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): May 17, 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 office) (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 May 17, 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 May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(b). Series 1995-2 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(c). Series 1995-3 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(d). Series 1995-5 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(e). Series 1996-1 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(f). Series 1996-2 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(g). Series 1996-3 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(h). Series 1996-4 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(i) Series 1997-1 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(j). Series 1998-1 Monthly Investor Certificateholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(k). Series 1998-2 Monthly Investor Certificaterholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 1999.
20(l). Series 1999-1 Monthly Investor Certificaterholders'
Statement related to the distribution of May 17, 1999
and reflecting the performance of the Trust during
the Due Period ended in April 1999, which will
accompany the distribution on May 17, 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: May 17, 1999
EXHIBIT INDEX
Exhibit No.
20(a). Series 1994-1 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(b). Series 1995-2 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(c). Series 1995-3 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(d). Series 1995-5 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(e). Series 1996-1 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(f). Series 1996-2 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(g). Series 1996-3 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(h). Series 1996-4 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(i). Series 1997-1 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(j). Series 1998-1 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(k). Series 1998-2 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
20(l). Series 1999-1 Monthly Investor
Certificateholders' Statement
(May 17, 1999)
Exhibit 20(a)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1994-1 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 1999
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago as Trustee, the Trustee is required to prepare
certain information each month regarding current distributions to
Certificateholders and the performance of the Trust. The information for the
Due Period and the Distribution Date listed above is set forth below:
1. Payments or Allocations to Series 1994-1 Investors
this Due Period
Total Interest Principal
Series 1994-1
Class A $34,166,666.67 $2,916,666.67 $31,250,000.00
Class B $202,395.83 $202,395.83 $0.00
Class C $3,940,286.54 $0.00 $3,940,286.54
2. Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES
IN THE TRUST $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1994-1)
Class A Investor Interest $468,750,000.00
Class B Investor Interest $33,500,000.00
Class C Investor Interest $63,597,040.60
TOTAL CLASS INVESTOR INTEREST $565,847,040.60
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as Additional
Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections received
during the Due
Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1994-1
Allocation $9,312,842.23 $35,065,931.58 $1,149,508.27
(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 $124,354.96 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Amount Distributed Total Distributions
this Due Period through this Due Period
SERIES 1994-1 BY CLASS:
Class A $31,250,000.00 $281,250,000.00
Class B $0.00 $0.00
Class C $3,940,286.54 $35,259,959.40
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) $53,469,313.22
(b)Series 1994-1 (the sum of the
Class Investor Charged-
Off Amounts for all Classes
in Series 1994-1) $4,196,984.50
(c)Series 1994-1 By Class:
Class A (Class A Percentage
Multiplied by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $233,927.20
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $471,606.51
6. Investor Losses
Total
(a) Group One $0.00
(b) Series 1994-1 $0.00
(c) Series 1994-1 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(b)Series 1994-1 $1,001,728.88
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 18.59%
(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) 8.38%
(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) 2.30%
(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) 4.28%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable balances
will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency
distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due....... 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as
of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which
the cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances
for which the customer has failed to make a required payment in each of the
last three, four and five or more billing cycles, respectively. The
performance of the converted accounts may not be representative of the total
Sears Portfolio or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/ Diane Swanson
Diane Swanson
Assistant Vice President
Exhibit 20(b)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-2 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $28,543,750.00 $3,543,750.00 $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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1995-2)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $26,966,000.00
Class C Investor Interest $66,329,874.08
TOTAL CLASS INVESTOR INTEREST $593,295,874.08
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation (Seller
Percentage multiplied
by total Collections
received during the Due
Period) $43,499,224.10 $163,788,967.92 $0.00
(c)Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d)Series 1995-2
Allocation $9,629,014.94 $36,256,426.44 $1,188,534.29
(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 $100,000,000.00
Class B $0.00 $0.00
Class C $3,146,781.48 $12,587,125.92
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) $53,469,313.22
(b)Series 1995-2 (the sum of
the Class Investor Charged-Off
Amounts for all Classes in Series
1995-2) $4,339,472.90
(c)Series 1995-2 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,666,023.32
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $188,300.92
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $485,148.65
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1995-2 $0.00
(c)Series 1995-2 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(b)Series 1995-2 $1,035,737.76
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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 3.31%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable balances
will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology in
connection with the conversion of its receivables processing system to the TSYS
account processing system, see the Trust's Current Report on Form 8-K dated
May 14, 1998.
The Accounts in the Trust have the following delinquency
distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..... 1.54% 2.08%
90 - 119 days past due..... 1.19% 1.50%
120 days or more past due.. 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears and
the Bank consider an account delinquent when its cumulative past due balance
is three or more times the scheduled minimum monthly payment. The data in this
column reflect the percentage of Account balances for which the cumulative past
due amount is three, four and five or more times, respectively, the scheduled
minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the
last three, four and five or more billing cycles, respectively. The performance
of the converted accounts may not be representative of the total Sears
Portfolio or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(c)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-3 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1995-3)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as Additional
Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections received
during the Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1995-3
Allocation $9,114,552.57 $34,319,305.41 $1,125,032.87
(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
SERIES 1995-3 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the Series
Investor Charged-Off Amounts for all
Series in Group One) $53,469,313.22
(b)Series 1995-3 (the sum of the Class
Investor Charged-Off Amounts for all
Classes in Series 1995-3) $4,107,622.02
(c)Series 1995-3 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $157,115.29
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $459,055.95
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1995-3 $0.00
(c)Series 1995-3 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 4.28%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable balances
will not be reflected in TSYS balances until the end of the May Due Period.
For a further discussion of Sears change to a new aging methodology in
connection with the conversion of its receivables processing system to the TSYS
account processing system, see the Trust's Current Report on Form 8-K dated
May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due. 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as of
the end of the Due Period by the balance of receivables in the Trust at the
beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears and
the Bank consider an account delinquent when its cumulative past due balance
is three or more times the scheduled minimum monthly payment. The data in this
column reflect the percentage of Account balances for which the cumulative past
due amount is three, four and five or more times, respectively, the scheduled
minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the last
three, four and five or more billing cycles, respectively. The performance of
the converted accounts may not be representative of the total Sears Portfolio
or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(d)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1995-5 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1995-5)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,730,000.00
Class C Investor Interest $65,520,000.00
TOTAL CLASS INVESTOR INTEREST $588,250,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage multiplied
by total Collections
received during the Due
Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1995-5
Allocation $9,114,707.51 $34,319,888.83 $1,125,051.99
(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
Amount Distributed Total 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) $53,469,313.22
(b)Series 1995-5 (the sum of the
Class Investor Charged-Off Amounts
for all Classes in Series 1995) $4,107,691.85
(c)Series 1995-5 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $158,721.35
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $457,519.71
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1995-5 $0.00
(c)Series 1995-5 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 5.13%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable balances
will not be reflected in TSYS balances until the end of the May Due Period.
For a further discussion of Sears change to a new aging methodology in
connection with the conversion of its receivables processing system to the TSYS
account processing system, see the Trust's Current Report on Form 8-K dated
May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..... ... 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as of
the end of the Due Period by the balance of receivables in the Trust at the
beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears and
the Bank consider an account delinquent when its cumulative past due balance
is three or more times the scheduled minimum monthly payment. The data in
this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the
last three, four and five or more billing cycles, respectively. The performance
of the converted accounts may not be representative of the total Sears
Portfolio or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(e)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-1 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b)INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections received
during the Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1996-1
Allocation $9,114,552.57 $34,319,305.41 $1,125,032.87
(e) Reallocations of
Collections to Series
1996-1 from other series
in Group One and application
of Charge-Off reimbursements
to Principal payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total Distributions
Amount Distributed through this
this Due Period Due Period
SERIES 1996-1 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due
Period
(a)Group One (the sum of the Series
Investor Charged-Off Amounts for all
Series in Group One) $53,469,313.22
(b)Series 1996-1 (the sum of the Class
Investor Charged-Off Amounts for all
Classes in Series 1996-1) $4,107,622.02
(c)Series 1996-1 By Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $157,115.29
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $459,055.95
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-1 $0.00
(c)Series 1996-1 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 5.00%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable
balances will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due..... ... 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as of
the end of the Due Period by the balance of receivables in the Trust at the
beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears and
the Bank consider an account delinquent when its cumulative past due balance
is three or more times the scheduled minimum monthly payment. The data in this
column reflect the percentage of Account balances for which the cumulative past
due amount is three, four and five or more times, respectively, the scheduled
minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the last
three, four and five or more billing cycles, respectively. The performance of
the converted accounts may not be representative of the total Sears Portfolio
or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(f)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-2 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $43,246,527.78 $1,579,861.11 $41,666,666.67
Class B $124,687.50 $124,687.50 $0.00
Class C $2,903,392.29 $0.00 $2,903,392.29
2. Principal Receivables at the end of the Due Period
(a)TOTAL PRINCIPAL RECEIVABLES
IN THE TRUST $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-2)
Class A Investor Interest $249,999,999.98
Class B Investor Interest $22,500,000.00
Class C Investor Interest $46,861,352.62
TOTAL CLASS INVESTOR INTEREST $319,361,352.60
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections
received during the
Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1996-2
Allocation $5,638,977.26 $21,232,614.68 $696,033.59
(e) Reallocations of
Collections to Series
1996-2 from other series
in Group One and application
of Charge-Off reimbursements
to Principal payments. $0.00 $23,337,444.28 $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 $250.000,000.02
Class B $0.00 $0.00
Class C $2,903,392.29 $18,878,647.38
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) $53,469,313.22
(b)Series 1996-2 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in
Series 1996-2 $2,541,297.23
(c)Series 1996-2 By Class:
Class A (Class A Percentage
multiplied by the Charged-Off Amount) $2,036,679.62
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $157,115.29
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $347,502.32
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-2 $0.00
(c) Series 1996-2 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(b)Series 1996-2 $606,552.35
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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 5.62%
(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) 4.89%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable
balances will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as
of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the last
three, four and five or more billing cycles, respectively. The performance of
the converted accounts may not be representative of the total Sears Portfolio
or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(g)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-3 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $2,916,666.66 $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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-3)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections
received during the
Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1996-3
Allocation $9,114,552.57 $34,319,305.41 $1,125,032.87
(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) $53,469,313.22
(b)Series 1996-3 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in
Series 1996-3) $4,107,622.02
(c)Series 1996-3 By Class:
Class A (Class A Percentage
ultiplied by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $157,115.29
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $459,055.95
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-3 $0.00
(c)Series 1996-3 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 4.29%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable
balances will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances(1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as
of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general,
Sears and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The data
in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required
payment in each of the last three, four and five or more billing cycles,
respectively. The performance of the converted accounts may not be
representative of the total Sears Portfolio or the Accounts in the
Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/ Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(h)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1996-4 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1996-4)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $22,500,000.00
Class C Investor Interest $65,740,000.00
TOTAL CLASS INVESTOR INTEREST $588,240,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections
received during the
Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1996-4
Allocation $9,114,552.57 $34,319,305.41 $1,125,032.87
(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) $53,469,313.22
(b)Series 1996-4 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in
Series 1996-4) $4,107,622.02
(c)Series 1996-4 By Class:
Class A (Class A Percentage
multiplied by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $157,115.29
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $459,055.95
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1996-4 $0.00
(c)Series 1996-4 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 4.77%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period.
Although all accounts have been converted, the remaining 36% of the receivable
balances will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as
of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine
delinquency levels for accounts using an aging methodology that is based on
the number of completed billing cycles during which the customer failed to
make a required payment. The data in this column reflect the percentage of
Account balances for which the customer has failed to make a required payment
in each of the last three, four and five or more billing cycles, respectively.
The performance of the converted accounts may not be representative of
the total Sears Portfolio or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:/s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(i)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1997-1 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1997-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $25,000,000.00
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 $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections
received during the
Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1997-1
Allocation $9,114,552.57 $34,319,305.41 $1,125,032.87
(e) Reallocations of
Collections to Series
1997-1 from other series
in Group One and application
of Charge-Off reimbursements
to Principal payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total Distributions
Amount Distributed through this
This Due Period Due Period
SERIES 1997-1 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the
Series Investor Charged-Off Amounts
for all Series in Group One) $53,469,313.22
(b)Series 1997-1 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in
Series 1997-1) $4,107,622.02
(c)Series 1997-1 By Class:
Class A (Class A Percentage
multiplied by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $157,115.29
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $459,055.95
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1997-1 $0.00
(c)Series 1997-1 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 5.00%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the
Total Systems Services, Inc. ("TSYS") account
processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the
April Due Period. Although all accounts have been
converted, the remaining 36% of the receivable
balances will not be reflected in TSYS balances until
the end of the May Due Period. For a further
discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables
processing system to the TSYS account processing
system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following
delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances(1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as
of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears and
the Bank consider an account delinquent when its cumulative past due balance is
three or more times the scheduled minimum monthly payment. The data in this
column reflect the percentage of Account balances for which the cumulative past
due amount is three, four and five or more times, respectively, the scheduled
minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the last
three, four and five or more billing cycles, respectively. The performance of
the converted accounts may not be representative of the total Sears Portfolio
or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
EXHIBIT 20(j)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1998-1 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1998-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $35,300.000.00
Class C Investor Interest $52,950,000.00
TOTAL CLASS INVESTOR INTEREST $588,250,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections
received during the
Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1998-1
Allocation $9,114,707.51 $34,319,888.83 $1,125,051.99
(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 Distributions
Amount Distributed through this
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) $53,469,313.22
(b)Series 1998-1 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in
Series 1998-1) $4,107,691.85
(c)Series 1998-1 By Class:
Class A (Class A Percentage
multiplied by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $246,496.43
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $369,744.64
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 $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 5.22%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable
balances will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances(1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as
of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment.
The data in this column reflect the percentage of Account balances for which
the cumulative past due amount is three, four and five or more times,
respectively, the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the last
three, four and five or more billing cycles, respectively. The performance of
the converted accounts may not be representative of the total Sears Portfolio
or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(k)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1998-2 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1998-2)
Class A Investor Interest $450,000,000.00
Class B Investor Interest $32,000.000.00
Class C Investor Interest $48,000,000.00
TOTAL CLASS INVESTOR INTEREST $530,000,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections
received during the
Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1998-2
Allocation $8,212,146.16 $30,921,446.80 $1,013,646.50
(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 Distributions
Amount Distributed through this
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) $53,469,313.22
(b)Series 1998-2 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in
Series 1998-2) $3,700,937.83
(c)Series 1998-2 By Class:
Class A (Class A Percentage
multiplied by the Charged-Off Amount) $3,142,305.71
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $223,452.85
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $335,179.28
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1998-2 $0.00
(c)Series 1998-2 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a) Group One $12,761,961.65
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) 18.59%
(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) 8.38%
(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) 2.30%
(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) 6.05%
(g)Total Payment Rate (Aggregate Collections
during the Due Period divided by the aggregate
amount of Receivables in the Trust as of
the first day of the Due Period) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period. Although
all accounts have been converted, the remaining 36% of the receivable balances
will not be reflected in TSYS balances until the end of the May Due Period.
For a further discussion of Sears change to a new aging methodology in
connection with the conversion of its receivables processing system to the TSYS
account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances as
of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The data
in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times, respectively,
the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the last
three, four and five or more billing cycles, respectively. The performance of
the converted accounts may not be representative of the total Sears Portfolio
or the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
EXHIBIT 20(l)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1999-1 Monthly Statement
Distribution Date: May 17, 1999 Due Period Ending: April 1999
Under the Series Supplements relating to the Pooling and Servicing Agreement
dated as of July 31, 1994, as amended, by and among Sears, Roebuck and Co.,
SRFG, Inc. (formerly Sears Receivables Financing Group, Inc.) and The First
National Bank of Chicago as Trustee, the Trustee is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust. The information for the Due Period and the
Distribution Date listed above is set forth below:
1. Payments or Allocations to Series 1999-1 Investors this Due Period
Total Interest Principal
Series 1999-1
Class A $2,354,166.67 $2,354,166.67 $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 $10,269,647,656.85
Aggregate Investor Interest $7,539,466,394.64
Seller Interest $2,730,181,262.21
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,539,466,394.64
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $565,847,040.60
Series 1995-1 Investor Interest $196,081,127.36
Series 1995-2 Investor Interest $593,295,874.08
Series 1995-3 Investor Interest $588,240,000.00
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $319,361,352.60
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $588,240,000.00
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $588,250,000.00
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1999-1)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $35,300.000.00
Class C Investor Interest $52,950,000.00
TOTAL CLASS INVESTOR INTEREST $588,250,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $772,670,923.30
Principal Receivables Collected $610,526,686.64
Finance Charge Receivables Collected $162,144,236.66
Recovered Amounts added as
Additional Funds $14,644,661.66
<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) $118,645,012.56 $446,737,718.72 $14,644,661.66
Seller Allocation
(Seller Percentage
multiplied by total
Collections
received during the
Due Period) $43,499,224.10 $163,788,967.92 $0.00
(c) Group One
Allocation $118,645,012.56 $446,737,718.72 $14,644,661.66
(d) Series 1999-1
Allocation $9,114,707.51 $34,319,888.83 $1,125,051.99
(e) Reallocations of
Collections to Series
1999-1 from other series
in Group One and application
of Charge-Off reimbursements
to Principal payments. $0.00 $0.00 $0.00
</TABLE>
4. Information Concerning Controlled Amortization Amount
Total Distributions
Amount Distributed through this
this Due Period Due Period
SERIES 1999-1 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Investor Charged-Off Amounts
This Due Period
(a)Group One (the sum of the
Series Investor Charged-Off Amounts
for all Series in Group One) $53,469,313.22
(b)Series 1999-1 (the sum of the
Class Investor Charged-
Off Amounts for all Classes in
Series 1999-1) $4,107,691.85
(c)Series 1999-1 By Class:
Class A (Class A Percentage
multiplied by the Charged-Off Amount) $3,491,450.78
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $246,496.43
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $369,744.64
6. Investor Losses
Total
(a)Group One $0.00
(b)Series 1999-1 $0.00
(c)Series 1999-1 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $4,678,961.37
INVESTOR SERVICING FEE
(a)Group One $12,761,961.65
(b)Series 1999-1 $980,416.67
8. Performance Analysis
(a)Portfolio Yield (Finance Charge Collections
during the Due Period divided by Principal
Receivables in the Trust as of the first
day of the Due Period) 18.59%
(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) 8.38%
(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) 2.30%
(d)Investor Servicing Fee Percentage
(weighted average of Investor Servicing
Fees for Series 1999-1) 2.00%
(e)Weighted Average Certificate Rate
(weighted average certificate rates for all
classes of Series 1999-1) 4.80%
(f)Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 5.71%
(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) 7.27%
9. Summary Delinquency Aging Information
In April 1999, Sears completed its conversion to the Total Systems Services,
Inc. ("TSYS") account processing system, affecting approximately 64% of the
receivable balances in the Trust at the end of the April Due Period.
Although all accounts have been converted, the remaining 36% of the receivable
balances will not be reflected in TSYS balances until the end of the May Due
Period. For a further discussion of Sears change to a new aging methodology
in connection with the conversion of its receivables processing system to the
TSYS account processing system, see the Trust's Current Report on Form 8-K
dated May 14, 1998.
The Accounts in the Trust have the following delinquency distribution:
April 1999
Non-Converted Converted
Delinquencies as a % of balances (1) Accounts (2) Accounts (3)
60 - 89 days past due........ 1.54% 2.08%
90 - 119 days past due....... 1.19% 1.50%
120 days or more past due.... 2.73% 4.02%
Total Delinquencies 5.46% 7.60%
(1)The delinquency rate is calculated by dividing the delinquent balances
as of the end of the Due Period by the balance of receivables in the Trust at
the beginning of the Due Period.
(2)Under Sears proprietary receivables processing system, in general, Sears
and the Bank consider an account delinquent when its cumulative past due
balance is three or more times the scheduled minimum monthly payment. The
data in this column reflect the percentage of Account balances for which the
cumulative past due amount is three, four and five or more times, respectively,
the scheduled minimum monthly payment.
(3)Under the TSYS processing system, Sears and the Bank determine delinquency
levels for accounts using an aging methodology that is based on the number of
completed billing cycles during which the customer failed to make a required
payment. The data in this column reflect the percentage of Account balances for
which the customer has failed to make a required payment in each of the last
three, four and five or more billing cycles, respectively. The performance of
the converted accounts may not be representative of the total Sears Portfolio or
the Accounts in the Trust.
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By: /s/Diane Swanson
Diane Swanson
Assistant Vice President
