EX-7.1
CSX TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1998-1
Due Period: June 1998
I. Original Deal Parameters
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(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
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(a) Series Allocation Percentage 100.00%
(b) Investor Allocation Percentage 71.90%
(c) Investor Ownership Percentage 44.28%
III. Receivables in the Trust
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(a) Pool Balance at end of month 677,557,000
(b) Interline Payables 148,234,000
(c) Receivables 91+ days past invoice 50,574,000
(d) Ineligible Receivables 0
(e) Overconcentrated Amount 0
(f) Net Receivables Pool Balance [(a) - (b) - (c) - (d) - (e)] 478,749,000
(g) Unallocated Collections 0
(h) Net Series Pool Balance [(f) * II.(a)] 478,749,000
(i) Series Allocation Percentage*Unallocated Collections[(g)*II.(a)] 0
(j) Required Net Series Pool Balance [VI.(f) below] 354,239,545
IV. Monthly Activity
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(a) Pool Balance at beginning of month 705,106,000
(b) Total pool collections 578,692,000
(c) Total new invoices sold to Trust 558,602,000
(d) Dilutions 7,377,000
(e) Charged-Off Receivables 82,000
(f) Reassigned Receivables 0
(g) Ending Pool Balance [(a) -(b) + (c) - (d) - (e) - (f)] 677,557,000
(h) Miscellaneous Payments 0
CSX TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1998-1
Due Period: June 1998
V. Receivables Performance
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(a) Monthly Payment Rate [IV.(b) / III.(f)] 120.88%
(b) Average Days Sales Outstanding [28 or 35 days / (a)] 29.0
(c) Delinquency Data
0 - 30 Days from Invoice 580,981,000
31 - 60 Days from Invoice 34,695,000
61 - 90 Days from Invoice 11,307,000
91 - 120 Days from Invoice 6,123,000
121 - 150 Days from Invoice 5,253,000
151 - 180 Days from Invoice 4,677,000
181 - 210 Days from Invoice 2,979,000
211 - 240 Days from Invoice 1,781,000
241 + Days from Invoice 29,761,000
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TOTAL 677,557,000
VI. Reserves
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(a) Subordination Percentage [IX.(k) below] 13.82%
(b) Invested Amount 300,000,000
(c) Available Subordinated Amount[(a)/(1-(a))*((b)+(d)+(e))+III.(e)]49,676,362
(d) Yield Reserve 4,500,000
(e) Fee Reserve 63,183
(f) Required Net Series Pool Balance 354,239,545
VII. Collections
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(a) Total Pool Collections [IV.(b) above] 578,692,000
(b) Miscellaneous Payments [IV.(h) above] 0
(c) Series Excess Collections 0
(d) Series Allocable Collections [(a) * II.(a)] 578,692,000
(e) Investor Collections [(d) * II.(b)] 416,079,548
(f) Investor Miscellaneous Payments [(b) * II.(a) * II.(b)] 0
(g) Available Investor Collections [(c) + (e) + (f)] 416,079,548
(h) Monthly Interest 1,900,000
(i) Interest Shortfall 0
(j) Monthly Servicing Fee [I.(e)/12*IV.(g)*VI.(b)/(III.(f)*II(a))] 38,717
(k) Monthly Principal [0 if Revolving Period, otherwise VIII.(b) below] 0
VIII. Monthly Investor Principal
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(a) Monthly Principal [VII.(g) - VII.(h) - VII.(i) - VII.(j)] 414,140,831
(b)Available Principal Collections (a) 414,140,831
(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
CSX TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1998-1
Due Period: June 1998
IX. Subordination Percentage
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(a) Subordination Percentage Floor 13.00%
(b) Average Dilution Ratio (last 12 months) 1.60%
(c) Highest Dilution Ratio (last 12 months) 2.59%
(d) Dilution Horizon Ratio (assuming 1 month horizon) 83.00%
(e) Dilution Percentage [(d) * {2.5 * (b) + ((c) - (b)) * ((c) / (b))}] 4.96%
(f) Highest 3-month Average Delinquency Ratio (last 12 months) 0.74%
(g) Default Horizon Ratio 340.00%
(h) Loss Percentage [2.5 * (f) * (g)] 5.17%
(i) Dilution Percentage + Loss Percentage 10.13%
(j) 12.5% + (b) * (d) 13.82%
(k) Subordination Percentage [greatest of (a), (i) and (j)] 13.82%
X. Investor Charge-Offs
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(a) Investor Allocable Charged-Off Amount [IV.(e) * II.(c)] 36,307
(b) Investor Recoveries 0
(c) Loss Reserve 49,676,362
(d) Investor Charge-off [(a) - (b) -(c), if positive] 0
(e) Cumulative Investor Charge-offs [including (d) above] 0
XI. Invested Amount
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(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
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(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 No
deposit to Retained Collection Account
(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
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 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 27, 1998
Collection Period: June 1998
POOL COLLECTIONS
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Total Pool Collections 578,692,000.00
Total Collections Available 578,692,000.00
ALLOCATION PERCENTAGES
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Series 1998-1 Allocation Percentage 100.00%
Investor Ownership Percentage 44.28%
DISTRIBUTION TO CERTIFICATEHOLDERS
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Total amount distributed allocable to Interest 1,900,000.00
Total amount distributed allocable to Interest 6.33
(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)
SERIES 1998-1 INVESTED AMOUNTS
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Unallocated Collections 0.00
Amounts on deposit in the Principal Funding 0.00
Account
Ending Invested Amounts 300,000,000.00
INVESTOR INTEREST SHORTFALL AMOUNT
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Total Investor Deficiency Amount 0.00
INVESTOR CHARGE-OFF AND REIMBURSEMENT ACTIVITY
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Beginning Investor Charge-Offs 0.00
Beginning Investor Charge-Offs per $1,000 0.00
Certificate
Additional Investor Charge-Offs 0.00
Additional Investor Charge-Offs per $1,000 0.00
Certificate
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 0.00
Certificate
POOL BALANCES
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Outstanding Receivables Balance 677,557,000.00
Ending Net Receivables Pool Balance 478,749,000.00
Ending Net Series Pool Balance 478,749,000.00