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): March 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 March 15, 1999, Registrant made available the Monthly
Investor Certificateholders' Statements set forth as Exhibits 20(a)
through 20(l).
Item 7. Financial Statements and Exhibits
20(a). Series 1994-1 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(b). Series 1995-2 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(c). Series 1995-3 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(d). Series 1995-4 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(e). Series 1995-5 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(f). Series 1996-1 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(g). Series 1996-2 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(h). Series 1996-3 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(i). Series 1996-4 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(j). Series 1997-1 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(k). Series 1998-1 Monthly Investor Certificateholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 15, 1999.
20(l). Series 1998-2 Monthly Investor Certificaterholders'
Statement related to the distribution of March 15, 1999 and
reflecting the performance of the Trust during the Due
Period ended in February 1999, which will accompany the
distribution on March 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: March 15, 1999
EXHIBIT INDEX
Exhibit No.
20(a). Series 1994-1 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(b). Series 1995-2 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(c). Series 1995-3 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(d). Series 1995-4 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(e). Series 1995-5 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(f). Series 1996-1 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(g). Series 1996-2 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(h). Series 1996-3 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(i). Series 1996-4 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(j). Series 1997-1 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(k). Series 1998-1 Monthly Investor Certificateholders'
Statement (March 15, 1999)
20(l). Series 1998-2 Monthly Investor Certificateholders'
Statement (March 15, 1999)
Exhibit 20(a)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1994-1 Monthly Statement
Distribution Date: March 15, 1999 Due Period Ending: February 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 andthe 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 $34,531,250.00 $3,281,250.00 $31,250,000.00
Class B $202,395.83 $202,395.83 $0.00
Class C $3,942,924.38 $0.00 $3,942,924.38
2.Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(d)INVESTOR INTEREST BY CLASS (SERIES 1994-1)
Class A Investor Interest $531,250,000.00
Class B Investor Interest $33,500,000.00
Class C Investor Interest $71,256,529.34
TOTAL CLASS INVESTOR INTEREST $636,006,529.34
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1994-1 Allocation $11,245,464.81 $39,349,525.09 $1,247,599.22
(e)Reallocations of Collections
to Series 1994-1 from other
series in Group One and
application of Charge-Off
reimbursements
to Principal payments. $0.00 $0.00 $0.00
</TABLE>
4.Information Concerning Controlled Amortization Amount
Total
Amount Distributions
Distributed this through this
Due Period Due Period
SERIES 1994-1 BY CLASS:
Class A $31,250,000.00 $218,750,000.00
Class B $0.00 $0.00
Class C $3,942,924.38 $27,600,470.66
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) $50,220,558.17
(b)Series 1994-1 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in Series 1994-1) $4,579,451.71
(c)Series 1994-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,837,818.36
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $228,563.40
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $513,069.95
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(b)Series 1994-1 $1,118,665.76
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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 5.92%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due........................... 1.66%
90 - 119 days past due...........................1.29%
120 days or more past due........................2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12% of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due.............. ............1.77%
120 days or more past due....................... 4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $28,881,250.00 $3,881,250.00 $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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest 588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(d)INVESTOR INTEREST BY CLASS (SERIES 1995-2)
Class A Investor Interest $550,000,000.00
Class B Investor Interest $26,966,000.00
Class C Investor Interest $72,623,437.04
TOTAL CLASS INVESTOR INTEREST $649,589,437.04
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<S> <C> <C> <C>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller
Percentage multiplied by
total Collectionsreceived
during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1995-2 Allocation $11,354,983.61 $39,732,747.37 $1,259,749.51
(e)Reallocations of Collections
to Series 1995-2
from other series in Group One
and application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
</TABLE>
4.Information Concerning Controlled
Amortization Amount
Amount Distributed Total Distributions
this Due Period through this Due Period
SERIES 1995-2 BY CLASS:
Class A $25,000,000.00 $50,000,000.00
Class B $0.00 $0.00
Class C $3,146,781.48 $6,293,562.96
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) $50,220,558.17
(b)Series 1995-2 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-2) $4,624,050.67
(c)Series 1995-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,923,103.21
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $183,983.31
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $516,964.15
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(b)Series 1995-2 $1,129,560.36
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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 4.95%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................ 1.66%
90 - 119 days past due.......................... 1.29%
120 days or more past due.................... 2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................ 2.46%
90 - 119 days past due.......................... 1.77%
120 days or more past due........................ 4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER
INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller
Percentage multiplied by
total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1995-3 Allocation $9,855,538.75 $34,485,970.61 $1,093,397.44
(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
Amount Distributed Total Distributions
this Due Period through this Due Period
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) $50,220,558.17
(b)Series 1995-3 (the sum of the Class Investor
Charged-Off Amounts for all Classes in Series
1995-3) $4,013,436.93
(c)Series 1995-3 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,411,394.10
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $153,512.73
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $448,530.10
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 5.92%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due.......................... 1.29%
120 days or more past due....................... 2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due.......................... 1.77%
120 days or more past due....................... 4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $22,619,062.50 $119,062.50 $22,500,000.00
Class C $1,985,983.87 $0.00 $1,985,983.87
2.Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(d)INVESTOR INTEREST BY CLASS (SERIES 1995-4)
Class A Investor Interest $0.00
Class B Investor Interest $0.00
Class C Investor Interest $31,889,680.01
TOTAL CLASS INVESTOR INTEREST $31,889,680.01
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller
Percentage multiplied by total
Collections received during the
Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1995-4 Allocation $944,533.76 $3,305,061.69 $104,788.87
(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 $21,180,922.18 $0.00
</TABLE>
4.Information Concerning Controlled Amortization Amount
Total Distributions
Amount Distributed through this
this Due Period Due Period
SERIES 1995-4 BY CLASS:
Class A $0.00 $500,000,000.00
Class B $22,500,000.00 $22,500,000.00
Class C $1,985,983.87 $29,440,319.99
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) $50,220,558.17
(b)Series 1995-4 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in Series 1995-4) $384,639.21
(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) $153,512.73
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $231,126.48
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(b)Series 1995-4 $93,959.44
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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 2.53%
(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) 9.62%
(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) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due.......................... 1.29%
120 days or more past due....................... 2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due.......................... 1.77%
120 days or more past due.................... 4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period)$123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller
Percentage multiplied by total
Collections received during the
Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1995-5 Allocation $9,855,706.29 $34,486,556.87 $1,093,416.03
(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 Distributed Distributions
this Due Period through this
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) $50,220,558.17
(b)Series 1995-5 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1995-5) $4,013,505.16
(c)Series 1995-5 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,411,394.10
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $155,081.98
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $447,029.08
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 6.77%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due......................... .1.29%
120 days or more past due....................... 2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude accounts that
have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due.......................... 1.77%
120 days or more past due....................... 4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1996-1 Allocation $9,855,538.75 $34,485,970.61 $1,093,397.44
(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
Amount Distributed Total Distributions
this Due Period through this 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) $50,220,558.17
(b)Series 1996-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1996-1) $4,013,436.93
(c)Series 1996-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,411,394.10
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $153,512.73
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $448,530.10
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 6.64%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due................ ..........1.29%
120 days or more past due........................2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude accounts that
have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due.......................... 1.77%
120 days or more past due.................... 4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $43,697,916.67 $2,031,250.00 $41,666,666.67
Class B $124,687.50 $124,687.50 $0.00
Class C $3,269,852.28 $0.00 $3,269,852.28
2.Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(d)INVESTOR INTEREST BY CLASS (SERIES 1996-2)
Class A Investor Interest $333,333,333.32
Class B Investor Interest $22,500,000.00
Class C Investor Interest $52,505,231.64
TOTAL CLASS INVESTOR INTEREST $408,338,564.96
3.Allocation of Collections During the Due Period
(a)TOTAL COLLECTIONS $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period)$123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1996-2 Allocation $7,594,298.50 $26,573,560.49 $842,529.95
(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 $18,362,958.46 $0.00
</TABLE>
4.Information Concerning Controlled Amortization Amount
Amount Distributed Total Distributions
this Due Period through this Due Period
SERIES 1996-2 BY CLASS:
Class A $41,666,666.67 $166,666,666.68
Class B $0.00 $0.00
Class C $3,269,852.28 $13,234,768.36
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) $50,220,558.17
(b)Series 1996-2 (the sum of the Class Investor
Charged-Off Amounts for all Classes in Series
1996-2) $3,092,599.89
(c)Series 1996-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $2,558,545.57
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $153,512.73
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $380,541.58
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(b)Series 1996-2 $755,458.47
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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 5.71%
(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) 6.44%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due.......................... 1.29%
120 days or more past due....................... 2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services,Inc. ("TSYS") account processing system of approximately 12 % of the
accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due.......................... 1.77%
120 days or more past due........................4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period)$123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1996-3 Allocation $9,855,538.75 $34,485,970.61 $1,093,397.44
(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
Amount Distributed Total Distributions
this Due Period through this 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) $50,220,558.17
(b)Series 1996-3 (the sum of the Class Investor
Charged-Off Amounts for all Classes in Series
1996-3) $4,013,436.93
(c)Series 1996-3 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,411,394.10
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $153,512.73
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $448,530.10
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 5.93%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due....................... ...1.29%
120 days or more past due....................... 2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due.......................... 1.77%
120 days or more past due........................4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period)$123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller
Percentage multiplied by total
Collections received during the
Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1996-4 Allocation $9,855,538.75 $34,485,970.61 $1,093,397.44
(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
Amount Distributed Total Distributions
this Due Period through this 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) $50,220,558.17
(b)Series 1996-4 (the sum of the Class Investor
Charged-Off Amounts for all Classes in Series
1996-4) $4,013,436.93
(c)Series 1996-4 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,411,394.10
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $153,512.73
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $448,530.10
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1996-4) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1996-4) 5.74%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 6.41%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due........................ ..1.29%
120 days or more past due........................2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude accounts that
have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due...........................1.77%
120 days or more past due........................4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period)$123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller
Percentage multiplied by
total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1997-1 Allocation $9,855,538.75 $34,485,970.61 $1,093,397.44
(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
Amount Distributed Total Distributions
this Due Period through this 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) $50,220,558.17
(b)Series 1997-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1997-1) $4,013,436.93
(c)Series 1997-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,411,394.10
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $153,512.73
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $448,530.10
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 6.64%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due...........................1.29%
120 days or more past due........................2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due...........................1.77%
120 days or more past due........................4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1998-1 Allocation $9,855,706.29 $34,486,556.87 $1,093,416.03
(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) $50,220,558.17
(b)Series 1998-1 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1998-1) $4,013,505.16
(c)Series 1998-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,411,394.10
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $240,844.42
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $361,266.64
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 6.86%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due...........................1.29%
120 days or more past due........................2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude
accounts that have been converted to TSYS. The delinquency rate is calculated
bydividing 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due...........................1.77%
120 days or more past due........................4.71%
Total Delinquencies 8.94%
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: March 15, 1999 Due Period Ending: February 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 $10,668,441,420.03
Aggregate Investor Interest $7,218,143,275.03
Seller Interest $3,450,298,145.00
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,218,143,275.03
(c)INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $636,006,529.34
Series 1995-1 Investor Interest $215,688,063.68
Series 1995-2 Investor Interest $649,589,437.04
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-4 Investor Interest $31,889,680.01
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $408,338,564.96
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
(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 $826,609,326.32
Principal Receivables Collected $642,883,504.60
Finance Charge Receivables Collected $183,725,821.72
Recovered Amounts added as Additional Funds $13,681,797.15
<TABLE>
<CAPTION>
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
<C> <C> <C>
<S>
(b)ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total Collections
received during the Due Period) $123,323,392.29 $431,526,575.22 $13,681,797.15
Seller Allocation (Seller Percentage
multiplied by total Collections
received during the Due Period) $60,402,429.44 $211,356,929.38 $0.00
(c)Group One Allocation $123,323,392.29 $431,526,575.22 $13,681,797.15
(d)Series 1998-2 Allocation $8,879,769.37 $31,071,610.95 $985,143.22
(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) $50,220,558.17
(b)Series 1998-2 (the sum of the Class Investor Charged-
Off Amounts for all Classes in Series 1998-1) $3,616,077.74
(c)Series 1998-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,070,254.69
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $218,329.22
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $327,493.83
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 $6,008,655.98
INVESTOR SERVICING FEE
(a)Group One $12,267,848.25
(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) 20.11%
(b)Charge-Offs (Charged-Off Amounts during
the Due Period divided by Principal
Receivables in the Trust as of the
first day of the Due Period) 8.19%
(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) 2.23%
(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) 7.69%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.41%
9.Summary Delinquency Aging Information
The Accounts in the Trust have the following delinquency distribution (1):
February 1999
Delinquencies as a % of balances (2)
60 - 89 days past due............................1.66%
90 - 119 days past due...........................1.29%
120 days or more past due........................2.88%
Total Delinquencies 5.83%
(1) In October 1998, Sears completed the conversion to the Total Systems
Services, Inc. ("TSYS") account processing system of approximately 12 % of
the accounts in the Sears Portfolio, affecting approximately 13% of the
receivable balances in the Trust at the end of the February Due Period. The
accounts converted were selected without regard to whether they were in the
Trust. The data above excludes Accounts that have been converted to TSYS. For
a further discussion of Sears change to the new aging methodology in
connection with the conversion of its receivable processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
(2) Under Sears existing receivables processing system, in general, Sears
and the Bank considers an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data above 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 and exclude accounts that
have been converted to TSYS. 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.
Under the new TSYS processing system, Sears determines 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 following data reflect Accounts 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.
60 - 89 days past due............................2.46%
90 - 119 days past due...........................1.77%
120 days or more past due........................4.71%
Total Delinquencies 8.94%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
