UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the fiscal
year ended: December 31, 1996 Commission file number: 33-67034
----------------- --------
CSX Trade Receivables Corporation on behalf of the
CSXT Trade Receivables Master Trust
(Issuer in respect of the CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates, Series 1993-1)
------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 59-3168541
- - ----------------------------------- -----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Route 688
P. O. Box 87
Doswell, Virginia 23047
- - ------------------------------------------ ----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (804) 876-3220
--------------
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
CSXT Trade Receivables Master Trust 5.05% Trade Receivables
Participation Certificates, Series 1993-1
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes (X) No ( )
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. (X)
State the aggregate market value of the voting stock held by non-affiliates
of the Registrant. Not Applicable.
PART I
------
Item 1. Business.
Omitted pursuant to a no-action letter dated February 4, 1994 (the
"No-Action Letter"), issued by the Commission staff with respect to certain
of the Registrant's reporting requirements pursuant to Section 13 or 15(d)
of the Act.
Item 2. Properties.
Pursuant to the No-Action Letter, reference is made to the Annual
Certificate of Servicer referred to in Items 8 and 14 hereof.
Item 3. Legal Proceedings.
The Registrant knows of no material pending legal proceedings
involving any of the CSXT Trade Receivables Master Trust (the "Trust"), CSX
Trade Receivables Corporation ("CTRC"), CSX Transportation, Inc. ("CSXT"),
or Chemical Bank, as trustee (the "Trustee") with respect to the Trust.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
-------
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters.
(a) To the best knowledge of the Registrant, there is no
established public trading market for the Certificates.
(b) The Certificates are represented by one or more certificates
registered in the name of Cede & Co. ("Cede"), the nominee of The Depository
Trust Company ("DTC").
(c) Omitted pursuant to the No-Action Letter.
Item 6. Selected Financial Data.
Omitted pursuant to the No-Action Letter.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
Omitted pursuant to the No-Action Letter.
Item 8. Financial Statements and Supplementary Data.
Pursuant to Section 3.06 of the Pooling and Servicing Agreement
(the "Pooling Agreement") dated as of December 18, 1992, as such Agreement
has been amended and supplemented through October 28, 1993 relating to the
Trust among CTRC, CSXT and the Trustee, CSXT, as servicer (in such capacity,
the "Servicer") has delivered the Annual Certificate of Servicer to the
Trustee, a copy of which is attached hereto as Exhibit 99.1.
Pursuant to Section 3.07 of the Pooling Agreement, Ernst & Young
LLP has furnished a report on the activities of the Servicer and on the
comparison of mathematical calculations of amounts set forth in the
Certificateholders' Distribution Date Statements with the Servicer's
computer records, a copy of which is attached hereto as Exhibit 99.2.
Exhibit 99.3 includes copies of the Certificateholders' Distribution Date
Statements (the "Statements"), if and as amended, prepared by the Servicer
and delivered to the Trustee pursuant to Section 3.05 of the Pooling
Agreement for all distribution dates occurring during the year ended
December 31, 1996. Each Statement contains information for the applicable
period relating to the receivables sold to the Trust by CTRC (the
"Receivables") and the accounts from which the Receivables arise (the
"Accounts"), including the aggregate outstanding balances of delinquent
Accounts, the aggregate principal amount of defaulted Receivables and
information relating to delinquency rates on the outstanding balances in the
Accounts and loss experience on the portfolio of Receivables.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
PART III
--------
Item 10. Directors and Executive Officers of the Registrant.
Omitted pursuant to the No-Action Letter.
Item 11. Executive Compensation.
Omitted pursuant to the No-Action Letter.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
(a) The Certificates are represented by one or more certificates
registered in the name of Cede, the nominee of DTC, and an investor holding
an interest in the Trust is not entitled to receive a certificate
representing such interest except in limited circumstances. Accordingly,
Cede is the sole holder of record of Certificates, which it holds on behalf
of brokers, dealers, banks, and other direct participants in the DTC system.
Such direct participants may hold Certificates for their own accounts or for
the accounts of their customers. The name and address of Cede is:
Cede & Co.
c/o The Depository Trust Company
55 Water Street
New York, NY 10041
(b) Omitted pursuant to the No-Action Letter.
(c) Omitted pursuant to the No-Action Letter.
Item 13. Certain Relationships and Related Transactions.
There have not been, and there are not currently proposed, any
transactions or series of transactions, to which either the Registrant,
CSXT, as Servicer, or the Trustee, on behalf of the Trust, is a party with
any Certificateholder who owns of record or beneficially more than five
percent of the Certificates. Information regarding servicing compensation
received by CSXT is set forth in the Exhibits filed pursuant to Item 14
hereof.
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits.
24.1 Powers of Attorney of Messrs. Aftoora, Owen,
Sparrow, Goolsby, and Grandis as Directors and/or
Officers of CSX Trade Receivables Corporation.
99.1 Annual Certificate of Servicer, prepared by CSXT
pursuant to Section 3.06 of the Pooling Agreement.
99.2 Report of independent auditors on the activities
of CSXT, as Servicer, and on the comparison of
mathematical calculations of amounts set forth in the
Certificateholders' Distribution Date Statements with
CSXT's computer records, prepared by Ernst & Young LLP
pursuant to Section 3.07 of the Pooling Agreement.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(b) Reports on Form 8-K.
Date of Form 8-K Description of Form 8-K
---------------- ---------------------------------------
January 25, 1996 Submitted a copy of Certificateholders'
(as amended on Distribution Date Statement dated
November 21, 1996) January 25, 1996 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
February 26, 1996 Submitted a copy of Certificateholders'
(as amended on Distribution Date Statement dated
November 21, 1996) February 26, 1995 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
March 25, 1996 Submitted a copy of Certificateholders'
(as amended on Distribution Date Statement dated March
November 21, 1996) 25, 1996 for the CSXT Trade Receivables
Master Trust 5.05% Trade Receivables
Participation Certificates, Series
1993-1.
April 25, 1996 Submitted a copy of Certificateholders'
(as amended on Distribution Date Statement dated April
November 21, 1996) 25, 1996 for the CSXT Trade Receivables
Master Trust 5.05% Trade Receivables
Participation Certificates, Series
1993-1.
May 28, 1996 Submitted a copy of Certificateholders'
(as amended on Distribution Date Statement dated May
November 21, 1996) 28, 1996 for the CSXT Trade Receivables
Master Trust 5.05% Trade Receivables
Participation Certificates, Series
1993-1.
June 25, 1996 Submitted a copy of
Certificateholders' Distribution Date
Statement dated June 25, 1996 for the
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation
Certificates, Series 1993-1.
July 25, 1996 Submitted a copy of
Certificateholders' Distribution Date
Statement dated July 25, 1996 for the
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation
Certificates, Series 1993-1.
August 26, 1996 Submitted a copy of
Certificateholders' Distribution Date
Statement dated August 26, 1996 for the
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation
Certificates, Series 1993-1.
September 26, 1996 Submitted a copy of
Certificateholders' Distribution Date
Statement dated September 26, 1996 for
the CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation
Certificates, Series 1993-1.
October 25, 1996 Submitted a copy of Certificateholders'
(as amended on Distribution Date Statement dated
March 11, 1997) October 25, 1996 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
November 28, 1996 Submitted a copy of
Certificateholders' Distribution Date
Statement dated November 28, 1996 for
the CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation
Certificates, Series 1993-1.
December 26, 1996 Submitted a copy of
Certificateholders' Distribution Date
Statement dated December 26, 1996 for
the CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation
Certificates, Series 1993-1.
(c) Omitted pursuant to the No-Action Letter.
(d) Omitted pursuant to the No-Action Letter.
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.
CSXT TRADE RECEIVABLES MASTER TRUST
By: CSX TRADE RECEIVABLES CORPORATION
/s/ ROBERT M. PEEBLES
--------------------------------
Robert M. Peebles
Vice President - Accounting
and Assistant Treasurer
(Principal Accounting Officer)
Date: March 21, 1997
--------------
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signatures Title
- - ---------------------------- -------------------------------------
William H. Sparrow Chairman of the Board, President,
and Director(Principal Executive
Officer) (a)
David D. Owen Vice President-Finance and Director
(Principal Finance Officer) (a)
A. B. Aftoora Director (a)
Allen C. Goolsby, III Director (a)
Leslie A. Grandis Director (a)
(a) /s/ ELLEN M. FITZSIMMONS
--------------------------------------
Ellen M. Fitzsimmons, Attorney-in-Fact
March 21, 1997
EXHIBIT INDEX
-------------
Exhibit
- - -------
24.1 Powers of Attorney of Messrs. Aftoora, Owen, Sparrow, Goolsby, and
Grandis as Directors and/or Officers of CSX Trade Receivables
Corporation.
99.1 Annual Certificate of Servicer, prepared by CSXT pursuant to
Section 3.06 of the Pooling Agreement.
99.2 Report of independent auditors on the activities of CSXT, as
Servicer, and on the comparison of mathematical calculations of
amounts set forth in the Certificateholders' Distribution Date
Statements with CSXT's computer records, prepared by Ernst & Young
LLP pursuant to Section 3.07 of the Pooling Agreement.
99.3 Monthly Certificateholders' Distribution Date Statements filed
during the year ended December 31, 1996, as amended for the
January 25, 1996, February 26, 1996, March 25, 1996, April 25,
1996, May 28, 1996, and October 25, 1996 distribution dates.
/TEXT>
EXHIBIT 24.1
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that each of the undersigned
officers and directors of CSX Trade Receivables Corporation, a Delaware
Corporation, which is to file with the Securities and Exchange Commission,
Washington, D.C., a Form 10-K (Annual Report) on behalf of the CSXT Trade
Receivables Master Trust (issuer in respect of the CSXT Trade Receivables
Master Trust 5.05% Trade Receivables Participation Certificates, Series 1993-
1), hereby constitutes and appoints Ellen M. Fitzsimmons his true and lawful
attorney-in-fact and agent, for him and in his name, place and stead to sign
said Form 10-K, and any and all amendments thereto, with power where
appropriate to affix the corporate seal of CSX Trade Receivables Corporation
thereto and to attest said seal, and to file said Form 10-K, and any and all
other documents in connection therewith, with the Securities and Exchange
Commission, hereby granting unto said attorney-in-fact and agent full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent may lawfully do or cause to be done
by virtue hereof.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands
this 18th day of March, 1997.
/s/ A. B. AFTOORA
----------------------------------------
A. B. Aftoora
/s/ DAVID D. OWEN
----------------------------------------
David D. Owen
/s/ WILLIAM H. SPARROW
----------------------------------------
William H. Sparrow
/s/ ALLEN C. GOOLSBY, III
----------------------------------------
Allen C. Goolsby, III
/s/ LESLIE A. GRANDIS
----------------------------------------
Leslie A. Grandis
EXHIBIT 99.1
ANNUAL SERVICER'S CERTIFICATE
CSX TRANSPORTATION, INC.
- - ----------------------------------------------------------------------------
CSX TRADE RECEIVABLES MASTER TRUST
- - ----------------------------------------------------------------------------
The undersigned, a duly authorized representative of CSX
Transportation, Inc., as Servicer ("CSXT"), pursuant to the Pooling and
Servicing Agreement dated as of December 18, 1992 (as amended and
supplemented, the "Agreement") among CSX Trade Receivables Corporation, as
Seller, CSX Transportation, Inc., as Servicer, and Chemical Bank, as
Trustee, does hereby certify that:
1. CSXT is, as of the date hereof, the Servicer under the
Agreement. Capitalized terms used in this Certificate have
their respective meanings as set forth in the Agreement.
2. The undersigned is a Servicer Officer who is duly
authorized pursuant to the Agreement to execute and deliver
this Certificate to the Trustee.
3. A review of the activities of the Servicer during the
calendar year ended December 31, 1996, and of its performance
under the Agreement was conducted under my supervision.
4. Based on such review, the Servicer has, to the best of
my knowledge, performed in all material respects its
obligations under the Agreement throughout such year, and no
default in the performance of such obligations has occurred
or is continuing except as set forth in paragraph 5 below.
5. The following is a description of each default in the
performance of the Servicer's obligations under the
provisions of the Agreement known to me to have been made by
the Servicer during the year ended December 31, 1996, which
sets forth in detail (i) the nature of such default, (ii) the
action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default:
None.
In WHITNESS WHEREOF, the undersigned has duly executed this
certificate this 21st day of March, 1997.
CSX TRANSPORTATION, INC.,
Servicer
By: /s/ JOHN C. ECCLESTON
-----------------------
John C. Eccleston
Assistant Treasurer
EXHIBIT 99.2
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
CSXT Trade Receivables Master Trust
c/o Chemical Bank, as Trustee
We have examined the twelve monthly CSXT Trade Receivables Master Trust
Certificateholders' Distribution Date Statements filed on Forms 8-K with the
Securities and Exchange Commission during the year ended December 31, 1996
with respect to the 5.05% Trade Receivables Participation Certificates,
Series 1993-1 (the "Statements"), prepared by CSX Transportation, Inc. as
Servicer, pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated
as of October 28, 1993 to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Supplement"), among CSX
Trade Receivables Corporation, Seller, CSX Transportation, Inc., Servicer,
and Chemical Bank, Trustee. Our examination was made in accordance with
standards established by the American Institute of Certified Public
Accountants and, accordingly, included such procedures as we considered
necessary in the circumstances.
In our opinion, the Statements referred to above present the information, in
all material respects, in compliance with Section 5.02(a) of the Supplement,
and the servicing has been conducted in compliance with the terms and
conditions as set forth in Article III, Article IV and Section 8.08 of the
Amended and Restated Pooling and Servicing Agreement dated as of October 27,
1993, among CSX Trade Receivables Corporation, Seller, CSX Transportation,
Inc., Servicer, and Chemical Bank, Trustee.
We have also compared the mathematical calculations of each amount set forth
in the Statements referred to above with the Servicer's computer reports
which were the source of such amounts and found them to be in agreement.
This report is intended solely for the use of CSX Trade Receivables
Corporation, Seller, CSX Transportation, Inc., Servicer, and Chemical Bank,
Trustee, and should not be used for any other purpose.
/s/ ERNST & YOUNG, LLP
-----------------------
Ernst & Young LLP
March 11, 1997
Richmond, Virginia
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE JANUARY 25, 1996 DISTRIBUTION DATE
(as amended on November 21, 1996)
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 398,714,000
Total New Receivables Sold To Trust (New Invoices) 390,435,000
Dilutions 6,293,000
Defaulted Receivables (91 days +) 2,440,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 126,920,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 38,697,000
Additions to Monitored Receivables 6,859,000
Collections of Monitored Receivables 4,550,000
Total Charged-Off Receivables 31,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 45.4
Monthly Payment Rate 66.07%
Yield Reserve 3,000,000
Fee Reserve 126,132
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 603,485,000
Interline Payables 114,621,000
Outstanding Balance 488,864,000
Ending Net Receivables Pool Balance 447,764,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 39,815,342
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 239,815,342
Yield Reserve 3,000,000
Fee Reserve 111,292
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 12/31/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 95.86% 564,515,000
31-60 Days From Invoice 3.25% 19,120,000
61-90 Days From Invoice 0.48% 2,807,000
91-120 Days From Invoice 0.24% 1,414,000
121-150 Days From Invoice 0.08% 473,000
151-180 Days From Invoice 0.04% 208,000
181-210 Days From Invoice 0.02% 118,000
211-240 Days From Invoice 0.00% 11,000
Greater Than 240 Days From Invoice 0.04% 216,000
------- -----------
Total 100.00% 588,882,000
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CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Jan-96
Distribution Date 25-Jan-96
Due Period Dec-95
Series 1993-1 Period Number 27
Last Day of Preceding Due Period 31-Dec-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 239,815,342
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 364,815,342
Series Allocation Percentage (SAIA/TAIA) 65.74%
Investor Allocation Percentage 82.53%
Investor Ownership Percentage 33.14%
Seller Ownership Percentage 66.86%
COLLECTIONS
- - -----------
Total Pool Collections 398,714,000
Pool Recoveries 0
Total Available Collections 398,714,000
Series Allocable Collections
(SAP * Total Available Collections) 262,098,994
Series Allocable Miscellaneous Payments 0
Available Investor Collections 216,315,403
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 215,473,736
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 215,473,736
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 56,157
Withdrawal 56,157
Remaining Available Collections 215,417,579
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 215,417,579
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 31,000
Investor Allocable Charged-Off Amount 10,274
Withdrawal 10,274
Remaining Available Collections 215,407,305
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 603,485,000
Collections (398,714,000)
New Receivables 390,435,000
Dilutions (6,293,000)
Charged-Off Receivables (31,000)
Ending Pool Balance 588,882,000
Interline Payables (126,920,000)
Ending Outstanding Balance 461,962,000
Ending Net Receivables Pool Balance 420,825,000
Ending Net Series Pool Balance 276,633,901
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 16.42%
Beginning Available Subordinated Amount 39,815,342
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 39,284,539
Yield Reserve 3,000,000
Fee Reserve 126,132
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 242,410,671
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 239,284,539
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 364,284,539
Ending Series Allocation Percentage (SAIA/TAIA) 65.69%
Ending Investor Allocation Percentage 87.70%
Ending Investor Ownership Percentage 33.96%
Ending Seller Ownership Percentage 66.04%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.07%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.16%
Collections of Monitored Receivables 0.77%
-----
Net Additions (Reductions) to Monitored Receivables 0.39%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 10,274
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 10,274
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.68%
(b) Dilution Percentage (5*B.I.(a)) 8.40%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.08%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.59%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 0.99%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 7.43%
IV. Loss Percentage (B.II.+B.III.) 8.02%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 16.42%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.68%
(b) Alternate Dilution Percentage (4*C.I.(a)) 6.72%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.65%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 6.38%
IV. Alternate Loss Percentage (C.II.+C.III.) 7.03%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 13.75%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 16.42%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 398,714,000
Available Investor Collections 215,407,305
Monthly Principal 0
Available Principal Collections 215,407,305
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 215,407,305
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as of
October 28, 1993, to the Pooling and Servicing Agreement dated as of December
18, 1992, as amended and supplemented (the "Pooling and Servicing Agreement"),
by and between CSX Trade Receivables Corporation, as Seller (the "Seller"),
CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT") and Chemical
Bank, as Trustee (the "Trustee"), the Servicer is required to prepare and
report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: January 25, 1996
Due Period: December 1, 1995 through December 31, 1995
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $398,714,000.00
Pool Balance as of the last day of the
preceding Due Period $588,882,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.74%
Investor Allocation Percentage 82.53%
Investor Ownership Percentage 33.14%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal Funding
Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 10,274.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 16.42%
Ending Available Subordinated Amount $39,284,539.23
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceding Due Period $588,882,000.00
Ending Net Receivables Pool Balance $420,825,000.00
Ending Net Series Pool Balance $276,633,901.26
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE FEBRUARY 26, 1996 DISTRIBUTION DATE
(as amended on November 21, 1996)
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 304,756,000
Total New Receivables Sold To Trust (New Invoices) 311,650,000
Dilutions 6,384,000
Defaulted Receivables (91 days +) 6,485,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 122,861,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 40,250,000
Additions to Monitored Receivables 6,387,000
Collections of Monitored Receivables 1,975,000
Total Charged-Off Receivables 112,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 58.0
Monthly Payment Rate 51.75%
Yield Reserve 3,208,158
Fee Reserve 161,026
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 588,882,000
Interline Payables 126,920,000
Outstanding Balance 461,962,000
Ending Net Receivables Pool Balance 420,825,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 39,284,539
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 239,284,539
Yield Reserve 3,000,000
Fee Reserve 126,132
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 1/31/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 90.85% 535,371,000
31-60 Days From Invoice 6.96% 40,993,000
61-90 Days From Invoice 1.09% 6,431,000
91-120 Days From Invoice 0.42% 2,466,000
121-150 Days From Invoice 0.25% 1,470,000
151-180 Days From Invoice 0.08% 491,000
181-210 Days From Invoice 0.07% 437,000
211-240 Days From Invoice 0.04% 232,000
Greater Than 240 Days From Invoice 0.24% 1,389,000
------- -----------
Total 100.00% 589,280,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Feb-96
Distribution Date 26-Feb-96
Due Period Jan-96
Series 1993-1 Period Number 28
Last Day of Preceding Due Period 31-Jan-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 239,284,539
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 364,284,539
Series Allocation Percentage (SAIA/TAIA) 65.69%
Investor Allocation Percentage 87.70%
Investor Ownership Percentage 33.96%
Seller Ownership Percentage 66.04%
COLLECTIONS
- - -----------
Total Pool Collections 304,756,000
Pool Recoveries 0
Total Available Collections 304,756,000
Series Allocable Collections
(SAP * Total Available Collections) 200,182,525
Series Allocable Miscellaneous Payments 0
Available Investor Collections 175,550,660
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 174,708,993
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 174,708,993
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 58,306
Withdrawal 58,306
Remaining Available Collections 174,650,687
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 174,650,687
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 112,000
Investor Allocable Charged-Off Amount 38,038
Withdrawal 38,038
Remaining Available Collections 174,612,649
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 588,882,000
Collections (304,756,000)
New Receivables 311,650,000
Dilutions (6,384,000)
Charged-Off Receivables (112,000)
Ending Pool Balance 589,280,000
Interline Payables (122,861,000)
Ending Outstanding Balance 466,419,000
Ending Net Receivables Pool Balance 419,684,000
Ending Net Series Pool Balance 275,674,320
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.69%
Beginning Available Subordinated Amount 39,284,539
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 37,219,784
Yield Reserve 3,208,158
Fee Reserve 161,026
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 240,588,968
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 237,219,784
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 362,219,784
Ending Series Allocation Percentage (SAIA/TAIA) 65.49%
Ending Investor Allocation Percentage 87.53%
Ending Investor Ownership Percentage 33.94%
Ending Seller Ownership Percentage 66.06%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.08%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.08%
Collections of Monitored Receivables 0.34%
-----
Net Additions (Reductions) to Monitored Receivables 0.74%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 38,038
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 38,038
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.02%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.47%
(b) Dilution Percentage (5*B.I.(a)) 7.35%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.06%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.41%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.06%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 7.93%
IV. Loss Percentage (B.II.+B.III.) 8.34%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.69%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.47%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.88%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.41%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 6.38%
IV. Alternate Loss Percentage (C.II.+C.III.) 6.79%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 12.67%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.69%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 304,756,000
Available Investor Collections 174,612,649
Monthly Principal 0
Available Principal Collections 174,612,649
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 174,612,649
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: February 26, 1996
Due Period: January 1, 1996 through January 31, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $304,756,000.00
Pool Balance as of the last day of the
preceding Due Period $589,280,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.69%
Investor Allocation Percentage 87.70%
Investor Ownership Percentage 33.96%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal
Funding Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 38,038.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current Due Period 15.69%
Ending Available Subordinated Amount $37,219,784.13
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceeding Due Period $589,280,000.00
Ending Net Receivables Pool Balance $419,684,000.00
Ending Net Series Pool Balance $275,674,319.70
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE MARCH 25, 1996 DISTRIBUTION DATE
(as amended on November 21, 1996)
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 314,271,000
Total New Receivables Sold To Trust (New Invoices) 334,563,000
Dilutions 6,967,000
Defaulted Receivables (91 days +) 4,195,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 123,344,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 42,086,000
Additions to Monitored Receivables 7,033,000
Collections of Monitored Receivables 4,013,000
Total Charged-Off Receivables 76,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 56.3
Monthly Payment Rate 53.33%
Yield Reserve 3,113,129
Fee Reserve 156,256
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 589,280,000
Interline Payables 122,861,000
Outstanding Balance 466,419,000
Ending Net Receivables Pool Balance 419,684,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 37,219,784
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 237,219,784
Yield Reserve 3,208,158
Fee Reserve 161,026
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 2/29/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 93.05% 560,725,000
31-60 Days From Invoice 5.29% 31,851,000
61-90 Days From Invoice 0.96% 5,758,000
91-120 Days From Invoice 0.39% 2,344,000
121-150 Days From Invoice 0.11% 663,000
151-180 Days From Invoice 0.09% 521,000
181-210 Days From Invoice 0.04% 235,000
211-240 Days From Invoice 0.02% 143,000
Greater Than 240 Days From Invoice 0.05% 289,000
------- -----------
Total 100.00% 602,529,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Mar-96
Distribution Date 25-Mar-96
Due Period Feb-96
Series 1993-1 Period Number 29
Last Day of Preceding Due Period 29-Feb-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 237,219,784
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 362,219,784
Series Allocation Percentage (SAIA/TAIA) 65.49%
Investor Allocation Percentage 87.53%
Investor Ownership Percentage 33.94%
Seller Ownership Percentage 66.06%
COLLECTIONS
- - -----------
Total Pool Collections 314,271,000
Pool Recoveries 0
Total Available Collections 314,271,000
Series Allocable Collections
(SAP * Total Available Collections) 205,817,854
Series Allocable Miscellaneous Payments 0
Available Investor Collections 180,159,681
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 179,318,014
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 179,318,014
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 58,504
Withdrawal 58,504
Remaining Available Collections 179,259,510
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 179,259,510
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 76,000
Investor Allocable Charged-Off Amount 25,794
Withdrawal 25,794
Remaining Available Collections 179,233,716
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 589,280,000
Collections (314,271,000)
New Receivables 334,563,000
Dilutions (6,967,000)
Charged-Off Receivables (76,000)
Ending Pool Balance 602,529,000
Interline Payables (123,344,000)
Ending Outstanding Balance 479,185,000
Ending Net Receivables Pool Balance 432,904,000
Ending Net Series Pool Balance 283,511,277
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.43%
Beginning Available Subordinated Amount 37,219,784
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 36,483,490
Yield Reserve 3,113,129
Fee Reserve 156,256
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 239,752,876
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 236,483,490
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 361,483,490
Ending Series Allocation Percentage (SAIA/TAIA) 65.42%
Ending Investor Allocation Percentage 84.66%
Ending Investor Ownership Percentage 33.19%
Ending Seller Ownership Percentage 66.81%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.16%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.17%
Collections of Monitored Receivables 0.67%
-----
Net Additions (Reductions) to Monitored Receivables 0.50%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 25,794
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 25,794
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.44%
(b) Dilution Percentage (5*B.I.(a)) 7.20%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.30%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.06%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 7.93%
IV. Loss Percentage (B.II.+B.III.) 8.23%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.43%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.44%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.76%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.35%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 6.38%
IV. Alternate Loss Percentage (C.II.+C.III.) 6.73%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 12.49%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.43%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 314,271,000
Available Investor Collections 179,233,176
Monthly Principal 0
Available Principal Collections 179,233,176
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 179,233,176
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: March 25, 1996
Due Period: February 1, 1996 through February 29, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $314,271,000.00
Pool Balance as of the last day of the
preceding Due Period $602,529,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.49%
Investor Allocation Percentage 87.53%
Investor Ownership Percentage 33.94%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal
Funding Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 25,794.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 15.43%
Ending Available Subordinated Amount $36,483,490.50
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceding Due Period $602,529,000.00
Ending Net Receivables Pool Balance $432,904,000.00
Ending Net Series Pool Balance $283,511,276.60
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE APRIL 25, 1996 DISTRIBUTION DATE
(as amended on November 21, 1996)
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 491,701,000
Total New Receivables Sold To Trust (New Invoices) 500,482,000
Dilutions 6,256,000
Defaulted Receivables (91 days +) 3,708,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 138,173,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 44,014,000
Additions to Monitored Receivables 8,958,000
Collections of Monitored Receivables 4,875,000
Total Charged-Off Receivables 137,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 36.8
Monthly Payment Rate 81.61%
Yield Reserve 3,000,000
Fee Reserve 102,116
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 602,529,000
Interline Payables 123,344,000
Outstanding Balance 479,185,000
Ending Net Receivables Pool Balance 432,904,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 36,483,490
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 236,483,490
Yield Reserve 3,113,129
Fee Reserve 156,256
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 3/31/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 95.98% 580,667,000
31-60 Days From Invoice 2.73% 16,506,000
61-90 Days From Invoice 0.67% 4,036,000
91-120 Days From Invoice 0.29% 1,779,000
121-150 Days From Invoice 0.12% 705,000
151-180 Days From Invoice 0.05% 314,000
181-210 Days From Invoice 0.07% 395,000
211-240 Days From Invoice 0.03% 161,000
Greater Than 240 Days From Invoice 0.06% 354,000
------- -----------
Total 100.00% 604,917,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Apr-96
Distribution Date 25-Apr-96
Due Period Mar-96
Series 1993-1 Period Number 30
Last Day of Preceding Due Period 31-Mar-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 236,483,490
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 361,483,490
Series Allocation Percentage (SAIA/TAIA) 65.42%
Investor Allocation Percentage 84.66%
Investor Ownership Percentage 33.19%
Seller Ownership Percentage 66.81%
COLLECTIONS
- - -----------
Total Pool Collections 491,701,000
Pool Recoveries 0
Total Available Collections 491,701,000
Series Allocable Collections
(SAP * Total Available Collections) 321,672,142
Series Allocable Miscellaneous Payments 0
Available Investor Collections 272,316,099
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 271,474,432
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 271,474,432
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 57,993
Withdrawal 57,993
Remaining Available Collections 271,416,439
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 271,416,439
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 137,000
Investor Allocable Charged-Off Amount 45,475
Withdrawal 45,475
Remaining Available Collections 271,370,964
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 602,529,000
Collections (491,701,000)
New Receivables 500,482,000
Dilutions (6,256,000)
Charged-Off Receivables (137,000)
Ending Pool Balance 604,917,000
Interline Payables (138,173,000)
Ending Outstanding Balance 466,744,000
Ending Net Receivables Pool Balance 419,022,000
Ending Net Series Pool Balance 274,125,341
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.43%
Beginning Available Subordinated Amount 36,483,490
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 36,483,490
Yield Reserve 3,000,000
Fee Reserve 102,116
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 239,585,607
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 236,483,490
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 361,483,490
Ending Series Allocation Percentage (SAIA/TAIA) 65.42%
Ending Investor Allocation Percentage 87.40%
Ending Investor Ownership Percentage 33.06%
Ending Seller Ownership Percentage 66.94%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.03%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.48%
Collections of Monitored Receivables 0.81%
-----
Net Additions (Reductions) to Monitored Receivables 0.67%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 45,475
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 45,475
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.02%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.44%
(b) Dilution Percentage (5*B.I.(a)) 7.20%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.30%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.06%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 7.93%
IV. Loss Percentage (B.II.+B.III.) 8.23%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.43%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.44%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.76%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.36%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 6.38%
IV. Alternate Loss Percentage (C.II.+C.III.) 6.74%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 12.50%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.43%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 491,701,000
Available Investor Collections 271,370,964
Monthly Principal 0
Available Principal Collections 271,370,964
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 271,370,964
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: April 25, 1996
Due Period: March 1, 1996 through March 31, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $491,701,000.00
Pool Balance as of the last day of the
preceding Due Period $604,917,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.42%
Investor Allocation Percentage 84.66%
Investor Ownership Percentage 33.19%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal Funding
Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 45,475.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 15.43%
Ending Available Subordinated Amount $36,483,490.50
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceeding Due Period $604,917,000.00
Ending Net Receivables Pool Balance $419,022,000.00
Ending Net Series Pool Balance $274,125,340.96
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE MAY 28, 1996 DISTRIBUTION DATE
(as amended on November 21, 1996)
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 329,450,000
Total New Receivables Sold To Trust (New Invoices) 365,729,000
Dilutions 8,027,000
Defaulted Receivables (91 days +) 4,392,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 135,174,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 41,312,000
Additions to Monitored Receivables 7,302,000
Collections of Monitored Receivables 6,923,000
Total Charged-Off Receivables 80,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 55.1
Monthly Payment Rate 54.46%
Yield Reserve 3,048,499
Fee Reserve 153,012
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 604,917,000
Interline Payables 138,173,000
Outstanding Balance 466,744,000
Ending Net Receivables Pool Balance 419,022,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 36,483,490
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 236,483,490
Yield Reserve 3,000,000
Fee Reserve 102,116
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 4/30/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 94.47% 598,136,000
31-60 Days From Invoice 4.19% 26,499,000
61-90 Days From Invoice 0.64% 4,062,000
91-120 Days From Invoice 0.32% 2,015,000
121-150 Days From Invoice 0.15% 979,000
151-180 Days From Invoice 0.08% 486,000
181-210 Days From Invoice 0.04% 236,000
211-240 Days From Invoice 0.05% 313,000
Greater Than 240 Days From Invoice 0.06% 363,000
------- -----------
Total 100.00% 633,089,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-May-96
Distribution Date 28-May-96
Due Period Apr-96
Series 1993-1 Period Number 31
Last Day of Preceding Due Period 30-Apr-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 236,483,490
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 361,483,490
Series Allocation Percentage (SAIA/TAIA) 65.42%
Investor Allocation Percentage 87.40%
Investor Ownership Percentage 33.06%
Seller Ownership Percentage 66.94%
COLLECTIONS
- - -----------
Total Pool Collections 329,450,000
Pool Recoveries 0
Total Available Collections 329,450,000
Series Allocable Collections
(SAP * Total Available Collections) 215,527,093
Series Allocable Miscellaneous Payments 0
Available Investor Collections 188,370,725
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 187,529,058
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 187,529,058
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 60,152
Withdrawal 60,152
Remaining Available Collections 187,468,907
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 187,468,907
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 80,000
Investor Allocable Charged-Off Amount 26,450
Withdrawal 26,450
Remaining Available Collections 187,442,457
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 604,917,000
Collections (329,450,000)
New Receivables 365,729,000
Dilutions (8,027,000)
Charged-Off Receivables (80,000)
Ending Pool Balance 633,089,000
Interline Payables (135,174,000)
Ending Outstanding Balance 497,915,000
Ending Net Receivables Pool Balance 452,211,000
Ending Net Series Pool Balance 295,837,676
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.38%
Beginning Available Subordinated Amount 36,483,490
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 36,343,692
Yield Reserve 3,048,499
Fee Reserve 153,012
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 239,545,203
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 236,343,692
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 361,343,692
Ending Series Allocation Percentage (SAIA/TAIA) 65.41%
Ending Investor Allocation Percentage 80.99%
Ending Investor Ownership Percentage 31.59%
Ending Seller Ownership Percentage 68.41%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.27%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.15%
Collections of Monitored Receivables 1.09%
-----
Net Additions (Reductions) to Monitored Receivables 0.06%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 26,450
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 26,450
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.44%
(b) Dilution Percentage (5*B.I.(a)) 7.20%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.03%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.25%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.06%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 7.93%
IV. Loss Percentage (B.II.+B.III.) 8.18%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.38%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.44%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.76%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.36%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 6.38%
IV. Alternate Loss Percentage (C.II.+C.III.) 6.74%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 12.50%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.38%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 329,450,000
Available Investor Collections 187,442,457
Monthly Principal 0
Available Principal Collections 187,442,457
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 187,442,457
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: May 28, 1996
Due Period: April 1, 1996 through April 30, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $329,450,000.00
Pool Balance as of the last day of the
preceding Due Period $633,089,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.42%
Investor Allocation Percentage 87.40%
Investor Ownership Percentage 33.06%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal Funding
Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 26,450.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 15.38%
Ending Available Subordinated Amount $36,343,692.18
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceding Due Period $633,089,000.00
Ending Net Receivables Pool Balance $452,211,000.00
Ending Net Series Pool Balance $295,837,675.73
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE JUNE 25, 1996 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 411,136,000
Total New Receivables Sold To Trust (New Invoices) 432,947,000
Dilutions 6,170,000
Defaulted Receivables (91 days +) 4,326,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 147,475,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 48,148,000
Additions to Monitored Receivables 13,367,000
Collections of Monitored Receivables 4,802,000
Total Charged-Off Receivables 59,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 46.2
Monthly Payment Rate 64.94%
Yield Reserve 3,000,000
Fee Reserve 128,321
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 633,089,000
Interline Payables 135,174,000
Outstanding Balance 497,915,000
Ending Net Receivables Pool Balance 452,211,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 36,343,692
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 236,343,692
Yield Reserve 3,048,499
Fee Reserve 153,012
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 4/30/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 94.87% 615,396,000
31-60 Days From Invoice 3.63% 23,549,000
61-90 Days From Invoice 0.83% 5,400,000
91-120 Days From Invoice 0.30% 1,951,000
121-150 Days From Invoice 0.14% 896,000
151-180 Days From Invoice 0.08% 497,000
181-210 Days From Invoice 0.05% 320,000
211-240 Days From Invoice 0.03% 216,000
Greater Than 240 Days From Invoice 0.07% 446,000
------- -----------
Total 100.00% 648,671,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Jun-96
Distribution Date 25-Jun-96
Due Period May-96
Series 1993-1 Period Number 32
Last Day of Preceding Due Period 31-May-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 236,343,692
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 361,343,692
Series Allocation Percentage (SAIA/TAIA) 65.41%
Investor Allocation Percentage 80.99%
Investor Ownership Percentage 31.59%
Seller Ownership Percentage 68.41%
COLLECTIONS
- - -----------
Total Pool Collections 411,136,000
Pool Recoveries 0
Total Available Collections 411,136,000
Series Allocable Collections
(SAP * Total Available Collections) 268,911,295
Series Allocable Miscellaneous Payments 0
Available Investor Collections 217,786,955
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 216,945,288
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 216,945,288
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 58,333
Withdrawal 58,333
Remaining Available Collections 216,886,955
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 216,886,955
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 59,000
Investor Allocable Charged-Off Amount 18,639
Withdrawal 18,639
Remaining Available Collections 216,868,317
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 633,089,000
Collections (411,136,000)
New Receivables 432,947,000
Dilutions (6,170,000)
Charged-Off Receivables (59,000)
Ending Pool Balance 648,671,000
Interline Payables (147,475,000)
Ending Outstanding Balance 501,196,000
Ending Net Receivables Pool Balance 448,722,000
Ending Net Series Pool Balance 293,495,131
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.91%
Beginning Available Subordinated Amount 36,343,692
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 37,833,338
Yield Reserve 3,000,000
Fee Reserve 128,321
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 240,961,659
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 237,833,338
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 362,833,338
Ending Series Allocation Percentage (SAIA/TAIA) 65.55%
Ending Investor Allocation Percentage 81.92%
Ending Investor Ownership Percentage 30.83%
Ending Seller Ownership Percentage 69.17%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 0.95%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 2.06%
Collections of Monitored Receivables 0.74%
-----
Net Additions to Monitored Receivables 1.32%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 18,639
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 18,639
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling average
for prior 12 due periods 1.44%
(b) Dilution Percentage (5*B.I.(a)) 7.20%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling average
for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.27%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.13%
(b) Monitored Receivables Percentage (7.5*B.III.(a)) 8.44%
IV. Loss Percentage (B.II.+B.III.) 8.71%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.91%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling average
for prior 12 Due Periods 1.44%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.76%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.36%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 6.94%
IV. Alternate Loss Percentage (C.II.+C.III.) 7.30%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 13.06%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.91%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 411,136,000
Available Investor Collections 216,868,317
Monthly Principal 0
Available Principal Collections 216,868,317
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 216,868,317
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: June 25, 1996
Due Period: May 1, 1996 through May 31, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $411,136,000.00
Pool Balance as of the last day of the
preceding Due Period $648,671,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.41%
Investor Allocation Percentage 80.99%
Investor Ownership Percentage 31.59%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal Funding
Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 18,639.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 15.91%
Ending Available Subordinated Amount $ 37,833,338.29
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the preceding
Due Period $648,671,000.00
Ending Net Receivables Pool Balance $448,722,000.00
Ending Net Series Pool Balance $293,495,130.84
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE JULY 25, 1996 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 474,239,000
Total New Receivables Sold To Trust (New Invoices) 455,414,000
Dilutions 6,408,000
Defaulted Receivables (91 days +) 5,109,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 153,598,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 46,895,000
Additions to Monitored Receivables 8,184,000
Collections of Monitored Receivables 8,209,000
Total Charged-Off Receivables 96,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 41.0
Monthly Payment Rate 73.11%
Yield Reserve 3,000,000
Fee Reserve 113,985
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 648,671,000
Interline Payables 147,475,000
Outstanding Balance 501,196,000
Ending Net Receivables Pool Balance 448,722,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 37,833,338
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 237,833,338
Yield Reserve 3,000,000
Fee Reserve 128,321
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 6/30/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 96.10% 599,002,000
31-60 Days From Invoice 2.49% 15,497,000
61-90 Days From Invoice 0.60% 3,734,000
91-120 Days From Invoice 0.40% 2,483,000
121-150 Days From Invoice 0.17% 1,051,000
151-180 Days From Invoice 0.09% 579,000
181-210 Days From Invoice 0.04% 259,000
211-240 Days From Invoice 0.03% 216,000
Greater Than 240 Days From Invoice 0.08% 521,000
------- -----------
Total 100.00% 623,342,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Jul-96
Distribution Date 25-Jul-96
Due Period June-96
Series 1993-1 Period Number 33
Last Day of Preceding Due Period 30-June-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 237,833,338
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 362,833,338
Series Allocation Percentage (SAIA/TAIA) 65.55%
Investor Allocation Percentage 81.92%
Investor Ownership Percentage 30.83%
Seller Ownership Percentage 69.17%
COLLECTIONS
- - -----------
Total Pool Collections 474,239,000
Pool Recoveries 0
Total Available Collections 474,239,000
Series Allocable Collections
(SAP * Total Available Collections) 310,858,547
Series Allocable Miscellaneous Payments 0
Available Investor Collections 254,664,171
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 253,822,504
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 253,822,504
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 60,233
Withdrawal 60,233
Remaining Available Collections 253,762,271
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 253,762,271
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 96,000
Investor Allocable Charged-Off Amount 29,599
Withdrawal 29,599
Remaining Available Collections 253,732,672
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 648,671,000
Collections (474,239,000)
New Receivables 455,414,000
Dilutions (6,408,000)
Charged-Off Receivables (96,000)
Ending Pool Balance 623,342,000
Interline Payables (153,598,000)
Ending Outstanding Balance 469,744,000
Ending Net Receivables Pool Balance 417,740,000
Ending Net Series Pool Balance 273,824,062
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.93%
Beginning Available Subordinated Amount 37,833,338
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 37,896,991
Yield Reserve 3,000,000
Fee Reserve 113,985
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 241,010,975
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 237,896,991
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 362,896,991
Ending Series Allocation Percentage (SAIA/TAIA) 65.55%
Ending Investor Allocation Percentage 88.01%
Ending Investor Ownership Percentage 32.09%
Ending Seller Ownership Percentage 67.91%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.03%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.31%
Collections of Monitored Receivables 1.32%
-----
Net Additions (Reductions) to Monitored Receivables (0.01%)
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 29,599
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 29,599
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.44%
(b) Dilution Percentage (5*B.I.(a)) 7.20%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.29%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.13%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 8.44%
IV. Loss Percentage (B.II.+B.III.) 8.73%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.93%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.44%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.76%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.36%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 6.94%
IV. Alternate Loss Percentage (C.II.+C.III.) 7.30%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 13.06%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.93%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 474,239,000
Available Investor Collections 253,732,672
Monthly Principal 0
Available Principal Collections 253,732,672
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 253,732,672
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
2prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: July 25, 1996
Due Period: June 1, 1996 through June 30, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $474,239,000.00
Pool Balance as of the last day of the
preceding Due Period $623,342,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.55%
Investor Allocation Percentage 81.92%
Investor Ownership Percentage 30.83%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal
Funding Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 29,599.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 15.93%
Ending Available Subordinated Amount $ 37,896,990.60
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceeding Due Period $623,342,000.00
Ending Net Receivables Pool Balance $417,740,000.00
Ending Net Series Pool Balance $273,824,062.48
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE AUGUST 26, 1996 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 372,351,000
Total New Receivables Sold To Trust (New Invoices) 338,782,000
Dilutions 6,910,000
Defaulted Receivables (91 days +) 4,190,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 139,402,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 47,634,000
Additions to Monitored Receivables 12,767,000
Collections of Monitored Receivables 10,033,000
Total Charged-Off Receivables 27,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 50.2
Monthly Payment Rate 59.73%
Yield Reserve 3,000,000
Fee Reserve 139,506
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 623,342,000
Interline Payables 153,598,000
Outstanding Balance 469,744,000
Ending Net Receivables Pool Balance 417,740,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 37,896,991
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 237,896,991
Yield Reserve 3,000,000
Fee Reserve 113,965
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 7/31/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 95.55% 556,935,000
31-60 Days From Invoice 3.11% 18,120,000
61-90 Days From Invoice 0.62% 3,591,000
91-120 Days From Invoice 0.27% 1,578,000
121-150 Days From Invoice 0.15% 866,000
151-180 Days From Invoice 0.09% 547,000
181-210 Days From Invoice 0.07% 400,000
211-240 Days From Invoice 0.03% 172,000
Greater Than 240 Days From Invoice 0.11% 627,000
------- -----------
Total 100.00% 582,836,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Aug-96
Distribution Date 26-Aug-96
Due Period July-96
Series 1993-1 Period Number 34
Last Day of Preceding Due Period 31-July-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 237,896,991
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 362,896,991
Series Allocation Percentage (SAIA/TAIA) 65.55%
Investor Allocation Percentage 88.01%
Investor Ownership Percentage 32.09%
Seller Ownership Percentage 67.91%
COLLECTIONS
- - -----------
Total Pool Collections 372,351,000
Pool Recoveries 0
Total Available Collections 372,351,000
Series Allocable Collections
(SAP * Total Available Collections) 244,094,563
Series Allocable Miscellaneous Payments 0
Available Investor Collections 214,824,240
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 213,982,573
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 213,982,573
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,174
Withdrawal 62,174
Remaining Available Collections 213,920,399
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 213,920,399
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 27,000
Investor Allocable Charged-Off Amount 8,663
Withdrawal 8,663
Remaining Available Collections 213,911,736
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 623,342,000
Collections (372,351,000)
New Receivables 388,782,000
Dilutions (6,910,000)
Charged-Off Receivables (27,000)
Ending Pool Balance 582,836,000
Interline Payables (139,402,000)
Ending Outstanding Balance 443,434,000
Ending Net Receivables Pool Balance 391,610,000
Ending Net Series Pool Balance 256,719,794
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.93%
Beginning Available Subordinated Amount 37,896,991
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 37,896,991
Yield Reserve 3,000,000
Fee Reserve 139,506
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 241,036,497
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 237,896,991
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 362,896,991
Ending Series Allocation Percentage (SAIA/TAIA) 65.55%
Ending Investor Allocation Percentage 93.89%
Ending Investor Ownership Percentage 34.31%
Ending Seller Ownership Percentage 65.69%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.19%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 2.19%
Collections of Monitored Receivables 1.72%
-----
Net Additions (Reductions) to Monitored Receivables 0.47%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 8,663
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 8,663
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.00%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.29%
(b) Dilution Percentage (5*B.I.(a)) 6.45%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.29%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.23%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 9.19%
IV. Loss Percentage (B.II.+B.III.) 9.48%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.93%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.29%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.16%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.36%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 8.01%
IV. Alternate Loss Percentage (C.II.+C.III.) 8.37
V. Sum of Alternate Dilution and Alternate Loss
Percentages 13.53%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.93%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 372,351,000
Available Investor Collections 213,911,736
Monthly Principal 0
Available Principal Collections 213,911,736
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 213,911,736
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
2prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: August 26, 1996
Due Period: July 1, 1996 through July 31, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $372,351,000.00
Pool Balance as of the last day of the
preceding Due Period $582,836,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.55%
Investor Allocation Percentage 88.01%
Investor Ownership Percentage 32.09%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal
Funding Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 8,663.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current Due Period 15.93%
Ending Available Subordinated Amount $ 37,896,990.60
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceeding Due Period $582,836,000.00
Ending Net Receivables Pool Balance $391,610,000.00
Ending Net Series Pool Balance $256,719,793.65
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE SEPTEMBER 26, 1996 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 299,449,000
Total New Receivables Sold To Trust (New Invoices) 309,576,000
Dilutions 5,777,000
Defaulted Receivables (91 days +) 4,460,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 139,576,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 46,298,000
Additions to Monitored Receivables 7,727,000
Collections of Monitored Receivables 6,687,000
Total Charged-Off Receivables 866,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 58.4
Monthly Payment Rate 51.38%
Yield Reserve 3,231,493
Fee Reserve 162,197
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 582,836,000
Interline Payables 139,402,000
Outstanding Balance 443,434,000
Ending Net Receivables Pool Balance 391,610,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 37,896,991
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 237,896,991
Yield Reserve 3,000,000
Fee Reserve 139,506
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 8/31/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 96.04% 563,103,000
31-60 Days From Invoice 2.58% 15,115,000
61-90 Days From Invoice 0.62% 3,642,000
91-120 Days From Invoice 0.28% 1,654,000
121-150 Days From Invoice 0.15% 882,000
151-180 Days From Invoice 0.10% 603,000
181-210 Days From Invoice 0.07% 404,000
211-240 Days From Invoice 0.04% 224,000
Greater Than 240 Days From Invoice 0.12% 693,000
------- -----------
Total 100.00% 586,320,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Sep-96
Distribution Date 26-Sep-96
Due Period Aug-96
Series 1993-1 Period Number 35
Last Day of Preceding Due Period 31-Aug-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 237,896,991
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 362,896,991
Series Allocation Percentage (SAIA/TAIA) 65.55%
Investor Allocation Percentage 93.89%
Investor Ownership Percentage 34.31%
Seller Ownership Percentage 65.69%
COLLECTIONS
- - -----------
Total Pool Collections 299,449,000
Pool Recoveries 0
Total Available Collections 299,449,000
Series Allocable Collections
(SAP * Total Available Collections) 196,303,683
Series Allocable Miscellaneous Payments 0
Available Investor Collections 184,311,274
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 183,469,607
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 183,469,607
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,013
Withdrawal 62,013
Remaining Available Collections 183,407,594
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 183,407,594
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 866,000
Investor Allocable Charged-Off Amount 297,168
Withdrawal 297,168
Remaining Available Collections 183,110,427
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 582,836,000
Collections (299,449,000)
New Receivables 309,576,000
Dilutions (5,777,000)
Charged-Off Receivables (866,000)
Ending Pool Balance 586,320,000
Interline Payables (139,576,000)
Ending Outstanding Balance 446,744,000
Ending Net Receivables Pool Balance 395,986,000
Ending Net Series Pool Balance 259,588,479
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.93%
Beginning Available Subordinated Amount 37,896,991
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 37,896,991
Yield Reserve 3,231,493
Fee Reserve 162,197
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 241,290,681
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 237,896,991
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 362,896,991
Ending Series Allocation Percentage (SAIA/TAIA) 65.55%
Ending Investor Allocation Percentage 92.95%
Ending Investor Ownership Percentage 34.11%
Ending Seller Ownership Percentage 65.89%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 0.99%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.32%
Collections of Monitored Receivables 1.14%
-----
Net Additions (Reductions) to Monitored Receivables 0.18%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 297,168
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 297,168
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.15%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling average
for prior 12 due periods 1.29%
(b) Dilution Percentage (5*B.I.(a)) 6.45%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling average
for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.29%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.23%
(b) Monitored Receivables Percentage (7.5*B.III.(a)) 9.19%
IV. Loss Percentage (B.II.+B.III.) 9.48%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.93%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling average
for prior 12 Due Periods 1.29%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.16%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.36%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 8.01%
IV. Alternate Loss Percentage (C.II.+C.III.) 8.37%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 13.53%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.93%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 299,449,000
Available Investor Collections 183,110,427
Monthly Principal 0
Available Principal Collections 183,110,427
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 183,110,427
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: September 26, 1996
Due Period: August 1, 1996 through August 31, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $299,449,000.00
Pool Balance as of the last day of the
preceding Due Period $586,320,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.55%
Investor Allocation Percentage 93.89%
Investor Ownership Percentage 34.31%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal
Funding Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 297,168.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current Due Period 15.93%
Ending Available Subordinated Amount $37,896,990.60
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the preceding
Due Period $586,320,000.00
Ending Net Receivables Pool Balance $395,986,000.00
Ending Net Series Pool Balance $259,588,478.86
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE OCTOBER 25, 1996 DISTRIBUTION DATE
(as amended on March 11, 1997)
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 456,746,000
Total New Receivables Sold To Trust (New Invoices) 505,521,000
Dilutions 5,935,000
Defaulted Receivables (91 days +) 4,014,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 154,697,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 43,647,000
Additions to Monitored Receivables 8,907,000
Collections of Monitored Receivables 6,742,000
Total Charged-Off Receivables 751,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 38.5
Monthly Payment Rate 77.90%
Yield Reserve 3,000,000
Fee Reserve 106,974
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 586,320,000
Interline Payables 139,576,000
Outstanding Balance 446,744,000
Ending Net Receivables Pool Balance 395,986,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 37,896,991
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 237,896,991
Yield Reserve 3,231,493
Fee Reserve 162,197
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 9/30/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 95.01% 597,054,000
31-60 Days From Invoice 3.52% 22,124,000
61-90 Days From Invoice 0.83% 5,217,000
91-120 Days From Invoice 0.23% 1,426,000
121-150 Days From Invoice 0.12% 764,000
151-180 Days From Invoice 0.08% 520,000
181-210 Days From Invoice 0.06% 398,000
211-240 Days From Invoice 0.04% 221,000
Greater Than 240 Days From Invoice 0.11% 685,000
------- -----------
Total 100.00% 628,409,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Oct-96
Distribution Date 25-Oct-96
Due Period Sep-96
Series 1993-1 Period Number 36
Last Day of Preceding Due Period 30-Sep-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 237,896,991
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 362,896,991
Series Allocation Percentage (SAIA/TAIA) 65.55%
Investor Allocation Percentage 92.95%
Investor Ownership Percentage 34.11%
Seller Ownership Percentage 65.89%
COLLECTIONS
- - -----------
Total Pool Collections 456,746,000
Pool Recoveries 0
Total Available Collections 456,746,000
Series Allocable Collections
(SAP * Total Available Collections) 299,419,675
Series Allocable Miscellaneous Payments 0
Available Investor Collections 278,314,267
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 277,472,600
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 277,472,600
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 61,694
Withdrawal 61,694
Remaining Available Collections 277,410,906
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections
("Monthly Principal") 277,410,906
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 751,000
Investor Allocable Charged-Off Amount 256,174
Withdrawal 256,174
Remaining Available Collections 277,154,732
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 586,320,000
Collections (456,746,000)
New Receivables 505,521,000
Dilutions (5,935,000)
Charged-Off Receivables (751,000)
Ending Pool Balance 628,409,000
Interline Payables (154,697,000)
Ending Outstanding Balance 473,712,000
Ending Net Receivables Pool Balance 426,051,000
Ending Net Series Pool Balance 279,297,579
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 15.93%
Beginning Available Subordinated Amount 37,896,991
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 37,896,991
Yield Reserve 3,000,000
Fee Reserve 106,974
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 241,003,965
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 237,896,991
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 362,896,991
Ending Series Allocation Percentage (SAIA/TAIA) 65.55%
Ending Investor Allocation Percentage 86.29%
Ending Investor Ownership Percentage 31.83%
Ending Seller Ownership Percentage 68.17%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 0.94%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.42%
Collections of Monitored Receivables 1.07%
-----
Net Additions (Reductions) to Monitored Receivables 0.35%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 256,174
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 256,174
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.13%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 due periods 1.29%
(b) Dilution Percentage (5*B.I.(a)) 6.45%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.29%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.23%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 9.19%
IV. Loss Percentage (B.II.+B.III.) 9.48%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 15.93%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.29%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.16%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.40%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 8.01%
IV. Alternate Loss Percentage (C.II.+C.III.) 8.41%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 13.57%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 15.93%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 456,746,000
Available Investor Collections 277,154,732
Monthly Principal 0
Available Principal Collections 277,154,732
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 277,154,732
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared
in accordance with the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented, and is correct to the
best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement
dated as of October 25, 1993, to the Pooling and Servicing Agreement
dated as of December 18, 1992, as amended and supplemented (the
"Pooling and Servicing Agreement"), by and between CSX Trade
Receivables Corporation, as Seller (the"Seller"), CSX Transportation,
Inc., as Servicer (the "Servicer" or "CSXT") and Chemical Bank, as
Trustee (the "Trustee"), the Servicer is required to prepare and
report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables
Master Trust (the "Trust") during the preceding Due Period. Certain
of the information is presented on the basis of an original principal
amount of $1,000 per Investor Certificate. Certain other information
is presented on an aggregate basis. Capitalized terms used but not
otherwise defined herein have their respective meanings as set forth
in the Pooling and Servicing Agreement.
Distribution Date: October 25, 1996
Due Period: September 1, 1996 through September 30, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $456,746,000.00
Pool Balance as of the last day of the
preceding Due Period $628,409,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.55%
Investor Allocation Percentage 92.95%
Investor Ownership Percentage 34.11%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal Funding
Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for
the Due Period $ 256,174.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current Due Period 15.93%
Ending Available Subordinated Amount $ 37,896,990.60
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceding Due Period $628,409,000.00
Ending Net Receivables Pool Balance $426,051,000.00
Ending Net Series Pool Balance $279,297,578.72
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE NOVEMBER 28, 1996 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 405,117,000
Total New Receivables Sold To Trust (New Invoices) 416,738,000
Dilutions 8,364,000
Defaulted Receivables (91 days +) 3,283,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 161,874,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 42,767,000
Additions to Monitored Receivables 23,642,000
Collections of Monitored Receivables 9,704,000
Total Charged-Off Receivables 176,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 46.5
Monthly Payment Rate 64.47%
Yield Reserve 3,000,000
Fee Reserve 129,265
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 628,409,000
Interline Payables 154,697,000
Outstanding Balance 473,712,000
Ending Net Receivables Pool Balance 426,051,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 37,896,991
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 237,896,991
Yield Reserve 3,000,000
Fee Reserve 128,309
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 10/31/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 96.50% 609,308,000
31-60 Days From Invoice 2.51% 15,868,000
61-90 Days From Invoice 0.48% 3,031,000
91-120 Days From Invoice 0.21% 1,347,000
121-150 Days From Invoice 0.08% 525,000
151-180 Days From Invoice 0.06% 366,000
181-210 Days From Invoice 0.01% 58,000
211-240 Days From Invoice 0.04% 276,000
Greater Than 240 Days From Invoice 0.11% 711,000
------- -----------
Total 100.00% 631,490,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 22-Nov-96
Distribution Date 28-Nov-96
Due Period Oct-96
Series 1993-1 Period Number 37
Last Day of Preceding Due Period 31-Oct-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 237,896,991
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 362,896,991
Series Allocation Percentage (SAIA/TAIA) 65.55%
Investor Allocation Percentage 86.30%
Investor Ownership Percentage 31.83%
Seller Ownership Percentage 68.17%
COLLECTIONS
- - -----------
Total Pool Collections 405,117,000
Pool Recoveries 0
Total Available Collections 405,117,000
Series Allocable Collections
(SAP * Total Available Collections) 265,574,303
Series Allocable Miscellaneous Payments 0
Available Investor Collections 229,182,531
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 228,340,864
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 228,340,864
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 61,457
Withdrawal 61,457
Remaining Available Collections 228,279,407
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 228,279,407
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 176,000
Investor Allocable Charged-Off Amount 56,014
Withdrawal 56,014
Remaining Available Collections 228,223,393
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 628,409,000
Collections (405,117,000)
New Receivables 416,738,000
Dilutions (8,364,000)
Charged-Off Receivables (176,000)
Ending Pool Balance 631,490,000
Interline Payables (161,874,000)
Ending Outstanding Balance 469,616,000
Ending Net Receivables Pool Balance 423,566,000
Ending Net Series Pool Balance 277,668,538
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 18.25%
Beginning Available Subordinated Amount 37,896,991
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 44,655,800
Yield Reserve 3,000,000
Fee Reserve 129,265
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 247,785,065
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 244,655,800
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 369,655,800
Ending Series Allocation Percentage (SAIA/TAIA) 66.18%
Ending Investor Allocation Percentage 88.39%
Ending Investor Ownership Percentage 31.67%
Ending Seller Ownership Percentage 60.33%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage 1.32%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 3.74%
Collections of Monitored Receivables 1.54%
-----
Net Additions (Reductions) to Monitored Receivables 2.20%
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 56,014
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 56,014
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.03%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling average
for prior 12 due periods 1.29%
(b) Dilution Percentage (5*B.I.(a)) 6.45%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.29%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.53%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 11.51%
IV. Loss Percentage (B.II.+B.III.) 11.80%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 18.25%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling average
for prior 12 Due Periods 1.29%
(b) Alternate Dilution Percentage (4*C.I.(a)) 5.16%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.40%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 12.67%
IV. Alternate Loss Percentage (C.II.+C.III.) 13.07%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 18.23%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 18.25%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 405,117,000
Available Investor Collections 228,223,393
Monthly Principal 0
Available Principal Collections 228,223,393
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 228,223,393
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: November 28, 1996
Due Period: October 1, 1996 through October 31, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $405,117,000.00
Pool Balance as of the last day of the
preceding Due Period $631,490,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 65.55%
Investor Allocation Percentage 86.30%
Investor Ownership Percentage 31.83%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal
Funding Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 56,014.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 18.25%
Ending Available Subordinated Amount $44,655,799.87
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceding Due Period $631,490,000.00
Ending Net Receivables Pool Balance $423,566,000.00
Ending Net Series Pool Balance $277,668,537.87
- 12 -
EXHIBIT 99.3
PAGE 1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE DECEMBER 26, 1996 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
- 1 -
PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
- - ---------------------------------
Initial Pool Balance 542,490,000
Initial Invested Amount 200,000,000
Required Net Series Pool Balance 239,993,384
Original Investor Allocation Percentage 44.24%
Certificate Rate 5.05%
Servicing Fee (Per Annum) 0.25%
Original Required Available Subordinated Amount 36,658,384
Purchaser Adjusted Invested Amount (PAIA) 130,000,000
MONTHLY ACTIVITY
- - ----------------
Total Pool Collections 393,722,200
Total New Receivables Sold To Trust (New Invoices) 412,225,000
Dilutions 5,798,000
Defaulted Receivables (91 days +) 1,986,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 156,764,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 53,136,000
Additions to Monitored Receivables 10,278,000
Collections of Monitored Receivables 12,941,000
Total Charged-Off Receivables 82,000
Purchaser Adjusted Invested Amount 125,000,000
Reassigned Receivables 0
MONTHLY PAYMENT RATE, YIELD RESERVE AND FEE RESERVE CALCULATION
- - ---------------------------------------------------------------
Series 1993-1 Certificate Rate 5.05%
Servicing Fee 0.25%
Average Days Sales Outstanding 48.1
Monthly Payment Rate 62.35%
Yield Reserve 3,000,000
Fee Reserve 133,658
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- - ------------------------------------
Ending Pool Balance 631,490,000
Interline Payables 161,874,000
Outstanding Balance 469,616,000
Ending Net Receivables Pool Balance 423,566,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 44,655,800
Ending Deferred Monthly Servicing Fee 0
Ending Interest Shortfall + Additional Interest 0
Unallocated Collections 0
Principal Funding Account Balance 0
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Series Adjusted Invested Amount 244,655,800
Yield Reserve 3,000,000
Fee Reserve 129,265
Accumulation Period (Y=1;N=2) 2
Early Amortization Period (Y=1;N=2) 2
DELINQUENCY DATA (As of 11/30/96)
- - --------------------------------
% Dollar Amount
------ -------------
1-30 Days From Invoice 97.05% 625,121,000
31-60 Days From Invoice 2.23% 14,393,000
61-90 Days From Invoice 0.41% 2,613,000
91-120 Days From Invoice 0.13% 824,000
121-150 Days From Invoice 0.07% 472,000
151-180 Days From Invoice 0.03% 163,000
181-210 Days From Invoice 0.02% 131,000
211-240 Days From Invoice 0.01% 60,000
Greater Than 240 Days From Invoice 0.05% 336,000
------- -----------
Total 100.00% 644,113,000
------- -----------
CERTIFICATE REPORTING DATES
- - ---------------------------
Determination Date 23-Dec-96
Distribution Date 26-Dec-96
Due Period Nov-96
Series 1993-1 Period Number 38
Last Day of Preceding Due Period 30-Nov-96
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
- - ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 244,655,800
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 369,655,800
Series Allocation Percentage (SAIA/TAIA) 66.18%
Investor Allocation Percentage 88.39%
Investor Ownership Percentage 31.67%
Seller Ownership Percentage 68.33%
COLLECTIONS
- - -----------
Total Pool Collections 393,722,000
Pool Recoveries 0
Total Available Collections 393,722,000
Series Allocable Collections
(SAP * Total Available Collections) 260,583,956
Series Allocable Miscellaneous Payments 0
Available Investor Collections 230,326,399
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 229,484,732
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 229,484,732
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,120
Withdrawal 62,120
Remaining Available Collections 229,422,612
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly
Principal") 229,422,612
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 82,000
Investor Allocable Charged-Off Amount 25,970
Withdrawal 25,970
Remaining Available Collections 229,396,641
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
- 4 -
PAGE 5
POOL BALANCE
- - ------------
Beginning Pool Balance 631,490,000
Collections (393,722,000)
New Receivables 412,225,000
Dilutions (5,798,000)
Charged-Off Receivables (82,000)
Ending Pool Balance 644,113,000
Interline Payables (156,764,000)
Ending Outstanding Balance 487,349,000
Ending Net Receivables Pool Balance 432,227,000
Ending Net Series Pool Balance 286,068,398
REQUIRED NET SERIES POOL BALANCE
- - --------------------------------
Subordination Percentage (Current Due Period) 19.37%
Beginning Available Subordinated Amount 44,655,800
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 48,046,633
Yield Reserve 3,000,000
Fee Reserve 133,658
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 251,180,291
NEW ALLOCATION PERCENTAGES
- - --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 248,046,633
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 373,046,633
Ending Series Allocation Percentage (SAIA/TAIA) 66.49%
Ending Investor Allocation Percentage 87.40%
Ending Investor Ownership Percentage 31.05%
Ending Seller Ownership Percentage 68.95%
CURRENT DUE PERIOD DILUTION AND MONITORED
RECEIVABLES PERCENTAGES
- - -----------------------------------------
A. Dilution Percentage .90%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.60%
Collections of Monitored Receivables 2.01%
-----
Net Additions (Reductions) to Monitored Receivables (0.41%)
- 5 -
PAGE 6
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs 0
Beginning Investor Charge-Offs per $1,000 Certificate 0.00
Additional Investor Charge-Offs 0
Additional Investor Charge-Offs per $1,000 Certificate 0.00
Reimbursements:
Reinstatement of Investor Certificates 0
Reinstatement of Investor Certificates per
$1,000 Certificate 0.00
Ending Investor Charge-Offs 0
Ending Investor Charge-Offs per $1,000 Certificate 0.00
AMORTIZATION EVENTS
- - -------------------
(Yes=1; No=2)
Y/N
---
1. Breach of material covenant or agreement pursuant to
the Pooling and Servicing Agreement uncured for 30 days 2
2. Breach of representation or warranty not corrected for
30 days 2
3. Bankruptcy, insolvency or receivership of Seller or CSXT 2
4. Trust is deemed an "Investment Company" 2
5. CSXT fails to convey Receivables to Seller and Servicer
fails to make deposit to Retained Collection Account 2
6. Required Net Series Pool Balance exceeds Net Series Pool
Balance 2
7. Any Series 1993-1 Servicer Default 2
8. Termination Notice delivered to Servicer 2
9. Invested Amount of Series not paid in full on Expected
Final Payment Date 2
10. Average Monthly Payment Rate for the three preceding Due
Periods is less than 25% 2
AGGREGATE INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -----------------------------------------------
Investor Allocable Charged-Off Amount 25,970
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 25,970
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
Loss Reserve 26,000,000
- 6 -
PAGE 7
SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
- - ---------------------------------------------
Calculation of Subordination Percentage
A. Subordination Percentage Floor 13.00%
B. I. Dilutions
(a) Dilution Ratio-Greatest 2-month rolling average
for prior 12 due periods 1.20%
(b) Dilution Percentage (5*B.I.(a)) 6.00%
II. Delinquencies
(a) Delinquency Ratio-Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(b) Delinquency Percentage (7.5*B.II.(a)) 0.29%
III. Monitored Receivables
(a) Monitored Receivables Ratio-Greatest 3-month
rolling average for prior 12 Due Periods 1.53%
(b) Monitored Receivables Percentage
(7.5*B.III.(a)) 11.51%
IV. Loss Percentage (B.II.+B.III.) 11.80%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 17.80%
C. I. Alternate Dilutions
(a) Dilution Ratio-Greatest 2-month rolling
average for prior 12 Due Periods 1.20%
(b) Alternate Dilution Percentage (4*C.I.(a)) 4.80%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.40%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 14.17%
IV. Alternate Loss Percentage (C.II.+C.III.) 14.57%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 19.37%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.37%
- 7 -
PAGE 8
POOL FACTOR
- - -----------
Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
- - --------------------------------------
Total Collections 393,722,000
Available Investor Collections 229,396,641
Monthly Principal 0
Available Principal Collections 229,396,641
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 229,396,641
II. Accumulation Period/Early Amortization Period:
Controlled Accumulation Amount 0
Controlled Deposit Amount 0
Monthly Principal Deposited into Principal
Funding Account 0
Excess Collections 0
Excess Collections Paid To Seller 0
Beginning Principal Funding Account Balance 0
Deposits to Principal Funding Account 0
Ending Principal Funding Account Balance 0
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total Amount Distributed 841,666.67
Total Amount Allocable to Interest 841,666.67
Total Amount Allocable to Interest per
$1,000 of Certificates 4.21
Total Amount Allocable to Principal 0.00
Total Amount Allocable to Principal per
$1,000 of Certificates 0.00
Pool Factor 1.0000000
- 8 -
PAGE 9
SERIES 1993-1 INVESTED AMOUNT
- - -----------------------------
Beginning Invested Amount 200,000,000
Additional Investor Charge-Offs 0
Reimbursement of Investor Charge-Offs 0
Unallocated Collections 0
Invested Amount Before Principal Amortization 200,000,000
Principal on Deposit in Principal Funding Account 0
Ending Invested Amount 200,000,000
Amount to be deposited with Trustee in respect of
Monthly Interest due on next Distribution Date 841,667
I hereby certify that this Monthly Servicer Report has been prepared in
accordance with the Pooling and Servicing Agreement dated as of December 18,
1992, as amended and supplemented, and is correct to the best of my knowledge.
/s/ JAMES FEESER
---------------------
James Feeser
Assistant Controller
- 9 -
PAGE 10
CSXT TRADE RECEIVABLES MASTER TRUST
-----------------------------------
Certificateholders' Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
Pursuant to Section 5.02(a) of the Series 1993-1 Supplement dated as
of October 28, 1993, to the Pooling and Servicing Agreement dated as of
December 18, 1992, as amended and supplemented (the "Pooling and Servicing
Agreement"), by and between CSX Trade Receivables Corporation, as Seller (the
"Seller"), CSX Transportation, Inc., as Servicer (the "Servicer" or "CSXT")
and Chemical Bank, as Trustee (the "Trustee"), the Servicer is required to
prepare and report certain information each month regarding distributions to
Certificateholders and the performance of the CSXT Trade Receivables Master
Trust (the "Trust") during the preceding Due Period. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented on an
aggregate basis. Capitalized terms used but not otherwise defined herein have
their respective meanings as set forth in the Pooling and Servicing Agreement.
Distribution Date: December 26, 1996
Due Period: November 1, 1996 through November 30, 1996
POOL COLLECTIONS
- - ----------------
Aggregate amount of Collections $393,722,000.00
Pool Balance as of the last day of the
preceding Due Period $644,113,000.00
ALLOCATION PERCENTAGES
- - ----------------------
Series 1993-1 Allocation Percentage 66.18%
Investor Allocation Percentage 88.39%
Investor Ownership Percentage 31.67%
- 10 -
PAGE 11
DISTRIBUTION TO CERTIFICATEHOLDERS
- - ----------------------------------
Total amount distributed to Certificateholders $ 841,666.67
Total amount distributed to Certificateholders
allocable to Interest $ 841,666.67
Total amount distributed allocable to Interest
per $1,000 of Certificates $ 4.21
Total amount distributed to Certificateholders
allocable to Principal $ 0.00
Total amount distributed allocable to Principal
per $1,000 of Certificates $ 0.00
Pool Factor 1.0000000
CERTIFICATE INVESTED AMOUNTS
- - ----------------------------
Series 1993-1 Invested Amount
Amounts on deposit in the Principal
Funding Account $ 0.00
Outstanding balance of the Series 1993-1
Certificates (after giving effect to all
distributions to occur on the Distribution
Date) $200,000,000.00
INVESTOR ALLOCABLE CHARGED-OFF AMOUNT
- - -------------------------------------
Investor Allocable Charged-Off Amount for the
Due Period $ 25,970.00
SUBORDINATION PERCENTAGE
- - ------------------------
Subordination Percentage for the Current
Due Period 19.37%
Ending Available Subordinated Amount $48,046,632.77
- 11 -
PAGE 12
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- - ----------------------------------------------
Beginning Investor Charge-Offs $ 0.00
Beginning Investor Charge-Offs per
$1,000 Certificate $ 0.00
Additional Investor Charge-Offs $ 0.00
Additional Investor Charge-Offs per
$1,000 Certificate $ 0.00
Reimbursements:
Reinstatement of Investor Certificates $ 0.00
Reinstatement of Investor Certificates per
$1,000 Certificate $ 0.00
Ending Investor Charge-Offs $ 0.00
Ending Investor Charge-Offs per
$1,000 Certificate $ 0.00
POOL BALANCES
- - -------------
Pool Balance as of the last day of the
preceding Due Period $644,113,000.00
Ending Net Receivables Pool Balance $432,227,000.00
Ending Net Series Pool Balance $286,068,397.86
- 12 -
