|
|
|
|
|
|
|
|
|
|
|
|
|
PAGE 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 25, 1997
-----------------
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 33-67034 59-3168541
- ------------------------------- ----------- ------------------
(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
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (804) 876-3220
--------------
Not Applicable
------------------------------------------------------------
(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 March 25, 1997 Distribution Date.
- 1 -
PAGE 2
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: April 9, 1997
- 2 -
PAGE 3
EXHIBIT LIST
Exhibit
- -------
7.1 Monthly Statement for the 5.05% Trade
Receivables Participation Certificates,
Series 1993-1 with respect to the March 25,
1997 Distribution Date
- 3 -
PAGE 1
EX-7.1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE MARCH 25, 1997 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)
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 388,690,000
Total New Receivables Sold To Trust (New Invoices) 400,187,000
Dilutions 7,228,000
Defaulted Receivables (91 days +) 5,745,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 151,157,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 52,594,000
Additions to Monitored Receivables 13,642,000
Collections of Monitored Receivables 11,277,000
Total Charged-Off Receivables 408,000
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 49.0
Monthly Payment Rate 61.20%
Yield Reserve 3,000,000
Fee Reserve 136,174
- 2 -
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
Ending Pool Balance 635,153,000
Interline Payables 152,491,000
Outstanding Balance 482,662,000
Ending Net Receivables Pool Balance 425,502,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,252,243
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 249,252,243
Yield Reserve 3,000,000
Fee Reserve 148,135
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 2/28/97)
% Dollar Amount
1-30 Days From Invoice 94.51% 603,963,000
31-60 Days From Invoice 3.72% 23,803,000
61-90 Days From Invoice 0.86% 5,503,000
91-120 Days From Invoice 0.24% 1,526,000
121-150 Days From Invoice 0.49% 3,150,000
151-180 Days From Invoice 0.08% 491,000
181-210 Days From Invoice 0.04% 230,000
211-240 Days From Invoice 0.02% 112,000
Greater Than 240 Days From Invoice 0.04% 236,000
Total 100.00% 639,014,000
CERTIFICATE REPORTING DATES
Determination Date 17-Mar-97
Distribution Date 25-Mar-97
Due Period Feb-97
Series 1993-1 Period Number 41
Last Day of Preceding Due Period 28-Feb-97
- 3 -
PAGE 4
ALLOCATION PERCENTAGES
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,252,243
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,252,243
Series Allocation Percentage (SAIA / TAIA) 66.60%
Investor Allocation Percentage 89.38%
Investor Ownership Percentage 31.49%
Seller Ownership Percentage 68.51%
COLLECTIONS
Total Pool Collections 388,690,000
Pool Recoveries 0
Total Available Collections 388,690,000
Series Allocable Collections
(SAP * Total Available Collections) 258,867,799
Series Allocable Miscellaneous Payments 0
Available Investor Collections 231,379,812
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 230,538,145
Beginning Interest Shortfall + Additional
Interest Due 0
Beginning Interest Shortfall + Additional
Interest Paid 0
Remaining Available Collections 230,538,145
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,416
Withdrawal 62,416
Remaining Available Collections 230,475,729
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 230,475,729
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 408,000
Investor Allocable Charged-Off Amount 128,473
Withdrawal 128,473
Remaining Available Collections 230,347,256
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 635,153,000
Collections (388,690,000)
New Receivables 400,187,000
Dilutions (7,228,000)
Charged-Off Receivables (408,000)
Ending Pool Balance 639,014,000
Interline Payables (151,157,000)
Ending Outstanding Balance 487,857,000
Ending Net Receivables Pool Balance 429,518,000
Ending Net Series Pool Balance 286,059,274
REQUIRED NET SERIES POOL BALANCE
Subordination Percentage (Current Due Period) 19.76%
Beginning Available Subordinated Amount 49,252,243
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,252,243
Yield Reserve 3,000,000
Fee Reserve 136,174
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,388,417
NEW ALLOCATION PERCENTAGES
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,252,243
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,252,243
Ending Series Allocation Percentage (SAIA / TAIA) 66.60%
Ending Investor Allocation Percentage 88.23%
Ending Investor Ownership Percentage 31.30%
Ending Seller Ownership Percentage 68.70%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES PERCENTAGES
A. Dilution Percentage 1.13%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 2.13%
Collections of Monitored Receivables 1.76%
Net Additions/Reductions to Monitored Receivables 0.37%
- 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 CSX 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 128,473
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 128,473
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.06%
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 1.14%
(b) Dilution Percentage- (5 * B.I.(a)) 5.70%
II. Delinquencies
(a) Delinquency Ratio - Greatest 3-month rolling
average for prior 12 Due Periods 0.05%
(b) Delinquency Percentage (7.5 * B.II.(a)) 0.38%
III.Monitored Receivables
(a) Monitored Receivables Ratio - Greatest 3-month
rolling average for prior 12 Due Periods 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.25%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 17.95%
C. 1. Alternate Dilutions
(a) Dilution Ratio - Greatest 2-month rolling
average for prior 12 Due Periods 1.14%
(b) Alternate Dilution Percentage (4 * C.I.(a)) 4.56%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.40%
III.Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 14.80%
IV. Alternate Loss Percentage (C.II. + C. III.) 15.20%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 19.76%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.76%
- 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 388,690,000
Available Investor Collections 230,347,256
Monthly Principal 0
Available Principal Collections 230,347,256
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 230,347,256
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, 1997
Due Period: February 1, 1997 through February 28, 1997
POOL COLLECTIONS
Aggregate amount of Collections 388,690,000.00
Pool Balance as of the last day of the
preceding Due Period 639,014,000.00
ALLOCATION PERCENTAGES
Series 1993-1 Allocation Percentage 66.60%
Investor Allocation Percentage 89.38%
Investor Ownership Percentage 31.49%
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
- 10 -
PAGE 11
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 128,473.00
SUBORDINATION PERCENTAGE
Subordination Percentage for the Current Due Period 19.76%
Ending Available Subordinated Amount 49,252,243.27
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 639,014,000.00
Ending Net Receivables Pool Balance 429,518,000.00
Ending Net Series Pool Balance 286,059,273.96
- 11 -
|
|