|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 20(n)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 1999-3 Monthly Statement
Distribution Date: December 15, 1999 Due Period Ending: November 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 Bank One, National Association
(formerly 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 1999-3 Investors this Due Period
Series 1999-3 Total Interest Principal
Class A $1,576,666.67 $1,576,666.67 $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 $9,560,141,125.99
Aggregate Investor Interest $7,644,312,926.08
Seller Interest $1,915,828,199.91
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $7,644,312,926.08
(c) INVESTOR INTEREST BY SERIES
Series 1994-1 Investor Interest $326,728,822.31
Series 1995-1 Investor Interest $128,467,326.65
Series 1995-2 Investor Interest $397,664,523.60
Series 1995-3 Investor Interest $424,058,181.78
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $588,240,000.00
Series 1996-2 Investor Interest $31,853,071.74
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
Series 1999-2 Investor Interest $588,250,000.00
Series 1999-3 Investor Interest $470,650,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 1999-3)
Class A Investor Interest $400,000,000.00
Class B Investor Interest $28,250,000.00
Class C Investor Interest $42,400,000.00
TOTAL CLASS INVESTOR INTEREST $470,650,000.00
3. Allocation of Collections During the Due Period
(a) TOTAL COLLECTIONS $695,576,864.50
Principal Receivables Collected $540,079,186.21
Finance Charge Receivables Collected $155,497,678.29
Recovered Amounts added as Additional Funds $19,908,640.92
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
(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) $125,361,764.08 $435,410,227.79 $19,908,640.92
Seller Allocation
(Seller Percentage
multiplied by total
Collections received
during the Due Period) $30,135,914.21 $104,668,958.42 $0.00
(c) Group One Allocation $125,361,764.08 $435,410,227.79 $19,908,640.92
(d) Series 1999-3 Allocation $7,600,130.50 $26,397,000.50 $1,206,972.98
(e) Reallocations of Collections
to Series 1999-3 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
4. Information Concerning Controlled Amortization Amount
Amount Distributed Total Distributions
this Due Period through this Due Period
SERIES 1999-3 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) $44,186,554.60
(b) Series 1999-3(the sum of the Class
Investor Charged-Off Amounts for all
Classes in Series 1999-3) $2,678,835.79
(c) Series 1999-3 by Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $2,276,711.61
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $160,792.74
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $241,331.44
6. Investor Losses
Total
(a) Group One $0.00
(b) Series 1999-3 $0.00
(c) Series 1999-3 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
7. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $3,110,356.21
INVESTOR SERVICING FEE
(a) Group One $12,938,706.31
(b) Series 1999-3 $784,416.67
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) 19.38%
(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) 6.83%
(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 3.08%
of the Due Period)
(d) Investor Servicing Fee Percentage (weighted average
of Investor Servicing Fees for Series 1999-3) 2.00%
(e) Weighted Average Certificate Rate (weighted average
certificate rates for all classes of Series 1999-3) 5.48%
(f) Series Excess Servicing Percentage (the sum of
Portfolio Yield and Recoveries minus the sum of
Charge-Offs, the Investor Servicing Fee Percentage
and the Weighted Average Certificate Rate) 8.15%
(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) 7.11%
9. Summary Delinquency Aging Information
Sears has completed its conversion to the Total Systems Services, Inc.
("TSYS") account processing system. 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:
November 1999
Delinquencies as a % of balances
60 - 89 days past due 2.13
90 - 119 days past due 1.53
120 days or more past due 3.86
Total Delinquencies 7.52
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. 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 delinquency data 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.
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By:/s/Janice Ott Rotunno
Janice Ott Rotunno, Vice President
|
|