PAGE 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 1996
----------------
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)
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(Exact name of registrant as specified in its charter)
Delaware 33-67034 59-3168541
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization File No.) Identification No.)
Route 688
P.O. Box 87
Doswell, Virginia 23047
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (804) 876-3220
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Not Applicable
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(Former name or former address, if changed since last report.)
Item 5. Other Events.
The Registrant is filing the exhibit listed in Item 7 below.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Exhibit 7.1 Monthly Statement for the 5.05% Trade
Receivables Participation Certificates, Series
1993-1 with respect to the October 25, 1996
Distribution Date.
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Signatures
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has caused this report to be signed on behalf of the CSXT
Trade Receivables Master Trust by the undersigned, hereunto 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
Date: March 11, 1997
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EXHIBIT LIST
Exhibit
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7.1 Monthly Statement for the 5.05% Trade Receivables Participation
Certificates, Series 1993-1 with respect to the October 25, 1996
Distribution Date
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PAGE 1 EX-7.1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE OCTOBER 25, 1996 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
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PAGE 2
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1993-1
CSX Transportation, Inc. (Servicer)
ORIGINAL SERIES 1993-1 PARAMETERS
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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
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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
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INPUTS FROM PREVIOUS SERVICER REPORT
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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)
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% Dollar Amount
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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
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Total 100.00% 628,409,000
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CERTIFICATE REPORTING DATES
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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
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ALLOCATION PERCENTAGES
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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
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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
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POOL BALANCE
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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
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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
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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%
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Net Additions (Reductions) to Monitored Receivables 0.35%
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INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
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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
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(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
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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
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SUBORDINATION PERCENTAGE (CURRENT DUE PERIOD)
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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%
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POOL FACTOR
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Beginning Invested Amount 200,000,000
Ending Invested Amount 200,000,000
Pool Factor 1.0000000
ALLOCATION OF COLLECTIONS TO PRINCIPAL
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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
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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
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SERIES 1993-1 INVESTED AMOUNT
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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
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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
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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%
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DISTRIBUTION TO CERTIFICATEHOLDERS
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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
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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
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