AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. AMERICAN EXPRESS ISSUANCE TRUST SERIES 2005-1
Exhibit 99
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2005-1
SERIES 2005-1
The undersigned, a duly authorized representative of American Express
Travel Related Services Company, Inc., as servicer (“TRS”), pursuant to the
Amended and Restated Transfer and Servicing Agreement, dated as of November
1, 2007 (as may be amended and supplemented, the “Agreement”), among AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability
company, as transferor, TRS, as servicer and administrator, AMERICAN EXPRESS
ISSUANCE TRUST, a statutory trust created under the laws of the State of
Delaware (the “Trust”), and THE BANK OF NEW YORK, as Indenture Trustee (the
“Indenture Trustee”), does hereby certify that:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of November 1, 2007 (as amended and restated, the “Indenture”), between the
Trust and the Indenture Trustee, as supplemented by the Series 2005-1 Indenture
Supplement, dated as of September 16, 2005, between the Trust and the Indenture
Trustee (as amended and supplemented, the “Indenture Supplement” and together
with the Indenture, the “Indenture”), as applicable.
2. TRS is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is an Authorized Officer of the Servicer who is duly
authorized pursuant to the Agreement to execute and deliver this Certificate to
the Indenture Trustee.
4. This Certificate relates to the Payment Date occurring on September 15,
2008.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects its obligations under the
Agreement and the Indenture through the Monthly Period preceding such Payment
Date and no material default in the performance of such obligations has occurred
or is continuing except as set forth in paragraph 6 below.
6. The following is a description of each material default in the
performance of the Servicer’s obligations under the provisions of the Agreement
known to me to have been made by the Servicer through the Monthly Period
preceding such Payment Date, which sets forth in detail (i) the nature of each
such default, (ii) the action taken by the Servicer, if any, to remedy each
such default and (iii) the current status of each such default: None
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of September 2008.
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
Monthly Period:
|
24-Jul-08 to 23-Aug-08 | |
Record Date:
|
31-Aug-08 | |
Payment Date:
|
15-Sep-08 | |
| TRUST ACTIVITY | TRUST TOTALS | |||
1. Number of days in Monthly Period |
31 | |||
2. Beginning of Monthly Period Number of Accounts |
6,413,675 | |||
| 3. Beginning of Monthly Period Principal Receivables, including any additions or removals during the Monthly Period | $ | 7,119,530,395.96 | ||
3a. Addition of Principal Receivables |
$ | 0.00 | ||
3b. Removal of Principal Receivables |
$ | 0.00 | ||
4. Beginning of Monthly Period Invested Amount of Collateral
Certificates |
NA | |||
5. Beginning of Monthly Period Excess Funding Amount |
$ | 0.00 | ||
6a. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
6b. Beginning of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
7. Beginning of Monthly Period Available Overconcentration Account
Amount |
$ | 0.00 | ||
8. New Principal Receivables |
$ | 6,459,530,002.46 | ||
9. Principal Collections |
$ | 6,514,943,208.30 | ||
10. Gross Default Amount |
$ | 23,611,100.91 | ||
11. End of Monthly Period Principal Receivables |
$ | 7,040,506,089.21 | ||
12. End of Monthly Period Invested Amount of Collateral Certificates |
$ | 0.00 | ||
13. End of Monthly Period Excess Funding Account Amount |
$ | 0.00 | ||
14. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
15. End of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
16. End of Monthly Period Available Overconcentration
Account Amount |
$ | 0.00 | ||
17. Required Overconcentration Account Amount |
$ | 0.00 | ||
18. End of Monthly Period Number of Accounts |
6,404,722 | |||
TRUST PERFORMANCE
1. Principal Collections |
$ | 6,514,943,208.30 | ||
2. Principal Payment Rate |
91.51 | % | ||
3. Net Default Amount |
$ | 17,476,709.91 | ||
4. Annualized Net Default Rate |
2.92 | % | ||
5. Finance Charge Collections |
$ | 201,493,088.91 | ||
6. Trust Portfolio Yield (Net of Defaults) |
30.77 | % | ||
7. Delinquencies |
||||
31 - 60 Days Delinquent |
$ | 95,802,161.49 | ||
61 - 90 Days Delinquent |
$ | 33,292,021.71 | ||
90+ Days Delinquent |
$ | 59,376,940.21 | ||
Total 30+ Days Delinquent |
$ | 188,471,123.41 | ||
TRANSFEROR AMOUNT |
||||
1. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
2. Beginning of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
3. Beginning of Monthly Period Transferor Amount |
$ | 1,944,541,395.96 | ||
4. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
5. End of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
6. End of Monthly Period Transferor Amount |
$ | 1,865,517,089.21 | ||
7. End of Monthly Period Required Transferor Amount |
$ | 1,056,075,913.38 | ||
SERIES 2005-1 NOMINAL LIQUIDATION AMOUNT |
||||
1. Beginning of Monthly Period Series 2005-1 Nominal Liquidation
Amount |
$ | 600,000,000.00 | ||
2. Reimbursement of previous reductions in the Series 2005-1 Nominal
Liquidation Amount |
$ | 0.00 | ||
3. Investor Charge-Offs |
$ | 0.00 | ||
4. Reallocated Principal Collections |
$ | 0.00 | ||
5. Principal Funding Account Balance |
$ | 0.00 | ||
6. Payments of principal of the Series 2005-1 Notes |
$ | 0.00 | ||
7. End of Monthly Period Series 2005-1 Nominal Liquidation Amount |
$ | 600,000,000.00 |
| REALLOCATION GROUP A ALLOCATIONS | TRUST TOTAL | GROUP TOTAL | ||||||
1. Nominal Liquidation Amount |
$ | 4,113,980,000.00 | ||||||
2. Finance Charge Collections |
$ | 201,493,088.91 | $ | 116,431,631.28 | ||||
3. Interest |
$ | 10,178,415.12 | ||||||
4. Net Default Amount |
$ | 10,098,817.06 | ||||||
5. Servicing Fee paid to the servicer |
$ | 6,856,633.34 | ||||||
6. Additional Amounts |
$ | 0.00 | ||||||
SERIES 2005-1 ALLOCATIONS |
||||||||
1. Reallocation Group |
Group A | |||||||
2. Shared Excess Available Finance Charge Collections Group |
Group A | |||||||
3. Shared Excess Available Principal Collections Group |
Group A | |||||||
4. Principal Funding Account Balance |
$ | 0.00 | ||||||
5. Series 2005-1 Floating Allocation Percentage |
8.43 | % | ||||||
6. Series 2005-1 Finance Charge Collections |
$ | 16,980,874.67 | ||||||
7. Series 2005-1 Reallocation Group A Finance Charge Collections |
$ | 16,795,766.82 | ||||||
8. Net Investment Proceeds from Principal Funding Account |
$ | 0.00 | ||||||
9. Amounts withdrawn from the Accumulation Reserve Account |
$ | 0.00 | ||||||
10. Series 2005-1 Available Finance Charge Collections |
$ | 16,795,766.82 | ||||||
11. Series 2005-1 Allocation of Shared Excess Available Finance Charge
Collections |
$ | 0.00 | ||||||
12. Series 2005-1 LIBOR Determination Date |
08/13/2008 | |||||||
13. Series 2005-1 Monthly Interest (15-Aug-08 to 14-Sep-08) |
$ | 1,299,354.66 | ||||||
14. Series 2005-1 Servicing Fee paid to the servicer |
$ | 1,000,000.00 | ||||||
15. Series 2005-1 Default Amount |
$ | 1,472,853.60 | ||||||
16. Series 2005-1 Principal Allocation Percentage |
8.43 | % | ||||||
17. Series 2005-1 Allocation of Principal Collections |
549,048,280.94 | |||||||
| 18. Series 2005-1 Allocation of Shared Excess Available Principal Charge Collections | $ | 0.00 | ||||||
| 19. Series 2005-1 Allocation of amounts withdrawn from the Overconcentration Account | $ | 0.00 | ||||||
APPLICATION OF SERIES 2005-1 AVAILABLE FINANCE CHARGE COLLECTIONS
1. Series 2005-1 Available Finance Charge Collections |
$ | 16,795,766.82 | ||
2. Class A Notes ($558,000,000)
|
$ | 1,199,750.84 | ||
a. Class A Monthly Interest (Note Interest Rate: 2.49688%)
|
||||
b. Class A Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class A Additional Interest |
$ | 0.00 | ||
d. Class A Outstanding Additional Interest |
$ | 0.00 | ||
3. Class B Notes ($12,000,000)
|
$ | 27,351.09 | ||
a. Class B Monthly Interest (Note Interest Rate: 2.64688%)
|
||||
b. Class B Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class B Additional Interest |
$ | 0.00 | ||
d. Class B Outstanding Additional Interest |
$ | 0.00 | ||
4. Class C Notes ($30,000,000)
|
$ | 72,252.73 | ||
a. Class C Monthly Interest (Note Interest Rate: 2.79688%)
|
||||
b. Class C Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class C Additional Interest |
$ | 0.00 | ||
d. Class C Outstanding Additional Interest |
$ | 0.00 | ||
5. Series 2005-1 Servicing Fee paid to servicer |
$ | 1,000,000.00 | ||
6. Amount equal to Series 2005-1 Default Amount treated as Series
2005-1 Available Principal Collections |
$ | 1,472,853.60 | ||
| 7. Amount equal to unreimbursed reductions in the Series 2005-1 Nominal Liquidation Amount treated as Series 2005-1 Available Principal Collections | $ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
| 10. In the event of default and acceleration, amount up to the outstanding dollar principal amount of the Series 2005-1 notes treated as Series 2005-1 Available Principal Collections | $ | 0.00 | ||
| 11. Remaining amount treated as Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections Group A | $ | 13,023,558.56 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 13,023,558.56 |
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE
COLLECTIONS ALLOCATED TO SERIES 2005-1
COLLECTIONS ALLOCATED TO SERIES 2005-1
1. Shared Excess Available Finance Charge Collections |
$ | 0.00 | ||
2. Applied to fund Class A Monthly Interest and Class A Additional Interest and any past
due Class A Monthly Interest and Class A Additional Interest |
$ | 0.00 | ||
3. Applied to fund Class B Monthly Interest and Class B Additional Interest and any past
due Class B Monthly Interest and Class B Additional Interest |
$ | 0.00 | ||
4. Applied to fund Class C Monthly Interest and Class C Additional Interest and any past
due Class C Monthly Interest and Class C Additional Interest |
$ | 0.00 | ||
5. Applied to unpaid Series 2005-1 Servicing Fee |
$ | 0.00 | ||
6. Amount equal to Series 2005-1 Default Amount treated as Series
2005-1 Available Principal Collections |
$ | 0.00 | ||
7. Amount equal to unreimbursed reductions in the Series 2005-1
Nominal Liquidation Amount treated as Series 2005-1 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2005-1 Notes treated
as Series 2005-1 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available to cover Series Available Finance Charge
Collections Shortfalls |
$ | 0.00 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 0.00 | ||
PRINCIPAL COLLECTIONS |
||||
1. Series 2005-1 Principal Allocation Percentage |
8.43 | % | ||
2. Series 2005-1 Principal Collections |
$ | 549,048,280.94 | ||
3. Reallocated Principal Collections required to pay shortfalls in interest
on the Class A Notes or the Class B Notes or shortfalls in the Series
2005-1 Servicing Fee and past due amounts thereon |
$ | 0.00 | ||
4. Item 2 minus Item 3 |
$ | 549,048,280.94 | ||
5. Other amounts treated as Series 2005-1 Available Principal
Collections |
$ | 1,472,853.60 | ||
6. Series 2005-1 Available Principal Collections (total of items 4 and 5) |
$ | 550,521,134.54 |
APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS
DURING REVOLVING PERIOD |
||||
1. Treated as Shared Excess Available Principal Collections |
$ | 550,521,134.54 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING
CONTROLLED ACCUMULATION PERIOD |
||||
1. Principal Funding Account |
$ | 0.00 | ||
2. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY
AMORTIZATION PERIOD |
||||
1. Class A Noteholders |
$ | 0.00 | ||
2. Class B Noteholders |
$ | 0.00 | ||
3. Class C Noteholders |
$ | 0.00 | ||
4. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS
ALLOCATED TO SERIES 2005-1 |
||||
1. Series 2005-1 Available Principal Collections Shortfall |
$ | 0.00 | ||
2. Shared Excess Available Principal Collections |
$ | 0.00 | ||
3. During the Controlled Accumulation Period: |
||||
3a. Amount deposited in the Principal Funding Account |
$ | 0.00 | ||
4. During the Early Amortization Period: |
$ | 0.00 | ||
4a. Paid to the Class A Noteholders |
$ | 0.00 | ||
4b. Paid to the Class B Noteholders |
$ | 0.00 | ||
4c. Paid to the Class C Noteholders |
$ | 0.00 |
SERIES 2005-1 PRINCIPAL FUNDING, ACCUMULATION, CLASS C
RESERVE ACCOUNT |
||||
1. Principal Funding Account
|
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
2. Investment Proceeds on Principal Funding Account |
$ | 0.00 | ||
3. Accumulation Reserve Account Amount
|
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
4. Accumulation Reserve Account target amount |
$ | 0.00 | ||
5. Class C Reserve Account Amount
|
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
6. Class C Reserve Account target amount |
$ | 0.00 |
PORTFOLIO PERFORMANCE DATA |
||||
1. Series 2005-1 Portfolio Yield |
||||
Current Monthly Period |
30.07 | % | ||
Prior Monthly Period |
30.23 | % | ||
Second Prior Monthly Period |
29.57 | % | ||
2. Series 2005-1 Quarterly Portfolio Yield |
29.96 | % | ||
3. Series 2005-1 Base Rate |
||||
Current Monthly Period |
4.51 | % | ||
Prior Monthly Period |
4.51 | % | ||
Second Prior Monthly Period |
4.52 | % | ||
4. Series 2005-1 Quarterly Base Rate |
4.51 | % | ||
5. Series 2005-1 Excess Spread Percentage |
||||
Current Monthly Period |
25.55 | % | ||
Prior Monthly Period |
25.73 | % | ||
Second Prior Monthly Period |
25.05 | % | ||
6. Series 2005-1 Quarterly Excess Spread Percentage |
25.44 | % | ||
Is the Quarterly Excess Spread Percentage greater than the Required
Excess Spread Percentage? |
Yes | |||
7. Principal Payment Rate |
||||
Current Monthly Period |
91.51 | % | ||
Prior Monthly Period |
88.90 | % | ||
Second Prior Monthly Period |
89.62 | % | ||
8. Quarterly Principal Payment Rate |
90.01 | % | ||
Is the Quarterly Principal Payment Rate greater than 60%? |
Yes | |||
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
MONTHLY SERVICER’S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2005-2
SERIES 2005-2
The undersigned, a duly authorized representative of American Express
Travel Related Services Company, Inc., as servicer (“TRS”), pursuant to the
Amended and Restated Transfer and Servicing Agreement, dated as of November
1, 2007 (as may be amended and supplemented, the “Agreement”), among AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability
company, as transferor, TRS, as servicer and administrator, AMERICAN EXPRESS
ISSUANCE TRUST, a statutory trust created under the laws of the State of
Delaware (the “Trust”), and THE BANK OF NEW YORK, as Indenture Trustee (the
“Indenture Trustee”), does hereby certify that:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of November 1, 2007 (as amended and restated, the “Indenture”), between the
Trust and the Indenture Trustee, as supplemented by the Series 2005-2 Indenture
Supplement, dated as of September 16, 2005, between the Trust and the Indenture
Trustee (as amended and supplemented, the “Indenture Supplement” and together
with the Indenture, the “Indenture”), as applicable.
2. TRS is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is an Authorized Officer of the Servicer who is duly
authorized pursuant to the Agreement to execute and deliver this Certificate to
the Indenture Trustee.
4. This Certificate relates to the Payment Date occurring on September 15,
2008.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects its obligations under the
Agreement and the Indenture through the Monthly Period preceding such Payment
Date and no material default in the performance of such obligations has occurred
or is continuing except as set forth in paragraph 6 below.
6. The following is a description of each material default in the
performance of the Servicer’s obligations under the provisions of the Agreement
known to me to have been made by the Servicer through the Monthly Period
preceding such Payment Date, which sets forth in detail (i) the nature of
each such default, (ii) the action taken by the Servicer, if any, to remedy each
such default and (iii) the current status of each such default: None
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of September 2008.
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
| Monthly Period: | 24-Jul-08 to 23-Aug-08 | |
| Record Date: | 31-Aug-08 | |
| Payment Date: | 15-Sep-08 |
| TRUST ACTIVITY | TRUST TOTALS | |||
1. Number of days in Monthly Period |
31 | |||
2. Beginning of Monthly Period Number of Accounts |
6,413,675 | |||
3. Beginning of Monthly Period Principal Receivables, including any
additions or removals during the Monthly Period |
$ | 7,119,530,395.96 | ||
3a. Addition of Principal Receivables |
$ | 0.00 | ||
3b. Removal of Principal Receivables |
$ | 0.00 | ||
4. Beginning of Monthly Period Invested Amount of Collateral
Certificates |
NA | |||
5. Beginning of Monthly Period Excess Funding Amount |
$ | 0.00 | ||
6a. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
6b. Beginning of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
7. Beginning of Monthly Period Available Overconcentration Account
Amount |
$ | 0.00 | ||
8. New Principal Receivables |
$ | 6,459,530,002.46 | ||
9. Principal Collections |
$ | 6,514,943,208.30 | ||
10. Gross Default Amount |
$ | 23,611,100.91 | ||
11. End of Monthly Period Principal Receivables |
$ | 7,040,506,089.21 | ||
12. End of Monthly Period Invested Amount of Collateral Certificates |
$ | 0.00 | ||
13. End of Monthly Period Excess Funding Account Amount |
$ | 0.00 | ||
14. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
15. End of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
16. End of Monthly Period Available Overconcentration
Account Amount |
$ | 0.00 | ||
17. Required Overconcentration Account Amount |
$ | 0.00 | ||
18. End of Monthly Period Number of Accounts |
6,404,722 | |||
TRUST PERFORMANCE
1. Principal Collections |
$ | 6,514,943,208.30 | ||
2. Principal Payment Rate |
91.51 | % | ||
3. Net Default Amount |
$ | 17,476,709.91 | ||
4. Annualized Net Default Rate |
2.92 | % | ||
5. Finance Charge Collections |
$ | 201,493,088.91 | ||
6. Trust Portfolio Yield (Net of Defaults) |
30.77 | % | ||
7. Delinquencies |
||||
31 - 60 Days Delinquent |
$ | 95,802,161.49 | ||
61 - 90 Days Delinquent |
$ | 33,292,021.71 | ||
90+ Days Delinquent |
$ | 59,376,940.21 | ||
Total 30+ Days Delinquent |
$ | 188,471,123.41 | ||
TRANSFEROR AMOUNT |
||||
1. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
2. Beginning of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
3. Beginning of Monthly Period Transferor Amount |
$ | 1,944,541,395.96 | ||
4. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
5. End of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
6. End of Monthly Period Transferor Amount |
$ | 1,865,517,089.21 | ||
7. End of Monthly Period Required Transferor Amount |
$ | 1,056,075,913.38 | ||
SERIES 2005-2 NOMINAL LIQUIDATION AMOUNT |
||||
1. Beginning of Monthly Period Series 2005-2 Nominal Liquidation
Amount |
$ | 600,000,000.00 | ||
2. Reimbursement of previous reductions in the Series 2005-2 Nominal
Liquidation Amount |
$ | 0.00 | ||
3. Investor Charge-Offs |
$ | 0.00 | ||
4. Reallocated Principal Collections |
$ | 0.00 | ||
5. Principal Funding Account Balance |
$ | 0.00 | ||
6. Payments of principal of the Series 2005-2 Notes |
$ | 0.00 | ||
7. End of Monthly Period Series 2005-2 Nominal Liquidation Amount |
$ | 600,000,000.00 |
| REALLOCATION GROUP A ALLOCATIONS | TRUST TOTAL | GROUP TOTAL | ||||||
1. Nominal Liquidation Amount |
$ | 4,113,980,000.00 | ||||||
2. Finance Charge Collections |
$ | 201,493,088.91 | $ | 116,431,631.28 | ||||
3. Interest |
$ | 10,178,415.12 | ||||||
4. Net Default Amount |
$ | 10,098,817.06 | ||||||
5. Servicing Fee paid to the servicer |
$ | 6,856,633.34 | ||||||
6. Additional Amounts |
$ | 0.00 | ||||||
SERIES 2005-2 ALLOCATIONS |
||||||||
1. Reallocation Group |
Group A | |||||||
2. Shared Excess Available Finance Charge Collections Group |
Group A | |||||||
3. Shared Excess Available Principal Collections Group |
Group A | |||||||
4. Principal Funding Account Balance |
$ | 0.00 | ||||||
5. Series 2005-2 Floating Allocation Percentage |
8.43 | % | ||||||
6. Series 2005-2 Finance Charge Collections |
$ | 16,980,874.67 | ||||||
7. Series 2005-2 Reallocation Group A Finance Charge Collections |
$ | 16,818,345.16 | ||||||
8. Net Investment Proceeds from Principal Funding Account |
$ | 0.00 | ||||||
9. Amounts withdrawn from the Accumulation Reserve Account |
$ | 0.00 | ||||||
10. Series 2005-2 Available Finance Charge Collections |
$ | 16,818,345.16 | ||||||
11. Series 2005-2 Allocation of Shared Excess Available Finance Charge
Collections |
$ | 0.00 | ||||||
12. Series 2005-2 LIBOR Determination Date |
08/13/2008 | |||||||
13. Series 2005-2 Monthly Interest (15-Aug-08 to 14-Sep-08) |
$ | 1,321,933.00 | ||||||
14. Series 2005-2 Servicing Fee paid to the servicer |
$ | 1,000,000.00 | ||||||
15. Series 2005-2 Default Amount |
$ | 1,472,853.60 | ||||||
16. Series 2005-2 Principal Allocation Percentage |
8.43 | % | ||||||
17. Series 2005-2 Allocation of Principal Collections |
549,048,280.94 | |||||||
18. Series 2005-2 Allocation of Shared Excess Available Principal
Charge Collections |
$ | 0.00 | ||||||
19. Series 2005-2 Allocation of amounts withdrawn from the
Overconcentration Account |
$ | 0.00 | ||||||
APPLICATION OF SERIES 2005-2 AVAILABLE FINANCE CHARGE COLLECTIONS
1. Series 2005-2 Available Finance Charge Collections |
$ | 16,818,345.16 | ||
2. Class A Notes ($558,000,000)
|
$ | 1,218,970.84 | ||
a. Class A Monthly Interest (Note Interest Rate: 2.53688%) |
||||
b. Class A Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class A Additional Interest |
$ | 0.00 | ||
d. Class A Outstanding Additional Interest |
$ | 0.00 | ||
3. Class B Notes ($12,000,000) |
$ | 28,384.43 | ||
a. Class B Monthly Interest (Note Interest Rate: 2.74688%) |
||||
b. Class B Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class B Additional Interest |
$ | 0.00 | ||
d. Class B Outstanding Additional Interest |
$ | 0.00 | ||
4. Class C Notes ($30,000,000) |
$ | 74,577.73 | ||
a. Class C Monthly Interest (Note Interest Rate: 2.88688%) |
||||
b. Class C Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class C Additional Interest |
$ | 0.00 | ||
d. Class C Outstanding Additional Interest |
$ | 0.00 | ||
5. Series 2005-2 Servicing Fee paid to servicer |
$ | 1,000,000.00 | ||
6. Amount equal to Series 2005-2 Default Amount treated as Series
2005-2 Available Principal Collections |
$ | 1,472,853.60 | ||
7. Amount equal to unreimbursed reductions in the Series 2005-2
Nominal Liquidation Amount treated as Series 2005-2 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2005-2 notes treated as
Series 2005-2 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available for allocation to other series in Shared
Excess Available Finance Charge Collections Group A |
$ | 13,023,558.56 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 13,023,558.56 |
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE
COLLECTIONS ALLOCATED TO SERIES 2005-2
COLLECTIONS ALLOCATED TO SERIES 2005-2
1. Shared Excess Available Finance Charge Collections |
$ | 0.00 | ||
2. Applied to fund Class A Monthly Interest and Class A Additional Interest and any past
due Class A Monthly Interest and Class A Additional Interest |
$ | 0.00 | ||
3. Applied to fund Class B Monthly Interest and Class B Additional Interest and any past
due Class B Monthly Interest and Class B Additional Interest |
$ | 0.00 | ||
4. Applied to fund Class C Monthly Interest and Class C Additional Interest and any past
due Class C Monthly Interest and Class C Additional Interest |
$ | 0.00 | ||
5. Applied to unpaid Series 2005-2 Servicing Fee |
$ | 0.00 | ||
6. Amount equal to Series 2005-2 Default Amount treated as Series
2005-2 Available Principal Collections
|
$ | 0.00 | ||
7. Amount equal to unreimbursed reductions in the Series 2005-2
Nominal Liquidation Amount treated as Series 2005-2 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2005-2 Notes treated
as Series 2005-2 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available to cover Series Available Finance Charge
Collections Shortfalls |
$ | 0.00 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 0.00 | ||
PRINCIPAL COLLECTIONS |
||||
1. Series 2005-2 Principal Allocation Percentage |
8.43 | % | ||
2. Series 2005-2 Principal Collections |
$ | 549,048,280.94 | ||
3. Reallocated Principal Collections required to pay shortfalls in interest
on the Class A Notes or the Class B Notes or shortfalls in the Series
2005-2 Servicing Fee and past due amounts thereon |
$ | 0.00 | ||
4. Item 2 minus Item 3 |
$ | 549,048,280.94 | ||
5. Other amounts treated as Series 2005-2 Available Principal
Collections |
$ | 1,472,853.60 | ||
6. Series 2005-2 Available Principal Collections (total of items 4 and 5)
|
$ | 550,521,134.54 |
APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
1. Treated as Shared Excess Available Principal Collections |
$ | 550,521,134.54 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING
CONTROLLED ACCUMULATION PERIOD |
||||
1. Principal Funding Account |
$ | 0.00 | ||
2. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY
AMORTIZATION PERIOD |
||||
1. Class A Noteholders |
$ | 0.00 | ||
2. Class B Noteholders |
$ | 0.00 | ||
3. Class C Noteholders |
$ | 0.00 | ||
4. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS
ALLOCATED TO SERIES 2005-2 |
||||
1. Series 2005-2 Available Principal Collections Shortfall |
$ | 0.00 | ||
2. Shared Excess Available Principal Collections |
$ | 0.00 | ||
3. During the Controlled Accumulation Period: |
||||
3a. Amount deposited in the Principal Funding Account |
$ | 0.00 | ||
4. During the Early Amortization Period: |
$ | 0.00 | ||
4a. Paid to the Class A Noteholders |
$ | 0.00 | ||
4b. Paid to the Class B Noteholders |
$ | 0.00 | ||
4c. Paid to the Class C Noteholders |
$ | 0.00 |
SERIES 2005-2 PRINCIPAL FUNDING, ACCUMULATION, CLASS C RESERVE ACCOUNT
1. Principal Funding Account |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
2. Investment Proceeds on Principal Funding Account |
$ | 0.00 | ||
3. Accumulation Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
4. Accumulation Reserve Account target amount |
$ | 0.00 | ||
5. Class C Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
6. Class C Reserve Account target amount |
$ | 0.00 |
PORTFOLIO PERFORMANCE DATA
1. Series 2005-2 Portfolio Yield |
||||
Current Monthly Period |
30.11 | % | ||
Prior Monthly Period |
30.28 | % | ||
Second Prior Monthly Period |
29.61 | % | ||
2. Series 2005-2 Quarterly Portfolio Yield |
30.00 | % | ||
3. Series 2005-2 Base Rate |
||||
Current Monthly Period |
4.56 | % | ||
Prior Monthly Period |
4.55 | % | ||
Second Prior Monthly Period |
4.56 | % | ||
4. Series 2005-2 Quarterly Base Rate |
4.56 | % | ||
5. Series 2005-2 Excess Spread Percentage |
||||
Current Monthly Period |
25.55 | % | ||
Prior Monthly Period |
25.73 | % | ||
Second Prior Monthly Period |
25.04 | % | ||
6. Series 2005-2 Quarterly Excess Spread Percentage |
25.44 | % | ||
Is the Quarterly Excess Spread Percentage greater than the Required
Excess Spread Percentage? |
Yes | |||
7. Principal Payment Rate |
||||
Current Monthly Period |
91.51 | % | ||
Prior Monthly Period |
88.90 | % | ||
Second Prior Monthly Period |
89.62 | % | ||
8. Quarterly Principal Payment Rate |
90.01 | % | ||
Is the Quarterly Principal Payment Rate greater than 60%? |
Yes | |||
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
MONTHLY SERVICER’S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2007-1
SERIES 2007-1
The undersigned, a duly authorized representative of American Express
Travel Related Services Company, Inc., as servicer (“TRS”), pursuant to the
Amended and Restated Transfer and Servicing Agreement, dated as of November
1, 2007 (as may be amended and supplemented, the “Agreement”), among AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability
company, as transferor, TRS, as servicer and administrator, AMERICAN EXPRESS
ISSUANCE TRUST, a statutory trust created under the laws of the State of
Delaware (the “Trust”), and THE BANK OF NEW YORK, as Indenture Trustee (the
“Indenture Trustee”), does hereby certify that:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of November 1, 2007 (as amended and restated, the “Indenture”), between the
Trust and the Indenture Trustee, as supplemented by the Series 2007-1 Indenture
Supplement, dated as of November 01, 2007, between the Trust and the Indenture
Trustee (as amended and supplemented, the “Indenture Supplement” and together
with the Indenture, the “Indenture”), as applicable.
2. TRS is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is an Authorized Officer of the Servicer who is duly
authorized pursuant to the Agreement to execute and deliver this Certificate to
the Indenture Trustee.
4. This Certificate relates to the Payment Date occurring on September 15,
2008.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects its obligations under the
Agreement and the Indenture through the Monthly Period preceding such Payment
Date and no material default in the performance of such obligations has occurred
or is continuing except as set forth in paragraph 6 below.
6. The following is a description of each material default in the
performance of the Servicer’s obligations under the provisions of the Agreement
known to me to have been made by the Servicer through the Monthly Period
preceding such Payment Date, which sets forth in detail (i) the nature of each
such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default: None
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of September 2008.
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
Monthly Period: Record Date: Payment Date: |
24-Jul-08 to 23-Aug-08 31-Aug-08 15-Sep-08 |
| TRUST ACTIVITY | TRUST TOTALS | |||
1. Number of days in Monthly Period |
31 | |||
2. Beginning of Monthly Period Number of Accounts |
6,413,675 | |||
3. Beginning of Monthly Period Principal Receivables, including any
additions or removals during the Monthly Period |
$ | 7,119,530,395.96 | ||
3a. Addition of Principal Receivables |
$ | 0.00 | ||
3b. Removal of Principal Receivables |
$ | 0.00 | ||
4. Beginning of Monthly Period Invested Amount of Collateral Certificates |
NA | |||
5. Beginning of Monthly Period Excess Funding Amount |
$ | 0.00 | ||
6a. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
6b. Beginning of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
7. Beginning of Monthly Period Available Overconcentration Account Amount |
$ | 0.00 | ||
8. New Principal Receivables |
$ | 6,459,530,002.46 | ||
9. Principal Collections |
$ | 6,514,943,208.30 | ||
10. Gross Default Amount |
$ | 23,611,100.91 | ||
11. End of Monthly Period Principal Receivables |
$ | 7,040,506,089.21 | ||
12. End of Monthly Period Invested Amount of Collateral Certificates |
$ | 0.00 | ||
13. End of Monthly Period Excess Funding Account Amount |
$ | 0.00 | ||
14. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
15. End of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
16. End of Monthly Period Available Overconcentration Account Amount |
$ | 0.00 | ||
17. Required Overconcentration Account Amount |
$ | 0.00 | ||
18. End of Monthly Period Number of Accounts |
6,404,722 | |||
TRUST PERFORMANCE
1. Principal Collections |
$ | 6,514,943,208.30 | ||
2. Principal Payment Rate |
91.51 | % | ||
3. Net Default Amount |
$ | 17,476,709.91 | ||
4. Annualized Net Default Rate |
2.92 | % | ||
5. Finance Charge Collections |
$ | 201,493,088.91 | ||
6. Trust Portfolio Yield (Net of Defaults) |
30.77 | % | ||
7. Delinquencies |
||||
31 - 60 Days Delinquent |
$ | 95,802,161.49 | ||
61 - 90 Days Delinquent |
$ | 33,292,021.71 | ||
90+ Days Delinquent |
$ | 59,376,940.21 | ||
Total 30+ Days Delinquent |
$ | 188,471,123.41 | ||
TRANSFEROR AMOUNT |
||||
1. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
2. Beginning of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
3. Beginning of Monthly Period Transferor Amount |
$ | 1,944,541,395.96 | ||
4. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
5. End of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
6. End of Monthly Period Transferor Amount |
$ | 1,865,517,089.21 | ||
7. End of Monthly Period Required Transferor Amount |
$ | 1,056,075,913.38 |
SERIES 2007-1 NOMINAL LIQUIDATION AMOUNT
1. Beginning of Monthly Period Series 2007-1 Nominal Liquidation
Amount |
$ | 1,000,000,000.00 | ||
2. Reimbursement of previous reductions in the Series 2007-1 Nominal
Liquidation Amount |
$ | 0.00 | ||
3. Investor Charge-Offs |
$ | 0.00 | ||
4. Reallocated Principal Collections |
$ | 0.00 | ||
5. Principal Funding Account Balance |
$ | 0.00 | ||
6. Payments of principal of the Series 2007-1 Notes |
$ | 0.00 | ||
7. End of Monthly Period Series 2007-1 Nominal Liquidation Amount |
$ | 1,000,000,000.00 |
| REALLOCATION GROUP A ALLOCATIONS | TRUST TOTAL | GROUP TOTAL | ||||||
1. Nominal Liquidation Amount |
$ | 4,113,980,000.00 | ||||||
2. Finance Charge Collections |
$ | 201,493,088.91 | $ | 116,431,631.28 | ||||
3. Interest |
$ | 10,178,415.12 | ||||||
4. Net Default Amount |
$ | 10,098,817.06 | ||||||
5. Servicing Fee paid to the servicer |
$ | 6,856,633.34 | ||||||
6. Additional Amounts |
$ | 0.00 | ||||||
SERIES 2007-1 ALLOCATIONS |
||||||||
1. Reallocation Group |
Group A | |||||||
2. Shared Excess Available Finance Charge Collections Group |
Group A | |||||||
3. Shared Excess Available Principal Collections Group |
Group A | |||||||
4. Principal Funding Account Balance |
$ | 0.00 | ||||||
5. Series 2007-1 Floating Allocation Percentage |
14.05 | % | ||||||
6. Series 2007-1 Finance Charge Collections |
$ | 28,301,457.78 | ||||||
7. Series 2007-1 Reallocation Group A Finance Charge Collections |
$ | 28,158,708.60 | ||||||
8. Net Investment Proceeds from Principal Funding Account |
$ | 0.00 | ||||||
9. Amounts withdrawn from the Accumulation Reserve Account |
$ | 0.00 | ||||||
10. Series 2007-1 Available Finance Charge Collections |
$ | 28,158,708.60 | ||||||
11. Series 2007-1 Allocation of Shared Excess Available Finance Charge
Collections |
$ | 0.00 | ||||||
12. Series 2007-1 LIBOR Determination Date |
08/13/2008 | |||||||
13. Series 2007-1 Monthly Interest (15-Aug-08 to 14-Sep-08) |
$ | 2,331,355.00 | ||||||
14. Series 2007-1 Servicing Fee paid to the servicer |
$ | 1,666,666.67 | ||||||
15. Series 2007-1 Default Amount |
$ | 2,454,755.99 | ||||||
16. Series 2007-1 Principal Allocation Percentage |
14.05 | % | ||||||
17. Series 2007-1 Allocation of Principal Collections |
915,080,468.23 | |||||||
18. Series 2007-1 Allocation of Shared Excess Available Principal
Charge Collections |
$ | 0.00 | ||||||
19. Series 2007-1 Allocation of amounts withdrawn from the
Overconcentration Account |
$ | 0.00 | ||||||
APPLICATION OF SERIES 2007-1 AVAILABLE FINANCE CHARGE COLLECTIONS
1. Series 2007-1 Available Finance Charge Collections |
$ | 28,158,708.60 | ||
2. Class A Notes ($930,000,000)
|
$ | 2,135,726.40 | ||
a. Class A Monthly Interest (Note Interest Rate: 2.66688%) |
||||
b. Class A Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class A Additional Interest |
$ | 0.00 | ||
d. Class A Outstanding Additional Interest |
$ | 0.00 | ||
3. Class B Notes ($30,000,000) |
$ | 77,936.07 | ||
a. Class B Monthly Interest (Note Interest Rate: 3.01688%) |
||||
b. Class B Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class B Additional Interest |
$ | 0.00 | ||
d. Class B Outstanding Additional Interest |
$ | 0.00 | ||
4. Class C Notes ($40,000,000) |
$ | 117,692.53 | ||
a. Class C Monthly Interest (Note Interest Rate: 3.41688%) |
||||
b. Class C Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class C Additional Interest |
$ | 0.00 | ||
d. Class C Outstanding Additional Interest |
$ | 0.00 | ||
5. Series 2007-1 Servicing Fee paid to servicer |
$ | 1,666,666.67 | ||
6. Amount equal to Series 2007-1 Default Amount treated as Series
2007-1 Available Principal Collections |
$ | 2,454,755.99 | ||
7. Amount equal to unreimbursed reductions in the Series 2007-1
Nominal Liquidation Amount treated as Series 2007-1 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2007-1 notes treated as
Series 2007-1 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available for allocation to other series in Shared
Excess Available Finance Charge Collections Group A |
$ | 21,705,930.94 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 21,705,930.94 |
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE
COLLECTIONS ALLOCATED TO SERIES 2007-1
COLLECTIONS ALLOCATED TO SERIES 2007-1
1. Shared Excess Available Finance Charge Collections |
$ | 0.00 | ||
2. Applied to fund Class A Monthly Interest and Class A Additional
Interest and any past due Class A Monthly Interest and Class A Additional Interest |
$ | 0.00 | ||
3. Applied to fund Class B Monthly Interest and Class B Additional
Interest and any past due Class B Monthly Interest and Class B Additional Interest |
$ | 0.00 | ||
4. Applied to fund Class C Monthly Interest and Class C Additional
Interest and any past due Class C Monthly Interest and Class C Additional Interest |
$ | 0.00 | ||
5. Applied to unpaid Series 2007-1 Servicing Fee |
$ | 0.00 | ||
6. Amount equal to Series 2007-1 Default Amount treated as Series
2007-1 Available Principal Collections |
$ | 0.00 | ||
7. Amount equal to unreimbursed reductions in the Series 2007-1
Nominal Liquidation Amount treated as Series 2007-1 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2007-1 Notes treated
as Series 2007-1 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available to cover Series Available Finance Charge
Collections Shortfalls |
$ | 0.00 | ||
12. Remaining amount paid to the holder of the Transferor Interest |
$ | 0.00 | ||
PRINCIPAL COLLECTIONS |
||||
1. Series 2007-1 Principal Allocation Percentage |
14.05 | % | ||
2. Series 2007-1 Principal Collections |
$ | 915,080,468.23 | ||
3. Reallocated Principal Collections required to pay shortfalls in
interest on the Class A Notes or the Class B Notes or shortfalls in the Series
2007-1 Servicing Fee and past due amounts thereon |
$ | 0.00 | ||
4. Item 2 minus Item 3 |
$ | 915,080,468.23 | ||
5. Other amounts treated as Series 2007-1 Available Principal Collections |
$ | 2,454,755.99 | ||
6. Series 2007-1 Available Principal Collections (total of items 4 and 5) |
$ | 917,535,224.22 |
APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
1. Treated as Shared Excess Available Principal Collections |
$ | 917,535,224.22 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD |
||||
1. Principal Funding Account |
$ | 0.00 | ||
2. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD |
||||
1. Class A Noteholders |
$ | 0.00 | ||
2. Class B Noteholders |
$ | 0.00 | ||
3. Class C Noteholders |
$ | 0.00 | ||
4. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2007-1 |
||||
1. Series 2007-1 Available Principal Collections Shortfall |
$ | 0.00 | ||
2. Shared Excess Available Principal Collections |
$ | 0.00 | ||
3. During the Controlled Accumulation Period: |
||||
3a. Amount deposited in the Principal Funding Account |
$ | 0.00 | ||
4. During the Early Amortization Period: |
$ | 0.00 | ||
4a. Paid to the Class A Noteholders |
$ | 0.00 | ||
4b. Paid to the Class B Noteholders |
$ | 0.00 | ||
4c. Paid to the Class C Noteholders |
$ | 0.00 |
SERIES 2007-1 PRINCIPAL FUNDING, ACCUMULATION, CLASS C RESERVE ACCOUNT
1. Principal Funding Account |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
2. Investment Proceeds on Principal Funding Account |
$ | 0.00 | ||
3. Accumulation Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
4. Accumulation Reserve Account target amount |
$ | 0.00 | ||
5. Class C Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
6. Class C Reserve Account target amount |
$ | 0.00 |
PORTFOLIO PERFORMANCE DATA
1. Series 2007-1 Portfolio Yield |
||||
Current Monthly Period |
30.26 | % | ||
Prior Monthly Period |
30.43 | % | ||
Second Prior Monthly Period |
29.75 | % | ||
2. Series 2007-1 Quarterly Portfolio Yield |
30.15 | % | ||
3. Series 2007-1 Base Rate |
||||
Current Monthly Period |
4.71 | % | ||
Prior Monthly Period |
4.70 | % | ||
Second Prior Monthly Period |
4.71 | % | ||
4. Series 2007-1 Quarterly Base Rate |
4.71 | % | ||
5. Series 2007-1 Excess Spread Percentage |
||||
Current Monthly Period |
25.56 | % | ||
Prior Monthly Period |
25.74 | % | ||
Second Prior Monthly Period |
25.04 | % | ||
6. Series 2007-1 Quarterly Excess Spread Percentage |
25.44 | % | ||
Is the Quarterly Excess Spread Percentage greater than the Required
Excess Spread Percentage? |
Yes | |||
7. Principal Payment Rate |
||||
Current Monthly Period |
91.51 | % | ||
Prior Monthly Period |
88.90 | % | ||
Second Prior Monthly Period |
89.62 | % | ||
8. Quarterly Principal Payment Rate |
90.01 | % | ||
Is the Quarterly Principal Payment Rate greater than 60%? |
Yes | |||
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
MONTHLY SERVICER’S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2007-2
SERIES 2007-2
The undersigned, a duly authorized representative of American Express
Travel Related Services Company, Inc., as servicer (“TRS”), pursuant to the
Amended and Restated Transfer and Servicing Agreement, dated as of November
1, 2007 (as may be amended and supplemented, the “Agreement”), among AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability
company, as transferor, TRS, as servicer and administrator, AMERICAN EXPRESS
ISSUANCE TRUST, a statutory trust created under the laws of the State of
Delaware (the “Trust”), and THE BANK OF NEW YORK, as Indenture Trustee (the
“Indenture Trustee”), does hereby certify that:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of November 1, 2007 (as amended and restated, the “Indenture”), between the
Trust and the Indenture Trustee, as supplemented by the Series 2007-2 Indenture
Supplement, dated as of November 01, 2007, between the Trust and the Indenture
Trustee (as amended and supplemented, the “Indenture Supplement” and together
with the Indenture, the “Indenture”), as applicable.
2. TRS is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is an Authorized Officer of the Servicer who is duly
authorized pursuant to the Agreement to execute and deliver this Certificate to
the Indenture Trustee.
4. This Certificate relates to the Payment Date occurring on September 15,
2008.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects its obligations under the
Agreement and the Indenture through the Monthly Period preceding such Payment
Date and no material default in the performance of such obligations has occurred
or is continuing except as set forth in paragraph 6 below.
6. The following is a description of each material default in the
performance of the Servicer’s obligations under the provisions of the Agreement
known to me to have been made by the Servicer through the Monthly Period
preceding such Payment Date, which sets forth in detail (i) the nature of each
such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default: None
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of September 2008.
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2007-2
MONTHLY SERVICER STATEMENT
SERIES 2007-2
MONTHLY SERVICER STATEMENT
Monthly Period:
|
24-Jul-08 to 23-Aug-08 | |
Record Date:
|
31-Aug-08 | |
Payment Date:
|
15-Sep-08 |
| TRUST ACTIVITY | TRUST TOTALS | |||
1. Number of days in Monthly Period |
31 | |||
2. Beginning of Monthly Period Number of Accounts |
6,413,675 | |||
3. Beginning of Monthly Period Principal Receivables, including any
additions or removals during the Monthly Period |
$ | 7,119,530,395.96 | ||
3a. Addition of Principal Receivables |
$ | 0.00 | ||
3b. Removal of Principal Receivables |
$ | 0.00 | ||
4. Beginning of Monthly Period Invested Amount of Collateral
Certificates |
NA | |||
5. Beginning of Monthly Period Excess Funding Amount |
$ | 0.00 | ||
6a. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
6b. Beginning of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
7. Beginning of Monthly Period Available Overconcentration Account Amount |
$ | 0.00 | ||
8. New Principal Receivables |
$ | 6,459,530,002.46 | ||
9. Principal Collections |
$ | 6,514,943,208.30 | ||
10. Gross Default Amount |
$ | 23,611,100.91 | ||
11. End of Monthly Period Principal Receivables |
$ | 7,040,506,089.21 | ||
12. End of Monthly Period Invested Amount of Collateral Certificates |
$ | 0.00 | ||
13. End of Monthly Period Excess Funding Account Amount |
$ | 0.00 | ||
14. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
15. End of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
16. End of Monthly Period Available Overconcentration
Account Amount |
$ | 0.00 | ||
17. Required Overconcentration Account Amount |
$ | 0.00 | ||
18. End of Monthly Period Number of Accounts |
6,404,722 | |||
TRUST PERFORMANCE
1. Principal Collections |
$ | 6,514,943,208.30 | ||
2. Principal Payment Rate |
91.51 | % | ||
3. Net Default Amount |
$ | 17,476,709.91 | ||
4. Annualized Net Default Rate |
2.92 | % | ||
5. Finance Charge Collections |
$ | 201,493,088.91 | ||
6. Trust Portfolio Yield (Net of Defaults) |
30.77 | % | ||
7. Delinquencies |
||||
31 - 60 Days Delinquent |
$ | 95,802,161.49 | ||
61 - 90 Days Delinquent |
$ | 33,292,021.71 | ||
90+ Days Delinquent |
$ | 59,376,940.21 | ||
Total 30+ Days Delinquent |
$ | 188,471,123.41 | ||
TRANSFEROR AMOUNT |
||||
1. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
2. Beginning of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
3. Beginning of Monthly Period Transferor Amount |
$ | 1,944,541,395.96 | ||
4. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
5. End of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
6. End of Monthly Period Transferor Amount |
$ | 1,865,517,089.21 | ||
7. End of Monthly Period Required Transferor Amount |
$ | 1,056,075,913.38 | ||
SERIES 2007-2 NOMINAL LIQUIDATION AMOUNT |
||||
1. Beginning of Monthly Period Series 2007-2 Nominal Liquidation
Amount |
$ | 1,000,000,000.00 | ||
2. Reimbursement of previous reductions in the Series 2007-2 Nominal
Liquidation Amount |
$ | 0.00 | ||
3. Investor Charge-Offs |
$ | 0.00 | ||
4. Reallocated Principal Collections |
$ | 0.00 | ||
5. Principal Funding Account Balance |
$ | 0.00 | ||
6. Payments of principal of the Series 2007-2 Notes |
$ | 0.00 | ||
7. End of Monthly Period Series 2007-2 Nominal Liquidation Amount |
$ | 1,000,000,000.00 |
| REALLOCATION GROUP A ALLOCATIONS | TRUST TOTAL | GROUP TOTAL | ||||||
1. Nominal Liquidation Amount |
$ | 4,113,980,000.00 | ||||||
2. Finance Charge Collections |
$ | 201,493,088.91 | $ | 116,431,631.28 | ||||
3. Interest |
$ | 10,178,415.12 | ||||||
4. Net Default Amount |
$ | 10,098,817.06 | ||||||
5. Servicing Fee paid to the servicer |
$ | 6,856,633.34 | ||||||
6. Additional Amounts |
$ | 0.00 | ||||||
SERIES 2007-2 ALLOCATIONS |
||||||||
1. Reallocation Group |
Group A | |||||||
2. Shared Excess Available Finance Charge Collections Group |
Group A | |||||||
3. Shared Excess Available Principal Collections Group |
Group A | |||||||
4. Principal Funding Account Balance |
$ | 0.00 | ||||||
5. Series 2007-2 Floating Allocation Percentage |
14.05 | % | ||||||
6. Series 2007-2 Finance Charge Collections |
$ | 28,301,457.78 | ||||||
7. Series 2007-2 Reallocation Group A Finance Charge Collections |
$ | 28,203,744.72 | ||||||
8. Net Investment Proceeds from Principal Funding Account |
$ | 0.00 | ||||||
9. Amounts withdrawn from the Accumulation Reserve Account |
$ | 0.00 | ||||||
10. Series 2007-2 Available Finance Charge Collections |
$ | 28,203,744.72 | ||||||
11. Series 2007-2 Allocation of Shared Excess Available Finance
Charge Collections |
$ | 0.00 | ||||||
12. Series 2007-2 LIBOR Determination Date |
08/13/2008 | |||||||
13. Series 2007-2 Monthly Interest (15-Aug-08 to 14-Sep-08) |
$ | 2,376,391.12 | ||||||
14. Series 2007-2 Servicing Fee paid to the servicer |
$ | 1,666,666.67 | ||||||
15. Series 2007-2 Default Amount |
$ | 2,454,755.99 | ||||||
16. Series 2007-2 Principal Allocation Percentage |
14.05 | % | ||||||
17. Series 2007-2 Allocation of Principal Collections |
915,080,468.23 | |||||||
18. Series 2007-2 Allocation of Shared Excess Available Principal
Charge Collections |
$ | 0.00 | ||||||
19. Series 2007-2 Allocation of amounts withdrawn from the
Overconcentration Account |
$ | 0.00 | ||||||
APPLICATION OF SERIES 2007-2 AVAILABLE FINANCE CHARGE COLLECTIONS
1. Series 2007-2 Available Finance Charge Collections |
$ | 28,203,744.72 | ||
2. Class A Notes ($930,000,000) |
$ | 2,175,768.07 | ||
a. Class A Monthly Interest (Note Interest Rate: 2.71688%)
|
||||
b. Class A Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class A Additional Interest |
$ | 0.00 | ||
d. Class A Outstanding Additional Interest |
$ | 0.00 | ||
3. Class B Notes ($30,000,000) |
$ | 79,486.07 | ||
a. Class B Monthly Interest (Note Interest Rate: 3.07688%)
|
||||
b. Class B Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class B Additional Interest |
$ | 0.00 | ||
d. Class B Outstanding Additional Interest |
$ | 0.00 | ||
4. Class C Notes ($40,000,000) |
$ | 121,136.98 | ||
a. Class C Monthly Interest (Note Interest Rate: 3.51688%)
|
||||
b. Class C Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class C Additional Interest |
$ | 0.00 | ||
d. Class C Outstanding Additional Interest |
$ | 0.00 | ||
5. Series 2007-2 Servicing Fee paid to servicer |
$ | 1,666,666.67 | ||
6. Amount equal to Series 2007-2 Default Amount treated as Series
2007-2 Available Principal Collections |
$ | 2,454,755.99 | ||
7. Amount equal to unreimbursed reductions in the Series 2007-2
Nominal Liquidation Amount treated as Series 2007-2 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2007-2 notes treated as
Series 2007-2 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available for allocation to other series in Shared
Excess Available Finance Charge Collections Group A |
$ | 21,705,930.94 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 21,705,930.94 |
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE
COLLECTIONS ALLOCATED TO SERIES 2007-2
COLLECTIONS ALLOCATED TO SERIES 2007-2
1. Shared Excess Available Finance Charge Collections |
$ | 0.00 | ||
2. Applied to fund Class A Monthly Interest and Class A Additional Interest and any past
due Class A Monthly Interest and Class A Additional Interest |
$ | 0.00 | ||
3. Applied to fund Class B Monthly Interest and Class B Additional Interest and any past
due Class B Monthly Interest and Class B Additional Interest |
$ | 0.00 | ||
4. Applied to fund Class C Monthly Interest and Class C Additional Interest and any past
due Class C Monthly Interest and Class C Additional Interest |
$ | 0.00 | ||
5. Applied to unpaid Series 2007-2 Servicing Fee |
$ | 0.00 | ||
6. Amount equal to Series 2007-2 Default Amount treated as Series
2007-2 Available Principal Collections |
$ | 0.00 | ||
7. Amount equal to unreimbursed reductions in the Series 2007-2
Nominal Liquidation Amount treated as Series 2007-2 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2007-2 Notes treated
as Series 2007-2 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available to cover Series Available Finance Charge
Collections Shortfalls |
$ | 0.00 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 0.00 | ||
PRINCIPAL COLLECTIONS |
||||
1. Series 2007-2 Principal Allocation Percentage |
14.05 | % | ||
2. Series 2007-2 Principal Collections |
$ | 915,080,468.23 | ||
3. Reallocated Principal Collections required to pay shortfalls in interest
on the Class A Notes or the Class B Notes or shortfalls in the Series
2007-2 Servicing Fee and past due amounts thereon |
$ | 0.00 | ||
4. Item 2 minus Item 3 |
$ | 915,080,468.23 | ||
5. Other amounts treated as Series 2007-2 Available Principal
Collections |
$ | 2,454,755.99 | ||
6. Series 2007-2 Available Principal Collections (total of items 4 and 5)
|
$ | 917,535,224.22 |
APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS
DURING REVOLVING PERIOD
1. Treated as Shared Excess Available Principal Collections |
$ | 917,535,224.22 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING
CONTROLLED ACCUMULATION PERIOD |
||||
1. Principal Funding Account |
$ | 0.00 | ||
2. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY
AMORTIZATION PERIOD |
||||
1. Class A Noteholders |
$ | 0.00 | ||
2. Class B Noteholders |
$ | 0.00 | ||
3. Class C Noteholders |
$ | 0.00 | ||
4. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS
ALLOCATED TO SERIES 2007-2 |
||||
1. Series 2007-2 Available Principal Collections Shortfall |
$ | 0.00 | ||
2. Shared Excess Available Principal Collections |
$ | 0.00 | ||
3. During the Controlled Accumulation Period: |
||||
3a. Amount deposited in the Principal Funding Account |
$ | 0.00 | ||
4. During the Early Amortization Period: |
$ | 0.00 | ||
4a. Paid to the Class A Noteholders |
$ | 0.00 | ||
4b. Paid to the Class B Noteholders |
$ | 0.00 | ||
4c. Paid to the Class C Noteholders |
$ | 0.00 |
SERIES 2007-2 PRINCIPAL FUNDING, ACCUMULATION, CLASS C
RESERVE ACCOUNT
1. Principal Funding Account |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
2. Investment Proceeds on Principal Funding Account |
$ | 0.00 | ||
3. Accumulation Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
4. Accumulation Reserve Account target amount |
$ | 0.00 | ||
5. Class C Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
6. Class C Reserve Account target amount |
$ | 0.00 |
PORTFOLIO PERFORMANCE DATA
1. Series 2007-2 Portfolio Yield |
||||
Current Monthly Period |
30.32 | % | ||
Prior Monthly Period |
30.49 | % | ||
Second Prior Monthly Period |
29.80 | % | ||
2. Series 2007-2 Quarterly Portfolio Yield |
30.20 | % | ||
3. Series 2007-2 Base Rate |
||||
Current Monthly Period |
4.76 | % | ||
Prior Monthly Period |
4.75 | % | ||
Second Prior Monthly Period |
4.76 | % | ||
4. Series 2007-2 Quarterly Base Rate |
4.76 | % | ||
5. Series 2007-2 Excess Spread Percentage |
||||
Current Monthly Period |
25.56 | % | ||
Prior Monthly Period |
25.74 | % | ||
Second Prior Monthly Period |
25.03 | % | ||
6. Series 2007-2 Quarterly Excess Spread Percentage |
25.44 | % | ||
Is the Quarterly Excess Spread Percentage greater than the Required
Excess Spread Percentage? |
Yes | |||
7. Principal Payment Rate |
||||
Current Monthly Period |
91.51 | % | ||
Prior Monthly Period |
88.90 | % | ||
Second Prior Monthly Period |
89.62 | % | ||
8. Quarterly Principal Payment Rate |
90.01 | % | ||
Is the Quarterly Principal Payment Rate greater than 60%? |
Yes | |||
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
MONTHLY SERVICER’S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2008-1
SERIES 2008-1
The undersigned, a duly authorized representative of American Express
Travel Related Services Company, Inc., as servicer (“TRS”), pursuant to the
Amended and Restated Transfer and Servicing Agreement, dated as of November
1, 2007 (as may be amended and supplemented, the “Agreement”), among AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability
company, as transferor, TRS, as servicer and administrator, AMERICAN EXPRESS
ISSUANCE TRUST, a statutory trust created under the laws of the State of
Delaware (the “Trust”), and THE BANK OF NEW YORK, as Indenture Trustee (the
“Indenture Trustee”), does hereby certify that:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement or the Amended and Restated Indenture, dated
as of November 1, 2007 (as amended and restated, the “Indenture”), between the
Trust and the Indenture Trustee, as supplemented by the Series 2008-1 Indenture
Supplement, dated as of April 03, 2008, between the Trust and the Indenture
Trustee (as amended and supplemented, the “Indenture Supplement” and together
with the Indenture, the “Indenture”), as applicable.
2. TRS is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is an Authorized Officer of the Servicer who is duly
authorized pursuant to the Agreement to execute and deliver this Certificate to
the Indenture Trustee.
4. This Certificate relates to the Payment Date occurring on September 15,
2008.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects its obligations under the
Agreement and the Indenture through the Monthly Period preceding such Payment
Date and no material default in the performance of such obligations has occurred
or is continuing except as set forth in paragraph 6 below.
6. The following is a description of each material default in the
performance of the Servicer’s obligations under the provisions of the Agreement
known to me to have been made by the Servicer through the Monthly Period
preceding such Payment Date, which sets forth in detail (i) the nature of each
such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default: None
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of September 2008.
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: Name: |
/s/ Xxxxxxx X. Xxxxxxx
|
|||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2008-1
MONTHLY SERVICER STATEMENT
SERIES 2008-1
MONTHLY SERVICER STATEMENT
| Monthly Period: | 24-Jul-08 to 23-Aug-08 | |
| Record Date: | 31-Aug-08 | |
| Payment Date: | 15-Sep-08 |
| TRUST ACTIVITY | TRUST TOTALS | |||
1. Number of days in Monthly Period |
31 | |||
2. Beginning of Monthly Period Number of Accounts |
6,413,675 | |||
3. Beginning of Monthly Period Principal Receivables, including any
additions or removals during the Monthly Period |
$ | 7,119,530,395.96 | ||
3a. Addition of Principal Receivables |
$ | 0.00 | ||
3b. Removal of Principal Receivables |
$ | 0.00 | ||
4. Beginning of Monthly Period Invested Amount of Collateral
Certificates |
NA | |||
5. Beginning of Monthly Period Excess Funding Amount |
$ | 0.00 | ||
6a. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
6b. Beginning of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
7. Beginning of Monthly Period Available Overconcentration Account Amount |
$ | 0.00 | ||
8. New Principal Receivables |
$ | 6,459,530,002.46 | ||
9. Principal Collections |
$ | 6,514,943,208.30 | ||
10. Gross Default Amount |
$ | 23,611,100.91 | ||
11. End of Monthly Period Principal Receivables |
$ | 7,040,506,089.21 | ||
12. End of Monthly Period Invested Amount of Collateral Certificates |
$ | 0.00 | ||
13. End of Monthly Period Excess Funding Account Amount |
$ | 0.00 | ||
14. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
15. End of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
16. End of Monthly Period Available Overconcentration
Account Amount |
$ | 0.00 | ||
17. Required Overconcentration Account Amount |
$ | 0.00 | ||
18. End of Monthly Period Number of Accounts |
6,404,722 | |||
TRUST PERFORMANCE
1. Principal Collections |
$ | 6,514,943,208.30 | ||
2. Principal Payment Rate |
91.51 | % | ||
3. Net Default Amount |
$ | 17,476,709.91 | ||
4. Annualized Net Default Rate |
2.92 | % | ||
5. Finance Charge Collections |
$ | 201,493,088.91 | ||
6. Trust Portfolio Yield (Net of Defaults) |
30.77 | % | ||
7. Delinquencies |
||||
31 - 60 Days Delinquent |
$ | 95,802,161.49 | ||
61 - 90 Days Delinquent |
$ | 33,292,021.71 | ||
90+ Days Delinquent |
$ | 59,376,940.21 | ||
Total 30+ Days Delinquent |
$ | 188,471,123.41 | ||
TRANSFEROR AMOUNT |
||||
1. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
2. Beginning of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
3. Beginning of Monthly Period Transferor Amount |
$ | 1,944,541,395.96 | ||
4. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
5. End of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
6. End of Monthly Period Transferor Amount |
$ | 1,865,517,089.21 | ||
7. End of Monthly Period Required Transferor Amount |
$ | 1,056,075,913.38 | ||
SERIES 2008-1 NOMINAL LIQUIDATION AMOUNT |
||||
1. Beginning of Monthly Period Series 2008-1 Nominal Liquidation
Amount |
$ | 913,980,000.00 | ||
2. Reimbursement of previous reductions in the Series 2008-1 Nominal
Liquidation Amount |
$ | 0.00 | ||
3. Investor Charge-Offs |
$ | 0.00 | ||
4. Reallocated Principal Collections |
$ | 0.00 | ||
5. Principal Funding Account Balance |
$ | 0.00 | ||
6. Payments of principal of the Series 2008-1 Notes |
$ | 0.00 | ||
7. End of Monthly Period Series 2008-1 Nominal Liquidation Amount |
$ | 913,980,000.00 |
| REALLOCATION GROUP A ALLOCATIONS | TRUST TOTAL | GROUP TOTAL | ||||||
1. Nominal Liquidation Amount |
$ | 4,113,980,000.00 | ||||||
2. Finance Charge Collections |
$ | 201,493,088.91 | $ | 116,431,631.28 | ||||
3. Interest |
$ | 10,178,415.12 | ||||||
4. Net Default Amount |
$ | 10,098,817.06 | ||||||
5. Servicing Fee paid to the servicer |
$ | 6,856,633.34 | ||||||
6. Additional Amounts |
$ | 0.00 | ||||||
SERIES 2008-1 ALLOCATIONS |
||||||||
1. Reallocation Group |
Group A | |||||||
2. Shared Excess Available Finance Charge Collections Group |
Group A | |||||||
3. Shared Excess Available Principal Collections Group |
Group A | |||||||
4. Principal Funding Account Balance |
$ | 0.00 | ||||||
5. Series 2008-1 Floating Allocation Percentage |
12.84 | % | ||||||
6. Series 2008-1 Finance Charge Collections |
$ | 25,866,966.38 | ||||||
7. Series 2008-1 Reallocation Group A Finance Charge Collections |
$ | 26,455,065.98 | ||||||
8. Net Investment Proceeds from Principal Funding Account |
$ | 0.00 | ||||||
9. Amounts withdrawn from the Accumulation Reserve Account |
$ | 0.00 | ||||||
10. Series 2008-1 Available Finance Charge Collections |
$ | 26,455,065.98 | ||||||
11. Series 2008-1 Allocation of Shared Excess Available Finance Charge
Collections |
$ | 0.00 | ||||||
12. Series 2008-1 LIBOR Determination Date |
08/13/2008 | |||||||
13. Series 2008-1 Monthly Interest (15-Aug-08 to 14-Sep-08) |
$ | 2,849,381.34 | ||||||
14. Series 2008-1 Servicing Fee paid to the servicer |
$ | 1,523,300.00 | ||||||
15. Series 2008-1 Default Amount |
$ | 2,243,597.88 | ||||||
16. Series 2008-1 Principal Allocation Percentage |
12.84 | % | ||||||
17. Series 2008-1 Allocation of Principal Collections |
836,365,246.35 | |||||||
18. Series 2008-1 Allocation of Shared Excess Available Principal
Charge Collections |
$ | 0.00 | ||||||
19. Series 2008-1 Allocation of amounts withdrawn from the
Overconcentration Account |
$ | 0.00 | ||||||
APPLICATION OF SERIES 2008-1 AVAILABLE FINANCE CHARGE COLLECTIONS
1. Series 2008-1 Available Finance Charge Collections |
$ | 26,455,065.98 | ||
2. Class A Notes ($850,000,000) |
$ | 2,500,966.33 | ||
a. Class A Monthly Interest (Note Interest Rate: 3.41688%) |
||||
b. Class A Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class A Additional Interest |
$ | 0.00 | ||
d. Class A Outstanding Additional Interest |
$ | 0.00 | ||
3. Class B Notes ($27,420,000) |
$ | 129,082.15 | ||
a. Class B Monthly Interest (Note Interest Rate: 5.46688%) |
||||
b. Class B Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class B Additional Interest |
$ | 0.00 | ||
d. Class B Outstanding Additional Interest |
$ | 0.00 | ||
4. Class C Notes ($36,560,000) |
$ | 219,332.86 | ||
a. Class C Monthly Interest (Note Interest Rate: 6.96688%) |
||||
b. Class C Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class C Additional Interest |
$ | 0.00 | ||
d. Class C Outstanding Additional Interest |
$ | 0.00 | ||
5. Series 2008-1 Servicing Fee paid to servicer |
$ | 1,523,300.00 | ||
6. Amount equal to Series 2008-1 Default Amount treated as Series
2008-1 Available Principal Collections |
$ | 2,243,597.88 | ||
7. Amount equal to unreimbursed reductions in the Series 2008-1
Nominal Liquidation Amount treated as Series 2008-1 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2008-1 notes treated as
Series 2008-1 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available for allocation to other series in Shared
Excess Available Finance Charge Collections Group A |
$ | 19,838,786.76 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 19,838,786.76 |
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE
COLLECTIONS ALLOCATED TO SERIES 2008-1
COLLECTIONS ALLOCATED TO SERIES 2008-1
1. Shared Excess Available Finance Charge Collections |
$ | 0.00 | ||
2. Applied to fund Class A Monthly Interest and Class A Additional Interest and any past
due Class A Monthly Interest and Class A Additional Interest |
$ | 0.00 | ||
3. Applied to fund Class B Monthly Interest and Class B Additional Interest and any past
due Class B Monthly Interest and Class B Additional Interest |
$ | 0.00 | ||
4. Applied to fund Class C Monthly Interest and Class C Additional Interest and any past
due Class C Monthly Interest and Class C Additional Interest |
$ | 0.00 | ||
5. Applied to unpaid Series 2008-1 Servicing Fee |
$ | 0.00 | ||
6. Amount equal to Series 2008-1 Default Amount treated as Series
2008-1 Available Principal Collections |
$ | 0.00 | ||
7. Amount equal to unreimbursed reductions in the Series 2008-1
Nominal Liquidation Amount treated as Series 2008-1 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2008-1 Notes treated
as Series 2008-1 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available to cover Series Available Finance Charge
Collections Shortfalls |
$ | 0.00 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 0.00 | ||
PRINCIPAL COLLECTIONS |
||||
1. Series 2008-1 Principal Allocation Percentage |
12.84 | % | ||
2. Series 2008-1 Principal Collections |
$ | 836,365,246.35 | ||
3. Reallocated Principal Collections required to pay shortfalls in interest
on the Class A Notes or the Class B Notes or shortfalls in the Series
2008-1 Servicing Fee and past due amounts thereon |
$ | 0.00 | ||
4. Item 2 minus Item 3 |
$ | 836,365,246.35 | ||
5. Other amounts treated as Series 2008-1 Available Principal
Collections |
$ | 2,243,597.88 | ||
6. Series 2008-1 Available Principal Collections (total of items 4 and 5)
|
$ | 838,608,844.23 |
APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS
DURING REVOLVING PERIOD
1. Treated as Shared Excess Available Principal Collections |
$ | 838,608,844.23 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING
CONTROLLED ACCUMULATION PERIOD |
||||
1. Principal Funding Account |
$ | 0.00 | ||
2. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY
AMORTIZATION PERIOD |
||||
1. Class A Noteholders |
$ | 0.00 | ||
2. Class B Noteholders |
$ | 0.00 | ||
3. Class C Noteholders |
$ | 0.00 | ||
4. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS
ALLOCATED TO SERIES 2008-1 |
||||
1. Series 2008-1 Available Principal Collections Shortfall |
$ | 0.00 | ||
2. Shared Excess Available Principal Collections |
$ | 0.00 | ||
3. During the Controlled Accumulation Period: |
||||
3a. Amount deposited in the Principal Funding Account |
$ | 0.00 | ||
4. During the Early Amortization Period: |
$ | 0.00 | ||
4a. Paid to the Class A Noteholders |
$ | 0.00 | ||
4b. Paid to the Class B Noteholders |
$ | 0.00 | ||
4c. Paid to the Class C Noteholders |
$ | 0.00 |
SERIES 2008-1 PRINCIPAL FUNDING, ACCUMULATION, CLASS C
RESERVE ACCOUNT
1. Principal Funding Account |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
2. Investment Proceeds on Principal Funding Account |
$ | 0.00 | ||
3. Accumulation Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
4. Accumulation Reserve Account target amount |
$ | 0.00 | ||
5. Class C Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
6. Class C Reserve Account target amount |
$ | 0.00 |
PORTFOLIO PERFORMANCE DATA
1. Series 2008-1 Portfolio Yield |
||||
Current Monthly Period |
31.19 | % | ||
Prior Monthly Period |
31.39 | % | ||
Second Prior Monthly Period |
30.61 | % | ||
2. Series 2008-1 Quarterly Portfolio Yield |
31.07 | % | ||
3. Series 2008-1 Base Rate |
||||
Current Monthly Period |
5.62 | % | ||
Prior Monthly Period |
5.61 | % | ||
Second Prior Monthly Period |
5.62 | % | ||
4. Series 2008-1 Quarterly Base Rate |
5.62 | % | ||
5. Series 2008-1 Excess Spread Percentage |
||||
Current Monthly Period |
25.57 | % | ||
Prior Monthly Period |
25.78 | % | ||
Second Prior Monthly Period |
24.99 | % | ||
6. Series 2008-1 Quarterly Excess Spread Percentage |
25.45 | % | ||
Is the Quarterly Excess Spread Percentage greater than the Required
Excess Spread Percentage? |
Yes | |||
7. Principal Payment Rate |
||||
Current Monthly Period |
91.51 | % | ||
Prior Monthly Period |
88.90 | % | ||
Second Prior Monthly Period |
89.62 | % | ||
8. Quarterly Principal Payment Rate |
90.01 | % | ||
Is the Quarterly Principal Payment Rate greater than 60%? |
Yes | |||
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: | /s/ Xxxxxxx X. Xxxxxxx | |||||
| Name: | ||||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
MONTHLY SERVICER’S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2008-2
SERIES 2008-2
The undersigned, a duly authorized representative of American Express Travel
Related Services Company, Inc., as servicer (“TRS”), pursuant to the Amended and
Restated Transfer and Servicing Agreement, dated as of November 1, 2007 (as may
be amended and supplemented, the “Agreement”), among AMERICAN EXPRESS
RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability company,
as transferor, TRS, as servicer and administrator, AMERICAN EXPRESS ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the
“Trust”), and THE BANK OF NEW YORK, as Indenture Trustee (the “Indenture
Trustee”), does hereby certify that:
1. Capitalized terms used in this Certificate have their respective meanings set
forth in the Agreement or the Amended and Restated Indenture, dated as of
November 1, 2007 (as amended and restated, the “Indenture”), between the Trust
and the Indenture Trustee, as supplemented by the Series 2008-2 Indenture
Supplement, dated as of August 07, 2008, between the Trust and the Indenture
Trustee (as amended and supplemented, the “Indenture Supplement” and together
with the Indenture, the “Indenture”), as applicable.
2. TRS is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is an Authorized Officer of the Servicer who is duly
authorized pursuant to the Agreement to execute and deliver this Certificate to
the Indenture Trustee.
4. This Certificate relates to the Payment Date occurring on September 15, 2008.
5. As of the date hereof, to the best knowledge of the undersigned, the Servicer
has performed in all material respects its obligations under the Agreement and
the Indenture through the Monthly Period preceding such Payment Date and no
material default in the performance of such obligations has occurred or is
continuing except as set forth in paragraph 6 below.
6. The following is a description of each material default in the performance of
the Servicer’s obligations under the provisions of the Agreement known to me to
have been made by the Servicer through the Monthly Period preceding such Payment
Date, which sets forth in detail (i) the nature of each such default, (ii) the
action taken by the Servicer, if any, to remedy each such default and (iii) the
current status of each such default: None
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of September 2008.
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: | /s/ Xxxxxxx X. Xxxxxxx | |||||
| Name: | ||||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
AMERICAN EXPRESS ISSUANCE TRUST
SERIES 2008-2
MONTHLY SERVICER STATEMENT
SERIES 2008-2
MONTHLY SERVICER STATEMENT
| Monthly Period: | 24-Jul-08 to 23-Aug-08 | |
| Record Date: | 31-Aug-08 | |
| Payment Date: | 15-Sep-08 |
| TRUST ACTIVITY | TRUST TOTALS | |||
1. Number of days in Monthly Period |
31 | |||
2. Beginning of Monthly Period Number of Accounts |
6,413,675 | |||
3. Beginning of Monthly Period Principal Receivables, including any
additions or removals during the Monthly Period |
$ | 7,119,530,395.96 | ||
3a. Addition of Principal Receivables |
$ | 0.00 | ||
3b. Removal of Principal Receivables |
$ | 0.00 | ||
4. Beginning of Monthly Period Invested Amount of Collateral
Certificates |
NA | |||
5. Beginning of Monthly Period Excess Funding Amount |
$ | 0.00 | ||
6a. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
6b. Beginning of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
7. Beginning of Monthly Period Available Overconcentration Account
Amount |
$ | 0.00 | ||
8. New Principal Receivables |
$ | 6,459,530,002.46 | ||
9. Principal Collections |
$ | 6,514,943,208.30 | ||
10. Gross Default Amount |
$ | 23,611,100.91 | ||
11. End of Monthly Period Principal Receivables |
$ | 7,040,506,089.21 | ||
12. End of Monthly Period Invested Amount of Collateral Certificates |
$ | 0.00 | ||
13. End of Monthly Period Excess Funding Account Amount |
$ | 0.00 | ||
14. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
15. End of Monthly Period Required Pool Balance |
$ | 5,174,989,000.00 | ||
16. End of Monthly Period Available Overconcentration
Account Amount |
$ | 0.00 | ||
17. Required Overconcentration Account Amount |
$ | 0.00 | ||
18. End of Monthly Period Number of Accounts |
6,404,722 | |||
TRUST PERFORMANCE
1. Principal Collections |
$ | 6,514,943,208.30 | ||
2. Principal Payment Rate |
91.51 | % | ||
3. Net Default Amount |
$ | 17,476,709.91 | ||
4. Annualized Net Default Rate |
2.92 | % | ||
5. Finance Charge Collections |
$ | 201,493,088.91 | ||
6. Trust Portfolio Yield (Net of Defaults) |
30.77 | % | ||
7. Delinquencies |
||||
31 - 60 Days Delinquent |
$ | 95,802,161.49 | ||
61 - 90 Days Delinquent |
$ | 33,292,021.71 | ||
90+ Days Delinquent |
$ | 59,376,940.21 | ||
Total 30+ Days Delinquent |
$ | 188,471,123.41 | ||
TRANSFEROR AMOUNT |
||||
1. Beginning of Monthly Period Pool Balance |
$ | 7,119,530,395.96 | ||
2. Beginning of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
3. Beginning of Monthly Period Transferor Amount |
$ | 1,944,541,395.96 | ||
4. End of Monthly Period Pool Balance |
$ | 7,040,506,089.21 | ||
5. End of Monthly Period Nominal Liquidation Amount |
$ | 5,174,989,000.00 | ||
6. End of Monthly Period Transferor Amount |
$ | 1,865,517,089.21 | ||
7. End of Monthly Period Required Transferor Amount |
$ | 1,056,075,913.38 | ||
SERIES 2008-2 NOMINAL LIQUIDATION AMOUNT |
||||
1. Beginning of Monthly Period Series 2008-2 Nominal Liquidation
Amount |
$ | 1,061,009,000.00 | ||
2. Reimbursement of previous reductions in the Series 2008-2 Nominal
Liquidation Amount |
$ | 0.00 | ||
3. Investor Charge-Offs |
$ | 0.00 | ||
4. Reallocated Principal Collections |
$ | 0.00 | ||
5. Principal Funding Account Balance |
$ | 0.00 | ||
6. Payments of principal of the Series 2008-2 Notes |
$ | 0.00 | ||
7. End of Monthly Period Series 2008-2 Nominal Liquidation Amount |
$ | 1,061,009,000.00 |
| REALLOCATION GROUP B ALLOCATIONS | TRUST TOTAL | GROUP TOTAL | ||||||
1. Nominal Liquidation Amount |
$ | 1,061,009,000.00 | ||||||
2. Finance Charge Collections |
$ | 201,493,088.91 | $ | 30,028,101.42 | ||||
3. Interest |
$ | 4,618,015.98 | ||||||
4. Net Default Amount |
$ | 2,604,518.20 | ||||||
5. Servicing Fee paid to the servicer |
$ | 1,768,348.33 | ||||||
6. Additional Amounts |
$ | 0.00 | ||||||
SERIES 2008-2 ALLOCATIONS |
||||||||
1. Reallocation Group |
Group B | |||||||
2. Shared Excess Available Finance Charge Collections Group |
Group B | |||||||
3. Shared Excess Available Principal Collections Group |
Group B | |||||||
4. Principal Funding Account Balance |
$ | 0.00 | ||||||
5. Series 2008-2 Floating Allocation Percentage |
14.90 | % | ||||||
6. Series 2008-2 Finance Charge Collections |
$ | 30,028,101.42 | ||||||
7. Series 2008-2 Reallocation Group B Finance Charge Collections |
$ | 30,028,101.42 | ||||||
8. Net Investment Proceeds from Principal Funding Account |
$ | 0.00 | ||||||
9. Amounts withdrawn from the Accumulation Reserve Account |
$ | 0.00 | ||||||
10. Series 2008-2 Available Finance Charge Collections |
$ | 30,028,101.42 | ||||||
11. Series 2008-2 Allocation of Shared Excess Available Finance Charge
Collections |
$ | 0.00 | ||||||
12. Series 2008-2 LIBOR Determination Date |
08/07/2008 | |||||||
13. Series 2008-2 Monthly Interest (7-Aug-08 to 14-Sep-08) |
$ | 4,618,015.98 | ||||||
14. Series 2008-2 Servicing Fee paid to the servicer |
$ | 1,768,348.33 | ||||||
15. Series 2008-2 Default Amount |
$ | 2,604,518.20 | ||||||
16. Series 2008-2 Principal Allocation Percentage |
14.90 | % | ||||||
17. Series 2008-2 Allocation of Principal Collections |
970,908,612.51 | |||||||
18. Series 2008-2 Allocation of Shared Excess Available Principal
Charge Collections |
$ | 0.00 | ||||||
19. Series 2008-2 Allocation of amounts withdrawn from the
Overconcentration Account |
$ | 0.00 | ||||||
APPLICATION OF SERIES 2008-2 AVAILABLE FINANCE CHARGE COLLECTIONS
1. Series 2008-2 Available Finance Charge Collections |
$ | 30,028,101.42 | ||
2. Class A Notes ($1,000,000,000)
|
$ | 4,243,333.33 | ||
a. Class A Monthly Interest (Note Interest Rate: 4.02000%) |
||||
b. Class A Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class A Additional Interest |
$ | 0.00 | ||
d. Class A Outstanding Additional Interest |
$ | 0.00 | ||
3. Class B Notes ($26,526,000)
|
$ | 142,604.88 | ||
a. Class B Monthly Interest (Note Interest Rate: 4.96188%) |
||||
b. Class B Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class B Additional Interest |
$ | 0.00 | ||
d. Class B Outstanding Additional Interest |
$ | 0.00 | ||
4. Class C Notes ($34,483,000)
|
$ | 232,077.77 | ||
a. Class C Monthly Interest (Note Interest Rate: 6.21188%) |
||||
b. Class C Outstanding Monthly Interest |
$ | 0.00 | ||
c. Class C Additional Interest |
$ | 0.00 | ||
d. Class C Outstanding Additional Interest |
$ | 0.00 | ||
5. Series 2008-2 Servicing Fee paid to servicer |
$ | 1,768,348.33 | ||
6. Amount equal to Series 2008-2 Default Amount treated as Series
2008-2 Available Principal Collections |
$ | 2,604,518.20 | ||
7. Amount equal to unreimbursed reductions in the Series 2008-2
Nominal Liquidation Amount treated as Series 2008-2 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2008-2 notes treated as
Series 2008-2 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available for allocation to other series in Shared
Excess Available Finance Charge Collections Group A |
$ | 21,037,218.91 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 21,037,218.91 |
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE
COLLECTIONS ALLOCATED TO SERIES 2008-2
COLLECTIONS ALLOCATED TO SERIES 2008-2
1. Shared Excess Available Finance Charge Collections |
$ | 0.00 | ||
2. Applied to fund Class A Monthly Interest and Class A Additional
Interest and any past due Class A Monthly Interest and Class A
Additional Interest |
$ | 0.00 | ||
3. Applied to fund Class B Monthly Interest and Class B Additional
Interest and any past due Class B Monthly Interest and Class B
Additional Interest |
$ | 0.00 | ||
4. Applied to fund Class C Monthly Interest and Class C Additional
Interest and any past due Class C Monthly Interest and Class C
Additional Interest |
$ | 0.00 | ||
5. Applied to unpaid Series 2008-2 Servicing Fee |
$ | 0.00 | ||
6. Amount equal to Series 2008-2 Default Amount treated as Series
2008-2 Available Principal Collections
|
$ | 0.00 | ||
7. Amount equal to unreimbursed reductions in the Series 2008-2
Nominal Liquidation Amount treated as Series 2008-2 Available
Principal Collections |
$ | 0.00 | ||
8. Deposited to the Accumulation Reserve Account |
$ | 0.00 | ||
9. Deposited to the Class C Reserve Account |
$ | 0.00 | ||
10. In the event of default and acceleration, amount up to the
outstanding dollar principal amount of the Series 2008-2 Notes treated
as Series 2008-2 Available Principal Collections |
$ | 0.00 | ||
11. Remaining amount treated as Shared Excess Available Finance
Charge Collections available to cover Series Available Finance Charge
Collections Shortfalls |
$ | 0.00 | ||
12. Remaining amount paid to the holder of the
Transferor Interest |
$ | 0.00 | ||
PRINCIPAL COLLECTIONS |
||||
1. Series 2008-2 Principal Allocation Percentage |
14.90 | % | ||
2. Series 2008-2 Principal Collections |
$ | 970,908,612.51 | ||
3. Reallocated Principal Collections required to pay shortfalls in
interest on the Class A Notes or the Class B Notes or shortfalls in the
Series 2008-2 Servicing Fee and past due amounts thereon |
$ | 0.00 | ||
4. Item 2 minus Item 3 |
$ | 970,908,612.51 | ||
5. Other amounts treated as Series 2008-2 Available Principal
Collections |
$ | 2,604,518.20 | ||
6. Series 2008-2 Available Principal Collections (total of items 4 and 5)
|
$ | 973,513,130.71 |
APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS
DURING REVOLVING PERIOD
1. Treated as Shared Excess Available Principal Collections |
$ | 973,513,130.71 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING
CONTROLLED ACCUMULATION PERIOD |
||||
1. Principal Funding Account |
$ | 0.00 | ||
2. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY
AMORTIZATION PERIOD |
||||
1. Class A Noteholders |
$ | 0.00 | ||
2. Class B Noteholders |
$ | 0.00 | ||
3. Class C Noteholders |
$ | 0.00 | ||
4. Treated as Shared Excess Available Principal Collections |
$ | 0.00 | ||
APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS
ALLOCATED TO SERIES 2008-2 |
||||
1. Series 2008-2 Available Principal Collections Shortfall |
$ | 0.00 | ||
2. Shared Excess Available Principal Collections |
$ | 0.00 | ||
3. During the Controlled Accumulation Period: |
||||
3a. Amount deposited in the Principal Funding Account |
$ | 0.00 | ||
4. During the Early Amortization Period: |
$ | 0.00 | ||
4a. Paid to the Class A Noteholders |
$ | 0.00 | ||
4b. Paid to the Class B Noteholders |
$ | 0.00 | ||
4c. Paid to the Class C Noteholders |
$ | 0.00 |
SERIES 2008-2 PRINCIPAL FUNDING, ACCUMULATION, CLASS C
RESERVE ACCOUNT
1. Principal Funding Account |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
2. Investment Proceeds on Principal Funding Account |
$ | 0.00 | ||
3. Accumulation Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
4. Accumulation Reserve Account target amount |
$ | 0.00 | ||
5. Class C Reserve Account Amount |
||||
Opening Balance |
$ | 0.00 | ||
Additions |
$ | 0.00 | ||
Withdrawals |
$ | 0.00 | ||
Ending Balance |
$ | 0.00 | ||
6. Class C Reserve Account target amount |
$ | 0.00 |
PORTFOLIO PERFORMANCE DATA
1. Series 2008-2 Portfolio Yield |
||||
Current Monthly Period |
30.43 | % | ||
Prior Monthly Period |
0.00 | % | ||
Second Prior Monthly Period |
0.00 | % | ||
2. Series 2008-2 Quarterly Portfolio Yield |
30.43 | % | ||
3. Series 2008-2 Base Rate |
||||
Current Monthly Period |
6.02 | % | ||
Prior Monthly Period |
0.00 | % | ||
Second Prior Monthly Period |
0.00 | % | ||
4. Series 2008-2 Quarterly Base Rate |
6.02 | % | ||
5. Series 2008-2 Excess Spread Percentage |
||||
Current Monthly Period |
24.41 | % | ||
Prior Monthly Period |
0.00 | % | ||
Second Prior Monthly Period |
0.00 | % | ||
6. Series 2008-2 Quarterly Excess Spread Percentage |
24.41 | % | ||
Is the Quarterly Excess Spread Percentage greater than the Required
Excess Spread Percentage? |
Yes | |||
7. Principal Payment Rate |
||||
Current Monthly Period |
91.51 | % | ||
Prior Monthly Period |
0.00 | % | ||
Second Prior Monthly Period |
0.00 | % | ||
8. Quarterly Principal Payment Rate |
91.51 | % | ||
Is the Quarterly Principal Payment Rate greater than 60%? |
Yes | |||
| AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer |
||||||
| By: | /s/ Xxxxxxx X. Xxxxxxx | |||||
| Name: | ||||||
| Title: | Vice President | |||||
| ABS Operations | ||||||
