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): June 15, 1998
Sears Credit Account Master Trust II
(Exact name of registrant as specified in charter)
Illinois 0-24776 Not Applicable
(State of (Commission (IRS Employer
Organization) File Number) Identification No.)
c/o SRFG, 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
Item 5. Other Events
On June 15, 1998, Registrant made available the Monthly
Investor Certificateholders' Statements set forth as Exhibits 21(a)
through 21(j).
Item 7. Financial Statements and Exhibits
21(a). Series 1994-1 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(b). Series 1995-2 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(c). Series 1995-3 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(d). Series 1995-4 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(e). Series 1995-5 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(f). Series 1996-1 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(g). Series 1996-2 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(h). Series 1996-3 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(i). Series 1996-4 Monthly Investor Certificateholders' Statement
related to the distribution of June 15, 1998 and
reflecting the performance of the Trust during the Due
Period ended in May 1998, which will accompany the
distribution on June 15, 1998.
21(j). Series 1997-1 Monthly Investor Certificateholders'
Statement related to the distribution of June 15,
1998 and reflecting the performance of the Trust during
the Due Period ended in May 1998, which will accompany
the distribution on June 15, 1998.
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 II
(Registrant)
By: SRFG, Inc.
(Originator of the Trust)
By: /s/Larry R. Raymond
Larry R. Raymond
Vice President, Finance
Date: June 15, 1998 EXHIBIT INDEX
Exhibit No.
21(a). Series 1994-1 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(b). Series 1995-2 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(c). Series 1995-3 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(d). Series 1995-4 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(e). Series 1995-5 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(f). Series 1996-1 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(g). Series 1996-2 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(h). Series 1996-3 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(i). Series 1996-4 Monthly Investor Certificateholders' Statement
(June 15, 1998)
21(j). Series 1997-1 Monthly Investor Certificateholders' Statement
(June 15, 1998)
Exhibit 21(a)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1994-1 Monthly Statement
Distribution Date: June 15, 1998 Due Period Ending: May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1994-1 Investors this Due Period
Total Interest Principal
Series 1994-1
Class A $4,375,000.00 $4,375,000.00 $0.00
Class B $202,395.83 $202,395.83 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1994-1)
Class A Investor Interest $750,000,000.00
Class B Investor Interest $33,500,000.00
Class C Investor Interest $98,857,000.00
TOTAL CLASS INVESTOR INTEREST $882,357,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION> Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1994-1 Allocation $15,499,122.39 $47,733,178.98 $1,326,877.31
(e) Reallocations of Collections
to Series 1994-1 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1994-1 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1994-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1994-1) $6,118,501.07
(c)Series 1994-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $5,200,701.99
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $232,298.02
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $685,501.06
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1994-1 $0.00
(c)Series 1994-1 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1994-1 $1,470,595.00
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1994-1) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1994-1) 6.23%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 6.33%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit 21b
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-2 Monthly Statement
Distribution Date:June 15, 1998 Due Period Ending:May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1995-2 Investors this Due Period
Total Interest Principal
Series 1995-2
Class A $4,050,000.00 $4,050,000.00 $0.00
Class B $186,514.83 $186,514.83 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1995-2)
Class A Investor Interest $600,000,000.00
Class B Investor Interest $26,966,000.00
Class C Investor Interest $78,917,000.00
TOTAL CLASS INVESTOR INTEREST $705,883,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION> Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1995-2 Allocation $12,399,252.24 $38,186,402.53 $1,061,497.94
(e) Reallocations of Collections
to Series 1995-2 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1995-2 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1995-2 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-2) $4,894,782.83
(c)Series 1995-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $4,160,561.59
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $186,989.51
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $547,231.73
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1995-2 $0.00
(c)Series 1995-2 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1995-2 $1,176,471.67
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1995-2) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1995-2) 7.20%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 5.36%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit 21c
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-3 Monthly Statement
Distribution Date:June 15, 1998 Due Period Ending:May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1995-3 Investors this Due Period
Total Interest Principal
Series 1995-3
Class A $2,916,666.67 $2,916,666.67 $0.00
Class B $135,937.50 $135,937.50 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1995-3)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller
Percentage multiplied by
total Collections received
during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1995-3 Allocation $10,332,783.39 $31,822,227.51 $884,587.88
(e) Reallocations of Collections
to Series 1995-3 from other
series in Group One and
application of Charge-Off
reimbursements
to Principal payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1995-3 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1995-3 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-3) $4,079,014.58
(c)Series 1995-3 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,467,134.66
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $156,021.06
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $455,858.86
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1995-3 $0.00
(c)Series 1995-3 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1995-3 $980,400.00
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1995-3) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1995-3) 6.23%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 6.33%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit 21d
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-4 Monthly Statement
Distribution Date:June 15, 1998 Due Period Ending:May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1995-4 Investors this Due Period
Total Interest Principal
Series 1995-4
Class A $43,619,791.67 $1,953,125.00 $41,666,666.67
Class B $119,062.50 $119,062.50 $0.00
Class C $2,984,526.70 $0.00 $2,984,526.70
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1995-4)
Class A Investor Interest $333,333,333.32
Class B Investor Interest $22,500,000.00
Class C Investor Interest $52,185,023.80
TOTAL CLASS INVESTOR INTEREST $408,018,357.12
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1995-4 Allocation $7,951,408.29 $24,488,224.91 $680,718.75
(e) Reallocations of Collections
to Series 1995-4 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $20,162,968.46 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1995-4 BY CLASS:
Class A $41,666,666.67 $166,666,666.68
Class B $0.00 $0.00
Class C $2,984,526.70 $9,144,976.20
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1995-4 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-4) $3,138,932.57
(c)Series 1995-4 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $2,600,350.99
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $156,021.06
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $382,560.52
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1995-4 $0.00
(c)Series 1995-4 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1995-4 $754,449.25
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1995-4) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1995-4) 5.49%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 7.07%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit 21e
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-5 Monthly Statement
Distribution Date: June 15, 1998 Due Period Ending: May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1995-5 Investors this Due Period
Total Interest Principal
Series 1995-5
Class A $2,520,833.33 $2,520,833.33 $0.00
Class B $117,438.33 $117,438.33 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1995-5)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,730,000.00
Class C Investor Interest $65,520,000.00
TOTAL CLASS INVESTOR INTEREST $588,250,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1995-5 Allocation $10,332,959.05 $31,822,768.49 $884,602.92
(e) Reallocations of Collections
to Series 1995-5 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1995-5 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1995-5 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-5) $4,079,083.92
(c)Series 1995-5 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,467,134.66
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $157,615.94
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $454,333.33
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1995-5 $0.00
(c)Series 1995-5 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1995-5 $980,416.67
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1995-5) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1995-5) 5.38%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 7.18%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit 21f
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-1 Monthly Statement
Distribution Date:June 15, 1998 Due Period Ending:May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1996-1 Investors this Due Period
Total Interest Principal
Series 1996-1
Class A $2,583,333.33 $2,583,333.33 $0.00
Class B $119,062.50 $119,062.50 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1996-1 Allocation $10,332,783.39 $31,822,227.51 $884,587.88
(e) Reallocations of Collections
to Series 1996-1 from other
series in Group One and
application of Charge-Off
reimbursements
to Principal payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1996-1 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1996-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-1) $4,079,014.58
(c)Series 1996-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,467,134.66
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $156,021.06
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $455,858.86
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-1 $0.00
(c)Series 1996-1 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1996-1 $980,400.00
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1996-1) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1996-1) 5.51%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 7.05%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit G
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-2 Monthly Statement
Distribution Date: June 15, 1998 Due Period Ending: May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1996-2 Investors this Due Period
Total Interest Principal
Series 1996-2
Class A $2,708,333.33 $2,708,333.33 $0.00
Class B $124,687.50 $124,687.50 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-2)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1996-2 Allocation $10,332,783.39 $31,822,227.51 $884,587.88
(e) Reallocations of Collections
to Series 1996-2 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1996-2 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1996-2 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-2) $4,079,014.58
(c)Series 1996-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,467,134.66
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $156,021.06
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $455,858.86
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-2 $0.00
(c)Series 1996-2 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1996-2 $980,400.00
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1996-2) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1996-2) 5.78%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 6.78%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit 21H
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-3 Monthly Statement
Distribution Date: June 15, 1998 Due Period Ending: May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1996-3 Investors this Due Period
Total Interest Principal
Series 1996-3
Class A $2,916,666.67 $2,916,666.67 $0.00
Class B $133,125.00 $133,125.00 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-3)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1996-3 Allocation $10,332,783.39 $31,822,227.51 $884,587.88
(e) Reallocations of Collections
to Series 1996-3 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1996-3 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1996-3 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-3) $4,079,014.58
(c)Series 1996-3 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,467,134.66
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $156,021.06
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $455,858.86
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-3 $0.00
(c)Series 1996-3 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1996-3 $980,400.00
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1996-3) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1996-3) 6.22%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 6.34%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit I
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-4 Monthly Statement
Distribution Date: June 15, 1998 Due Period Ending: May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1996-4 Investors this Due Period
Total Interest Principal
Series 1996-4
Class A $2,687,500.00 $2,687,500.00 $0.00
Class B $124,687.50 $124,687.50 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-4)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1996-4 Allocation $10,332,783.39 $31,822,227.51 $884,587.88
(e) Reallocations of Collections
to Series 1996-4 from
other series in Group One
and application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1996-4 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1996-4 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-4) $4,079,014.58
(c)Series 1996-4 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,467,134.66
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $156,021.06
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $455,858.86
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-4 $0.00
(c)Series 1996-4 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1996-4 $980,400.00
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1996-4) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1996-4) 5.74%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 6.82%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Exhibit J
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1997-1 Monthly Statement
Distribution Date: June 15, 1998 Due Period Ending: May, 1998
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago 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 the Distribution Date listed above is set forth below:
1.Payments or Allocations to Series 1997-1 Investors this Due Period
Total Interest Principal
Series 1997-1
Class A $2,583,333.33 $2,583,333.33 $0.00
Class B $120,000.00 $120,000.00 $0.00
Class C $0.00 $0.00 $0.00
2.Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $9,232,741,939.70
Aggregate Investor Interest $6,978,174,357.12
Seller Interest $2,254,567,582.58
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $6,978,174,357.12
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $882,357,000.00
Series 1995-1 Investor Interest $235,295,000.00
Series 1995-2 Investor Interest $705,883,000.00
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $408,018,357.12
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $588,240,000.00
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1997-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3.Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $662,842,937.89
Principal Receivables Collected $500,370,853.27
Finance Charge Receivables Collected $162,472,084.62
Recovered Amounts added as Additional Funds $10,560,836.32
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,360,082.96 $379,916,279.83 $10,560,836.32
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $39,112,001.67 $120,454,573.44 $0.00
(c) Group One Allocation $123,360,082.96 $379,916,279.83 $10,560,836.32
(d) Series 1997-1 Allocation $10,332,783.39 $31,822,227.51 $884,587.88
(e) Reallocations of Collections
to Series 1997-1 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1997-1 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series Investor Charged-
Off Amounts for all Series in Group One) $48,698,163.72
(b)Series 1997-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1997-1) $4,079,014.58
(c)Series 1997-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,467,134.66
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $156,021.06
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $455,858.86
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1997-1 $0.00
(c)Series 1997-1 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,711,043.29
INVESTOR SERVICING FEE
(a)Group One $11,739,649.86
(b)Series 1997-1 $980,400.00
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 21.08%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.32%
(c)Recoveries (Recovered Amounts added as
Additional Funds on the Distribution Date
divided by Aggregate Investor Interest in the
Trust as of the first day of the Due Period) 1.80%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1997-1) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1997-1) 5.51%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 7.05%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.04%
9. Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
May, 1998
Delinquencies as a % of balances
60 - 89 days past due........ 1.74%
90 - 119 days past due....... 1.34%
120 days or more past due.... 2.87%
Total Delinquencies 5.95%
(1)In general, an account is considered delinquent when its cumulative
past due balance is three or more times the scheduled minimum
monthly payment. Delinquencies as of the end of each month are
divided by balances at the beginning of each such month. For a
discussion of Sears change to a new aging methodology in connection
with the conversion of its receivables processing system to the Total
System Services, Inc. account processing system, which will have an
effect on reported delinquency levels, see the Trust's Current Report
on Form 8-K filed on May 14, 1998. Excludes accounts from Puerto
Rico, which were not included in the Account.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
