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): October 17, 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 October 17, 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 October 17, 1994
and reflecting the performance of the Trust
during the Due Period ended in September, 1994,
which accompanied the distribution on October
17, 1994.
99(a) Supplemental Contribution Agreement dated as of
September 15, 1994.
99(b) Supplemental Pooling and Servicing Agreement
dated as of September 15, 1994.
99(c) Supplemental Purchase Agreement dated as of
September 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:October 17, 1994 By: /S/PERRY N. WEINE
Perry N. Weine
Vice President, Administration
<PAGE>
EXHIBIT INDEX
Exhibit No.
21. Monthly Investor Certificateholders' Statement -
(October 17, 1994).
99(a)Supplemental Contribution Agreement dated as of
September 15, 1994.
99(b)Supplemental Pooling and Servicing Agreement
dated as of September 15, 1994.
99(c)Supplemental Purchase Agreement dated as of
September 15, 1994.
<PAGE>
Exhibit 21
Sears Credit Account Master Trust I
Group 1 Monthly Certificateholders' Statement
Distribution Date: October 17, 1994
Due Period Ending: September, 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 Bank of
America Illinois, 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 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 349,460,394.36
-----------
TOTAL MASTER TRUST $1,349,460,394.36
(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
(a) Allocation of Collections by Groups
Finance Charge Principal
Collections Collections
Group 1 $21,471,895.09 $73,143,304.82
----------- -----------
TOTAL ALLOCATION BY GROUPS $21,471,895.09 $73,143,304.82
(b) Group 1 Allocations by Series
to Investor and Seller
Investor Allocation
Series 1 $15,819,916.75 $53,890,026.38
----------- -----------
$15,819,916.75 $53,890,026.38
Seller Allocation $5,651,978.34 $19,253,278.44
----------- -----------
TOTAL GROUP 1 ALLOCATIONS $21,471,895.09 $73,143,304.82
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 $3,725,375.62 $3,725,375.62
----------- -----------
TOTAL GROUP 1 $3,725,375.62 $3,725,375.62
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) $15,819,916.75 18.98%
Less:
Certificate Interest (3) $4,916,666.67 5.90%
Servicing Fees (4) 1,666,666.67 2.00%
Allocated Charge-Offs (5) 3,725,375.62 4.47%
----------- -----------
Subtotal $10,308,708.96 12.37%
Excess Spread $5,511,207.79 6.61%
(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: 6.86%
BANK OF AMERICA ILLINOIS,
as Trustee
By: /S/ Robert J. Donahue
Title: Vice President
<PAGE>
EXHIBIT 99(a)
SEARS, ROEBUCK AND CO.
and
SEARS RECEIVABLES
FINANCING GROUP, INC.
SUPPLEMENTAL CONTRIBUTION AGREEMENT
Dated as of September 15, 1994
amending
CONTRIBUTION AGREEMENT
Dated as of November 18, 1992
______________________________________
SEARS CREDIT ACCOUNT MASTER TRUST I
<PAGE>
RECITALS
WHEREAS, the parties hereto entered into that certain
Contribution Agreement, dated as of November 18, 1992 (the "Agreement"),
by and between Sears, Roebuck and Co., a New York corporation ("Sears")
and Sears Receivables Financing Group, Inc., a Delaware corporation
("SRFG");
WHEREAS, the parties desire to effect certain amendments to
the Agreement pursuant to Section 6.02 thereof.
AGREEMENT
NOW, THEREFORE, THIS SUPPLEMENTAL AGREEMENT WITNESSETH that,
for and in consideration of the above premises, Sears and SRFG agree as
follows:
I. Definitions
The definitions in the Agreement are amended to read as set
forth in the Pooling and Servicing Agreement, as amended on the date
hereof, except for the terms set forth on Exhibit A hereto.
II. Amendment to Section 4.01
Section 4.01 of the Agreement is amended and restated in its
entirety to read as follows:
Section 4.01 Computer Files Marked. Sears shall, at its
own expense, on or prior to the date hereof, indicate in its computer
files or in the computer files of its affiliates, as applicable, that
Receivables created in connection with the Accounts have been
contributed to SRFG pursuant to this Agreement and sold to SRFG pursuant
to the Purchase Agreement and deliver to SRFG (or to the Trustee on
SRFG's behalf) a computer file, hard copy or microfiche list containing
a true and complete list of all such Accounts, identified by account
number.
III. Miscellaneous
Counterparts. This Supplemental Agreement may be executed
in any number of counterparts, each of which, when so executed, shall be
deemed to be an original, but all of which shall together constitute but
one and the same instrument.
Governing Law. This Supplemental Agreement shall be
construed in accordance with the internal laws of the State of Illinois,
without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
<PAGE>
IN WITNESS WHEREOF, Sears and SRFG have caused this
Supplemental Agreement to be duly executed by their respective officers
as of September 15, 1994.
SEARS, ROEBUCK AND CO.
By:/S/ ALICE M. PETERSON
Name: Alice M. Peterson
Title: Vice President and
Treasurer
SEARS RECEIVABLES FINANCING GROUP, INC.
By:/S/ NANCY M. HOUGHTON-LYNCH
Name: Nancy M. Houghton-Lynch
Title: Vice President and
Treasurer
<PAGE>
EXHIBIT A
"Agreement"
"Contributed Receivables"
"Pooling and Servicing Agreement"
"Purchase Agreement"
<PAGE>
EXHIBIT 99(b)
SEARS, ROEBUCK AND CO.
Servicer
SEARS RECEIVABLES
FINANCING GROUP, INC.
Seller
and
BANK OF AMERICA ILLINOIS
Trustee
on behalf of the Certificateholders
SUPPLEMENTAL POOLING AND SERVICING AGREEMENT
Dated as of September 15, 1994
amending
POOLING AND SERVICING AGREEMENT
Dated as of November 18, 1992
______________________________________
SEARS CREDIT ACCOUNT MASTER TRUST I
<PAGE>
RECITALS
WHEREAS, the parties hereto entered into that certain
Pooling and Servicing Agreement, dated as of November 18, 1992, (the
"Agreement"), by and among Sears, Roebuck and Co., a New York
corporation as Servicer ("Sears"), Sears Receivables Financing Group,
Inc., as Seller ("SRFG") and Bank of America Illinois, an Illinois
banking corporation, as Trustee (the "Trustee");
WHEREAS, the parties desire to effect certain amendments to
the Agreement pursuant to Section 13.01 thereof.
AGREEMENT
NOW, THEREFORE, THIS SUPPLEMENTAL AGREEMENT WITNESSETH that,
for and in consideration of the above premises, Sears and SRFG agree
with the Trustee as follows:
IV. Definitions - In General
Capitalized terms not otherwise defined herein shall have
the meaning ascribed to them in the Agreement.
V. Definitions - Amended
The following definitions are amended and restated in their
entirety to read as follows:
"Account" shall mean an open-end retail charge plan for
specified Persons, maintained by Sears or an affiliate of Sears with
respect to the sale of goods or services, receivables under which are
transferred to the Trust pursuant to this Agreement. No Account shall
be a Charged-Off Account as of the Account Selection Date. Each Account
shall be identified by account number on Schedule 1 hereto. The
definition of Account shall include each account (a "Transferred
Account") into which an Account shall be transferred provided that (i)
such transfer was made in accordance with the Credit Guidelines and (ii)
such Transferred Account can be traced or identified as an account into
which an Account has been transferred. The term "Account" shall be
deemed to refer to an Additional Account only from and after the
Addition Date with respect thereto.
"Bank" shall mean Sears National Bank, a national banking
association.
"Billing Cycle" for any Account shall mean the billing cycle
for such Account as determined by the Servicer or its affiliates, as
applicable, in accordance with its normal practice.
"Business Day" shall mean any day other than a Saturday, a
Sunday or a day on which banking institutions in New York, New York,
Chicago, Illinois, Phoenix, Arizona or the city in which the Corporate
Trust Office is located are authorized or obligated by law or executive
order to be closed.
"Charged-Off Account" shall mean each Account with respect
to which the Receivables in such Account have been charged-off as
uncollectible.
"Collections" shall mean (i) all payments including
Insurance Proceeds, if any, received by the Servicer or an affiliate of
the Servicer in respect of the Receivables at one of its central
administrative units charged with processing funds and recording them in
the Servicer's or the affiliate's records, as applicable, in the form of
cash, checks, wire transfers, ATM transfers or other forms of payment in
accordance with the Credit Agreement in effect from time to time and
(ii) amounts treated as Collections pursuant to Sections 2.05(b),
2.05(d), 2.06(c), 3.01(c), 4.06(a) and 4.06(c) hereof, less reductions
to Collections pursuant to 4.06(a). A Collection processed on an
Account in excess of the aggregate amount of Receivables in such Account
shall be credited to such Account or refunded to the Obligor by the
Servicer or an affiliate of the Servicer in accordance with its normal
practice pursuant to subsection 4.06(a).
"Credit Guidelines" shall mean the policies and procedures
relating to the operation of the credit business of Sears or its
affiliates, including, without limitation, the written policies and
procedures and the exercise of judgment by employees of Sears or its
affiliates in accordance with the normal practice of Sears or its
affiliates, as applicable, for determining the creditworthiness of
credit customers and the extension of credit to customers, and relating
to the maintenance of credit accounts and collection of credit
receivables, as such policies and procedures may be amended from time to
time.
"Date of Processing" for any transaction shall mean the date
on which such transaction is first recorded on the computer master file
of credit accounts maintained on behalf of the Seller at one of the
central administrative units of the Servicer or an affiliate of the
Servicer charged with processing funds and recording them in the
Servicer's or such affiliate's records (without regard to the effective
date of such recordation).
"Eligible Receivable" shall mean each Receivable:
(a) which is payable in United States dollars;
(b) which was created in compliance, in all material
respects, with all Requirements of Law applicable to the Seller and
Sears or one of its affiliates, as applicable, and pursuant to a Credit
Agreement which complies, in all material respects, with all
Requirements of Law applicable to the Seller and Sears or one of its
affiliates, as applicable;
(c) as to which at the time of the conveyance of such
Receivable to the Trust, Sears (with respect to Receivables created
prior to the Closing Date), the Seller or the Trust has or will have
good and marketable title thereto free and clear of all Liens; and
(d) which constitutes an "account," "general intangibles"
or "chattel paper" under and as defined in Article 9 of the UCC as then
in effect in the State of New York.
"Finance Charge Receivables" with respect to any Account for
any Due Period shall mean the amount billed as finance charges on such
Account for such Due Period.
"Insurance Proceeds" shall mean any amounts recovered
pursuant to any credit life insurance policies covering any Obligor with
respect to Receivables under such Obligor's Account.
"Schedule 1" shall mean the computer file, hard copy or
microfiche list delivered to the Trustee pursuant to Section 2.01(b)
hereof which shall contain a true and complete list of all Accounts from
which Receivables have been conveyed to the Trust identified by account
number.
"Trust" shall mean the trust created by this Agreement, the
corpus of which shall consist of the Receivables existing as of the Cut-
Off Date or thereafter created and all monies due or to become due with
respect thereto, all proceeds (as defined in Article 9 of the UCC as in
effect in the State of New York) of the Receivables, such funds as from
time to time are deposited into the Investor Accounts and, with respect
to any particular Series, any additional benefits set forth in the
applicable Series Supplement.
VI. Amendment to Section 1.02
Section 1.02(c) of the Agreement is amended and restated in
its entirety to read as follows:
(c) All references to "accounts" shall refer to open-end
charge plans for specified persons maintained by Sears or an affiliate
of Sears with respect to the sale of goods or services, unless the
context otherwise requires.
VII. Amendment to Section 2.01
Sections 2.01(a) and (b) of the Agreement are amended and
restated in their entirety to read as follows:
(a) Effective on the Initial Closing Date, the Seller
hereby sells, transfers, assigns or otherwise conveys to the Trust for
the benefit of the Certificateholders, without recourse, all right,
title and interest of the Seller in and to the Receivables existing as
of the Cut-Off Date and thereafter created, all monies due or to become
due with respect thereto, all proceeds (as defined in Article 9 of the
UCC as in effect in the State of New York) of such Receivables and
Insurance Proceeds, if any, relating thereto. In the event such sale,
transfer, assignment or conveyance is deemed to create a security
interest in such property, the Seller does hereby grant to the Trust a
security interest therein.
(b) In connection with such sale, the Seller further
agrees, at its own expense, on or prior to the Initial Closing Date to
(i) cause Sears or an affiliate of Sears, as applicable, as agents of
the Seller, to indicate in its computer files that Receivables created
in connection with the Accounts have been sold to the Trust pursuant to
this Agreement for the benefit of the Certificateholders and (ii)
deliver Schedule 1 to the Trustee.
VIII.Amendment to Section 2.03
Section 2.03(b) of the Agreement is amended and restated in
its entirety to read as follows:
(b) The obligation of the Trustee to accept the
Receivables shall be subject to the condition that the Seller record and
file, at its own expense, one or more financing statements with respect
to the Receivables then existing and thereafter created for the sale of
accounts, general intangibles or chattel paper as defined in Article 9
of the UCC as in effect in the State of New York meeting the
requirements of Illinois law in such manner as is necessary to perfect
the sale and assignment of such Receivables to the Trust, and to deliver
a file-stamped copy of such financing statement or other evidence of
such filing to the Trustee on or prior to the Initial Closing Date.
IX. Amendment to Section 2.05
Sections 2.05(a)(ii), (iii) and (v) of the Agreement are
amended and restated in their entirety to read as follows:
(ii) this Agreement or the appropriate Assignment, as the
case may be, constitutes a sale of the Receivables existing as of the
Cut-Off Date (or the Additional Account Cut-Off Date, as the case may
be) and thereafter created, and of all proceeds (as defined in the UCC
as in effect in the State of New York) of such Receivables, but does not
constitute a valid transfer and assignment to the Trust of all right,
title and interest of the Seller in and to such property, or such
property will not be owned by the Trust free and clear of any Lien of
any Person claiming through or under the Seller;
(iii) this Agreement or the appropriate Assignment, as the
case may be, does not constitute a sale of such property, and it further
does not constitute a grant of a security interest (as defined in the
UCC as in effect in the State of New York) in such property to the Trust
which is enforceable with respect to existing Receivables and the
proceeds thereof upon execution and delivery of such Agreement or
Assignment, and which will be enforceable with respect to such
Receivables hereafter or thereafter created and the proceeds thereof
upon such creation;
(v) either the Seller or a Person claiming through or
under the Seller has any claim to or interest in the Investor Accounts,
other than (i) the interest of the Certificateholders and (ii) if the
Agreement or appropriate Assignment, as the case may be, constitutes the
grant of a security interest in such property, the interest of the
Seller in such property as a debtor for purposes of the UCC as in effect
in the State of New York; or
X. Amendment to Section 2.06
Sections 2.06(b), (e) and (f) of the Agreement are amended
and restated in their entirety to read as follows:
(b) Credit Agreements. The Seller shall cause the
Servicer as its agent to service and administer the Accounts in a
particular state or similar jurisdiction in accordance with policies
identical to those used in servicing and administering the accounts of
Sears or one of its affiliates, as applicable, that are substantially
similar to the Accounts in such jurisdiction. The terms and provisions
of a Credit Agreement may be changed in any respect (including, without
limitation, the calculation of the amount, or the timing, of charge-
offs) only if such change is made applicable to the entire portfolio of
accounts of Sears or one of its affiliates, as applicable, that are
substantially similar to the Accounts, obligors of which are resident in
a particular affected state or similar jurisdiction and not only to the
Accounts.
(e) Receivables Not to be Evidenced by Promissory Notes.
The Seller will take no action to cause any Receivable to be evidenced
by any instrument (as defined in the UCC as in effect in the State of
New York) except in connection with its enforcement or collection of an
Account.
(f) Notice to Trustee. Promptly upon receipt of notice by
any officer of the Seller that any liens (other than those contemplated
by this Agreement, by the Purchase Agreement and the Contribution
Agreement, each dated as of the Initial Closing Date, between Sears and
SRFG and the agreement between Sears and the Bank regarding the
assignment of Accounts to the Bank and the sale of Receivables to Sears)
have been placed on the Receivables, the Seller or the Servicer shall
notify the Trustee of such liens.
XI. Amendment to Section 3.01
Sections 3.01(b) and (d) of the Agreement are amended and
restated in their entirety to read as follows:
(b) The Servicer is hereby authorized in the name and on
behalf of the Trustee and the Seller, and agrees, to service and
administer the Receivables and collect payments due under such
Receivables in accordance with the customary and usual servicing
procedures used by it or its affiliates, as applicable, for servicing
credit receivables comparable to the Receivables and in accordance with
the Credit Guidelines, and acting alone or through any party designated
by it pursuant to Section 8.06, shall do any and all things in
connection with such servicing and administration which it may deem
necessary or desirable. Without limiting the generality of the
foregoing and subject to Section 10.01, the Servicer is hereby
authorized and empowered (i) unless such power and authority is revoked
by the Trustee, to instruct the Trustee to make withdrawals and payments
from the Investor Accounts in accordance with such instructions as set
forth in this Agreement, (ii) to execute and deliver, or cause its
affiliates to execute and deliver, on behalf of the Trust for the
benefit of the Certificateholders but in its own name, or the name of
its affiliate, as applicable, without reference to the fact that it is
acting for the Trust, all instruments of satisfaction or cancellation,
or of partial or full release or discharge, and all other comparable
instruments, with respect to the Receivables, (iii) after the
delinquency of any such Receivable and to the extent permitted under and
in compliance with applicable law and regulations, to commence
collection proceedings, or cause its affiliates to commence collection
proceedings, as applicable, with respect to such Receivables and (iv) to
make any filings, registrations with, and to seek any consents or
authorizations from the Securities and Exchange Commission and any
securities authority of any jurisdiction on behalf of the Trust as may
be necessary or advisable to comply with the securities or reporting
requirements laws of the United States or any state or other
jurisdiction. The Trustee agrees that it shall promptly follow the
instructions of the Servicer to withdraw funds from the Investor
Accounts as required by this Agreement. The Trustee shall furnish the
Servicer or its affiliate, as applicable, with any powers of attorney
and other documents necessary or appropriate under the laws of any
jurisdiction with authority over the Receivables to enable the Servicer
to carry out its servicing and administrative duties hereunder.
(d) The Servicer and its affiliates shall under no
circumstances be obligated to use separate servicing procedures,
offices, employees or accounts for servicing Accounts from the
procedures, offices, employees and accounts used in connection with
servicing other accounts.
XII. Amendment to Section 3.03
Section 3.03(b) of the Agreement is amended and restated in
its entirety to read as follows:
(b) Portfolio Yield Covenant. Sears hereby covenants that
it shall change, or cause its affiliates to change, the terms and
provisions of a Credit Agreement (including, without limitation, the
calculation of the amount, or the timing, of charge-offs) only if it
does not believe, after a good faith assessment of the expected effects
of such change, that such change will result in a reduction of the
Portfolio Yield, for any Due Period beginning prior to the termination
of the Seller's obligations and responsibilities with respect to the
Trust pursuant to Section 12.01, to less than 1% per annum plus the
percentage equivalent of a fraction, the numerator of which is the sum
of the several products obtained by multiplying the Certificate Rate of
each outstanding Series by the Invested Amount of each such Series and
the denominator of which is the Aggregate Invested Amount, unless such
change (i) is required by any Requirement of Law or (ii) is deemed
necessary by Sears or one of its affiliates, as applicable, in its sole
reasonable judgment to maintain its credit card business on a
competitive basis.
XIII.Amendment to Section 4.06
Section 4.06(a) of the Agreement is amended and restated in
its entirety to read as follows:
(a) Unless the Servicer elects otherwise as described
below, if any Receivable was created as a result of a fraudulent or
counterfeit charge, the amount of such Receivable shall be applied as a
Collection in accordance with Section 4.03 and accounted for in
accordance with the Credit Guidelines. To the extent that the Servicer
otherwise adjusts, reduces, modifies or cancels a Receivable in
accordance with the Credit Guidelines without receiving cash or other
payment therefor from the Obligor with respect to such Receivable, the
amount of any such adjustment resulting in a reduction in Receivables
shall be applied as a Collection in accordance with Section 4.03, and
the amount of any such adjustment resulting in an increase in
Receivables shall be deducted from amounts deemed Collections. The
Servicer may elect to account for such adjustments to Receivables
created through fraudulent or counterfeit charges by decreasing or
increasing the amount of the Seller Interest in the Trust rather than
increasing or decreasing the amount of Collections for such Due Period.
In the event that any such adjustment to the Seller Interest would cause
the Seller Interest to be an amount less than zero, the Seller shall, no
later than the Business Day following the last day of the Due Period
during which such adjustment is made, deposit into the Collections
Account in immediately available funds an amount equal to the amount by
which such adjustment exceeds the Seller Interest.
XIV. Amendment to Section 9.01
The following paragraph is inserted immediately following
Section 9.01(j) of the Agreement:
(k) the Bank is the originator of any of the Receivables
and shall consent to the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceedings of or relating to all or
substantially all of its property, or a decree or order of a court or
agency or supervisory authority having jurisdiction in the premises for
the appointment of a conservator or receiver or liquidator in any
insolvency, readjustment of debt, marshalling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its
affairs, shall have been entered against the Bank and such decree or
order shall have remained in force undischarged or unstayed for a period
of 120 days; or the Bank shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage of
any applicable insolvency or reorganization statute, make an assignment
for the benefit of its creditors or voluntarily suspend payment of its
obligations;
Subparagraph (y) on page 51 of the Agreement is amended and
restated in its entirety to read as follows:
in the case of any event described in subparagraphs (c), (d), (e), (f),
or (k), an Amortization Event shall occur with respect to all Series of
Investor Certificates; and
XV. Amendment to Exhibit A (Form of Seller Certificate)
The first paragraph on page A-1 is amended and restated in
its entirety to read as follows:
This certifies that Sears Receivables Financing Group, Inc.,
a Delaware corporation ("SRFG") is the registered owner of a Fractional
Undivided Interest in Sears Credit Account Master Trust (the "Trust"),
the corpus of which consists of a portfolio of receivables (the
"Receivables") existing as of the Cut-Off Date or thereafter created
under certain open-end retail charge plans for specified Persons (the
"Accounts") originated by Sears, Roebuck and Co., a New York corporation
("Sears") or an affiliate of Sears, which Receivables have been
transferred to SRFG, all monies due or to become due with respect
thereto, all proceeds (as defined in Article 9 of the Uniform Commercial
Code as in effect in the State of New York) of such Receivables and
Insurance Proceeds, if any, relating thereto pursuant to a Pooling and
Servicing Agreement, dated as of November 18, 1992 (the "Pooling and
Servicing Agreement," such term to include any Series Supplement
thereto), by and among Bank of America Illinois, an Illinois banking
corporation, as trustee (the "Trustee"), Sears as Servicer and SRFG, a
summary of certain of the pertinent provisions of which is set forth
herein below.
The Trustee's signature line of page A-3 is amended to read:
"Bank of America Illinois"
XVI. Amendment to Exhibit B (Form of Assignment of Additional Accounts)
The Trustee's name in the lead-in paragraph on page B-1 is
amended to read as follows: "Bank of America Illinois, an Illinois
banking corporation"
Sections 3(a), (b) and (c) on page B-2 are amended and
restated in their entirety to read as follows:
3. Conveyance of Receivables. (a) The Seller hereby
sells, transfers, assigns and otherwise conveys to the Trust for the
benefit of the Certificateholders, without recourse on and after the
Additional Account Cut-Off Date, all right, title and interest of the
Seller in and to the Receivables then existing and thereafter created in
the Additional Accounts designated hereby, all monies due or to become
due or to become due with respect thereto, all proceeds (as defined in
Article 9 of the UCC as in effect in the State of New York) of such
Receivables and Insurance Proceeds, if any, relating thereto. In the
event such sale, transfer, assignment, or conveyance is deemed to create
a security interest in such property, the Seller does hereby grant to
the Trust a security interest therein.
(b) In connection with such sale, the Seller agrees to
record and file, at its own expense, a financing statement with respect
to the Receivables now existing and hereafter created in the Additional
Accounts designated hereby (which may be a single financing statement
with respect to all such Receivables) for the sale of accounts, general
intangibles or chattel paper as defined in Article 9 of the UCC as in
effect in the State of New York, meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary to
perfect the sale and assignment of such Receivables to the Trust, and to
deliver a file-stamped copy of such financing statement or other
evidence of such filing (which may, for purposes of this Section 3,
consist of telephone confirmation of such filing) to the Trustee on or
prior to the date of this Assignment.
(c) In connection with such sale, the Seller further
agrees, at its own expense, on or prior to the date of this Assignment
to indicate, or to cause to be indicated, in the computer files of Sears
or one of its affiliates, as applicable, that Receivables created in
connection with the Additional Accounts designated hereby have been sold
to the Trustee pursuant to this Assignment for the benefit of the
Certificateholders.
The Trustee's signature line on page B-4 is amended to read:
"Bank of America Illinois"
XVII. Amendment to Exhibit D (Form of Annual Servicer
Certificate)
The Trustee's name in the lead-in paragraph on page D-1 is
amended to read as follows: "Bank of America Illinois, an Illinois
banking corporation"
XVIII. Amendment to Exhibit E (Provisions to be Included in Annual
Opinion of Counsel)
The opinion paragraph on page E-1 is amended and restated in
its entirety to read as follows:
With the filing of financing statements covering the
Receivables in the offices of the Secretaries of State of the State of
Illinois, the State of Delaware and, if applicable, the State of
Arizona, the interests of the Trustee in the Receivables has been duly
perfected. No other action is required to continue such perfection
prior to the six-month period preceding the fifth anniversary of the
filing of such financing statements.
XIX. Amendment to Exhibit F (Form of Reassignment of
Receivables)
The Trustee's name in the lead-in paragraph on page F-1 is
amended to read as follows: "Bank of America Illinois, an Illinois
banking corporation"
The Trustee's signature line on page F-3 is amended to read
as follows: "Bank of America Illinois"
Section 3(a) on page F-2 is amended and restated in its
entirety to read as follows:
(a) The Trustee does hereby transfer, assign, set-over and
otherwise convey to the Seller, without recourse on and after the
Removal Date, all right, title and interest of the Trust in and to the
Receivables now existing and hereafter created in the Removed Accounts
designated hereby, all monies due or to become due with respect thereto
(including all Finance Charge Receivables), all proceeds (as defined in
Article 9 of the UCC as in effect in the State of Illinois or the State
of Arizona, as applicable) of such Receivables and Insurance Proceeds
relating thereto.
XX. Miscellaneous
Counterparts. This Supplemental Agreement may be executed
in any number of counterparts, each of which, when so executed, shall be
deemed to be an original, but all of which shall together constitute but
one and the same instrument.
Governing Law. This Supplemental Agreement shall be
construed in accordance with the internal laws of the State of New York,
without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
<PAGE>
IN WITNESS WHEREOF, SRFG, Sears and the Trustee have caused
this Supplemental Agreement to be duly executed by their respective
officers as of September 15, 1994.
SEARS RECEIVABLES FINANCING GROUP, INC.
as Seller
By:/S/ NANCY M. HOUGHTON-LYNCH
Name: Nancy M. Houghton-Lynch
Title: Vice President and
Treasurer
SEARS, ROEBUCK AND CO.
as Servicer
By:/S/ ALICE M. PETERSON
Name: Alice M. Peterson
Title: Vice President and
Treasurer
BANK OF AMERICA ILLINOIS
as Trustee
By:/S/ GREG JORDAN
Name: Greg Jordan
Title: Vice President
<PAGE>
EXHIBIT 99(c)
SEARS, ROEBUCK AND CO.
and
SEARS RECEIVABLES
FINANCING GROUP, INC.
SUPPLEMENTAL PURCHASE AGREEMENT
Dated as of September 15, 1994
amending
PURCHASE AGREEMENT
Dated as of November 18, 1992
______________________________________
SEARS CREDIT ACCOUNT MASTER TRUST I
<PAGE>
RECITALS
WHEREAS, the parties hereto entered into that certain
Purchase Agreement, dated as of November 18, 1992 (the "Agreement"), by
and between Sears, Roebuck and Co., a New York corporation ("Sears") and
Sears Receivables Financing Group, Inc., a Delaware corporation
("SRFG");
WHEREAS, the parties desire to effect certain amendments to
the Agreement pursuant to Section 7.02 thereof.
AGREEMENT
NOW, THEREFORE, THIS SUPPLEMENTAL AGREEMENT WITNESSETH that,
for and in consideration of the above premises, Sears and SRFG agree as
follows:
XXI. Definitions
The definitions in the Agreement are amended to read as set
forth in the Pooling and Servicing Agreement, as amended on the date
hereof, except for the terms set forth in Exhibit A hereto.
XXII.Amendment to "Eligible Receivable"
The term "Eligible Receivable" in the Agreement is amended
and restated in its entirety to read as follows:
"Eligible Receivable" shall mean each Receivable: (i) which
is payable in United States dollars, (ii) which was created in
compliance, in all material respects, with all Requirements of Law
applicable to Sears or one of its affiliates, as applicable, and SRFG
and pursuant to a Credit Agreement which complies, in all material
respects, with all Requirements of Law applicable to Sears or one of its
affiliates, as applicable, and SRFG, (iii) as to which the conveyance of
such Receivable to SRFG, Sears will have good and marketable title
thereto free and clear of all Liens, and (iv) which constitutes an
"account," "general intangible" or "chattel paper" under and as defined
in Article 9 of the UCC as then in effect in the State of New York.
XXIII. Amendment to Section 4.01
Section 4.01 of the Agreement is amended and restated in its
entirety to read as follows:
Section 4.01 Computer Files Marked. Sears shall, at its
own expense, on or prior to the date hereof, indicate in its computer
files or in the computer files of its affiliates, as applicable, that
Receivables created in connection with the Accounts have been sold or
otherwise conveyed to SRFG pursuant to this Agreement and the
Contribution Agreement and deliver to SRFG (or to the Trustee on SRFG's
behalf), a computer file, hard copy or microfiche list containing a true
and complete list of all such Accounts, identified by account number.
XXIV.Amendment to Section 5.03
Sections 5.03 of the Agreement is amended and restated in
its entirety to read as follows:
Section 5.03 Credit Agreements and Guidelines. Sears shall
service and administer the Accounts in a particular state or similar
jurisdiction in accordance with policies identical to those used in
servicing and administering the accounts of Sears or one of its
affiliates, as applicable, that are substantially similar to the
Accounts in such jurisdiction. The terms and provisions of a Credit
Agreement may be changed in any respect (including, without limitation,
the calculation of the amount, or the timing, of charge-offs) only if
such change is made applicable to the entire portfolio of accounts of
Sears or one of its affiliates, as applicable, that are substantially
similar to the Accounts, obligors of which are resident in a particular
affected state or similar jurisdiction, and not only to Accounts.
XXV. Amendment to Annex A (Form of Additional Assignment)
Section 3(c) of Annex A is amended and restated in its
entirety to read as follows:
(c) In connection with such sale, Sears further agrees, at
its own expense, on or prior to the date of this Additional Assignment
to indicate, or to cause to be indicated, in Sears computer files or in
the computer files of an affiliate of Sears, as applicable, that
Receivables created in connection with the Additional Accounts
designated hereby have been sold to SRFG pursuant to this Additional
Assignment.
XXVI.Miscellaneous
Counterparts. This Supplemental Agreement may be executed
in any number of counterparts, each of which, when so executed, shall be
deemed to be an original, but all of which shall together constitute but
one and the same instrument.
Governing Law. This Supplemental Agreement shall be
construed in accordance with the internal laws of the State of Illinois,
without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
<PAGE>
IN WITNESS WHEREOF, Sears and SRFG have caused this
Supplemental Agreement to be duly executed by their respective officers
as of September 15, 1994.
SEARS, ROEBUCK AND CO.
By:/S/ ALICE M. PETERSON
Name: Alice M. Peterson
Title: Vice President and
Treasurer
SEARS RECEIVABLES FINANCING GROUP, INC.
By:/S/ NANCY M. HOUGHTON-LYNCH
Name: Nancy M. Houghton-Lynch
Title: Vice President and
Treasurer
<PAGE>
EXHIBIT A
"Add-ons"
"Additional Assignment"
"Agreement"
"Contributed Receivables"
"Contribution Agreement"
"Pooling and Servicing Agreement"
"Portfolio Repurchase Event"
"Principal Receivable"
"Receivables Purchase Price"
"Seller Monthly Servicing Fee"
