CSX TRADE RECEIVABLES CORP
8-K/A, 1999-06-09
ASSET-BACKED SECURITIES
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PAGE 1


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 8-K/A

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): April 26, 1999
                                                          --------------


               CSX Trade Receivables Corporation on behalf of the
                       CSXT Trade Receivables Master Trust
          (Issuer in respect of the CSXT Trade Receivables Master Trust
       6.00% Trade Receivables Participation Certificates, Series 1998-1)
       -----------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


           Delaware                     000-25567              59-3168541
           --------                     ---------              ----------
(State or other jurisdiction of        (Commission          (I.R.S. Employer
incorporation or organization)          File No.)          Identification No.)


                         Route 688
                        P.O. Box 87
                     Doswell, Virginia                           23047
                     -----------------                           -----
         (Address of principal executive offices)              (Zip Code)

       Registrant's telephone number, including area code: (804) 876-3220

                                 Not Applicable
                                 --------------
         (Former name or former address, if changed since last report.)


Item 5.        Other Events.

               The Registrant is filing the exhibit listed in Item 7 below.

Item 7.        Financial Statements, Pro Forma Financial Information and
               Exhibits.

               Exhibit 7.1   Monthly   Statement   for  the  6.00%   Trade
                             Receivables  Participation   Certificates,   Series
                             1998-1   with   respect  to  the  April  26,   1999
                             Distribution Date.

                                     - 1 -
<PAGE>


PAGE 2


                                   Signatures

        Pursuant to the requirements of the Securities and Exchange Act of 1934,
the  registrant  has caused this report to be signed on behalf of the CSXT Trade
Receivables Master Trust by the undersigned, hereunto duly authorized.


                                          CSXT TRADE RECEIVABLES MASTER TRUST

                                    By:   CSX TRADE RECEIVABLES CORPORATION



                                          /s/ROBERT M. PEEBLES
                                          --------------------
                                          Robert M. Peebles
                                          Vice President-Accounting


Date:  June 9, 1999








                                     - 2 -
<PAGE>


PAGE 3



                                  EXHIBIT LIST
                                  ------------





Exhibit
- -------


7.1     Monthly  Statement  for  the  6.00%  Trade   Receivables   Participation
        Certificates,   Series  1998-1  with  respect  to  the  April  26,  1999
        Distribution Date


                                     - 3 -



                             CSXT TRADE RECEIVABLES MASTER TRUST
                             Monthly Distribution Date Statement
                                        Series 1998-1

Due Period:  March 1999  (Revised)

I.   Original Deal Parameters
     ------------------------
(a)  Pool Balance                                                    705,106,000
(b)  Initial Invested Amount                                         300,000,000
(c)  Original Investor Allocation Percentage                              71.90%
(d)  Certificate Rate                                                      6.00%
(e)  Servicing Fee per Annum                                               0.25%
(f)  Original Required Subordinated Amount                            49,676,362

II.  Allocation Percentages
     ----------------------
(a)  Series Allocation Percentage                                        100.00%
(b)  Investor Allocation Percentage                                       80.80%
(c)  Investor Ownership Percentage                                        47.73%

III. Receivables in the Trust
     ------------------------
(a)  Pool Balance at end of month                                    628,503,000
(b)  Interline Payables                                              139,200,000
(c)  Receivables 91+ days past invoice                                49,465,000
(d)  Ineligible Receivables                                                    0
(e)  Overconcentrated Amount                                                   0
(f)  Net Receivables Pool Balance [(a) - (b) - (c) - (d) - (e)]      439,838,000
(g)  Unallocated Collections                                                   0
(h)  Net Series Pool Balance [(f) * II.(a)]                          439,838,000
(i)  Series Allocation Percentage
     * Unallocated Collections [(g) * II.(a)]                                  0
(j)  Required Net Series Pool Balance [VI.(f) below]                 355,372,608

IV.  Monthly Activity
     ----------------
(a)  Pool Balance at beginning of month                              583,054,000
(b)  Total pool collections                                          567,246,000
(c)  Total new invoices sold to Trust                                621,736,000
(d)  Dilutions                                                         8,941,000
(e)  Charged-Off Receivables                                             100,000
(f)  Reassigned Receivables                                                    0
(g)  Ending Pool Balance [(a) -(b) + (c) - (d) - (e) - (f)]          628,503,000
(h)  Miscellaneous Payments                                                    0
<PAGE>

                       CSXT TRADE RECEIVABLES MASTER TRUST
                       Monthly Distribution Date Statement
                                  Series 1998-1

Due Period:  March 1999  (Revised)

V.   Receivables Performance
     -----------------------
(a)  Monthly Payment Rate [IV.(b) / III.(f)]                             128.97%
(b)  Average Days Sales Outstanding [28 or 35 days / (a)]                   27.1
(c)  Delinquency Data
         0 - 30 Days from Invoice                                   537,905,000
         31 - 60 Days from Invoice                                   32,537,000
         61 - 90 Days from Invoice                                    8,596,000
         91 - 120 Days from Invoice                                   5,356,000
         121 - 150 Days from Invoice                                  3,560,000
         151 - 180 Days from Invoice                                  3,706,000
         181 - 210 Days from Invoice                                  2,030,000
         211 - 240 Days from Invoice                                  1,446,000
         241 + Days from Invoice                                     33,367,000
                                                              ------------------
         TOTAL                                                      628,503,000

VI.  Reserves
     --------
(a)  Subordination Percentage [IX.(k) below]                              14.27%
(b)  Invested Amount                                                 300,000,000
(c)  Available Subordinated Amount
     [((a) / (1 - (a))) * ((b) + (d) + (e))+III (e)]                  50,713,240
(d)  Yield Reserve                                                     4,500,000
(e)  Fee Reserve [2 * V.(b) / 365 * VII.(j) * 12 ]                       159,368
(f)  Required Net Series Pool Balance                                355,372,608

VII. Collections
     -----------
(a)  Total Pool Collections [IV.(b) above]                           567,246,000
(b)  Miscellaneous Payments [IV.(h) above]                                     0
(c)  Series Excess Collections                                                 0
(d)  Series Allocable Collections [(a) * II.(a)]                     567,246,000
(e)  Investor Collections [(d) * II.(b)]                             458,313,494
(f)  Investor Miscellaneous Payments [(b) * II.(a) * II.(b)]                   0
(g)  Available Investor Collections [(c) + (e) + (f)]                458,313,494
(h)  Monthly Interest                                                  1,500,000
(i)  Interest Shortfall                                                        0
(j)  Monthly Servicing Fee
     [I.(e) / 12 * IV.(g) * VI.(b) / (III.(f) * II.(a))]                  89,309
(k)  Monthly Principal [0 if Revolving Period, otherwise VIII.(b) below]       0

VIII.Monthly Investor Principal
     --------------------------
(a)  Monthly Principal [VII.(g) - VII.(h) - VII.(i) - VII.(j)]       456,724,185
(b)  Available Principal Collections (a)                             456,724,185
(c)  Controlled Deposit Amount                                                 0
(d)  Monthly Investor Principal [lesser of (b) and (c)]                        0
(e)  Deficit Controlled Accumulation Amount [(c) - (d), if positive]           0
<PAGE>

                       CSXT TRADE RECEIVABLES MASTER TRUST
                       Monthly Distribution Date Statement
                                  Series 1998-1

Due Period:  March 1999  (Revised)

IX.  Subordination Percentage
     ------------------------
(a)  Subordination Percentage Floor                                       13.00%
(b)  Average Dilution Ratio (last 12 months)                               1.70%
(c)  Highest Dilution Ratio (last 12 months)                               2.13%
(d)  Dilution Horizon Ratio (assuming 1 month horizon)                   103.91%
(e)  Dilution Percentage [(d) * {2.5 * (b) + ((c) - (b)) * ((c) / (b))}]   4.99%
(f)  Highest 3-month Average Delinquency Ratio (last 12 months)            0.74%
(g)  Default Horizon Ratio                                               432.82%
(h)  Loss Percentage [2.5 * (f) * (g)]                                     8.00%
(i)  Dilution Percentage + Loss Percentage                                12.98%
(j)  12.5% + (b) * (d)                                                    14.27%
(k)  Subordination Percentage [greatest of (a), (i) and (j)]              14.27%

X.   Investor Charge-Offs
     --------------------
(a)  Investor Allocable Charged-Off Amount [IV.(e) * II.(c)]              47,732
(b)  Investor Recoveries                                                       0
(c)  Loss Reserve                                                     50,713,240
(d)  Investor Charge-off [(a) - (b) - (c), if positive]                        0
(e)  Cumulative Investor Charge-offs [including (d) above]                     0

XI.  Invested Amount
     ---------------
(a)  Beginning Invested Amount                                       300,000,000
(b)  Cumulative Investor Charge-offs [X.(e) above]                             0
(c)  Amount on deposit in Principal Funding Account                            0
(d)  Distributions of Principal                                                0
(e)  Ending Invested Amount                                          300,000,000

XII. Amortization Events
     -------------------
(a)  Breach of material  covenant or agreement  uncured for 30 days           No
(b)  Breach of  Representation  or Warranty  not  corrected  for 30 days      No
(c)  Bankruptcy, insolvency  or  receivership  of  Seller  or  CSXT           No
(d)  Trust  is  deemed  an "Investment Company"                               No
(e)  CSXT fails to convey Receivables to Seller, Servicer
     fails to make deposit to Retained Collection Account                     No
(f)  Required Net Series Pool Balance Exceeds Net Series Pool Balance         No
(g)  Any Series 1998-1 Servicer Default                                       No
(h)  Termination Notice delivered to Servicer                                 No
(i)  Invested Amount not paid in full on Expected Final Payment Date          No
(j)  Average Monthly Payment Rate for last 3 months is less than 25%          No
<PAGE>

                       CSXT TRADE RECEIVABLES MASTER TRUST
                       -----------------------------------

                 Certificateholders' Distribution Date Statement
                                  Series 1998-1
                       CSX Transportation, Inc. (Servicer)

        Pursuant to Section 5.02(a) of the Series 1998-1  Supplement dated as of
June 17, 1998,  as to Pooling and  Servicing  Agreement  dated as of October 27,
1993, as amended and restated (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 The Chase
Manhattan Bank (formerly known as Chemical Bank),  Trustee (the "Trustee"),  the
Servicer is required to prepare  and 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 26, 1999

Collection Period:  March 1999  (Revised)

POOL COLLECTIONS
- ----------------

Total Pool Collections                                            567,246,000.00

Total Collections Available                                       567,246,000.00


ALLOCATION PERCENTAGES
- ----------------------

Series 1998-1 Allocation Percentage                                      100.00%

Investor Ownership Percentage                                             47.73%

DISTRIBUTION TO CERTIFICATEHOLDERS
- ----------------------------------

Total amount distributed allocable to Interest                      1,500,000.00

Total amount distributed allocable to Interest                              5.00
   (per $1,000 of Certificates)

Total amount distributed to allocable to Principal                          0.00

Total amount distributed allocable to Principal                             0.00
   (per $1,000 of Certificates)

<PAGE>

SERIES 1998-1 INVESTED AMOUNTS
- ------------------------------

Unallocated Collections                                                     0.00

Amounts on deposit in the Principal Funding                                 0.00

Ending Invested Amounts                                           300,000,000.00


INVESTOR  INTEREST SHORTFALL AMOUNT
- -----------------------------------

Total Investor Deficiency Amount                                            0.00


INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
- ----------------------------------------------

Beginning Investor Charge-Offs                                              0.00
Beginning Investor Charge-Offs per $1,000                                   0.00

Additional Investor Charge-Offs                                             0.00
Additional Investor Charge-Offs per $1,000                                  0.00

Reimbursements:
Reinstatement of Investor Certificates                                      0.00
Reinstatement of Investor Certificates per $1,000                           0.00

Ending Investor Charge-Offs                                                 0.00
Ending Investor Charge-Offs per $1,000                                      0.00

POOL BALANCES
- -------------

Outstanding Receivables Balance                                   628,503,000.00

Ending Net Receivables Pool Balance                               439,838,000.00

Ending Net Series Pool Balance                                    439,838,000.00


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