UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 15, 1999
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 April 15, 1999, Registrant made available the Monthly Investor
Certificateholders' Statements set forth as Exhibits 20(a) through 20(m).
Item 7. Financial Statements and Exhibits
20(a). Series 1994-1 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(b). Series 1995-2 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(c). Series 1995-3 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(d). Series 1995-4 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(e). Series 1995-5 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(f). Series 1996-1 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(g). Series 1996-2 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(h). Series 1996-3 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(i). Series 1996-4 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(j). Series 1997-1 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(k). Series 1998-1 Monthly Investor Certificateholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(l). Series 1998-2 Monthly Investor Certificaterholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
20(m). Series 1999-1 Monthly Investor Certificaterholders' Statement
related to the distribution of April 15, 1999 and reflecting the
performance of the Trust during the Due Period ended in March
1999, which will accompany the distribution on April 15, 1999.
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/Donald J. Woytek
Donald J. Woytek
Vice President, Administration
Date: April 15, 1999
EXHIBIT INDEX
Exhibit No.
20(a). Series 1994-1 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(b). Series 1995-2 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(c). Series 1995-3 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(d). Series 1995-4 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(e). Series 1995-5 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(f). Series 1996-1 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(g). Series 1996-2 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(h). Series 1996-3 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(i). Series 1996-4 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(j). Series 1997-1 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(k). Series 1998-1 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(l). Series 1998-2 Monthly Investor Certificateholders' Statement
(April 15, 1999)
20(m). Series 1999-1 Monthly Investor Certificateholders' Statement
(April 15, 1999)
Exhibit 20(a)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1994-1 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $34,348,958.33 $3,098,958.33 $31,250,000.00
Class B $202,395.83 $202,395.83 $0.00
Class C $3,719,202.20 $0.00 $3,719,202.20
2.Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d)INVESTOR INTEREST BY CLASS (SERIES 1994-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $33,500,000.00
Class C Investor Interest $67,537,327.14
TOTAL CLASS INVESTOR INTEREST $601,037,327.14
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1994-1 Allocation $10,855,342.21 $33,196,072.03 $1,195,059.15
(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 $1,773,130.17 $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 $31,250,000.00 $250,000,000.00
Class B $0.00 $0.00
Class C $3,719,202.20 $31,319,672.86
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) $51,259,135.09
(b)Series 1994-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1994-1) $4,176,210.89
(c)Series 1994-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,488,347.89
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $219,971.11
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $467,891.88
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(b)Series 1994-1 $1,060,010.88
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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 6.62%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due...................1.62% 2.25%
90 - 119 days past due..................1.29% 1.59%
120 days or more past due...............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(b)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-2 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $28,712,500.00 $3,712,500.00 $25,000,000.00
Class B $186,514.83 $186,514.83 $0.00
Class C $3,146,781.48 $0.00 $3,146,781.48
2.Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d)INVESTOR INTEREST BY CLASS (SERIES 1995-2)
Class A Investor Interest $525,000,000.00
Class B Investor Interest $26,966,000.00
Class C Investor Interest $69,476,655.56
TOTAL CLASS INVESTOR INTEREST $621,442,655.56
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1995-2 Allocation $11,087,174.91 $33,905,025.73 $1,220,581.50
(e)Reallocations of Collections
to Series 1995-2 from other
series in Group One and
application of Charge-Off
reimbursementsto 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 $25,000,000.00 $75,000,000.00
Class B $0.00 $0.00
Class C $3,146,781.48 $9,440,344.44
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) $51,259,135.09
(b)Series 1995-2 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-2) $4,265,400.36
(c)Series 1995-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,611,466.05
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $177,066.90
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $476,867.41
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(b)Series 1995-2 $1,082,649.06
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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 5.65%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due.....................1.62% 2.25%
90 - 119 days past due....................1.29% 1.59%
120 days or more past due.................2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(c)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-3 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(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 $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1995-3 Allocation $10,040,064.38 $30,702,919.72 $1,105,305.63
(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) $51,259,135.09
(b)Series 1995-3 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-3) $3,862,561.44
(c)Series 1995-3 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $147,741.79
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $431,668.69
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 6.62%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due...................1.62% 2.25%
90 - 119 days past due... ..............1.29% 1.59%
120 days or more past due...............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3) Under theTSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(d)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-4 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $0.00 $0.00 $0.00
Class B $0.00 $0.00 $0.00
Class C $31,889,680.01 $0.00 $31,889,680.01
2.Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d)INVESTOR INTEREST BY CLASS (SERIES 1995-4)
Class A Investor Interest $0.00
Class B Investor Interest $0.00
Class C Investor Interest $0.00
TOTAL CLASS INVESTOR INTEREST $0.00
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1995-4 Allocation $544,292.19 $1,664,467.37 $59,920.85
(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 $30,225,212.64 $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 $0.00 $500,000,000.00
Class B $0.00 $22,500,000.00
Class C $31,889,680.01 $61,330,000.00
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) $51,259,135.09
(b)Series 1995-4 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-4) $209,397.27
(c)Series 1995-4 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $0.00
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $0.00
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $209,397.27
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(b)Series 1995-4 $53,149.47
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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 0.00%
(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) 12.85%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due....................1.62% 2.25%
90 - 119 days past due...................1.29% 1.59%
120 days or more past due................2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(e)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-5 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(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 $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1995-5 Allocation $10,040,235.06 $30,703,441.66 $1,105,324.42
(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) $51,259,135.09
(b)Series 1995-5 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-5) $3,862,627.10
(c)Series 1995-5 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $149,252.04
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $430,224.10
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 7.47%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due.....................1.62% 2.25%
90 - 119 days past due....................1.29% 1.59%
120 days or more past due.......... ......2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the DuePeriod by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances
for which the cumulative past due amount is three, four and five or more
times, respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(f)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-1 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(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 $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1996-1 Allocation $10,040,064.38 $30,702,919.72 $1,105,305.63
(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) $51,259,135.09
(b)Series 1996-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-1) $3,862,561.44
(c)Series 1996-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $147,741.79
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $431,668.69
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 7.34%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..................1.62% 2.25%
90 - 119 days past due.................1.29% 1.59%
120 days or more past due..............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(g)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-2 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $43,472,222.23 $1,805,555.56 $41,666,666.67
Class B $124,687.50 $124,687.50 $0.00
Class C $2,740,486.73 $0.00 $2,740,486.73
2.Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d)INVESTOR INTEREST BY CLASS (SERIES 1996-2)
Class A Investor Interest $291,666,666.65
Class B Investor Interest $22,500,000.00
Class C Investor Interest $49,764,744.91
TOTAL CLASS INVESTOR INTEREST $363,931,411.56
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1996-2 Allocation $6,969,511.56 $21,313,046.00 $767,270.02
(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 $23,094,107.40 $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 $41,666,666.67 $208,333,333.35
Class B $0.00 $0.00
Class C $2,740,486.73 $15,975,255.09
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) $51,259,135.09
(b)Series 1996-2 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-2) $2,681,274.30
(c)Series 1996-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $2,188,767.30
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $147,741.79
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $344,765.20
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(b)Series 1996-2 $680,564.27
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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 5.67%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due.................1.62% 2.25%
90 - 119 days past due................1.29% 1.59%
120 days or more past due.............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances
for which the cumulative past due amount is three, four and five or more
times, respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(h)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-3 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(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 $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1996-3 Allocation $10,040,064.38 $30,702,919.72 $1,105,305.63
(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) $51,259,135.09
(b)Series 1996-3 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-3) $3,862,561.44
(c)Series 1996-3 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $147,741.79
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $431,668.69
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 6.63%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due...................1.62% 2.25%
90 - 119 days past due......... ........1.29% 1.59%
120 days or more past due...............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances
for which the cumulative past due amount is three, four and five or
moretimes, respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(i)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-4 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(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 $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1996-4 Allocation $10,040,064.38 $30,702,919.72 $1,105,305.63
(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) $51,259,135.09
(b)Series 1996-4 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-4) $3,862,561.44
(c)Series 1996-4 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $147,741.79
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $431,668.69
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 7.11%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due.................1.62% 2.25%
90 - 119 days past due................1.29% 1.59%
120 days or more past due.............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances
for which the cumulative past due amount is three, four and five or more
times, respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(j)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1997-1 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(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 $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1997-1 Allocation $10,040,064.38 $30,702,919.72 $1,105,305.63
(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) $51,259,135.09
(b)Series 1997-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1997-1) $3,862,561.44
(c)Series 1997-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $147,741.79
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $431,668.69
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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(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) 20.48%
(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) 7.88%
(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) 2.25%
(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) 7.34%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..................1.62% 2.25%
90 - 119 days past due.................1.29% 1.59%
120 days or more past due..............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances
for which the cumulative past due amount is three, four and five or more
times, respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect
the percentage of Account balances for which the customer has failed to make
a required payment in each of the last three, four and five or more billing
cycles, respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(k)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1998-1 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 1998-1 Investors this Due Period
Total Interest Principal
Series 1998-1
Class A $2,416,666.67 $2,416,666.67 $0.00
Class B $176,500.00 $176,500.00 $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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d)INVESTOR INTEREST BY CLASS (SERIES 1998-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $35,300,000.00
Class C Investor Interest $52,950,000.00
TOTAL CLASS INVESTOR INTEREST $588,250,000.00
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1998-1 Allocation $10,040,235.06 $30,703,441.66 $1,105,324.42
(e)Reallocations of Collections
to Series 1998-1
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 1998-1 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) $51,259,135.09
(b)Series 1998-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1998-1) $3,862,627.10
(c)Series 1998-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $231,790.46
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $347,685.69
6.Investor Losses
Total
(a)Group One $0.00
(b)Series 1998-1 $0.00
(c)Series 1998-1 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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(b)Series 1998-1 $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) 20.48%
(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) 7.88%
(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) 2.25%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1998-1) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1998-1) 5.29%
(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) 7.56%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..................1.62% 2.25%
90 - 119 days past due.................1.29% 1.59%
120 days or more past due..............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(l)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1998-2 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 1998-2 Investors this Due Period
Total Interest Principal
Series 1998-2
Class A $1,968,750.00 $1,968,750.00 $0.00
Class B $0.00 $0.00 $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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d)INVESTOR INTEREST BY CLASS (SERIES 1998-2)
Class A Investor Interest $450,000,000.00
Class B Investor Interest $32,000,000.00
Class C Investor Interest $48,000,000.00
TOTAL CLASS INVESTOR INTEREST $530,000,000.00
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1998-2 Allocation $9,046,025.64 $27,663,109.36 $995,872.41
(e)Reallocations of Collections
to Series 1998-2
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 1998-2 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) $51,259,135.09
(b)Series 1998-2 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1998-2) $3,480,140.01
(c)Series 1998-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $2,954,835.86
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $210,121.66
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $315,182.49
6.Investor Losses
Total
(a)Group One $0.00
(b)Series 1998-2 $0.00
(c)Series 1998-2 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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(b)Series 1998-2 $883,333.33
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) 20.48%
(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) 7.88%
(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) 2.25%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1998-2) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1998-2) 4.46%
(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) 8.39%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..................1.62% 2.25%
90 - 119 days past due.................1.29% 1.59%
120 days or more past due..............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances
for which the cumulative past due amount is three, four and five or more
times, respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(m)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1999-1 Monthly Statement
Distribution Date:April 15, 1999 Due Period Ending: March 1999
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 1999-1 Investors this Due Period
Total Interest Principal
Series 1999-1
Class A $1,726,388.89 $1,726,388.89 $0.00
Class B $0.00 $0.00 $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 $10,464,553,810.25
Aggregate Investor Interest $7,657,176,989.78
Seller Interest $2,807,376,820.47
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,657,176,989.78
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $601,037,327.14
Series 1995-1 Investor Interest $205,884,595.52
Series 1995-2 Investor Interest $621,442,655.56
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $0.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $363,931,411.56
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
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d)INVESTOR INTEREST BY CLASS (SERIES 1999-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $35,300,000.00
Class C Investor Interest $52,950,000.00
TOTAL CLASS INVESTOR INTEREST $588,250,000.00
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $738,923,125.17
Principal Receivables Collected $556,834,456.02
Finance Charge Receivables Collected $182,088,669.15
Recovered Amounts added as Additional Funds $14,668,248.39
<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) $133,239,308.89 $407,451,152.58 $14,668,248.39
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $48,849,360.26 $149,383,303.44 $0.00
(c)Group One Allocation $133,239,308.89 $407,451,152.58 $14,668,248.39
(d)Series 1999-1 Allocation $10,040,235.06 $30,703,441.66 $1,105,324.42
(e)Reallocations of Collections
to Series 1999-1 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 1999-1 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) $51,259,135.09
(b)Series 1999-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1999-1) $3,862,627.10
(c)Series 1999-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,283,150.96
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $231,790.46
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $347,685.69
6.Investor Losses
Total
(a)Group One $0.00
(b)Series 1999-1 $0.00
(c)Series 1999-1 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 $4,770,080.24
INVESTOR SERVICING FEE
(a)Group One $13,010,655.46
(b)Series 1999-1 $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) 20.48%
(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) 7.88%
(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) 2.25%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1999-1) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1999-1) 4.80%
(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) 8.05%
(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) 6.81%
9.Summary Delinquency Aging Information
In March 1999, Sears completed the second phase of its conversion
to the Total Systems Services, Inc. (TSYS) account processing system,
bringing the total converted in the first two phases to approximately 50%
of the accounts in the Sears Portfolio, affecting approximately 42% of the
receivable balances in the Trust at the end of the March Due Period. The
accounts converted were selected without regard to whether they were in
the Trust. For a further discussion of Sears change to a new aging
methodology in connection with the conversion of its receivables processing
system to the TSYS account processing system, see the Trust's Current
Report on Form 8-K dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
March 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..................1.62% 2.25%
90 - 119 days past due.................1.29% 1.59%
120 days or more past due..............2.90% 4.14%
Total Delinquencies 5.81% 7.98%
(1) The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2) Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances
for which the cumulative past due amount is three, four and five or more
times, respectively, the scheduled minimum monthly payment.
(3) Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
