8-K 1 f8kctrc102002.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 25, 2002 ---------------- 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 October 25, 2002 Distribution Date. 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/David H. Baggs ----------------- David H. Baggs President and Treasurer Date: November 8, 2002 EXHIBIT LIST Exhibit 7.1 Monthly Statement for the 6.00% Trade Receivables Participation Certificates, Series 1998-1 with respect to the October 25, 2002 Distribution Date CSXT TRADE RECEIVABLES MASTER TRUST Monthly Distribution Date Statement Series 1998-1 Due Period: September 2002

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 77.4641% (b) Investor Allocation Percentage 8179.3465% (c) Investor Ownership Percentage 3230.0377% III. Receivables in the Trust (a) Pool Balance at end of month ~~936~~974,~~705~~926,000 (b) Interline Payables ~~138~~155,~~806~~410,000 (c) Receivables 91+ days past invoice ~~127~~120,~~216~~075,000 (d) Ineligible Receivables 0 (e) Overconcentrated Amount 1323,~~768~~785,000 (f) Net Receivables Pool Balance [(a) - (b) - (c) - (d) - (e)] 675,656,~~915,~~000 (g) Unallocated Collections 0 (h) Net Series Pool Balance [(f) * II.(a)] ~~508~~522,~~820~~999,~~489~~399 (i) Series Allocation Percentage * Unallocated Collections [(g) * II.(a)] 0 (j) Required Net Series Pool Balance [VI.(f) below] ~~403~~405,~~121~~019,~~859~~776 IV. Monthly Activity (a) Pool Balance at beginning of month ~~918~~936,~~375~~705,000 (b) Total pool collections ~~575~~712,~~088~~950,000 (c) Total new invoices sold to Trust ~~606~~768,~~833~~569,000 (d) Dilutions 1213,~~597~~789,000 (e) Charged-Off Receivables ~~818~~3,609,000 (f) Reassigned Receivables 0 (g) Ending Pool Balance [(a) -(b) + (c) - (d) - (e) - (f)] ~~936~~974,~~705~~926,000 (h) Miscellaneous Payments 0

CSXT TRADE RECEIVABLES MASTER TRUST Monthly Distribution Date Statement Series 1998-1 Due Period: September 2002

V. Receivables Performance (a) Monthly Payment Rate [IV.(b) / III.(f)] 87105.5452% (b) Average Days Sales Outstanding [28 or 35 days / (a)] 3233.02 (c) Delinquency Data 0 - 30 Days from Invoice ~~716~~745,~~181~~786,000 31 - 60 Days from Invoice 7084,~~076~~562,000 61 - 90 Days from Invoice 2324,~~232~~503,000 91 - 120 Days from Invoice 1514,~~644~~512,000 121 - 150 Days from Invoice 1011,~~969~~450,000 151 - 180 Days from Invoice 9,~~084~~680,000 181 - 210 Days from Invoice 67,~~665~~673,000 211 - 240 Days from Invoice 65,~~327~~752,000 241 + Days from Invoice 7871,~~527~~008,000 ~~------------~~ TOTAL ~~936~~974,~~705~~926,000 VI. Reserves (a) Subordination Percentage [IX.(k) below] 2122.8612% (b) Invested Amount 300,000,000 (c) Available Subordinated Amount [((a) / (1 - (a))) * ((b) + (d) + (e))+[Previous Mo.] III (e)] 98100,~~437~~330,~~015~~115 (d) Yield Reserve 4,500,000 (e) Fee Reserve [2 * [Previous Mo.] V.(b) / 365 * VII.(j) * 12 ] ~~184~~189,~~843~~661 (f) Required Net Series Pool Balance ~~403~~405,~~121~~019,~~859~~776 0.~~613659~~599447 VII. Collections (a) Total Pool Collections [IV.(b) above] ~~575~~712,~~088~~950,000 (b) Miscellaneous Payments [IV.(h) above] 0 (c) Series Excess Collections 0 (d) Series Allocable Collections [(a) * II.(a) ] ~~445~~551,~~440~~867,~~517~~254 (e) Investor Collections [(d) * II.(b)] ~~362~~439,~~330~~568,~~902~~056 (f) Investor Miscellaneous Payments [(b) * II.(a) * II.(b) ] 0 (g) Available Investor Collections [(c) + (e) + (f)] ~~362~~439,~~330~~568,~~902~~056 (h) Monthly Interest 1,500,000 (i) Interest Shortfall 0 (j) Monthly Servicing Fee [I.(e) / 12 * IV.(g) * VI.(b) / III.(f)] 8990,~~120~~183 (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)] ~~360~~437,~~741~~977,~~783~~872 (b) Available Principal Collections (a) ~~360~~437,~~741~~977,~~783~~872 (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: September 2002

IX. Subordination Percentage (a) Subordination Percentage Floor 13.00% (b) Average Dilution Ratio (last 12 months) 2.3734% (c) Highest Dilution Ratio (last 12 months) 3.79% (d) Dilution Horizon Ratio (assuming 1 month horizon) 8289.1781% (e) Dilution Percentage [(d) * {2.5 * (b) + ((c) - (b)) * ((c) / (b))}] 67.7437% (f) Highest 3-month Average Delinquency Ratio (last 12 months) 1.57% (g) Default Horizon Ratio ~~386~~376.0686% (h) Loss Percentage [2.5 * (f) * (g)] 1514.1276% (i) Dilution Percentage + Loss Percentage 2122.8612% (j) 12.5% + (b) * (d) 14.4560% (k) Subordination Percentage [greatest of (a), (i) and (j)] 2122.8612% X. Investor Charge-Offs (a) Investor Allocable Charged-Off Amount [IV.(e) * II.(c)] ~~261~~1,~~982~~110,546 (b) Investor Recoveries 0 (c) Loss Reserve 98100,~~437~~330,~~015~~115 (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 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 25, 2002 Collection Period: September 2002 POOL COLLECTIONS Total Pool Collections 712,950,000.00 Total Collections Available 712,950,000.00 ALLOCATION PERCENTAGES Series 1998-1 Allocation Percentage 77.41% Investor Ownership Percentage 30.77% 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 974,926,000.00 Ending Net Receivables Pool Balance 675,656,000.00 Ending Net Series Pool Balance 522,999,398.87

Filing Compare · CSX TRADE RECEIVABLES CORP