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SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
RECEIVABLES
FINANCING
CORPORATION V LLC
on behalf of
ISSUANCE TRUST
Delaware | 333-130522-01 | 20-2007139 | ||
(State or Other Jurisdiction of | (Commission File Number) | (I.R.S. Employer | ||
Incorporation or Organization) | Identification Number) | |||
Mail Stop 01-31-12
New York, New York 10285
(212) 640-2000
(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrants Principal Executive Offices)
N/A
(Former Name or Former Address, if Changed Since Last
Report)
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events | ||||||||
SIGNATURES |
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Six Months |
||||||||||||||||||||||||
Ended |
Year Ended December 31, | |||||||||||||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005(1) | 2004 | |||||||||||||||||||
Average Receivables Outstanding
|
$ | 14,872,856 | $ | 17,737,836 | $ | 18,501,059 | $ | 17,639,255 | $ | 15,902,703 | $ | 14,142,947 | ||||||||||||
Total Gross Charge-Offs
|
$ | 567,638 | $ | 1,065,618 | $ | 929,795 | $ | 708,885 | $ | 666,230 | $ | 579,484 | ||||||||||||
Total Recoveries
|
111,412 | 211,808 | 203,662 | 169,781 | 140,081 | 126,970 | ||||||||||||||||||
Total Net Charge-Offs
|
$ | 456,226 | $ | 853,810 | $ | 726,133 | $ | 539,105 | $ | 526,149 | $ | 452,514 | ||||||||||||
Total Gross Charge-Offs as a Percentage of Average Receivables
Outstanding
|
7.63 | %(2) | 6.01 | % | 5.03 | % | 4.02 | % | 4.19 | % | 4.10 | % | ||||||||||||
Total Recoveries as a Percentage of Average Receivables
Outstanding
|
1.50 | (2) | 1.19 | 1.10 | 0.96 | 0.88 | 0.90 | |||||||||||||||||
Total Net Charge-Offs as a Percentage of Average Receivables
Outstanding
|
6.14 | %(2) | 4.81 | % | 3.92 | % | 3.06 | % | 3.31 | % | 3.20 | % | ||||||||||||
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. | |
(2) | This percentage is an annualized figure. |
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Six Months |
||||||||||||||||||||||||
Ended |
Year Ended December 31, | |||||||||||||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005(1) | 2004 | |||||||||||||||||||
Average Receivables Outstanding
|
$ | 5,468,370 | $ | 7,064,448 | $ | 6,972,130 | $ | 6,461,098 | $ | 5,622,565 | $ | 5,118,815 | ||||||||||||
Total Gross Charge-Offs
|
$ | 87,877 | $ | 130,730 | $ | 97,528 | $ | 72,361 | $ | 109,141 | $ | 71,917 | ||||||||||||
Total Recoveries
|
13,989 | 27,213 | 21,790 | 21,990 | 21,491 | 21,265 | ||||||||||||||||||
Total Net Charge-Offs
|
$ | 73,888 | $ | 103,518 | $ | 75,737 | $ | 50,370 | $ | 87,650 | $ | 50,652 | ||||||||||||
Total Gross Charge-Offs as a Percentage of Average Receivables
Outstanding
|
3.21 | %(2) | 1.85 | % | 1.40 | % | 1.12 | % | 1.94 | % | 1.40 | % | ||||||||||||
Total Recoveries as a Percentage of Average Receivables
Outstanding
|
0.51 | (2) | 0.39 | 0.31 | 0.34 | 0.38 | 0.42 | |||||||||||||||||
Total Net Charge-Offs as a Percentage of Average Receivables
Outstanding
|
2.70 | %(2) | 1.47 | % | 1.09 | % | 0.78 | % | 1.56 | % | 0.99 | % | ||||||||||||
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. | |
(2) | This percentage is an annualized figure. |
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Total Portfolio(1)
(Dollars in Thousands)
Six Months Ended |
Year Ended |
|||||||||||||||
June 30, 2009 | December 31, 2008 | |||||||||||||||
Percentage |
Percentage |
|||||||||||||||
of Average |
of Average |
|||||||||||||||
Dollar |
Receivables |
Dollar |
Receivables |
|||||||||||||
Amount | Outstanding | Amount | Outstanding | |||||||||||||
Average
Receivables Outstanding |
$ | 14,872,856 | 100.00 | % | $ | 17,737,836 | 100.00 | % | ||||||||
Average
Receivables Delinquent: |
||||||||||||||||
31 to 60 Days
|
$ | 149,854 | 1.01 | % | $ | 244,689 | 1.38 | % | ||||||||
61 to 90 Days
|
107,278 | 0.72 | 127,410 | 0.72 | ||||||||||||
91 or More Days
|
288,613 | 1.94 | 279,163 | 1.57 | ||||||||||||
Total
|
$ | 545,744 | 3.67 | % | $ | 651,262 | 3.67 | % | ||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2007 | 2006 | 2005(2) | 2004 | |||||||||||||||||||||||||||||
Percentage |
Percentage |
Percentage |
Percentage |
|||||||||||||||||||||||||||||
of Average |
of Average |
of Average |
of Average |
|||||||||||||||||||||||||||||
Dollar |
Receivables |
Dollar |
Receivables |
Dollar |
Receivables |
Dollar |
Receivables |
|||||||||||||||||||||||||
Amount | Outstanding | Amount | Outstanding | Amount | Outstanding | Amount | Outstanding | |||||||||||||||||||||||||
Average Receivables Outstanding
|
$ | 18,501,059 | 100.00 | % | $ | 17,639,255 | 100.00 | % | $ | 15,902,703 | 100.00 | % | $ | 14,142,947 | 100.00 | % | ||||||||||||||||
Average Receivables Delinquent:
|
||||||||||||||||||||||||||||||||
31 to 60 Days
|
$ | 308,409 | 1.67 | % | $ | 325,985 | 1.85 | % | $ | 443,495 | 2.79 | % | $ | 318,251 | 2.25 | % | ||||||||||||||||
61 to 90 Days
|
131,537 | 0.71 | 122,518 | 0.69 | 134,251 | 0.84 | 102,280 | 0.72 | ||||||||||||||||||||||||
91 or More Days
|
297,202 | 1.61 | 318,254 | 1.80 | 307,807 | 1.94 | 294,174 | 2.08 | ||||||||||||||||||||||||
Total
|
$ | 737,147 | 3.98 | % | $ | 766,757 | 4.35 | % | $ | 885,553 | 5.57 | % | $ | 714,704 | 5.05 | % | ||||||||||||||||
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed and, as a result, delinquencies reported for the Total Portfolio for Monthly Periods ending after January 1, 2006 (as compared with delinquencies reported for Monthly Periods ending prior to that date) are lower. We can offer no assurance as to how delinquencies reported prior to January 1, 2006 compare to delinquencies reported after January 1, 2006, and we caution investors to compare data only within the pre-January 1, 2006 period (during which data is presented consistently under the old methodology) or within the post-January 1, 2006 period (during which data is presented consistently under the new methodology) and not across such periods. | |
(2) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. |
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Total Portfolio(1)
(Dollars in Thousands)
Six Months Ended |
Year Ended |
|||||||||||||||
June 30, 2009 | December 31, 2008 | |||||||||||||||
Percentage |
Percentage |
|||||||||||||||
of Average |
of Average |
|||||||||||||||
Dollar |
Receivables |
Dollar |
Receivables |
|||||||||||||
Amount | Outstanding | Amount | Outstanding | |||||||||||||
Average Receivables
Outstanding |
$ | 5,468,370 | 100.00 | % | $ | 7,064,448 | 100.00 | % | ||||||||
Average Receivables
Delinquent: |
||||||||||||||||
31 to 60 Days
|
$ | 83,929 | 1.53 | % | $ | 138,193 | 1.96 | % | ||||||||
61 to 90 Days
|
24,732 | 0.45 | 33,366 | 0.47 | ||||||||||||
91 or More Days
|
89,600 | 1.64 | 81,299 | 1.15 | ||||||||||||
Total
|
$ | 198,261 | 3.63 | % | $ | 252,858 | 3.58 | % | ||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2007 | 2006 | 2005(2) | 2004 | |||||||||||||||||||||||||||||
Percentage |
Percentage |
Percentage |
Percentage |
|||||||||||||||||||||||||||||
of Average |
of Average |
of Average |
of Average |
|||||||||||||||||||||||||||||
Dollar |
Receivables |
Dollar |
Receivables |
Dollar |
Receivables |
Dollar |
Receivables |
|||||||||||||||||||||||||
Amount | Outstanding | Amount | Outstanding | Amount | Outstanding | Amount | Outstanding | |||||||||||||||||||||||||
Average Receivables Outstanding
|
$ | 6,972,130 | 100.00 | % | $ | 6,461,098 | 100.00 | % | $ | 5,622,565 | 100.00 | % | $ | 5,118,815 | 100.00 | % | ||||||||||||||||
Average Receivables Delinquent:
|
||||||||||||||||||||||||||||||||
31 to 60 Days
|
$ | 162,032 | 2.32 | % | $ | 151,502 | 2.34 | % | $ | 327,169 | 5.82 | % | $ | 290,879 | 5.68 | % | ||||||||||||||||
61 to 90 Days
|
34,268 | 0.49 | 30,978 | 0.48 | 50,898 | 0.91 | 45,785 | 0.89 | ||||||||||||||||||||||||
91 or More Days
|
68,273 | 0.98 | 57,557 | 0.89 | 71,401 | 1.27 | 66,825 | 1.31 | ||||||||||||||||||||||||
Total
|
$ | 264,573 | 3.79 | % | $ | 240,037 | 3.72 | % | $ | 449,468 | 7.99 | % | $ | 403,489 | 7.88 | % | ||||||||||||||||
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed and, as a result, delinquencies reported for the Total Portfolio for Monthly Periods ending after January 1, 2006 (as compared with delinquencies reported for Monthly Periods ending prior to that date) are lower. We can offer no assurance as to how delinquencies reported prior to January 1, 2006 compare to delinquencies reported after January 1, 2006, and we caution investors to compare data only within the pre-January 1, 2006 period (during which data is presented consistently under the old methodology) or within the post-January 1, 2006 period (during which data is presented consistently under the new methodology) and not across such periods. | |
(2) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. |
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Total Portfolio
(Dollars in Thousands)
Six Months Ended |
Year Ended December 31, | |||||||||||||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005(1) | 2004 | |||||||||||||||||||
Average Receivables Outstanding
|
$ | 14,872,856 | $ | 17,737,836 | $ | 18,501,059 | $ | 17,639,255 | $ | 15,902,703 | $ | 14,142,947 | ||||||||||||
Finance Charge Collections
|
$ | 2,594,907 | $ | 5,932,127 | $ | 5,839,292 | $ | 5,563,147 | $ | 5,079,882 | $ | 4,545,647 | ||||||||||||
Finance Charge Collections as a Percentage of Average
Receivables Outstanding
|
34.89 | %(2) | 33.44 | % | 31.56 | % | 31.54 | % | 31.94 | % | 32.14 | % |
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. | |
(2) | This percentage is an annualized figure. |
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Total Portfolio
(Dollars in Thousands)
Six Months Ended |
Year Ended December 31, | |||||||||||||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005(1) | 2004 | |||||||||||||||||||
Average Receivables Outstanding
|
$ | 5,468,370 | $ | 7,064,448 | $ | 6,972,130 | $ | 6,461,098 | $ | 5,622,565 | $ | 5,118,815 | ||||||||||||
Finance Charge Collections
|
$ | 974,258 | $ | 2,411,323 | $ | 2,276,725 | $ | 2,065,895 | $ | 1,795,765 | $ | 1,626,365 | ||||||||||||
Finance Charge Collections as a Percentage of Average
Receivables Outstanding
|
35.63 | %(2) | 34.13 | % | 32.65 | % | 31.97 | % | 31.94 | % | 31.77 | % |
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. | |
(2) | This percentage is an annualized figure. |
Consumer and Small Business Segment
Six Months Ended |
Year Ended December 31, | |||||||||||||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005(1) | 2004 | |||||||||||||||||||
Lowest Month
|
91.46 | % | 86.65 | % | 83.85 | % | 86.24 | % | 87.99 | % | 88.86 | % | ||||||||||||
Highest Month
|
97.04 | % | 94.57 | % | 90.91 | % | 90.86 | % | 91.38 | % | 91.38 | % | ||||||||||||
Monthly Average
|
94.77 | % | 91.48 | % | 87.85 | % | 88.59 | % | 89.61 | % | 90.17 | % |
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the |
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old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. |
Commercial Segment
Six Months Ended |
Year Ended December 31, | |||||||||||||||||||||||
June 30, 2009 | 2008 | 2007 | 2006 | 2005(1) | 2004 | |||||||||||||||||||
Lowest Month
|
91.51 | % | 88.59 | % | 86.70 | % | 84.92 | % | 88.46 | % | 86.71 | % | ||||||||||||
Highest Month
|
102.88 | % | 97.58 | % | 96.81 | % | 93.01 | % | 91.44 | % | 90.56 | % | ||||||||||||
Monthly Average
|
97.71 | % | 93.52 | % | 91.45 | % | 89.54 | % | 89.60 | % | 88.78 | % |
(1) | As discussed above in The Total Portfolio General, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed. As a result of the transition from the old methodology to the new methodology, data for the Monthly Period ended December 24, 2005 does not include account activity for those days subsequent to each such accounts monthly billing cycle end date and prior to and including December 24, 2005. |
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(Dollars in Thousands)
Four Months Ended |
||||||||||||||||||||
Six Months Ended |
Year Ended December 31, |
December 31, |
||||||||||||||||||
June 30, 2009 | 2008(1) | 2007(1) | 2006(1) | 2005(1)(2) | ||||||||||||||||
Average Principal Receivables Outstanding
|
$ | 7,037,994 | $ | 7,196,229 | $ | 7,922,079 | $ | 8,201,212 | $ | 8,680,728 | ||||||||||
Total Gross Charge-Offs
|
$ | 161,796 | $ | 277,121 | $ | 277,945 | $ | 243,227 | $ | 94,767 | ||||||||||
Total Recoveries
|
36,222 | 72,248 | 75,118 | 77,733 | 24,162 | |||||||||||||||
Total Net Charge-Offs
|
$ | 125,574 | $ | 204,873 | $ | 202,827 | $ | 165,494 | $ | 70,605 | ||||||||||
Total Gross Charge-Offs as a Percentage of Average Principal
Receivables Outstanding
|
4.60 | %(3) | 3.85 | % | 3.51 | % | 2.97 | % | 3.28 | %(3) | ||||||||||
Total Recoveries as a Percentage of Average Principal
Receivables Outstanding
|
1.03 | (3) | 1.00 | 0.95 | 0.95 | 0.84 | (3) | |||||||||||||
Total Net Charge-Offs as a Percentage of Average Principal
Receivables Outstanding
|
3.57 | %(3) | 2.85 | % | 2.56 | % | 2.02 | % | 2.44 | %(3) | ||||||||||
Number of Accounts Experiencing a Loss
|
131,782 | 201,759 | 204,692 | 187,297 | 53,000 | |||||||||||||||
Number of Accounts Experiencing a Recovery(4)
|
74,028 | 186,306 | 240,816 | 276,274 | 97,471 | |||||||||||||||
Average Net Loss per Account Experiencing a Loss(5)
|
$ | 0.95 | $ | 1.02 | $ | 0.99 | $ | 0.88 | $ | 1.33 |
(1) | Prior to January 2009, the Trust Portfolio did not include any receivables arising in commercial charge accounts. | |
(2) | The issuance trust was formed in May 2005 and first issued notes in September 2005. | |
(3) | This percentage is an annualized figure. |
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(4) | Calculated by totaling the number of accounts experiencing a recovery in each of the months during the indicated period. Therefore, an account that has experienced a recovery in multiple months during the indicated period will be counted more than once. | |
(5) | Calculated as Net Charge-Offs divided by Number of Accounts Experiencing a Loss. |
(Dollars in Thousands)
Six Months Ended |
Year Ended December 31, |
Four Months Ended |
||||||||||||||||||||||||||||||||||||||
June 30, 2009 | 2008(1) | 2007(1) | 2006(1) | December 2005(1)(2) | ||||||||||||||||||||||||||||||||||||
Average |
Average |
Average |
Average |
Average |
||||||||||||||||||||||||||||||||||||
Dollar |
Receivables |
Dollar |
Receivables |
Dollar |
Receivables |
Dollar |
Receivables |
Dollar |
Receivables |
|||||||||||||||||||||||||||||||
Amount | Outstanding | Amount | Outstanding | Amount | Outstanding | Amount | Outstanding | Amount | Outstanding | |||||||||||||||||||||||||||||||
Average Receivables Outstanding
|
$ | 7,255,664 | 100.00 | % | $ | 7,418,793 | 100.00 | % | $ | 8,167,092 | 100.00 | % | $ | 8,454,857 | 100.00 | % | $ | 8,949,204 | 100.00 | % | ||||||||||||||||||||
Average Receivables Delinquent:
|
||||||||||||||||||||||||||||||||||||||||
31 to 60 Days
|
$ | 67,153 | 0.93 | % | $ | 97,584 | 1.32 | % | $ | 137,241 | 1.68 | % | $ | 160,004 | 1.89 | % | $ | 199,543 | 2.23 | % | ||||||||||||||||||||
61 to 90 Days
|
35,441 | 0.49 | 37,335 | 0.50 | 42,371 | 0.52 | 45,803 | 0.54 | 59,967 | 0.67 | ||||||||||||||||||||||||||||||
91 to 120 Days
|
31,734 | 0.44 | 28,245 | 0.38 | 28,767 | 0.35 | 30,375 | 0.36 | 35,994 | 0.40 | ||||||||||||||||||||||||||||||
121 to 150 Days
|
29,435 | 0.41 | 24,150 | 0.33 | 23,459 | 0.29 | 24,638 | 0.29 | 26,848 | 0.30 | ||||||||||||||||||||||||||||||
151 to 180 Days
|
26,696 | 0.37 | 21,528 | 0.29 | 20,850 | 0.26 | 21,789 | 0.26 | 21,835 | 0.24 | ||||||||||||||||||||||||||||||
181 to 210 Days
|
966 | 0.01 | 81 | * | 4,719 | 0.06 | 12,033 | 0.14 | 10,496 | 0.12 | ||||||||||||||||||||||||||||||
211 to 240 Days
|
459 | 0.01 | 27 | * | 4,918 | 0.06 | 11,237 | 0.13 | 9,268 | 0.10 | ||||||||||||||||||||||||||||||
241 to 270 Days
|
161 | * | 4 | * | 5,199 | 0.06 | 10,176 | 0.12 | 7,960 | 0.09 | ||||||||||||||||||||||||||||||
271 to 300 Days
|
109 | * | 4 | * | 5,040 | 0.06 | 8,994 | 0.11 | 6,059 | 0.07 | ||||||||||||||||||||||||||||||
301 or More Days
|
109 | * | 8 | * | 4,458 | 0.05 | 7,534 | 0.09 | 4,809 | 0.05 | ||||||||||||||||||||||||||||||
Total
|
$ | 192,263 | 2.65 | % | $ | 208,967 | 2.82 | % | $ | 277,020 | 3.39 | % | $ | 332,583 | 3.93 | % | $ | 382,776 | 4.28 | % | ||||||||||||||||||||
(1) | Prior to January 2009, the Trust Portfolio did not include any receivables arising in commercial charge accounts. | |
(2) | The issuance trust was formed in May 2005 and first issued notes in September 2005. | |
* | Indicates a number that is greater than zero but less than 0.005%. |
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Six Months Ended |
Year Ended December 31, |
Four Months Ended |
||||||||||||||||||||||||||||||||||||||
June 30, 2009 | 2008(1) | 2007(1) | 2006(1) | December 2005(1)(2) | ||||||||||||||||||||||||||||||||||||
Percentage of |
Percentage of |
Percentage of |
Percentage of |
Percentage of |
||||||||||||||||||||||||||||||||||||
Number of |
Total Number |
Number of |
Total Number |
Number of |
Total Number |
Number of |
Total Number |
Number of |
Total Number |
|||||||||||||||||||||||||||||||
Accounts | of Accounts | Accounts | of Accounts | Accounts | of Accounts | Accounts | of Accounts | Accounts | of Accounts | |||||||||||||||||||||||||||||||
Average Number of Accounts Outstanding
|
6,751,884 | 100.00 | % | 6,432,416 | 100.00 | % | 6,941,678 | 100.00 | % | 7,351,882 | 100.00 | % | 7,532,280 | 100.00 | % | |||||||||||||||||||||||||
Average Number of Accounts Delinquent:
|
||||||||||||||||||||||||||||||||||||||||
31 to 60 Days
|
30,976 | 0.46 | % | 36,695 | 0.57 | % | 45,299 | 0.65 | % | 65,071 | 0.89 | % | 87,230 | 1.16 | % | |||||||||||||||||||||||||
61 to 90 Days
|
15,165 | 0.22 | 14,062 | 0.22 | 15,648 | 0.23 | 23,158 | 0.31 | 33,385 | 0.44 | ||||||||||||||||||||||||||||||
91 to 120 Days
|
12,032 | 0.18 | 9,616 | 0.15 | 9,564 | 0.14 | 13,575 | 0.18 | 19,275 | 0.26 | ||||||||||||||||||||||||||||||
121 to 150 Days
|
9,991 | 0.15 | 7,181 | 0.11 | 6,545 | 0.09 | 9,419 | 0.13 | 11,936 | 0.16 | ||||||||||||||||||||||||||||||
151 to 180 Days
|
8,335 | 0.12 | 5,789 | 0.09 | 5,280 | 0.08 | 7,746 | 0.11 | 8,951 | 0.12 | ||||||||||||||||||||||||||||||
181 to 210 Days
|
145 | * | 10 | * | 1,155 | 0.02 | 3,018 | 0.04 | 2,935 | 0.04 | ||||||||||||||||||||||||||||||
211 to 240 Days
|
105 | * | 6 | * | 1,170 | 0.02 | 2,666 | 0.04 | 2,437 | 0.03 | ||||||||||||||||||||||||||||||
241 to 270 Days
|
69 | * | 4 | * | 1,163 | 0.02 | 2,376 | 0.03 | 2,003 | 0.03 | ||||||||||||||||||||||||||||||
271 to 300 Days
|
48 | * | 5 | * | 1,128 | 0.02 | 2,070 | 0.03 | 1,522 | 0.02 | ||||||||||||||||||||||||||||||
301 or More Days
|
1,029 | 0.02 | 896 | 0.01 | 3,438 | 0.05 | 4,593 | 0.06 | 3,035 | 0.04 | ||||||||||||||||||||||||||||||
Total
|
77,894 | 1.15 | % | 74,263 | 1.15 | % | 90,390 | 1.30 | % | 133,692 | 1.82 | % | 172,708 | 2.29 | % | |||||||||||||||||||||||||
(1) | Prior to January 2009, the Trust Portfolio did not include any receivables arising in commercial charge accounts. | |
(2) | The issuance trust was formed in May 2005 and first issued notes in September 2005. | |
* | Indicates a number that is greater than zero but less than 0.005%. |
(Dollars in Thousands)
Six Months |
Year Ended |
Four Months Ended |
|||||||||||||||||||
Ended |
December 31, |
December 31, |
|||||||||||||||||||
June 30, 2009 | 2008(1) | 2007(1) | 2006(1) | 2005(1)(2) | |||||||||||||||||
Average Principal Receivables Outstanding
|
$ | 7,037,994 | $ | 7,196,229 | $ | 7,922,079 | $ | 8,201,212 | $ | 8,680,728 | |||||||||||
Finance Charge Collections
|
1,232,736 | 2,434,414 | 2,556,406 | 2,650,401 | 902,112 | ||||||||||||||||
Finance Charge Collections as a Percentage of Average Principal
Receivables Outstanding
|
35.03 | %(3) | 33.83 | % | 32.27 | % | 32.32 | % | 31.18 | %(3) |
(1) | Prior to January 2009, the Trust Portfolio did not include any receivables arising in commercial charge accounts. | |
(2) | The issuance trust was formed in May 2005 and first issued notes in September 2005. | |
(3) | This percentage is an annualized figure. |
12
Table of Contents
Year Ended |
Four Months Ended |
|||||||||||||||||||
Six Months Ended |
December 31, |
December 31, |
||||||||||||||||||
June 30, 2009 | 2008(1) | 2007(1) | 2006(1) | 2005(1)(2) | ||||||||||||||||
Lowest Month
|
89.35 | % | 85.47 | % | 82.82 | % | 81.26 | % | 84.31 | % | ||||||||||
Highest Month
|
94.14 | % | 91.69 | % | 89.35 | % | 89.55 | % | 89.94 | % | ||||||||||
Monthly Average
|
92.00 | % | 89.25 | % | 86.54 | % | 86.86 | % | 87.26 | % |
(1) | Prior to January 2009, the Trust Portfolio did not include any receivables arising in commercial charge accounts. | |
(2) | The issuance trust was formed in May 2005 and first issued notes in September 2005. |
13
Table of Contents
Trust Portfolio
Percentage |
Percentage |
|||||||||||||||
of Total |
of Total |
|||||||||||||||
Number of |
Number of |
Receivables |
Receivables |
|||||||||||||
Account Balance Range
|
Accounts | Accounts | Outstanding | Outstanding | ||||||||||||
Credit Balance
|
97,543 | 1.45 | % | $ | (45,479,673 | ) | (0.62 | )% | ||||||||
Zero Balance
|
3,111,996 | 46.27 | 0 | 0.00 | ||||||||||||
$0.01 to $1,000
|
2,134,484 | 31.74 | 707,519,420 | 9.61 | ||||||||||||
$1,000.01 to $5,000
|
1,077,859 | 16.03 | 2,427,068,873 | 32.98 | ||||||||||||
$5,000.01 to $10,000
|
186,100 | 2.77 | 1,279,433,164 | 17.38 | ||||||||||||
$10,000.01 to $15,000
|
52,666 | 0.78 | 637,265,318 | 8.66 | ||||||||||||
$15,000.01 to $20,000
|
22,725 | 0.34 | 390,821,586 | 5.31 | ||||||||||||
$20,000.01 to $30,000
|
19,488 | 0.29 | 470,109,988 | 6.39 | ||||||||||||
$30,000.01 to $40,000
|
8,232 | 0.12 | 283,033,458 | 3.85 | ||||||||||||
$40,000.01 to $50,000
|
4,418 | 0.07 | 196,642,691 | 2.67 | ||||||||||||
$50,000.01 or More
|
9,505 | 0.14 | 1,013,727,979 | 13.77 | ||||||||||||
Total
|
6,725,016 | 100.00 | % | $ | 7,360,142,804 | 100.00 | % | |||||||||
Trust Portfolio
Percentage |
Percentage |
|||||||||||||||
of Total |
of Total |
|||||||||||||||
Period of Delinquency |
Number of |
Number of |
Receivables |
Receivables |
||||||||||||
(Days Contractually Delinquent)
|
Accounts | Accounts | Outstanding | Outstanding | ||||||||||||
Current to 30 Days
|
6,657,011 | 98.99 | % | $ | 7,208,991,073 | 97.95 | % | |||||||||
31 to 60 Days
|
27,059 | 0.40 | 53,309,774 | 0.72 | ||||||||||||
61 to 90 Days
|
12,311 | 0.18 | 23,685,053 | 0.32 | ||||||||||||
91 to 120 Days
|
10,259 | 0.15 | 22,958,761 | 0.31 | ||||||||||||
121 to 150 Days
|
9,092 | 0.14 | 24,842,089 | 0.34 | ||||||||||||
151 to 180 Days
|
7,761 | 0.12 | 21,729,966 | 0.30 | ||||||||||||
181 to 210 Days
|
182 | * | 2,623,712 | 0.04 | ||||||||||||
211 to 240 Days
|
147 | * | 1,462,533 | 0.02 | ||||||||||||
241 to 270 Days
|
99 | * | 286,957 | * | ||||||||||||
271 to 300 Days
|
87 | * | 123,232 | * | ||||||||||||
301 or More Days
|
1,008 | 0.01 | 129,654 | * | ||||||||||||
Total
|
6,725,016 | 100.00 | % | $ | 7,360,142,804 | 100.00 | % | |||||||||
* | Indicates a number that is greater than zero but less than 0.005%. |
14
Table of Contents
Trust Portfolio
Percentage |
Percentage |
|||||||||||||||
of Total |
of Total |
|||||||||||||||
Number of |
Number of |
Receivables |
Receivables |
|||||||||||||
Account Age(1)
|
Accounts | Accounts | Outstanding | Outstanding | ||||||||||||
Not More than 11 Months
|
28,425 | 0.42 | % | $ | 41,132,764 | 0.56 | % | |||||||||
12 Months to 17 Months
|
24,994 | 0.37 | 40,706,219 | 0.55 | ||||||||||||
18 Months to 23 Months
|
24,556 | 0.37 | 81,943,843 | 1.11 | ||||||||||||
24 Months to 35 Months
|
57,614 | 0.86 | 78,130,052 | 1.06 | ||||||||||||
36 Months to 47 Months
|
66,293 | 0.99 | 67,685,644 | 0.92 | ||||||||||||
48 Months to 59 Months
|
287,935 | 4.28 | 317,451,258 | 4.31 | ||||||||||||
60 Months to 71 Months
|
640,115 | 9.52 | 565,190,272 | 7.68 | ||||||||||||
72 Months or More
|
5,595,084 | 83.20 | 6,167,902,751 | 83.80 | ||||||||||||
Total
|
6,725,016 | 100.00 | % | $ | 7,360,142,804 | 100.00 | % | |||||||||
(1) | For purposes of this table, the age of an account is rounded down to the nearest whole month. For example, the age of an account that has been in existence for eleven months and twenty days would be rounded down to eleven months, and that account would be included in the Not More than 11 Months age range. |
Trust Portfolio
Trust Portfolio
15
Table of Contents
Trust Portfolio
Percentage of |
||||||||
Receivables |
Total Receivables |
|||||||
FICO Score Range
|
Outstanding | Outstanding | ||||||
Less than 560
|
$ | 90,944,204 | 1.24 | % | ||||
560 - 659
|
461,137,094 | 6.27 | ||||||
660 - 699
|
788,595,078 | 10.71 | ||||||
700 - 759
|
2,071,465,461 | 28.14 | ||||||
760 and above
|
3,559,825,575 | 48.37 | ||||||
Refreshed FICO Unavailable(2)
|
388,175,391 | 5.27 | ||||||
Total
|
$ | 7,360,142,804 | 100.00 | % | ||||
(1) | Standardized Credit Score defined as the FICO score in the most recent Monthly Period. | |
(2) | As discussed above under The Trust Portfolio General, receivables arising in designated accounts in the Commercial Segment were first included in the Trust Portfolio in January 2009. A substantial portion of the commercial charge accounts in the Commercial Segment do not have associated FICO scores. The inclusion in the Trust Portfolio of receivables arising in commercial charge accounts without associated FICO scores has contributed to an increase in the amount of receivables in the Trust Portfolio for which refreshed FICO scores are unavailable. |
16
Table of Contents
17
Table of Contents
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
0.14 | % | ||||||||||||||||||||||
2008 Origination
|
6.19 | % | 14.31 | % | ||||||||||||||||||||
2007 Origination
|
7.33 | % | 14.86 | % | 13.81 | % | ||||||||||||||||||
2006 Origination
|
7.96 | % | 14.35 | % | 12.40 | % | 12.82 | % | ||||||||||||||||
2005 Origination
|
8.47 | % | 11.90 | % | 10.27 | % | 10.45 | % | 9.45 | % | ||||||||||||||
2004 Origination
|
6.67 | % | 10.94 | % | 7.62 | % | 8.07 | % | 8.59 | % | 8.64 | % | ||||||||||||
2003 Origination
|
4.68 | % | 10.91 | % | 6.87 | % | 6.12 | % | 7.44 | % | 8.05 | % | ||||||||||||
2002 Origination
|
2.09 | % | 8.24 | % | 5.35 | % | 3.95 | % | 4.02 | % | 5.56 | % | ||||||||||||
2001 Origination
|
1.70 | % | 14.84 | % | 8.65 | % | 5.69 | % | 4.40 | % | 5.32 | % |

18
Table of Contents
Commercial Segment
Total Portfolio
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
0.18 | % | ||||||||||||||||||||||
2008 Origination
|
0.78 | % | 8.70 | % | ||||||||||||||||||||
2007 Origination
|
0.54 | % | 4.72 | % | 6.77 | % | ||||||||||||||||||
2006 Origination
|
0.20 | % | 3.67 | % | 3.80 | % | 4.56 | % | ||||||||||||||||
2005 Origination
|
0.42 | % | 3.33 | % | 2.45 | % | 2.76 | % | 2.29 | % | ||||||||||||||
2004 Origination
|
1.70 | % | 4.25 | % | 1.81 | % | 1.57 | % | 2.20 | % | 2.63 | % | ||||||||||||
2003 Origination
|
0.46 | % | 4.78 | % | 2.01 | % | 1.61 | % | 1.26 | % | 1.98 | % | ||||||||||||
2002 Origination
|
0.38 | % | 4.00 | % | 1.71 | % | 1.46 | % | 0.75 | % | 1.52 | % | ||||||||||||
2001 Origination
|
0.67 | % | 3.50 | % | 1.45 | % | 1.01 | % | 0.59 | % | 0.78 | % |

19
Table of Contents
Consumer and Small Business Segment
Total Portfolio
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
0.13 | % | ||||||||||||||||||||||
2008 Origination
|
6.00 | % | 12.35 | % | ||||||||||||||||||||
2007 Origination
|
7.14 | % | 12.93 | % | 10.97 | % | ||||||||||||||||||
2006 Origination
|
7.61 | % | 12.33 | % | 9.83 | % | 9.85 | % | ||||||||||||||||
2005 Origination
|
8.05 | % | 9.64 | % | 7.95 | % | 8.08 | % | 7.13 | % | ||||||||||||||
2004 Origination
|
6.41 | % | 9.20 | % | 5.65 | % | 6.10 | % | 6.66 | % | 6.63 | % | ||||||||||||
2003 Origination
|
4.54 | % | 9.80 | % | 5.46 | % | 4.65 | % | 5.68 | % | 6.37 | % | ||||||||||||
2002 Origination
|
2.03 | % | 7.59 | % | 4.51 | % | 3.09 | % | 3.05 | % | 4.32 | % | ||||||||||||
2001 Origination
|
1.67 | % | 14.06 | % | 7.42 | % | 4.41 | % | 3.33 | % | 3.95 | % |

20
Table of Contents
Commercial Segment
Total Portfolio
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
0.17 | % | ||||||||||||||||||||||
2008 Origination
|
0.76 | % | 8.38 | % | ||||||||||||||||||||
2007 Origination
|
0.52 | % | 4.30 | % | 5.81 | % | ||||||||||||||||||
2006 Origination
|
0.18 | % | 3.25 | % | 3.10 | % | 3.48 | % | ||||||||||||||||
2005 Origination
|
0.40 | % | 3.00 | % | 1.91 | % | 2.06 | % | 1.67 | % | ||||||||||||||
2004 Origination
|
1.67 | % | 3.92 | % | 1.22 | % | 0.98 | % | 1.74 | % | 1.37 | % | ||||||||||||
2003 Origination
|
0.43 | % | 4.37 | % | 1.25 | % | 1.00 | % | 0.83 | % | 1.26 | % | ||||||||||||
2002 Origination
|
0.33 | % | 3.66 | % | 1.19 | % | 0.99 | % | 0.38 | % | 1.22 | % | ||||||||||||
2001 Origination
|
0.48 | % | 3.06 | % | 0.91 | % | 0.54 | % | 0.25 | % | 0.43 | % |

21
Table of Contents
Consumer and Small Business Segment
Total Portfolio(1)
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
1.14 | % | ||||||||||||||||||||||
2008 Origination
|
4.93 | % | 5.79 | % | ||||||||||||||||||||
2007 Origination
|
5.73 | % | 6.54 | % | 5.79 | % | ||||||||||||||||||
2006 Origination
|
6.93 | % | 7.23 | % | 5.88 | % | 5.12 | % | ||||||||||||||||
2005 Origination
|
7.55 | % | 7.25 | % | 5.98 | % | 5.40 | % | 4.17 | % | ||||||||||||||
2004 Origination
|
7.45 | % | 7.99 | % | 5.73 | % | 4.77 | % | 4.38 | % | 3.80 | % | ||||||||||||
2003 Origination
|
8.35 | % | 8.75 | % | 7.12 | % | 5.22 | % | 4.55 | % | 4.19 | % | ||||||||||||
2002 Origination
|
5.83 | % | 7.11 | % | 5.95 | % | 5.09 | % | 4.03 | % | 3.45 | % | ||||||||||||
2001 Origination
|
9.11 | % | 11.06 | % | 7.92 | % | 6.35 | % | 5.67 | % | 3.92 | % |

(1) | As discussed in The Total Portfolio General in this report, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed and, as a result, delinquencies reported for the Total Portfolio for Monthly Periods ending after January 1, 2006 (as compared with delinquencies reported for Monthly Periods ending prior to that date) are lower. |
Data presented in each performance period in this delinquency table is color-coded based on the Monthly Periods during which the underlying account activity occurred. | ||
Delinquency data relating exclusively to Monthly
Periods ending prior to January 1, 2006, during which data
was collected consistently under the old methodology, appears in
the yellow-colored performance periods.
|
22
Table of Contents
Delinquency data relating exclusively to Monthly
Periods ending after January 1, 2006, during which data was
collected consistently under the new methodology, appears in the
blue-colored performance periods.
|
||
Delinquency data relating to a combination of
Monthly Periods ending both prior to and after January 1,
2006, during which, as to each account, data was collected to
varying degrees under the old methodology and the new
methodology (depending on when the account is originated
relative to the period covered by the applicable performance
period), appears in the green-colored performance periods.
|
||
We can offer no assurance as to how delinquencies reported in the yellow-colored performance periods compare to delinquencies reported in the blue-colored performance periods, and we caution investors to compare data only within performance periods of the same color-coding and not across performance periods of different color-coding. |
23
Table of Contents
Commercial Segment
Total Portfolio(1)
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
1.08 | % | ||||||||||||||||||||||
2008 Origination
|
3.54 | % | 5.01 | % | ||||||||||||||||||||
2007 Origination
|
3.86 | % | 5.04 | % | 4.48 | % | ||||||||||||||||||
2006 Origination
|
4.18 | % | 5.23 | % | 4.45 | % | 3.77 | % | ||||||||||||||||
2005 Origination
|
5.68 | % | 4.93 | % | 3.95 | % | 3.99 | % | 3.94 | % | ||||||||||||||
2004 Origination
|
8.62 | % | 7.52 | % | 4.14 | % | 3.74 | % | 3.46 | % | 3.79 | % | ||||||||||||
2003 Origination
|
8.14 | % | 10.41 | % | 6.74 | % | 3.87 | % | 3.46 | % | 3.16 | % | ||||||||||||
2002 Origination
|
7.92 | % | 8.62 | % | 7.88 | % | 5.74 | % | 3.22 | % | 3.03 | % | ||||||||||||
2001 Origination
|
8.84 | % | 9.40 | % | 7.69 | % | 7.35 | % | 5.36 | % | 2.83 | % |

(1) | As discussed in The Total Portfolio General in this report, for Monthly Periods ending after January 1, 2006, the method for reporting account activity for the Total Portfolio was changed and, as a result, delinquencies reported for the Total Portfolio for Monthly Periods ending after January 1, 2006 (as compared with delinquencies reported for Monthly Periods ending prior to that date) are lower. |
Data presented in each performance period in this delinquency table is color-coded based on the Monthly Periods during which the underlying account activity occurred. | ||
Delinquency data relating exclusively to Monthly
Periods ending prior to January 1, 2006, during which data
was collected consistently under the old methodology, appears in
the yellow-colored performance periods.
|
||
Delinquency data relating exclusively to Monthly
Periods ending after January 1, 2006, during which data was
collected consistently under the new methodology, appears in the
blue-colored performance periods.
|
24
Table of Contents
Delinquency data relating to a combination of
Monthly Periods ending both prior to and after January 1,
2006, during which, as to each account, data was collected to
varying degrees under the old methodology and the new
methodology (depending on when the account is originated
relative to the period covered by the applicable performance
period), appears in the green-colored performance periods.
|
||
We can offer no assurance as to how delinquencies reported in the yellow-colored performance periods compare to delinquencies reported in the blue-colored performance periods, and we caution investors to compare data only within performance periods of the same color-coding and not across performance periods of different color-coding. |
25
Table of Contents
Consumer and Small Business Segment
Total Portfolio
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
130.44 | % | ||||||||||||||||||||||
2008 Origination
|
111.42 | % | 107.29 | % | ||||||||||||||||||||
2007 Origination
|
103.18 | % | 100.51 | % | 99.75 | % | ||||||||||||||||||
2006 Origination
|
93.86 | % | 90.62 | % | 94.33 | % | 96.42 | % | ||||||||||||||||
2005 Origination
|
90.55 | % | 87.63 | % | 88.60 | % | 92.76 | % | 95.05 | % | ||||||||||||||
2004 Origination
|
91.38 | % | 87.59 | % | 87.96 | % | 89.50 | % | 93.12 | % | 95.89 | % | ||||||||||||
2003 Origination
|
88.98 | % | 88.67 | % | 87.35 | % | 86.61 | % | 87.74 | % | 91.21 | % | ||||||||||||
2002 Origination
|
90.53 | % | 90.14 | % | 91.41 | % | 90.00 | % | 88.95 | % | 92.58 | % | ||||||||||||
2001 Origination
|
84.88 | % | 84.16 | % | 88.28 | % | 90.68 | % | 88.55 | % | 89.92 | % |

26
Table of Contents
Commercial Segment
Total Portfolio
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
105.21 | % | ||||||||||||||||||||||
2008 Origination
|
99.59 | % | 99.95 | % | ||||||||||||||||||||
2007 Origination
|
92.74 | % | 93.64 | % | 101.03 | % | ||||||||||||||||||
2006 Origination
|
91.74 | % | 92.72 | % | 96.16 | % | 101.49 | % | ||||||||||||||||
2005 Origination
|
89.93 | % | 90.39 | % | 92.81 | % | 96.23 | % | 98.18 | % | ||||||||||||||
2004 Origination
|
89.17 | % | 90.46 | % | 91.44 | % | 92.54 | % | 95.14 | % | 101.45 | % | ||||||||||||
2003 Origination
|
87.26 | % | 87.83 | % | 89.78 | % | 90.40 | % | 92.64 | % | 94.36 | % | ||||||||||||
2002 Origination
|
84.34 | % | 87.24 | % | 90.04 | % | 90.57 | % | 90.47 | % | 93.61 | % | ||||||||||||
2001 Origination
|
80.69 | % | 86.06 | % | 89.61 | % | 90.98 | % | 89.34 | % | 92.41 | % |

27
Table of Contents
Consumer and Small Business Segment
Total Portfolio
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
32.33 | % | ||||||||||||||||||||||
2008 Origination
|
36.21 | % | 38.76 | % | ||||||||||||||||||||
2007 Origination
|
33.78 | % | 36.82 | % | 36.04 | % | ||||||||||||||||||
2006 Origination
|
30.44 | % | 32.80 | % | 34.58 | % | 34.75 | % | ||||||||||||||||
2005 Origination
|
29.67 | % | 31.59 | % | 32.06 | % | 34.01 | % | 34.30 | % | ||||||||||||||
2004 Origination
|
29.41 | % | 31.62 | % | 31.67 | % | 32.41 | % | 34.12 | % | 34.49 | % | ||||||||||||
2003 Origination
|
28.78 | % | 31.70 | % | 31.47 | % | 31.15 | % | 31.68 | % | 33.31 | % | ||||||||||||
2002 Origination
|
29.39 | % | 32.37 | % | 32.73 | % | 32.40 | % | 32.04 | % | 33.60 | % | ||||||||||||
2001 Origination
|
27.52 | % | 30.29 | % | 31.70 | % | 32.46 | % | 31.82 | % | 32.52 | % |

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Commercial Segment
Total Portfolio
0-12 |
13-24 |
25-36 |
37-48 |
49-60 |
>=61 |
|||||||||||||||||||
Origination Year
|
Months | Months | Months | Months | Months | Months | ||||||||||||||||||
2009 Origination
|
24.99 | % | ||||||||||||||||||||||
2008 Origination
|
32.63 | % | 36.59 | % | ||||||||||||||||||||
2007 Origination
|
30.40 | % | 35.02 | % | 37.32 | % | ||||||||||||||||||
2006 Origination
|
30.03 | % | 33.93 | % | 36.13 | % | 37.60 | % | ||||||||||||||||
2005 Origination
|
29.45 | % | 32.99 | % | 34.05 | % | 36.18 | % | 36.24 | % | ||||||||||||||
2004 Origination
|
29.08 | % | 32.96 | % | 33.35 | % | 33.81 | % | 35.78 | % | 37.02 | % | ||||||||||||
2003 Origination
|
28.48 | % | 31.99 | % | 32.64 | % | 32.95 | % | 33.83 | % | 35.18 | % | ||||||||||||
2002 Origination
|
27.64 | % | 31.89 | % | 32.93 | % | 32.90 | % | 33.02 | % | 34.47 | % | ||||||||||||
2001 Origination
|
26.55 | % | 31.61 | % | 32.68 | % | 33.20 | % | 32.51 | % | 33.92 | % |

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| in existence and maintained by an account owner or such successors or assigns; | |
| is payable in United States dollars; | |
| has not been identified by the servicer in its computer files as cancelled due to a related accountholders bankruptcy or insolvency; | |
| has not been sold or pledged to any other party except for any other account owner that has entered into a receivables purchase agreement or the transferor; | |
| does not have receivables which have been sold or pledged to any other party other than American Express Credit Corporation pursuant to the applicable receivables purchase agreement or the transferor; | |
| has an accountholder who has provided as his or her most recent billing address an address located in the United States, its territories or possessions or a United States military address (provided, however, that, at any time, up to 3% of the aggregate amount of receivables may have accountholders who have provided as their most recent billing addresses, addresses outside of such jurisdictions); | |
| has not been identified as an account with respect to which the related card has been lost or stolen (if such account is a charge card account); and | |
| does not have receivables that are Defaulted Receivables and does not have any receivables that have been identified by the servicer as having been incurred as a result of fraudulent use of any related charge card. |
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| the balance of all receivables included in such accounts is reflected on the books and records of the related account owner (and is treated for purposes of the transfer and servicing agreement) as zero, and | |
| charging privileges with respect to all such accounts have been canceled in accordance with the account guidelines. |
| with respect to receivables included in the issuance trust, collections of finance charge receivables (including collections received with respect to Discount Option Receivables, if any, for such Monthly Period) received by the servicer on behalf of the issuing entity; | |
| with respect to a collateral certificate included in the issuance trust, collections of finance charge receivables allocable to the holder of that collateral certificate under the applicable securitization agreements for the related master trust or other securitization special purpose entity for such Monthly Period; | |
| any amounts received by the issuer to be treated as Finance Charge Collections with respect to such series, class or tranche as described in the related prospectus supplement for such Monthly Period; and | |
| the amount of investment earnings (net of losses and investment expenses), if any, on amounts in deposit in the collection account, the overconcentration account and the excess funding account for such Monthly Period. |
| with respect to receivables, collections other than those designated as Finance Charge Collections on designated accounts for such Monthly Period; | |
| with respect to a collateral certificate, collections of principal receivables allocable to the holder of that collateral certificate under the applicable securitization agreements for the related master trust or other securitization special purpose entity for such Monthly Period; and |
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| the amount of funds withdrawn from the excess funding account for such Monthly Period which are required to be deposited into the collection account and treated as Principal Collections during an accumulation period or an amortization period pursuant to the transfer and servicing agreement. |
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American Express Receivables Financing
Corporation V LLC, as originator of the Trust and Co-Registrant and as Transferor on behalf of the Trust as Co-Registrant |
||||||
By: | /s/ Anderson Y. Lee | |||||
Name: | ||||||
Title: | Vice President and Treasurer |