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): February 25, 1998
-----------------
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 February 25, 1998
Distribution Date.
- 1 -
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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: March 12, 1998
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PAGE 3
EXHIBIT LIST
------------
Exhibit
7.1 Monthly Statement for the 5.05% Trade Receivables Participation
Certificates, Series 1993-1 with respect to the February 25, 1998
Distribution Date
<PAGE>
PAGE 1
EX-7.1
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE FEBRUARY 25, 1998 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
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 373,471,000
Total New Receivables Sold To Trust (New Invoices) 355,625,000
Dilutions 5,380,000
Defaulted Receivables (91 days +) 9,293,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 144,606,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 50,942,000
Additions to Monitored Receivables 6,520,000
Collections of Monitored Receivables 4,087,000
Total Charged-Off Receivables 115,000
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 57.5
Monthly Payment Rate 52.22%
Yield Reserve 3,179,669
Fee Reserve 159,596
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 715,252,000
Interline Payables 155,107,000
Outstanding Balance 560,145,000
Ending Net Receivables Pool Balance 502,266,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 43,750,095
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 243,750,095
Yield Reserve 3,000,000
Fee Reserve 122,768
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
================================================================================
DELINQUENCY DATA (As of 1/31/98)
- ---------------------------------
% Dollar Amount
------------------------------------------
1-30 Days From Invoice 92.91% 642,846,000
31-60 Days From Invoice 4.62% 31,960,000
61-90 Days From Invoice 1.13% 7,812,000
91-120 Days From Invoice 0.57% 3,939,000
121-150 Days From Invoice 0.34% 2,397,000
151-180 Days From Invoice 0.19% 1,293,000
181-210 Days From Invoice 0.09% 622,000
211-240 Days From Invoice 0.07% 505,000
Greater Than 240 Days From Invoice 0.08% 537,000
------------------------------------------
Total 100.00% 691,911,000
------------------------------------------
================================================================================
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 17-Feb-98
Distribution Date 25-Feb-98
Due Period Jan-98
Series 1993-1 Period Number 52
Last Day of Preceding Due Period 31-Jan-98
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 243,750,095
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 368,750,095
Series Allocation Percentage (SAIA / TAIA) 66.10%
Investor Allocation Percentage 74.36%
Investor Ownership Percentage 27.96%
Seller Ownership Percentage 72.04%
================================================================================
COLLECTIONS
- -----------
Total Pool Collections 373,471,000
Pool Recoveries 0
Total Available Collections 373,471,000
Series Allocable Collections
(SAP * Total Available Collections) 246,870,694
Series Allocable Miscellaneous Payments 0
Available Investor Collections 183,567,781
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 182,726,114
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 182,726,114
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 59,335
Withdrawal 59,335
Remaining Available Collections 182,666,779
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 182,666,779
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 115,000
Investor Allocable Charged-Off Amount 32,156
Withdrawal 32,156
Remaining Available Collections 182,634,622
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
PAGE 5
POOL BALANCE
- ------------
Beginning Pool Balance 715,252,000
Collections (373,471,000)
New Receivables 355,625,000
Dilutions (5,380,000)
Charged-Off Receivables (115,000)
Ending Pool Balance 691,911,000
Interline Payables (144,606,000)
Ending Outstanding Balance 547,305,000
Ending Net Receivables Pool Balance 487,070,000
Ending Net Series Pool Balance 321,961,568
================================================================================
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 17.95%
Beginning Available Subordinated Amount 43,750,095
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 43,750,095
Yield Reserve 3,179,669
Fee Reserve 159,596
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 247,089,360
================================================================================
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 243,750,095
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 368,750,095
Ending Series Allocation Percentage (SAIA / TAIA) 66.10%
Ending Investor Allocation Percentage 76.74%
Ending Investor Ownership Percentage 28.91%
Ending Seller Ownership Percentage 71.09%
================================================================================
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES PERCENTAGES
- -----------------------------------------------------------------
A.Dilution Percentage 0.78%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 0.94%
Collections of Monitored Receivables 0.59%
-----
Net Additions/Reductions to Monitored Receivables 0.35%
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 32,156
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 32,156
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.02%
Loss Reserve 26,000,000
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 1.17%
(b) Dilution Percentage- (5 * B.I.(a)) 5.83%
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)) 0.39%
III. Monitored Receivables
(a) Monitored Receivables Ratio - Greatest 3-month
rolling average for prior 12 Due Periods 1.57%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.74%
IV. Loss Percentage (B.II. + B.III.) 12.12%
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 1.17%
(b) Alternate Dilution Percentage (4 * C.I.(a)) 4.66%
II. Alternate Delinquencies
(a) Alternate Delinquency Percentage 0.44%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 9.97%
IV. Alternate Loss Percentage (C.II. + C. III.) 10.41%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 15.07%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 17.95%
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 373,471,000
Available Investor Collections 182,634,622
Monthly Principal 0
Available Principal Collections 182,634,622
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 182,634,622
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
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 the best of my
knowledge.
/s/ JAMES FEESER
----------------
James Feeser
Assistant Controller
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, as to 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,
Trustee (the "Trustee"), the Servicer is required to prepare and report certain
information each month regarding distributions to Certificateholers 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 25, 1998
Due Period: January 1, 1998 thru January 31, 1998
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 373,471,000.00
Pool Balance as of the last day of the
preceding Due Period 691,911,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.10%
Investor Allocation Percentage 74.36%
Investor Ownership Percentage 27.96%
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
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 32,156.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 17.95%
Ending Available Subordinated Amount 43,750,095.00
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 691,911,000.00
Ending Net Receivables Pool Balance 487,070,000.00
Ending Net Series Pool Balance 321,961,568.00
