Common use of COLLATERAL AVAILABLE FUNDS Clause in Contracts

COLLATERAL AVAILABLE FUNDS. a. Excess Spread $ 4. TOTAL EXCESS SPREAD 1. Principal Allocation Percentage % 2. Series 2008-4 Allocable Principal Collections $ 3. Principal Allocation Percentage of Series 2008-4 Allocable Principal Collections $ 4. Reallocated Principal Collections Required to fund the Required Amount $ 5. Item 3 minus Item 4 $ 6. Shared Principal Collections from other Series allocated to Series 2008-4 $ 7. Other amounts treated as Available Principal Collections $ 8. Available Principal Collections (total of items 5, 6 and 7) $ 1. Collateral Invested Amount $ 2. Required Collateral Invested Amount $ 3. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 4. Treated as Shared Principal Collections $ 1. Principal Funding Account $ 2. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 3. Distribution of Principal $ 4. Treated as Shared Principal Collections $ 1. Excess Spread $ 2. Excess Finance Charge Collections $ 3. Applied to fund Class A Required Amount $ 4. Class A Investor Charge-Offs treated as Available Principal Collections $ 5. Applied to fund overdue Class B Interest $ 6. Applied to fund Class B Required Amount $ 7. Reduction of Class B Invested Amount treated as Available Principal Collections $ 8. Applied to Collateral Minimum Monthly Interest $ 9. Applied to unpaid Monthly Servicing Fee $ 10. Collateral Default Amount treated as Available Principal Collections $ 11. Reduction of Collateral Invested Amount treated as Available Principal Collections $ 12. Deposited to Reserve Account $ 13. Remaining Excess Spread distributed to Collateral Interest Holder(s) $ 1. Base Rate Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 2. Three Month Average Base Rate % 3. Series Adjusted Portfolio Yield Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 4. Three Month average Series Adjusted Portfolio Yield % 5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month average Base Rate? [Yes/No] The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and American Express Receivable Financing Corporation IV LLC, as transferors (together, the “Transferors”) and The Bank of New York, as trustee (the “Trustee”), does hereby certify as follows: Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2008-4 Supplement, dated as of April 17, 2008, among TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as applicable. Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31, 200[_]: A) Pursuant to subsection 5.01(a): B) Pursuant to subsection 5.01(b): C) Pursuant to subsection 5.01(c): D) Pursuant to subsection 5.01(d): E) Pursuant to subsection 5.01(e):

COLLATERAL AVAILABLE FUNDS. a. Excess Spread $ 4. TOTAL EXCESS SPREADSPREAD $ 1. Principal Allocation Percentage % 2. Series 2008-4 3 Allocable Principal Collections $ 3. Principal Allocation Percentage of Series 2008-4 3 Allocable Principal Collections $ 4. Reallocated Principal Collections Required to fund the Required Amount $ 5. Item 3 minus Item 4 $ 6. Shared Principal Collections from other Series allocated to Series 2008-4 3 $ 7. Other amounts treated as Available Principal Collections $ 8. Available Principal Collections (total of items 5, 6 and 7) $ 1. Collateral Invested Amount $ 2. Required Collateral Invested Amount $ 3. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 4. Treated as Shared Principal Collections $ 1. Principal Funding Account $ 2. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 3. Distribution of Principal $ 4. Treated as Shared Principal Collections $ 1. Excess Spread $ 2. Excess Finance Charge Collections $ 3. Applied to fund Class A Required Amount $ 4. Class A Investor Charge-Offs treated as Available Principal Collections $ 5. Applied to fund overdue Class B Interest $ 6. Applied to fund Class B Required Amount $ 7. Reduction of Class B Invested Amount treated as Available Principal Collections $ 8. Applied to Collateral Minimum Monthly Interest $ 9. Applied to unpaid Monthly Servicing Fee $ 10. Collateral Default Amount treated as Available Principal Collections $ 11. Reduction of Collateral Invested Amount treated as Available Principal Collections $ 12. Deposited to Reserve Account $ 13. Remaining Excess Spread distributed to Collateral Interest Holder(s) $ 1. Base Rate Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 2. Three Month Average Base Rate % 3. Series Adjusted Portfolio Yield Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 4. Three Month average Series Adjusted Portfolio Yield % 5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month average Base Rate? [Yes/No] The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and American Express Receivable Financing Corporation IV LLC, as transferors (together, the “Transferors”) and The Bank of New York, as trustee (the “Trustee”), does hereby certify as follows: Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2008-4 3 Supplement, dated as of April 17, 2008, among TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as applicable. Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31, 200[_]: A) Pursuant to subsection 5.01(a):): Interest distributed to Class A Certificateholders $ B) Pursuant to subsection 5.01(b):): On the Expected Final Payment Date or a Special Payment Date, if applicable, principal distributed to the Class A Certificateholders $ C) Pursuant to subsection 5.01(c):): Interest distributed to Class B Certificateholders $ D) Pursuant to subsection 5.01(d):): On the Expected Final Payment Date or a Special Payment Date, if applicable, on or after the date Class A Invested Amount is paid in full, principal distributed to the Class B Certificateholders $ E) Pursuant to subsection 5.01(e):): Aggregate amount distributed to the Collateral Interest Holder in respect of interest $ Aggregate amount distributed to the Collateral Interest Holder in respect of principal $

COLLATERAL AVAILABLE FUNDS. a. Excess Spread $ 4. TOTAL EXCESS SPREADSPREAD $ 1. Principal Allocation Percentage % 2. Series 2008-4 5 Allocable Principal Collections $ 3. Principal Allocation Percentage of Series 2008-4 5 Allocable Principal Collections $ 4. Reallocated Principal Collections Required to fund the Required Amount $ 5. Item 3 minus Item 4 $ 6. Shared Principal Collections from other Series allocated to Series 2008-4 5 $ 7. Other amounts treated as Available Principal Collections $ 8. Available Principal Collections (total of items 5, 6 and 7) $ 1. Collateral Invested Amount $ 2. Required Collateral Invested Amount $ 3. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 4. Treated as Shared Principal Collections $ 1. Principal Funding Account $ 2. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 3. Distribution of Principal $ 4. Treated as Shared Principal Collections $ 1. Excess Spread $ 2. Excess Finance Charge Collections $ 3. Applied to fund Class A Required Amount $ 4. Class A Investor Charge-Offs treated as Available Principal Collections $ 5. Applied to fund overdue Class B Interest $ 6. Applied to fund Class B Required Amount $ 7. Reduction of Class B Invested Amount treated as Available Principal Collections $ 8. Applied to Collateral Minimum Monthly Interest $ 9. Applied to unpaid Monthly Servicing Fee $ 10. Collateral Default Amount treated as Available Principal Collections $ 11. Reduction of Collateral Invested Amount treated as Available Principal Collections $ 12. Deposited to Reserve Account $ 13. Remaining Excess Spread distributed to Collateral Interest Holder(s) $ 1. Base Rate Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 2. Three Month Average Base Rate % 3. Series Adjusted Portfolio Yield Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 4. Three Month average Series Adjusted Portfolio Yield % 5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month average Base Rate? [Yes/No] The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and American Express Receivable Financing Corporation IV LLC, as transferors (together, the “Transferors”) and The Bank of New York, as trustee (the “Trustee”), does hereby certify as follows: Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2008-4 5 Supplement, dated as of April 17June 12, 2008, among TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as applicable. Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31, 200[_]: A) Pursuant to subsection 5.01(a): B) Pursuant to subsection 5.01(b): C) Pursuant to subsection 5.01(c):): Interest distributed to Class B Certificateholders $ D) Pursuant to subsection 5.01(d):): On the Expected Final Payment Date or a Special Payment Date, if applicable, on or after the date Class A Invested Amount is paid in full, principal distributed to the Class B Certificateholders $ E) Pursuant to subsection 5.01(e):): Aggregate amount distributed to the Collateral Interest Holder in respect of interest $ Aggregate amount distributed to the Collateral Interest Holder in respect of principal $

COLLATERAL AVAILABLE FUNDS. a. Excess Spread $ 4. TOTAL EXCESS SPREADSPREAD $ 1. Principal Allocation Percentage % 2. Series 2008-4 7 Allocable Principal Collections $ 3. Principal Allocation Percentage of Series 2008-4 7 Allocable Principal Collections $ 4. Reallocated Principal Collections Required to fund the Required Amount $ 5. Item 3 minus Item 4 $ 6. Shared Principal Collections from other Series allocated to Series 2008-4 7 $ 7. Other amounts treated as Available Principal Collections $ 8. Available Principal Collections (total of items 5, 6 and 7) $ 1. Collateral Invested Amount $ 2. Required Collateral Invested Amount $ 3. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 4. Treated as Shared Principal Collections $ 1. Principal Funding Account $ 2. Excess of Collateral Invested Amount over Required Collateral Invested Amount $ 3. Distribution of Principal $ 4. Treated as Shared Principal Collections $ 1. Excess Spread $ 2. Excess Finance Charge Collections $ 3. Applied to fund Class A Required Amount $ 4. Class A Investor Charge-Offs treated as Available Principal Collections $ 5. Applied to fund overdue Class B Interest $ 6. Applied to fund Class B Required Amount $ 7. Reduction of Class B Invested Amount treated as Available Principal Collections $ 8. Applied to Collateral Minimum Monthly Interest $ 9. Applied to unpaid Monthly Servicing Fee $ 10. Collateral Default Amount treated as Available Principal Collections $ 11. Reduction of Collateral Invested Amount treated as Available Principal Collections $ 12. Deposited to Reserve Account $ 13. Remaining Excess Spread distributed to Collateral Interest Holder(s) $ 1. Base Rate Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 2. Three Month Average Base Rate % 3. Series Adjusted Portfolio Yield Current Monthly Period % Prior Monthly Period % Second Prior Monthly Period % 4. Three Month average Series Adjusted Portfolio Yield % 5. Is the 3 month average Series Adjusted Portfolio Yield more than the 3 month average Base Rate? [Yes/No] The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and American Express Receivable Financing Corporation IV LLC, as transferors (together, the “Transferors”) and The Bank of New YorkYork Mellon, as trustee (the “Trustee”), does hereby certify as follows: Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement or the Series 2008-4 7 Supplement, dated as of April 17August 15, 2008, among TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as applicable. Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account, as applicable, the following aggregate amounts during the year ended December 31, 200[_]: A) Pursuant to subsection 5.01(a): B) Pursuant to subsection 5.01(b): C) Pursuant to subsection 5.01(c):): Interest distributed to Class B Certificateholders $ D) Pursuant to subsection 5.01(d):): On the Expected Final Payment Date or a Special Payment Date, if applicable, on or after the date Class A Invested Amount is paid in full, principal distributed to the Class B Certificateholders $ E) Pursuant to subsection 5.01(e):): Aggregate amount distributed to the Collateral Interest Holder in respect of interest $ Aggregate amount distributed to the Collateral Interest Holder in respect of principal $