 and reflecting the
performance of the Trust during the Due Period ended in
March, 1994, which accompanied the distribution on
April 15, 1994.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
Sears Credit Account Master Trust I
(Registrant)
By: Sears Receivables Financing Group, Inc.
(Originator of the Trust)
Date: April 15, 1994 By: /S/ALICE M. PETERSON
Alice M. Peterson
President and Chief Executive Officer
<PAGE>
EXHIBIT INDEX
Page number
in sequential
Exhibit No. number system
21. Monthly Investor Certificateholders' 5
Statement - (April 15, 1994).
<PAGE>
Exhibit 21
Sears Credit Account Master Trust I
Group 1 Monthly Certificateholders' Statement
Distribution Date: April 15, 1994
Due Period Ending: March, 1994
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of November 18, 1992 by and among Sears Roebuck and Co., Sears
Receivables Financing Group, Inc. and Continental Bank, National Association
as Trustee, the Trustee is required to prepare certain information each month
regarding current distributions to Certificateholders and the performance of the
Trust. The information for the Due Period and and Distribution Date listed
above is set forth below:
A. Payments to Group 1 Investors this Due Period (per $1,000 of Original
Invested Principal)
Group 1 Total Interest Principal
Series 1 $4.916666670 $4.916666670 $0.000000000
B. Trust Performance
1. Principal Receivables at the end of the Due Period
(a) Total Master Trust
Investor Interest $1,000,000,000.00
Seller Interest 432,134,208.04
-----------
TOTAL MASTER TRUST $1,432,134,208.04
(b) Investor Interest by Groups
Group 1 $1,000,000,000.00
-----------
TOTAL INVESTOR INTEREST BY GROUPS $1,000,000,000.00
(c) Group 1 Investor Interest
Series 1 $1,000,000,000.00
-----------
TOTAL GROUP 1 INVESTOR INTEREST $1,000,000,000.00
2. Invested Amounts
(a) Invested Amount by Groups
Group 1 $1,000,000,000.00
-----------
TOTAL INVESTED AMOUNT BY GROUPS $1,000,000,000.00
(b) Group 1 Invested Amount
Series 1 $1,000,000,000.00
-----------
TOTAL GROUP 1 INVESTED AMOUNT $1,000,000,000.00
3. Allocation of Receivables Collected During the Due Period
Finance Charge Principal (a)
Allocation of Collections by Groups Collections Collections
Group 1 $23,167,040.71 $77,514,855.59
----------- -----------
TOTAL ALLOCATION BY GROUPS $23,167,040.71 $77,514,855.59
(b) Group 1 Allocations by Series to Investor and Seller
Investor Allocation
Series 1 $15,908,507.73 $53,228,450.50
----------- -----------
$15,908,507.73 $53,228,450.50
Seller Allocation $7,258,532.98 $24,286,405.09
----------- -----------
TOTAL GROUP 1 ALLOCATIONS $23,167,040.71 $77,514,855.59
4. Information Concerning the Series Principal Funding Account ("SPFA")
Deposits into the SPFA
Group 1 This Due Period Total Deposits Investment
Income
Series 1 N/A N/A N/A
----------- ----------- -----------
TOTAL GROUP 1 $0.00 $0.00 $0.00
* No Series has a Deficit Accumulation Amount.
5. Information Concerning the Series Interest Funding Account ("SIFA")
Deposits into the SIFA
Group 1 This Due Period Total Deposits
Series 1 NA N/A
----------- -----------
TOTAL GROUP 1 $0.00 $0.00
6. Information Concerning Amount of Controlled Amortization Payments
Amount Paid Total Payments Through
Group 1 This Due Period This Due Period
Series 1 $0.00 $0.00
---------------- --------------
TOTAL GROUP 1 $0.00 $0.00
7. Pool Factors
Group 1 This Due Period
Series 1 1.0
----------------
TOTAL GROUP 1 1.0
8. Investor Charged-Off Amount
Cumulative Investor
This Due Period Charged-Off Amount
Group 1
Series 1 $3,733,587.45 $3,733,587.45
----------- -----------
TOTAL GROUP 1 $3,733,587.45 $3,733,587.45
9. Investor Losses This Due Period
per $1,000 of Original
Group 1 Total Invested Principal
Series 1 $0.00 $0.00
----------- -----------
TOTAL GROUP 1 $0.00 $0.00
10. Reimbursement of Investor Losses This Due Period
- not applicable since no Series experienced an Investor Loss.
11. Aggregate Amount of Unreimbursed Investor Losses
- not applicable since no Series experienced an Investor Loss.
12. Investor Monthly Servicing Fee Payable this Due Period
Group 1
Series 1 $1,666,666.67
-------------
TOTAL GROUP 1 $1,666,666.67
13. Available Subordinated Amount at the end of the Due Period
as a percentage of
Group 1 Total Invested Amount
Series 1 $85,000,000.00 8.50%
14. Investor Excess Spread Analysis
$ % (1)
------------ -----------
Allocated Yield (2) $15,908,507.73 19.09%
Less:
Certificate Interest (3) $4,916,666.67 5.90%
Servicing Fees (4) 1,666,666.67 2.00%
Allocated Charge-Offs (5) 3,733,587.45 4.48%
-------------- -----------
Subtotal $10,316,920.79 12.38%
Excess Spread $5,591,586.94 6.71%
(1) Annualized percentage of the Invested Amount at the beginning of the
related Due Period.
(2) See Section B3(b) above
(3) See Section A above
(4) See Section B12 above
(5) See Section B8 above
Note: Payment rate (aggregate collections/beg. receivables Balance) for
the related Due Period: 6.81%
Continental Bank, National Association,
as Trustee
By: /S/C.K. Duncan
_____________________________
Title: Vice President
