CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1998-1
Due Period: June 1999
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 64.82%
(c) Investor Ownership Percentage 40.88%
III. Receivables in the Trust
------------------------
(a) Pool Balance at end of month 733,870,000
(b) Interline Payables 148,889,000
(c) Receivables 91+ days past invoice 28,560,000
(d) Ineligible Receivables 0
(e) Overconcentrated Amount 3,935,000
(f) Net Receivables Pool Balance [(a) - (b) - (c) - (d) - (e)] 552,486,000
(g) Unallocated Collections 0
(h) Net Series Pool Balance [(f) * II.(a)] 552,486,000
(i) Series Allocation Percentage
* Unallocated Collections [(g) * II.(a)] 0
(j) Required Net Series Pool Balance [VI.(f) below] 358,134,149
IV. Monthly Activity
----------------
(a) Pool Balance at beginning of month 604,853,000
(b) Total pool collections 580,038,000
(c) Total new invoices sold to Trust 717,631,000
(d) Dilutions 8,455,000
(e) Charged-Off Receivables 121,000
(f) Reassigned Receivables 0
(g) Ending Pool Balance [(a) -(b) + (c) - (d) - (e) - (f)] 733,870,000
(h) Miscellaneous Payments 0
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1998-1
Due Period: June 1999
V. Receivables Performance
-----------------------
(a) Monthly Payment Rate [IV.(b) / III.(f)] 104.99%
(b) Average Days Sales Outstanding [28 or 35 days / (a)] 33.3
(c) Delinquency Data
0 - 30 Days from Invoice 646,498,000
31 - 60 Days from Invoice 48,200,000
61 - 90 Days from Invoice 10,612,000
91 - 120 Days from Invoice 4,623,000
121 - 150 Days from Invoice 3,558,000
151 - 180 Days from Invoice 2,626,000
181 - 210 Days from Invoice 2,117,000
211 - 240 Days from Invoice 1,828,000
241 + Days from Invoice 13,808,000
------------------
TOTAL 733,870,000
VI. Reserves
--------
(a) Subordination Percentage [IX.(k) below] 13.98%
(b) Invested Amount 300,000,000
(c) Available Subordinated Amount
[((a) / (1 - (a))) * ((b) + (d) + (e))+III (e)] 53,452,166
(d) Yield Reserve 4,500,000
(e) Fee Reserve [2 * V.(b) / 365 * VII.(j) * 12 ] 181,982
(f) Required Net Series Pool Balance 358,134,149
VII. Collections
-----------
(a) Total Pool Collections [IV.(b) above] 580,038,000
(b) Miscellaneous Payments [IV.(h) above] 0
(c) Series Excess Collections 0
(d) Series Allocable Collections [(a) * II.(a)] 580,038,000
(e) Investor Collections [(d) * II.(b)] 375,993,990
(f) Investor Miscellaneous Payments [(b) * II.(a) * II.(b)] 0
(g) Available Investor Collections [(c) + (e) + (f)] 375,993,990
(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))] 83,019
(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)] 374,410,970
(b) Available Principal Collections (a) 374,410,970
(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
CSXT TRADE RECEIVABLES MASTER TRUST
Monthly Distribution Date Statement
Series 1998-1
Due Period: June 1999
IX. Subordination Percentage
------------------------
(a) Subordination Percentage Floor 13.00%
(b) Average Dilution Ratio (last 12 months) 1.75%
(c) Highest Dilution Ratio (last 12 months) 2.13%
(d) Dilution Horizon Ratio (assuming 1 month horizon) 84.54%
(e) Dilution Percentage [(d) *
{2.5 * (b) + ((c) - (b)) * ((c) / (b))}] 4.09%
(f) Highest 3-month Average Delinquency Ratio (last 12 months) 0.67%
(g) Default Horizon Ratio 361.55%
(h) Loss Percentage [2.5 * (f) * (g)] 6.06%
(i) Dilution Percentage + Loss Percentage 10.15%
(j) 12.5% + (b) * (d) 13.98%
(k) Subordination Percentage [greatest of (a), (i) and (j)] 13.98%
X. Investor Charge-Offs
--------------------
(a) Investor Allocable Charged-Off Amount [IV.(e) * II.(c)] 49,464
(b) Investor Recoveries 0
(c) Loss Reserve 53,452,166
(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
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 26, 1999
Collection Period: June 1999
POOL COLLECTIONS
- ----------------
Total Pool Collections 580,038,000.00
Total Collections Available 580,038,000.00
ALLOCATION PERCENTAGES
- ----------------------
Series 1998-1 Allocation Percentage 100.00%
Investor Ownership Percentage 40.88%
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)
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 733,870,000.00
Ending Net Receivables Pool Balance 552,486,000.00
Ending Net Series Pool Balance 552,486,000.00
Note: Effective June 1, 1999, CSX Transportation, Inc. ("CSXT") formally began
integrated operations over a new rail network comprised of its existing 18,300
route miles of track and 4,400 additional route miles of track owned by Conrail
Inc. ("Conrail"). This step implemented the operating plan envisioned by CSX
Corporation ("CSX") and Norfolk Southern Corporation ("Norfolk Southern") when
they completed the joint acquisition of Conrail in May 1997 and later received
regulatory approval permitting them to exercise joint control over Conrail in
August 1998. Upon integration, CSXT assumed significant business formally served
by Conrail. As a result, total new invoices sold to the CSXT Trade Receivables
Master Trust (the "Trust") and the Pool Balance at period-end increased
significantly during the June 1999 Due Period. In subsequent Due Periods, it is
expected that balances and activity for receivables sold to the Trust will
reflect higher levels than for Due Periods prior to the integration of the
Conrail lines.