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, 1997 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
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(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.
<PAGE>
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.
In September 1997, a state court jury in New Orleans returned a $2.5
billion punitive damages award against CSX Transportation, Inc. ("CSXT"). The
award was made in a class-action lawsuit against a group of nine companies based
on personal injuries alleged to have arisen from a 1987 fire. The fire was
caused by a leaking chemical tank car parked on CSXT tracks and resulted in the
36-hour evacuation of a New Orleans neighborhood. In the same case, the court
awarded a group of 20 plaintiffs compensatory damages of approximately $2
million against the defendants, including CSXT, to which the jury assigned 15%
of the responsibility for the incident. CSXT's liability under that compensatory
damages award is not material.
In October 1997, the Louisiana Supreme Court set aside the punitive
damages judgment, ruling the judgment should not have been entered until all
liability issues were resolved. CSXT believes this decision means that 8,000
other cases must be resolved before the punitive damage claims can be decided.
CSXT is pursuing an aggressive strategy on all legal fronts, and management
believes that any adverse outcome will not be material to CSXT's overall results
of operations or financial position, although it could be material to results of
operations in a particular quarterly accounting period.
The Registrant knows of no additional material pending legal
proceedings involving any of the CSXT Trade Receivables Master Trust (the
"Trust"), CSX Trade Receivables Corporation ("CTRC"), CSX Transportation, Inc.,
or Chemical Bank, as trustee (the "Trustee") with respect to the Trust.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
<PAGE>
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, 1997. 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.
<PAGE>
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.
<PAGE>
PART IV
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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.
99.3 Monthly Certificateholders' Distribution Date
Statements filed during the year ended December 31,
1997.
(b) Reports on Form 8-K.
Date of Form 8-K Description of Form 8-K
January 27, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
January 27, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
February 25, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
February 25, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
March 25, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
March 25, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
April 25, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
April 25, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
<PAGE>
May 27, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
May 27, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
June 25, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
June 25, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
July 25, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
July 25, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
August 25, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
August 25, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
September 25, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
September 25, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
October 27, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
October 27, 1997 for the CSXT Trade
Receivables Master Trust 5.05% Trade
Receivables Participation Certificates,
Series 1993-1.
November 25, 1997 Submitted a copy of
Certificateholders' Distribution Date
Statement dated November 25, 1997 for
the CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation
Certificates, Series 1993-1.
December 26, 1997 Submitted a copy of Certificateholders'
Distribution Date Statement dated
December 26, 1997 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.
<PAGE>
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 20, 1998
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 20, 1998
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, 1997.
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, 1998.
/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, 1997, 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, 1997, 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 WITNESS WHEREOF, the undersigned has duly executed this certificate
this 18th day of March, 1998.
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, 1997 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, in all material
respects.
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 12, 1998
Richmond, Virginia
EXHIBIT 99.3
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE JANUARY 27, 1997 DISTRIBUTION DATE
CSXT Trade Receivables Master Trust
5.05% Trade Receivables Participation Certificates,
Series 1993-1
<PAGE>
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 448,661,000
Total New Receivables Sold To Trust (New Invoices) 456,839,000
Dilutions 7,221,000
Defaulted Receivables (91 days +) 2,532,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 148,453,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 53,538,000
Additions to Monitored Receivables 11,905,000
Collections of Monitored Receivables 8,578,000
Total Charged-Off Receivables 171,000
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 43.1
Monthly Payment Rate 69.66%
Yield Reserve 3,000,000
Fee Reserve 119,636
<PAGE>
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 644,113,000
Interline Payables 156,764,000
Outstanding Balance 487,349,000
Ending Net Receivables Pool Balance 432,227,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 48,046,633
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 248,046,633
Yield Reserve 3,000,000
Fee Reserve 133,658
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 94.89% 611,852,000
31-60 Days From Invoice 4.17% 26,885,000
61-90 Days From Invoice 0.56% 3,630,000
91-120 Days From Invoice 0.19% 1,251,000
121-150 Days From Invoice 0.07% 481,000
151-180 Days From Invoice 0.05% 318,000
181-210 Days From Invoice 0.01% 88,000
211-240 Days From Invoice 0.01% 94,000
Greater Than 240 Days From Invoice 0.05% 300,000
------- ------------
Total 100.00% 644,899,000
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CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 23-Jan-97
Distribution Date 27-Jan-97
Due Period Dec-96
Series 1993-1 Period Number 39
Last Day of Preceding Due Period 31-Dec-96
<PAGE>
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 248,046,633
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 373,046,633
Series Allocation Percentage (SAIA/TAIA) 66.49%
Investor Allocation Percentage 87.40%
Investor Ownership Percentage 31.05%
Seller Ownership Percentage 68.95%
COLLECTIONS
- -----------
Total Pool Collections 448,661,000
Pool Recoveries 0
Total Available Collections 448,661,000
Series Allocable Collections (SAP * Total Available Collections) 298,324,232
Series Allocable Miscellaneous Payments 0
Available Investor Collections 260,730,590
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 259,888,923
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 259,888,923
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,092
Withdrawal 62,092
Remaining Available Collections 259,826,830
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 259,826,830
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 171,000
Investor Allocable Charged-Off Amount 53,096
Withdrawal 53,096
Remaining Available Collections 259,773,734
Investor Charge-Off Shortfall 0
Deficiency Amount 0
Available Subordination Draw Amount 0
Remaining Investor Charge-Off Shortfall 0
<PAGE>
PAGE 5
POOL BALANCE
- ------------
Beginning Pool Balance 644,113,000
Collections (448,661,000)
New Receivables 456,839,000
Dilutions (7,221,000)
Charged-Off Receivables (171,000)
Ending Pool Balance 644,899,000
Interline Payables (148,453,000)
Ending Outstanding Balance 496,446,000
Ending Net Receivables Pool Balance 440,376,000
Ending Net Series Pool Balance 292,815,360
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.76%
Beginning Available Subordinated Amount 48,046,633
Required Subordination Draw Amount 0
Invested Amount 0
Ending Available Subordinated Amount 49,252,243
Yield Reserve 3,000,000
Fee Reserve 119,636
Initial Invested Amount-Invested Amount 0
Required Net Series Pool Balance 252,371,879
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 86.05%
Ending Investor Ownership Percentage 31.01%
Ending Seller Ownership Percentage 68.99%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A. Dilution Percentage 1.12%
B. Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.85%
Collections of Monitored Receivables 1.33%
-----
Net Additions (Reductions) to Monitored Receivables 0.52%
<PAGE>
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 53,096
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 53,096
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.03%
Loss Reserve 26,000,000
<PAGE>
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 0.04%
(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 1.58%
(b) Monitored Receivables Percentage(7.5*B.III.(a)) 11.87%
IV. Loss Percentage (B.II.+B.III.) 12.17%
V. Sum of Dilution and Loss Percentages (B.I.+B.IV.) 17.87%
C. I. 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%
<PAGE>
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 448,661,000
Available Investor Collections 259,773,734
Monthly Principal 0
Available Principal Collections 259,773,734
I. Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 259,773,734
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>
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
<PAGE>
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 27, 1997
Due Period: December 1, 1996 through December 31, 1996
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections $448,661,000.00
Pool Balance as of the last day of the
preceding Due Period $644,899,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.49%
Investor Allocation Percentage 87.40%
Investor Ownership Percentage 31.05%
<PAGE>
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 $ 53,096.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.76%
Ending Available Subordinated Amount $ 49,252,243.27
<PAGE>
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 $644,899,000.00
Ending Net Receivables Pool Balance $440,376,000.00
Ending Net Series Pool Balance $292,815,359.77
<PAGE>
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE FEBRUARY 25, 1997 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 362,789,000
Total New Receivables Sold To Trust (New Invoices) 358,629,000
Dilutions 5,549,000
Defaulted Receivables (91 days +) 4,219,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 152,491,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 54,441,000
Additions to Monitored Receivables 14,807,000
Collections of Monitored Receivables 10,550,000
Total Charged-Off Receivables 37,000
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 53.3
Monthly Payment Rate 56.26%
Yield Reserve 3,000,000
Fee Reserve 148,135
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 644,899,000
Interline Payables 148,453,000
Outstanding Balance 496,446,000
Ending Net Receivables Pool Balance 440,376,000
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 119,636
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 1/31/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 95.05% 603,728,000
31-60 Days From Invoice 3.37% 21,429,000
61-90 Days From Invoice 0.91% 5,777,000
91-120 Days From Invoice 0.20% 1,253,000
121-150 Days From Invoice 0.16% 1,027,000
151-180 Days From Invoice 0.05% 340,000
181-210 Days From Invoice 0.04% 274,000
211-240 Days From Invoice 0.12% 774,000
Greater Than 240 Days From Invoice 0.09% 551,000
------------------------------
Total 100.00% 635,153,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 20-Feb-97
Distribution Date 25-Feb-97
Due Period Jan-97
Series 1993-1 Period Number 40
Last Day of Preceding Due Period 31-Jan-97
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 86.05%
Investor Ownership Percentage 31.01%
Seller Ownership Percentage 68.99%
COLLECTIONS
- -----------
Total Pool Collections 362,789,000
Pool Recoveries 0
Total Available Collections 362,789,000
Series Allocable Collections
(SAP * Total Available Collections) 241,617,716
Series Allocable Miscellaneous Payments 0
Available Investor Collections 207,908,109
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 207,066,443
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 207,066,443
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 61,018
Withdrawal 61,018
Remaining Available Collections 207,005,425
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 207,005,425
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 37,000
Investor Allocable Charged-Off Amount 11,475
Withdrawal 11,475
Remaining Available Collections 206,993,950
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 644,899,000
Collections (362,789,000)
New Receivables 358,629,000
Dilutions (5,549,000)
Charged-Off Receivables (37,000)
Ending Pool Balance 635,153,000
Interline Payables (152,491,000)
Ending Outstanding Balance 482,662,000
Ending Net Receivables Pool Balance 425,502,000
Ending Net Series Pool Balance 283,384,615
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 148,135
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,400,378
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 89.07%
Ending Investor Ownership Percentage 31.49%
Ending Seller Ownership Percentage 68.51%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 0.87%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 2.33%
Collections of Monitored Receivables 1.66%
-----
Net Additions/Reductions to Monitored Receivables 0.68%
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 11,475
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 11,475
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
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 1.14%
(b) Dilution Percentage- (5 * B.I.(a)) 5.70%
II. Delinquencies
(a) Delinquency Ratio - Greatest 3-month rolling
average for prior 12 Due Periods 0.04%
(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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.17%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 17.87%
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%
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 362,789,000
Available Investor Collections 206,993,950
Monthly Principal 0
Available Principal Collections 206,993,950
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 206,993,950
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 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, 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 25, 1997
Due Period: January 1, 1997 through January 31, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 362,789,000.00
Pool Balance as of the last day of the
preceding Due Period 635,153,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.60%
Investor Allocation Percentage 86.05%
Investor Ownership Percentage 31.01%
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 11,475.00
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 635,153,000.00
Ending Net Receivables Pool Balance 425,502,000.00
Ending Net Series Pool Balance 283,384,615.28
PAGE 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
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 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
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
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
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%
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 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
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%
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
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
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
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
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE APRIL 25, 1997 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 498,177,000
Total New Receivables Sold To Trust (New Invoices) 549,245,000
Dilutions 6,446,000
Defaulted Receivables (91 days +) 2,366,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 172,881,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 50,857,000
Additions to Monitored Receivables 16,200,000
Collections of Monitored Receivables 14,075,000
Total Charged-Off Receivables 582,000
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 77.96%
Yield Reserve 3,000,000
Fee Reserve 106,892
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 639,014,000
Interline Payables 151,157,000
Outstanding Balance 487,857,000
Ending Net Receivables Pool Balance 429,518,000
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 136,174
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 3/31/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 95.30% 650,963,000
31-60 Days From Invoice 3.81% 26,012,000
61-90 Days From Invoice 0.54% 3,713,000
91-120 Days From Invoice 0.13% 879,000
121-150 Days From Invoice 0.09% 589,000
151-180 Days From Invoice 0.04% 309,000
181-210 Days From Invoice 0.04% 296,000
211-240 Days From Invoice 0.02% 110,000
Greater Than 240 Days From Invoice 0.03% 183,000
------------------------------
Total 100.00% 683,054,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 17-Apr-97
Distribution Date 25-Apr-97
Due Period Mar-97
Series 1993-1 Period Number 42
Last Day of Preceding Due Period 31-Mar-97
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 88.23%
Investor Ownership Percentage 31.30%
Seller Ownership Percentage 68.70%
COLLECTIONS
- -----------
Total Pool Collections 498,177,000
Pool Recoveries 0
Total Available Collections 498,177,000
Series Allocable Collections
(SAP * Total Available Collections) 331,786,214
Series Allocable Miscellaneous Payments 0
Available Investor Collections 292,733,027
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 291,891,361
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 291,891,361
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 61,989
Withdrawal 61,989
Remaining Available Collections 291,829,371
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 291,829,371
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 582,000
Investor Allocable Charged-Off Amount 182,156
Withdrawal 182,156
Remaining Available Collections 291,647,216
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 639,014,000
Collections (498,177,000)
New Receivables 549,245,000
Dilutions (6,446,000)
Charged-Off Receivables (582,000)
Ending Pool Balance 683,054,000
Interline Payables (172,881,000)
Ending Outstanding Balance 510,173,000
Ending Net Receivables Pool Balance 456,950,000
Ending Net Series Pool Balance 304,329,004
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 106,892
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,359,135
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 82.92%
Ending Investor Ownership Percentage 29.28%
Ending Seller Ownership Percentage 70.72%
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 2.37%
Collections of Monitored Receivables 2.06%
-----
Net Additions/Reductions to Monitored Receivables 0.31%
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 182,156
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 182,156
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.09%
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 1.14%
(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)) 0.39%
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.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 17.96%
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.) 9.76%
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 498,177,000
Available Investor Collections 291,647,216
Monthly Principal 0
Available Principal Collections 291,647,216
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 291,647,216
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 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, 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, 1997
Due Period: March 1, 1997 through March 31, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 498,177,000.00
Pool Balance as of the last day of the
preceding Due Period 683,054,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.60%
Investor Allocation Percentage 88.23%
Investor Ownership Percentage 31.30%
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 182,156.00
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 683,054,000.00
Ending Net Receivables Pool Balance 456,950,000.00
Ending Net Series Pool Balance 304,329,004.22
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE MAY 27, 1997 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 383,904,000
Total New Receivables Sold To Trust (New Invoices) 374,020,000
Dilutions 9,441,000
Defaulted Receivables (91 days +) 3,624,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 164,364,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 50,058,000
Additions to Monitored Receivables 12,781,000
Collections of Monitored Receivables 9,257,000
Total Charged-Off Receivables 354,000
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 53.4
Monthly Payment Rate 56.20%
Yield Reserve 3,000,000
Fee Reserve 148,269
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 683,054,000
Interline Payables 172,881,000
Outstanding Balance 510,173,000
Ending Net Receivables Pool Balance 456,950,000
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 106,892
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 4/30/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 95.20% 631,529,000
31-60 Days From Invoice 3.62% 24,038,000
61-90 Days From Invoice 0.63% 4,184,000
91-120 Days From Invoice 0.20% 1,310,000
121-150 Days From Invoice 0.05% 350,000
151-180 Days From Invoice 0.06% 423,000
181-210 Days From Invoice 0.03% 171,000
211-240 Days From Invoice 0.03% 158,000
Greater Than 240 Days From Invoice 0.18% 1,212,000
------------------------------
Total 100.00% 663,375,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 19-May-97
Distribution Date 27-May-97
Due Period Apr-97
Series 1993-1 Period Number 43
Last Day of Preceding Due Period 30-Apr-97
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 82.92%
Investor Ownership Percentage 29.28%
Seller Ownership Percentage 70.72%
COLLECTIONS
- -----------
Total Pool Collections 383,904,000
Pool Recoveries 0
Total Available Collections 383,904,000
Series Allocable Collections
(SAP * Total Available Collections) 255,680,320
Series Allocable Miscellaneous Payments 0
Available Investor Collections 212,018,123
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 211,176,456
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 211,176,456
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,284
Withdrawal 62,284
Remaining Available Collections 211,114,173
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 211,114,173
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 354,000
Investor Allocable Charged-Off Amount 103,652
Withdrawal 103,652
Remaining Available Collections 211,010,521
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 683,054,000
Collections (383,904,000)
New Receivables 374,020,000
Dilutions (9,441,000)
Charged-Off Receivables (354,000)
Ending Pool Balance 663,375,000
Interline Payables (164,364,000)
Ending Outstanding Balance 499,011,000
Ending Net Receivables Pool Balance 445,329,000
Ending Net Series Pool Balance 296,589,410
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.86%
Beginning Available Subordinated Amount 49,252,243
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,563,264
Yield Reserve 3,000,000
Fee Reserve 148,269
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,711,534
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,563,264
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,563,264
Ending Series Allocation Percentage (SAIA / TAIA) 66.63%
Ending Investor Allocation Percentage 85.17%
Ending Investor Ownership Percentage 30.15%
Ending Seller Ownership Percentage 69.85%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 1.42%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.93%
Collections of Monitored Receivables 1.40%
-----
Net Additions/Reductions to Monitored Receivables 0.53%
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 103,652
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 103,652
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.05%
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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.40%
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 19.86%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.86%
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 383,904,000
Available Investor Collections 211,010,521
Monthly Principal 0
Available Principal Collections 211,010,521
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 211,010,521
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 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, 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 27, 1997
Due Period: April 1, 1997 through April 30, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 383,904,000.00
Pool Balance as of the last day of the
preceding Due Period 663,375,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.60%
Investor Allocation Percentage 82.92%
Investor Ownership Percentage 29.28%
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 103,652.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.86%
Ending Available Subordinated Amount 49,563,264.29
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 663,375,000.00
Ending Net Receivables Pool Balance 445,329,000.00
Ending Net Series Pool Balance 296,589,410.00
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE JUNE 25, 1997 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 390,438,000
Total New Receivables Sold To Trust (New Invoices) 376,464,000
Dilutions 4,989,000
Defaulted Receivables (91 days +) 3,408,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 161,922,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 50,915,000
Additions to Monitored Receivables 12,137,000
Collections of Monitored Receivables 7,835,000
Total Charged-Off Receivables 204,000
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 51.0
Monthly Payment Rate 58.86%
Yield Reserve 3,000,000
Fee Reserve 141,588
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 663,375,000
Interline Payables 164,364,000
Outstanding Balance 499,011,000
Ending Net Receivables Pool Balance 445,329,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,563,264
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 249,563,264
Yield Reserve 3,000,000
Fee Reserve 148,269
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 5/31/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 95.61% 615,934,000
31-60 Days From Invoice 3.17% 20,443,000
61-90 Days From Invoice 0.69% 4,423,000
91-120 Days From Invoice 0.23% 1,458,000
121-150 Days From Invoice 0.07% 462,000
151-180 Days From Invoice 0.03% 206,000
181-210 Days From Invoice 0.04% 243,000
211-240 Days From Invoice 0.02% 115,000
Greater Than 240 Days From Invoice 0.14% 924,000
------------------------------
Total 100.00% 644,208,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 17-Jun-97
Distribution Date 25-Jun-97
Due Period May-97
Series 1993-1 Period Number 44
Last Day of Preceding Due Period 31-May-97
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,563,264
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,563,264
Series Allocation Percentage (SAIA / TAIA) 66.63%
Investor Allocation Percentage 85.17%
Investor Ownership Percentage 30.15%
Seller Ownership Percentage 69.85%
COLLECTIONS
- -----------
Total Pool Collections 390,438,000
Pool Recoveries 0
Total Available Collections 390,438,000
Series Allocable Collections
(SAP * Total Available Collections) 260,140,251
Series Allocable Miscellaneous Payments 0
Available Investor Collections 221,562,453
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 220,720,786
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 220,720,786
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,068
Withdrawal 62,068
Remaining Available Collections 220,658,718
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 220,658,718
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 204,000
Investor Allocable Charged-Off Amount 61,504
Withdrawal 61,504
Remaining Available Collections 220,597,215
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 663,375,000
Collections (390,438,000)
New Receivables 376,464,000
Dilutions (4,989,000)
Charged-Off Receivables (204,000)
Ending Pool Balance 644,208,000
Interline Payables (161,922,000)
Ending Outstanding Balance 482,286,000
Ending Net Receivables Pool Balance 427,963,000
Ending Net Series Pool Balance 285,142,334
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.86%
Beginning Available Subordinated Amount 49,563,264
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,563,264
Yield Reserve 3,000,000
Fee Reserve 141,588
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,704,852
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,563,264
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,563,264
Ending Series Allocation Percentage (SAIA / TAIA) 66.63%
Ending Investor Allocation Percentage 88.62%
Ending Investor Ownership Percentage 31.05%
Ending Seller Ownership Percentage 68.95%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 0.77%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.88%
Collections of Monitored Receivables 1.22%
-----
Net Additions/Reductions to Monitored Receivables 0.66%
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 61,504
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 61,504
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.03%
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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.40%
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 19.86%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.86%
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 390,438,000
Available Investor Collections 220,597,215
Monthly Principal 0
Available Principal Collections 220,597,215
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 220,597,215
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 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, 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, 1997
Due Period: May 1, 1997 through May 31, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 390,438,000.00
Pool Balance as of the last day of the
preceding Due Period 644,208,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.63%
Investor Allocation Percentage 85.17%
Investor Ownership Percentage 30.15%
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 61,504.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.86%
Ending Available Subordinated Amount 49,563,264.29
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 644,208,000.00
Ending Net Receivables Pool Balance 427,963,000.00
Ending Net Series Pool Balance 285,142,333.53
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE JULY 25, 1997 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 476,630,000
Total New Receivables Sold To Trust (New Invoices) 474,539,000
Dilutions 5,323,000
Defaulted Receivables (91 days +) 4,186,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 166,448,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 50,487,000
Additions to Monitored Receivables 12,808,000
Collections of Monitored Receivables 9,843,000
Total Charged-Off Receivables 126,000
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 40.5
Monthly Payment Rate 73.99%
Yield Reserve 3,000,000
Fee Reserve 112,632
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 644,208,000
Interline Payables 161,922,000
Outstanding Balance 482,286,000
Ending Net Receivables Pool Balance 427,963,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,563,264
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 249,563,264
Yield Reserve 3,000,000
Fee Reserve 141,588
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 6/30/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 94.56% 602,048,000
31-60 Days From Invoice 4.07% 25,888,000
61-90 Days From Invoice 0.71% 4,546,000
91-120 Days From Invoice 0.32% 2,018,000
121-150 Days From Invoice 0.16% 1,038,000
151-180 Days From Invoice 0.07% 449,000
181-210 Days From Invoice 0.02% 144,000
211-240 Days From Invoice 0.03% 191,000
Greater Than 240 Days From Invoice 0.06% 346,000
------------------------------
Total 100.00% 636,668,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 17-Jul-97
Distribution Date 25-Jul-97
Due Period Jun-97
Series 1993-1 Period Number 45
Last Day of Preceding Due Period 30-Jun-97
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,563,264
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,563,264
Series Allocation Percentage (SAIA / TAIA) 66.63%
Investor Allocation Percentage 88.62%
Investor Ownership Percentage 31.05%
Seller Ownership Percentage 68.95%
COLLECTIONS
- -----------
Total Pool Collections 476,630,000
Pool Recoveries 0
Total Available Collections 476,630,000
Series Allocable Collections
(SAP * Total Available Collections) 317,568,085
Series Allocable Miscellaneous Payments 0
Available Investor Collections 281,441,885
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 280,600,219
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 280,600,219
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,720
Withdrawal 62,720
Remaining Available Collections 280,537,498
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 280,537,498
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 126,000
Investor Allocable Charged-Off Amount 39,118
Withdrawal 39,118
Remaining Available Collections 280,498,381
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 644,208,000
Collections (476,630,000)
New Receivables 474,539,000
Dilutions (5,323,000)
Charged-Off Receivables (126,000)
Ending Pool Balance 636,668,000
Interline Payables (166,448,000)
Ending Outstanding Balance 470,220,000
Ending Net Receivables Pool Balance 415,547,000
Ending Net Series Pool Balance 276,869,826
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.86%
Beginning Available Subordinated Amount 49,563,264
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,563,264
Yield Reserve 3,000,000
Fee Reserve 112,632
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,675,897
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,563,264
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,563,264
Ending Series Allocation Percentage (SAIA / TAIA) 66.63%
Ending Investor Allocation Percentage 91.26%
Ending Investor Ownership Percentage 31.41%
Ending Seller Ownership Percentage 68.59%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 0.84%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 2.01%
Collections of Monitored Receivables 1.55%
-----
Net Additions/Reductions to Monitored Receivables 0.46%
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 39,118
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 39,118
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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.40%
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 19.86%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.86%
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 476,630,000
Available Investor Collections 280,498,381
Monthly Principal 0
Available Principal Collections 280,498,381
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 280,498,381
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 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, 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: July 25, 1997
Due Period: June 1, 1997 through June 30, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 476,630,000.00
Pool Balance as of the last day of the
preceding Due Period 636,668,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.63%
Investor Allocation Percentage 88.62%
Investor Ownership Percentage 31.05%
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 39,118.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.86%
Ending Available Subordinated Amount 49,563,264.29
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 636,668,000.00
Ending Net Receivables Pool Balance 415,547,000.00
Ending Net Series Pool Balance 276,869,826.00
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE AUGUST 25, 1997 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 365,304,000
Total New Receivables Sold To Trust (New Invoices) 339,584,000
Dilutions 6,589,000
Defaulted Receivables (91 days +) 4,033,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 155,290,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 50,971,000
Additions to Monitored Receivables 10,873,000
Collections of Monitored Receivables 7,454,000
Total Charged-Off Receivables 123,000
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 52.3
Monthly Payment Rate 57.38%
Yield Reserve 3,000,000
Fee Reserve 145,237
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 636,668,000
Interline Payables 166,448,000
Outstanding Balance 470,220,000
Ending Net Receivables Pool Balance 415,547,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,563,264
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 249,563,264
Yield Reserve 3,000,000
Fee Reserve 112,632
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 7/31/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 94.56% 571,020,000
31-60 Days From Invoice 4.07% 24,415,000
61-90 Days From Invoice 0.71% 4,768,000
91-120 Days From Invoice 0.32% 1,616,000
121-150 Days From Invoice 0.16% 1,012,000
151-180 Days From Invoice 0.07% 516,000
181-210 Days From Invoice 0.02% 318,000
211-240 Days From Invoice 0.03% 83,000
Greater Than 240 Days From Invoice 0.06% 488,000
------------------------------
Total 100.00% 604,236,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 18-Aug-97
Distribution Date 25-Aug-97
Due Period Jul-97
Series 1993-1 Period Number 46
Last Day of Preceding Due Period 31-Jul-97
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,563,264
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,563,264
Series Allocation Percentage (SAIA / TAIA) 66.63%
Investor Allocation Percentage 91.26%
Investor Ownership Percentage 31.41%
Seller Ownership Percentage 68.59%
COLLECTIONS
- -----------
Total Pool Collections 365,304,000
Pool Recoveries 0
Total Available Collections 365,304,000
Series Allocable Collections
(SAP * Total Available Collections) 243,394,020
Series Allocable Miscellaneous Payments 0
Available Investor Collections 222,125,232
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 221,283,666
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 221,283,666
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 63,838
Withdrawal 63,838
Remaining Available Collections 221,219,827
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 221,219,827
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 123,000
Investor Allocable Charged-Off Amount 38,639
Withdrawal 38,639
Remaining Available Collections 221,181,189
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 636,668,000
Collections (365,304,000)
New Receivables 339,584,000
Dilutions (6,589,000)
Charged-Off Receivables (123,000)
Ending Pool Balance 604,236,000
Interline Payables (155,290,000)
Ending Outstanding Balance 448,946,000
Ending Net Receivables Pool Balance 393,942,000
Ending Net Series Pool Balance 262,474,890
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.86%
Beginning Available Subordinated Amount 49,563,264
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,563,264
Yield Reserve 3,000,000
Fee Reserve 145,237
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,708,501
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,563,264
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,563,264
Ending Series Allocation Percentage (SAIA / TAIA) 66.63%
Ending Investor Allocation Percentage 96.28%
Ending Investor Ownership Percentage 33.10%
Ending Seller Ownership Percentage 66.90%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 1.09%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.80%
Collections of Monitored Receivables 1.23%
-----
Net Additions/Reductions to Monitored Receivables 0.57%
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 38,639
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 38,639
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%
IIIMonitored 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.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.40%
IIIAlternate 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 19.86%
D.Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.86%
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 365,304,000
Available Investor Collections 221,181,189
Monthly Principal 0
Available Principal Collections 221,181,189
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 221,181,189
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 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, 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: August 26, 1997
Due Period: July 1, 1997 thru July 31, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 365,304,000.00
Pool Balance as of the last day of the
preceding Due Period 604,236,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.63%
Investor Allocation Percentage 91.26%
Investor Ownership Percentage 31.41%
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 38,639.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.86%
Ending Available Subordinated Amount 49,563,264.29
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 604,236,000.00
Ending Net Receivables Pool Balance 393,942,000.00
Ending Net Series Pool Balance 262,474,890.00
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE SEPTEMBER 25, 1997 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 344,636,000
Total New Receivables Sold To Trust (New Invoices) 353,066,000
Dilutions 4,858,000
Defaulted Receivables (91 days +) 4,386,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 149,232,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 49,589,000
Additions to Monitored Receivables 8,646,000
Collections of Monitored Receivables 7,785,000
Total Charged-Off Receivables 42,000
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 52.6
Monthly Payment Rate 57.04%
Yield Reserve 3,000,000
Fee Reserve 146,105
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 604,236,000
Interline Payables 155,290,000
Outstanding Balance 448,946,000
Ending Net Receivables Pool Balance 393,942,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,563,264
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 249,563,264
Yield Reserve 3,000,000
Fee Reserve 145,237
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 8/31/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 95.00% 577,374,000
31-60 Days From Invoice 3.59% 21,847,000
61-90 Days From Invoice 0.68% 4,159,000
91-120 Days From Invoice 0.34% 2,053,000
121-150 Days From Invoice 0.15% 885,000
151-180 Days From Invoice 0.12% 749,000
181-210 Days From Invoice 0.05% 272,000
211-240 Days From Invoice 0.02% 108,000
Greater Than 240 Days From Invoice 0.05% 319,000
------------------------------
Total 100.00% 607,766,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 17-Sep-97
Distribution Date 25-Sep-97
Due Period Aug-97
Series 1993-1 Period Number 47
Last Day of Preceding Due Period 31-Aug-97
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,563,264
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,563,264
Series Allocation Percentage (SAIA / TAIA) 66.63%
Investor Allocation Percentage 96.28%
Investor Ownership Percentage 33.10%
Seller Ownership Percentage 66.90%
COLLECTIONS
- -----------
Total Pool Collections 344,636,000
Pool Recoveries 0
Total Available Collections 344,636,000
Series Allocable Collections
(SAP * Total Available Collections) 229,623,386
Series Allocable Miscellaneous Payments 0
Available Investor Collections 221,079,364
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 220,237,698
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 220,237,698
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 63,909
Withdrawal 63,909
Remaining Available Collections 220,173,789
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 220,173,789
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 42,000
Investor Allocable Charged-Off Amount 13,902
Withdrawal 13,902
Remaining Available Collections 220,159,887
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 604,236,000
Collections (344,636,000)
New Receivables 353,066,000
Dilutions (4,858,000)
Charged-Off Receivables (42,000)
Ending Pool Balance 607,766,000
Interline Payables (149,232,000)
Ending Outstanding Balance 458,534,000
Ending Net Receivables Pool Balance 404,559,000
Ending Net Series Pool Balance 269,548,763
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.86%
Beginning Available Subordinated Amount 49,563,264
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,563,264
Yield Reserve 3,000,000
Fee Reserve 146,105
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,709,369
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,563,264
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,563,264
Ending Series Allocation Percentage (SAIA / TAIA) 66.63%
Ending Investor Allocation Percentage 93.75%
Ending Investor Ownership Percentage 32.90%
Ending Seller Ownership Percentage 67.09%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 0.79%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.42%
Collections of Monitored Receivables 1.28%
-----
Net Additions/Reductions to Monitored Receivables 0.14%
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 13,902
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 13,902
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.40%
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 19.86%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.86%
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 344,636,000
Available Investor Collections 220,159,887
Monthly Principal 0
Available Principal Collections 220,159,887
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 220,159,887
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 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, 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, 1997
Due Period: August 1, 1997 through August 31, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 344,636,000.00
Pool Balance as of the last day of the
preceding Due Period 607,766,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.63%
Investor Allocation Percentage 96.28%
Investor Ownership Percentage 33.10%
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 13,902.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.86%
Ending Available Subordinated Amount 49,563,264.29
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 607,766,000.00
Ending Net Receivables Pool Balance 404,559,000.00
Ending Net Series Pool Balance 269,548,763.00
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE OCTOBER 27, 1997 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 453,582,000
Total New Receivables Sold To Trust (New Invoices) 530,493,000
Dilutions 4,502,000
Defaulted Receivables (91 days +) 4,095,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 166,707,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 55,359,000
Additions to Monitored Receivables 16,746,000
Collections of Monitored Receivables 10,143,000
Total Charged-Off Receivables (25,000)
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 40.2
Monthly Payment Rate 74.63%
Yield Reserve 3,000,000
Fee Reserve 111,660
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 607,766,000
Interline Payables 149,232,000
Outstanding Balance 458,534,000
Ending Net Receivables Pool Balance 404,559,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,563,264
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 249,563,264
Yield Reserve 3,000,000
Fee Reserve 146,105
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 9/30/97)
- ---------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 94.83% 645,063,000
31-60 Days From Invoice 3.97% 27,019,000
61-90 Days From Invoice 0.59% 4,023,000
91-120 Days From Invoice 0.29% 1,965,000
121-150 Days From Invoice 0.18% 1,231,000
151-180 Days From Invoice 0.08% 556,000
181-210 Days From Invoice 0.03% 226,000
211-240 Days From Invoice 0.02% 77,000
Greater Than 240 Days From Invoice 0.01% 40,000
------------------------------
Total 100.00% 680,200,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 20-Oct-97
Distribution Date 27-Oct-97
Due Period Sep-97
Series 1993-1 Period Number 48
Last Day of Preceding Due Period 30-Sep-97
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,563,264
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,563,264
Series Allocation Percentage (SAIA / TAIA) 66.63%
Investor Allocation Percentage 93.75%
Investor Ownership Percentage 32.91%
Seller Ownership Percentage 67.09%
COLLECTIONS
- -----------
Total Pool Collections 453,582,000
Pool Recoveries 0
Total Available Collections 453,582,000
Series Allocable Collections
(SAP * Total Available Collections) 302,211,710
Series Allocable Miscellaneous Payments 0
Available Investor Collections 283,331,779
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 282,490,112
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 282,490,112
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,596
Withdrawal 62,596
Remaining Available Collections 282,427,516
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 282,427,516
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount (25,000)
Investor Allocable Charged-Off Amount (8,227)
Withdrawal (8,227)
Remaining Available Collections 282,435,743
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 607,766,000
Collections (453,582,000)
New Receivables 530,493,000
Dilutions (4,502,000)
Charged-Off Receivables 25,000
Ending Pool Balance 680,200,000
Interline Payables (166,707,000)
Ending Outstanding Balance 513,493,000
Ending Net Receivables Pool Balance 454,093,000
Ending Net Series Pool Balance 302,516,199
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.74%
Beginning Available Subordinated Amount 49,563,264
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,190,132
Yield Reserve 3,000,000
Fee Reserve 111,660
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,301,793
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,190,132
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,190,132
Ending Series Allocation Percentage (SAIA / TAIA) 66.59%
Ending Investor Allocation Percentage 83.44%
Ending Investor Ownership Percentage 29.40%
Ending Seller Ownership Percentage 70.60%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 0.66%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 2.46%
Collections of Monitored Receivables 1.49%
-----
Net Additions/Reductions to Monitored Receivables 0.97%
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 (8,227)
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount (8,227)
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.00%
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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.28%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 14.80%
IV. Alternate Loss Percentage (C.II. + C. III.) 15.08%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 19.74%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.74%
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 453,582,000
Available Investor Collections 282,435,743
Monthly Principal 0
Available Principal Collections 282,435,743
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 282,435,743
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 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, 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 26, 1997
Due Period: September 1, 1997 thru September 30, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 453,582,000.00
Pool Balance as of the last day of the
preceding Due Period 680,200,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.63%
Investor Allocation Percentage 93.75%
Investor Ownership Percentage 32.91%
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 (8,227.00)
SUBORDINATION PERCENTAGE
Subordination Percentage for the Current Due Period 19.74%
Ending Available Subordinated Amount 49,190,132.00
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 680,200,000.00
Ending Net Receivables Pool Balance 454,093,000.00
Ending Net Series Pool Balance 302,516,199.00
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE NOVEMBER 25, 1997 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 396,533,000
Total New Receivables Sold To Trust (New Invoices) 392,983,000
Dilutions 7,293,000
Defaulted Receivables (91 days +) 2,956,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 163,155,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 53,232,000
Additions to Monitored Receivables 12,675,000
Collections of Monitored Receivables 7,229,000
Total Charged-Off Receivables 88,000
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 51.5
Monthly Payment Rate 58.30%
Yield Reserve 3,000,000
Fee Reserve 142,947
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 680,200,000
Interline Payables 166,707,000
Outstanding Balance 513,493,000
Ending Net Receivables Pool Balance 454,093,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,190,132
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 249,190,132
Yield Reserve 3,000,000
Fee Reserve 111,660
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 10/31/97)
- ----------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 94.69% 633,748,000
31-60 Days From Invoice 4.16% 27,867,000
61-90 Days From Invoice 0.70% 4,698,000
91-120 Days From Invoice 0.19% 1,258,000
121-150 Days From Invoice 0.16% 1,049,000
151-180 Days From Invoice 0.08% 558,000
181-210 Days From Invoice 0.03% 165,000
211-240 Days From Invoice 0.02% 151,000
Greater Than 240 Days From Invoice -0.03% (225,000)
------------------------------
Total 100.00% 669,269,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 17-Nov-97
Distribution Date 25-Nov-97
Due Period Oct-97
Series 1993-1 Period Number 49
Last Day of Preceding Due Period 31-Oct-97
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,190,132
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,190,132
Series Allocation Percentage (SAIA / TAIA) 66.59%
Investor Allocation Percentage 83.43%
Investor Ownership Percentage 29.40%
Seller Ownership Percentage 70.60%
COLLECTIONS
- -----------
Total Pool Collections 396,533,000
Pool Recoveries 0
Total Available Collections 396,533,000
Series Allocable Collections
(SAP * Total Available Collections) 264,069,258
Series Allocable Miscellaneous Payments 0
Available Investor Collections 220,320,477
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 219,478,811
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 219,478,811
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 62,414
Withdrawal 62,414
Remaining Available Collections 219,416,397
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 219,416,397
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 88,000
Investor Allocable Charged-Off Amount 25,875
Withdrawal 25,875
Remaining Available Collections 219,390,522
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 680,200,000
Collections (396,533,000)
New Receivables 392,983,000
Dilutions (7,293,000)
Charged-Off Receivables (88,000)
Ending Pool Balance 669,269,000
Interline Payables (163,155,000)
Ending Outstanding Balance 506,114,000
Ending Net Receivables Pool Balance 449,926,000
Ending Net Series Pool Balance 299,626,072
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.72%
Beginning Available Subordinated Amount 49,190,132
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,128,052
Yield Reserve 3,000,000
Fee Reserve 142,947
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,270,999
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,128,052
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,128,052
Ending Series Allocation Percentage (SAIA / TAIA) 66.59%
Ending Investor Allocation Percentage 84.20%
Ending Investor Ownership Percentage 29.88%
Ending Seller Ownership Percentage 70.12%
CURRENT DUE PERIOD DILUTION AND MONITORED RECEIVABLES
- -----------------------------------------------------
PERCENTAGES
-----------
A.Dilution Percentage 1.09%
B.Monitored Receivables (As a Percentage of Pool Balance)
Additions to Monitored Receivables 1.89%
Collections of Monitored Receivables 1.08%
-----
Net Additions/Reductions to Monitored Receivables 0.81%
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 25,875
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 25,875
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.26%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 14.80%
IV. Alternate Loss Percentage (C.II. + C. III.) 15.06%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 19.72%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.72%
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 396,533,000
Available Investor Collections 219,390,522
Monthly Principal 0
Available Principal Collections 219,390,522
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 219,390,522
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 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, 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 25, 1997
Due Period: October 1, 1997 thru October 31, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 396,533,000.00
Pool Balance as of the last day of the
preceding Due Period 669,269,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.59%
Investor Allocation Percentage 83.43%
Investor Ownership Percentage 29.40%
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 25,875.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.72%
Ending Available Subordinated Amount 49,128,052.00
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 669,269,000.00
Ending Net Receivables Pool Balance 449,926,000.00
Ending Net Series Pool Balance 299,626,072.00
CERTIFICATEHOLDERS' DISTRIBUTION DATE STATEMENT
FOR THE DECEMBER 26, 1997 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 385,102,000
Total New Receivables Sold To Trust (New Invoices) 385,226,000
Dilutions 5,202,000
Defaulted Receivables (91 days +) 3,875,000
Total Pool Recoveries 0
Investment Proceeds for Due Period 0
Interline Payables 149,752,000
Overconcentration Amount 0
Receivables Not Eligible 0
Miscellaneous Payments (Adjustment Payments +
Transfer Deposit Amounts) 0
Monitored Receivables 52,127,000
Additions to Monitored Receivables 16,490,000
Collections of Monitored Receivables 11,394,000
Total Charged-Off Receivables 160,000
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 52.1
Monthly Payment Rate 57.54%
Yield Reserve 3,000,000
Fee Reserve 144,825
PAGE 3
INPUTS FROM PREVIOUS SERVICER REPORT
- ------------------------------------
Ending Pool Balance 669,269,000
Interline Payables 163,155,000
Outstanding Balance 506,114,000
Ending Net Receivables Pool Balance 449,926,000
Ending Series 1993-1 Invested Amount 200,000,000
Ending Series 1993-1 Available Subordinated Amount 49,128,052
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 (PAI A) 125,000,000
Ending Series Adjusted Invested Amount 249,128,052
Yield Reserve 3,000,000
Fee Reserve 142,947
Accumulation Period (Y = 1; N = 2) 2
Early Amortization Period (Y = 1; N = 2) 2
DELINQUENCY DATA (As of 11/30/97)
- ----------------------------------
% Dollar Amount
------------------------------
1-30 Days From Invoice 94.86% 629,908,000
31-60 Days From Invoice 3.81% 25,303,000
61-90 Days From Invoice 0.75% 4,945,000
91-120 Days From Invoice 0.29% 1,932,000
121-150 Days From Invoice 0.14% 955,000
151-180 Days From Invoice 0.10% 679,000
181-210 Days From Invoice 0.05% 333,000
211-240 Days From Invoice 0.02% 120,000
Greater Than 240 Days From Invoice -0.02% (144,000)
------------------------------
Total 100.00% 664,031,000
------------------------------
CERTIFICATE REPORTING DATES
- ---------------------------
Determination Date 18-Dec-97
Distribution Date 26-Dec-97
Due Period Nov-97
Series 1993-1 Period Number 50
Last Day of Preceding Due Period 30-Nov-97
PAGE 4
ALLOCATION PERCENTAGES
- ----------------------
Beginning Invested Amount 200,000,000
Series Adjusted Invested Amount (SAIA) 249,128,052
Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Trust Adjusted Invested Amount (TAIA) 374,128,052
Series Allocation Percentage (SAIA / TAIA) 66.59%
Investor Allocation Percentage 84.20%
Investor Ownership Percentage 29.88%
Seller Ownership Percentage 70.12%
COLLECTIONS
- -----------
Total Pool Collections 385,102,000
Pool Recoveries 0
Total Available Collections 385,102,000
Series Allocable Collections
(SAP * Total Available Collections) 256,435,492
Series Allocable Miscellaneous Payments 0
Available Investor Collections 215,924,544
Monthly Interest Due 841,667
Monthly Interest Paid 841,667
Remaining Available Collections 215,082,877
Beginning Interest Shortfall + Additional Interest Due 0
Beginning Interest Shortfall + Additional Interest Paid 0
Remaining Available Collections 215,082,877
Ending Unpaid Interest Shortfall 0
Certificateholders' Monthly Servicing Fee 61,980
Withdrawal 61,980
Remaining Available Collections 215,020,898
Beginning Deferred Monthly Servicing Fee 0
Withdrawal 0
Remaining Available Collections ("Monthly Principal") 215,020,898
Ending Deferred Monthly Servicing Fee 0
Charged-Off Amount 160,000
Investor Allocable Charged-Off Amount 47,813
Withdrawal 47,813
Remaining Available Collections 214,973,084
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 669,269,000
Collections (385,102,000)
New Receivables 385,226,000
Dilutions (5,202,000)
Charged-Off Receivables (160,000)
Ending Pool Balance 664,031,000
Interline Payables (149,752,000)
Ending Outstanding Balance 514,279,000
Ending Net Receivables Pool Balance 458,277,000
Ending Net Series Pool Balance 305,161,978
REQUIRED NET SERIES POOL BALANCE
- --------------------------------
Subordination Percentage (Current Due Period) 19.72%
Beginning Available Subordinated Amount 49,128,052
Required Subordination Draw Amount 0
Invested Amount 200,000,000
Ending Available Subordinated Amount 49,128,052
Yield Reserve 3,000,000
Fee Reserve 144,825
Initial Invested Amount - Invested Amount 0
Required Net Series Pool Balance 252,272,877
NEW ALLOCATION PERCENTAGES
- --------------------------
Ending Invested Amount 200,000,000
Ending Series Adjusted Invested Amount (SAIA) 249,128,052
Ending Purchaser Adjusted Invested Amount (PAIA) 125,000,000
Ending Trust Adjusted Invested Amount (TAIA) 374,128,052
Ending Series Allocation Percentage (SAIA / TAIA) 66.59%
Ending Investor Allocation Percentage 82.67%
Ending Investor Ownership Percentage 30.12%
Ending Seller Ownership Percentage 69.88%
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 2.48%
Collections of Monitored Receivables 1.72%
-----
Net Additions/Reductions to Monitored Receivables 0.76%
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 47,813
Investor Recoveries 0
Aggregate Investor Allocable Charged-Off Amount 47,813
Aggregate Investor Allocable Charged-Off Amount as a
Percentage of Ending Series Invested Amount 0.01%
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 1.58%
(b) Monitored Receivables Percentage
(7.5 * B.III.(a)) 11.87%
IV. Loss Percentage (B.II. + B.III.) 12.26%
V. Sum of Dilution and Loss Percentages (B.I. + B.IV.) 18.08%
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 0.26%
III. Alternate Monitored Receivables
(a) Alternate Monitored Receivables Percentage 14.80%
IV. Alternate Loss Percentage (C.II. + C. III.) 15.06%
V. Sum of Alternate Dilution and Alternate Loss
Percentages 19.72%
D. Subordination Percentage (Greatest of A.,
B.V., or C.V.) 19.72%
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 385,102,000
Available Investor Collections 214,973,084
Monthly Principal 0
Available Principal Collections 214,973,084
I.Revolving Period:
Unallocated Collections 0
Amounts Paid to Seller (Seller's Interest) 214,973,084
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 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, 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, 1997
Due Period: November 1, 1997 thru November 30, 1997
POOL COLLECTIONS
- ----------------
Aggregate amount of Collections 385,102,000.00
Pool Balance as of the last day of the
preceding Due Period 664,031,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1993-1 Allocation Percentage 66.59%
Investor Allocation Percentage 84.20%
Investor Ownership Percentage 29.88%
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 47,813.00
SUBORDINATION PERCENTAGE
- ------------------------
Subordination Percentage for the Current Due Period 19.72%
Ending Available Subordinated Amount 49,128,052.00
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 664,031,000.00
Ending Net Receivables Pool Balance 458,277,000.00
Ending Net Series Pool Balance 305,161,978.00
