Last10K.com

American Express Master Trust (887616) SEC Filing 8-K Material Event for the period ending Wednesday, June 15, 2005

American Express Master Trust

CIK: 887616

EX-99.1
3
b407213_ex99-1.txt
MONTHLY SERVICER'S CERTIFICATE



                                                                    EXHIBIT 99.1

                         Monthly Servicer's Certificate
             American Express Travel Related Services Company, Inc.

             ------------------------------------------------------
                          American Express Master Trust
             ------------------------------------------------------

      The undersigned,  a duly  authorized  representative  of American  Express
      Travel Related Services Company, Inc. ("TRS"), as Servicer pursuant to the
      Amended and Restated Master  Pooling and Servicing  Agreement  dated as of
      April  16,  2004,(the   "Agreement"),   as   supplemented  by  the  Series
      Supplements,  amongst  TRS,   American   Express   Receivables   Financing
      Corporation ("RFC"), American Express Centurion Bank ("AECB") and American
      Express Bank,  FSB ("FSB"), as  Transferors,  and The Bank of New York, as
      Trustee, does hereby certify the information set forth below.

1.    Capitalized terms used in this Certificate have their respective  meanings
      as  set  forth  in  the  Agreement  or  Series  Supplement  as applicable;
      provided,  that  the  preceding  Due  Period"  shall  mean the Due  Period
      immediately  preceding  the  calendar  month in which this  Certificate is
      delivered.  This certificate is delivered  pursuant to subsection 3.04 (c)
      of the Agreement.  References  herein  to certain sections and subsections
      are  references  to  the  respective  sections  and  subsections  in   the
      Agreement.

2.    TRS is Servicer under the Agreement.

3.    The undersigned is a Servicing Officer.

4.    This  Certificate  relates to the  Distribution Date occurring on June 15,
      2005 and related due period from April 25, 2005 through May 24, 2005 .

     Note:  On June 15, 2005,  the Series 2002-2  Certificates  in the principal
     amount of  $1,081,081,081  are being repaid.  The information  presented in
     this Servicer Report has been presented  giving effect to such repayment as
     if it had occurred during the related due period. The following table shows
     the line items that are affected, how they are presented in this report and
     how they would be  represented  if they had been  reported  without  giving
     effect to such repayment.
Line Item Line Item Amount Amount Presented Presented Without Line Item: In this Report: Effect of Repayment: Aggregate Trust Information: A.2. Aggregate Invested Amount $0.00 $1,081,081,081.00 A.3. Transferor Amount $6,175,240,669.88 $5,094,159,588.88 A.4.(b) Transferor Percentage 100% 82.4933% D.5. Minimum Trust Principal Amount $0.00 $1,161,100,000.00 D.6. Transferor Amount (reduced $6,168,081,539.00 $5,087,000,458.00 by Privileged Assets) D.8. Transferor Amount (reduced 100% 82.47% by Privileged Assets) as a % of Minimum Trust Principal Component
A. Information Regarding the American Express Master Trust 1. Trust Principal Component as of the end of the preceding Due Period..... $6,175,240,669.82 2. Aggregate Invested Amounts as of the end of the preceding Due Period..... $0.00 3. Transferor Amount as of the end of the preceding Due Period..... $6,175,240,669.82 4.(a) Transferor Percentage as of the end of the second preceding Due Period 82.1996% 4.(b) Transferor Percentage as of the end of the preceding Due Period..... 100.00% 5. Aggregate Excess Principal Collections for the preceding Due Period..... $943,494,338.40 6. Aggregate Principal Shortfalls for the preceding Due Period..... $0.00 Page 1 Monthly Servicer's Certificate American Express Travel Related Services Company, Inc. B. Information Regarding Performance of the American Express Master Trust Receivable Pool 1. The aggregate Receivable balance as of (a) the beginning of the preceding Due Period was equal to..... $6,261,179,113.18 (b) the end of the preceding Due Period was equal to..... $6,366,227,494.66 2. The Yield Factor in effect for the preceding Due Period 3.0000% 3. The aggregate amount of billed Receivables as of the beginning of the preceding Due Period was equal to $6,055,632,443.87 4.(a) The aggregate amount of Collections on Receivables, exclusive of recoveries for the preceding Due Period was equal to..... $5,456,462,146.73 (b) The aggregate balance of Receivables deposited to the Collection Account Pursuant to Sections 2.04 (d) and 3.03 of the Agreement for the preceding Due Period was equal to $0.00 5. The aggregate amount of Principal Collections for the preceding Due Period was equal to..... $5,292,768,282.33 6. The aggregate amount of Yield Collections for the preceding Due Period was equal to..... $163,693,864.40 7. Gross Losses [The aggregate amount of Receivables for all Accounts which became Defaulted Accounts during the preceding Due Period] was equal to..... $11,926,805.03 8. The aggregate amount of Recoveries for the preceding Due Period was equal to..... $4,055,932.03 9.(a) Net Losses [Gross Losses, less Recoveries] for the preceding Due Period was equal to..... $7,870,873.00 (b) The Default Amount [Net Losses, times (1 minus the Yield Factor)] for the preceding Due Period was equal to..... $7,634,746.81 10. Delinquent Balances The aggregate amount of outstanding balances in the Accounts that was delinquent as of such Accounts' cycle billing date occurring during the preceding Due Period: Aggregate Balance (a) 30-59 Days $65,035,784.67 (b) 60-89 Days $20,279,856.38 (c) 90-119 Days $15,710,209.89 (d) 120 days or more $46,820,247.15 Total $147,846,098.09 Page 2 Monthly Servicer's Certificate American Express Travel Related Services Company, Inc. C. Information Regarding Performance of the American Express Master Trust Receivable Pool (Percentage Basis) 1. The aggregate amount of Charge Volume and Fees for the preceding Due Period..... $5,573,437,333.24 2. Computed yield as a percentage of Charge Volume and Fees [Yield Collections for the preceding Due Period divided by teh aggregate amount of Charge Volume and Fees for the preceding Due Period]..... 2.9370% 3. Gross Losses as a Percentage of Charge Volume and Fees [Gross Losses, divided by the aggregate amount of Charge Volume and fees for the preceding Due Period]..... 0.2140% 4. Recovery rate [Recoveries, divided by the aggregate amount of Charge Volume and Fees for the preceding Due Period]..... 0.0728% 5. Net Losses as a Percentage of Charge Volume and Fees [Net Losses, divided by the aggregate amount of Charge Volume and Fees for the preceding Due Period]..... 0.1412% 6. Computed Net Yield as a Percentage of Charge Volume and Fees [Yield Collections less Net Losses, divided by the aggregate amount of Charge Volume and Fees for the preceding Due Period]..... 2.7958% 7. Average Monthly Payment rate for the Due Period [Collections on Receivables, excluding Recoveries for the preceding Due Period, divided by the aggregate amount of billed Receivables as of the beginning of the preceding Due Period]..... 90.1056% 8. Receivable turnover rate Charge Volume and Fees for the previous twelve Due Periods divided by the arithmetic average of month-end Receivable balances for the previous twelve Due Periods, including the Receivable balance at the beginning of such twelve month period 10.3633% 9. Delinquency rates [The aggregate amount of outstanding balances in the Accounts that were delinquent as of such Accounts' cycle billing date occurring during the preceding Due Period, divided by the aggregate amount of outstanding balances for all Accounts as of such Accounts' cycle billing date occurring during the preceding Due Period]: (a) 30-59 Days 1.0570% (b) 60-89 Days 0.3296% (c) 90-119 Days 0.2553% (d) 120 or more Days 0.7609% Page 3 Monthly Servicer's Certificate American Express Travel Related Services Company, Inc. D. Information Regarding the Privileged Assets Program 1. Estimated Trust Privileged Assets Billed Amounts for the second preceding Due Period..... $16,745,402.00 2. Privileged Assets Applied Dilution Factor for the second preceding Due Perid..... 44.07507% 3. Privileged Assets Calculated Amount for the preceding Due Period..... $7,159,131.00 4. Trust Principal Component as of the end of the preceding Due Period (reduced by the Privileged Assets Calculated Amount for the preceding Due Period)..... $6,168,081,539.00 5. Minimum Trust Principal Component..... $0.00 6. Transferor Amount (reduced by the Privileged Assets Calculated Amount for the preceding Due Period) as of the end of the preceding Due Period..... $6,168,081,539.00 7. The Trust Principal Component as of the end of the preceding Due Period (reduced by the privileged Assets Calculated Amount for the preceding Due Period) [Item 4] was not less than the Minimum Trust Principal Component [Item 5]. Yes 8. Transferor Amount (reduced by the Privileged Assets Calculated Amount for the preceding Due Period) [Item 6] as a percentage of the Trust Principal Component (reduced by the Privileged Assets Calculated Amount for the preceding Due Period) [Item 4]. 100.00% 9. The Transferor Amount (reduced by the Privileged Assets Calculated Amount for the preceding Due Period) [Item 6] was not less than 3.0% of the Trust Principal Component (reduced by the Privileged Assets Calculated Amount for the preceding Due Period) [Item 4]..... Yes Page 4 Monthly Servicer's Certificate American Express Travel Related Services Company, Inc. 10. Estimated Trust Privileged Assets Billed Amounts for the second Preceding Due Period [Item 1] as a percentage of Trust Principal Component for the preceding Due Period (as reduced) [Item 4]..... 0.2710% 11. Item 10 does not exceed 1% at the same time as Item 8 is not less than 17%. Yes 12. Average of the privileged Assets Monthly Payment Rates for the 6 month period ending on the last day of the second preceding Due Period. 88.15844% 13. Trust Average Monthly Payment Rate for the preceding Due Period. 89.1912% 14. 110% of Item 13..... 98.1103% 15. Item 12 is not less than Item 14 No 16. Item 8 is not less than 17% Yes IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 10th day of June, 2005. American Express Travel Related Services Company, Inc. Servicer, By: /s/ Susanne L. Miller --------------------- Name: Susanne L. Miller Title: Vice President Treasury Controller Page 5 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-2 ------------------------------------------------------ Schedule - to Monthly Servicer's Certificate with respect To the Series 2002-2 Certificates A. Information Regarding American Express Master Trust Series 2002-2 Allocation Percentages 1. Floating Allocation Percentage as of the end of the Second preceding Due Period..... 9.5677% 2. Fixed Allocation Percentage..... 17.8004% 3.(a) Additional Amounts pursuant to Section 4.03(c)(ii) treated as Yield Collections..... $0.00 (b) Additional Amounts pursuant to Section 4.03(c)(ii) treated as Principal Collections..... $0.00 4. The amount of Yield Collections allocable to Series 2002-2 [Floating Allocation Percentage, times Yield Collections]..... $15,661,785.62 5. The amount of Principal Collections allocable to Series 2002-2: (a) During the Revolving Period [Floating Allocation Percentage times Principal Collections], treated as Excess Principal Collections..... $0.00 (b) During the Accumulation Period or an Amortization Period [Fixed Allocation Percentage, times Principal Collections]..... $942,135,321.38 6. The Investor Default Amount allocable to Series 2002-2 [Floating Allocation Percentage, times Default Amount]..... $730,471.90 B. Information Regarding the Application of Funds on Deposit in the Collection Account for the Series 2002-2 Certificates, pursuant to Section 4.08 of the Series Supplement 1. Class A Monthly Interest @ 3.1400% $2,616,666.67 2. Class B Monthly Interest $239,189.19 3. Investor Monthly Servicing Fee $1,801,801.80 4. Reimbursement of Class A Investor Charge offs $0.00 5. Investor Default Amount $730,471.90 6. Unpaid Class B Interest $0.00 7. Reimbursement of Class B Investor Charge offs $0.00 8. Funding of Reserve Account $0.00 9. Excess Yield Collections $10,273,656.06 Page 1 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-2 ------------------------------------------------------ C. Information on the Application of Principal Collections to the Collection Account regarding Series 2002-2 Certificates 1. Class A Monthly Principal deposited to the Collection Account for distribution to Class A Certificateholders $1,000,000,000.00 2. Class B Monthly Principal deposited to the Collection Account for distribution to Class B Certificateholders $81,081,081.00 3. Series 2002-2 Principal Shortfall $0.00 4. Excess Principal Collections allocable from other Series deposited to the Series 2002-2 Collection Account for distribution to Certificateholders $0.00 5. Excess Principal Collections allocable to other Series N/A D. Information Regarding the Series 2002-2 Class A Interest Funding Account 1. Beginning Balance $0.00 2. Deposit from Collection Account $2,616,666.67 3. Withdrawal to Class A Certificateholders, if any $2,616,666.67 4. Ending Balance $0.00 E. Information Regarding the Series 2002-2 Accrued and Unpaid Amounts 1. The amount of any Class A Monthly Interest previously due but not deposited in the Class A Interest Funding Account on a prior Distribution Date..... $0.00 2. The amount of additional interest [at the Class A Certificate Rate] with respect to interest amounts that were due but not paid on a previous Interest Payment Date or Special Payment Date..... $0.00 3. The amount of any Class B Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date..... $0.00 4. The amount of additional interest [at the Class B Certificate Rate] with respect to interest amounts that were due but not paid on a previous Distribution Date..... $0.00 Page 2 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-2 ------------------------------------------------------ F. Information Regarding Series 2002-2 Certificate Balances, Invested Amounts, and Investor Charge Offs (for the preceding Due Period) 1. Class A Certificate Balance $1,000,000,000.00 2. Class B Certificate Balance $81,081,081.00 3. Class A Invested Amount $1,000,000,000.00 4. Class B Invested Amount $81,081,081.00 5. Class A Investor Charge Offs for the preceding Due Period $0.00 6. Class B Investor Charge Offs for the preceding Due Period $0.00 7. Unreimbursed Class A Investor Charge Offs $0.00 8. Unreimbursed Class B Investor Charge Offs $0.00 G. Information Regarding the Current Monthly Distribution To Class A and Class B Certificateholders 1. Total Class A distributions $1,002,616,666.67 2. Class A interest distributions $2,616,666.67 3. Class A principal distributions $1,000,000,000.00 4. Total Class B distributions $81,320,270.19 5. Class B interest distributions $239,189.19 6. Class B principal distributions $81,081,081 H. The Series 2002-2 Factors 1. The Series 2002-2 Class A Factor for the preceding Record Date [which represents the ratio of the amount of the Class A Invested Amount as of such Record Date (adjusted after taking into account any reduction in the Class A Invested Amount that will occur on the following distribution date) to the Initial Class A Invested Amount (rounded to seven decimal places) 0.0000000% 2. The Series 2002-2 Class B Factor for the preceding Record Date [which represents the ration of the amount of the Class B Invested Amount as of such Record Date (adjusted after taking into account any reduction in the Class B Invested Amount that will occur on the following distribution date) to the Initial Class A Invested Amount (rounded to seven decimal places) 0.0000000% Page 3 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-2 ------------------------------------------------------ Pursuant to Section 9.01 of the Agreement, to the knowledge of the undersigned, no Early Amortization Event, with respect to the Series 2002-2 Certificates has occurred. Any Yield Factor in effect during the preceding Due Period was not below the minimum Yield Factor. The Trust Principal Component as of the end of the preceding Due Period was not less than the Minimum Trust Principal Component. The Transferor Amount as of the end of the preceding Due Period was not less than 3.0% of the Trust Principal Component. IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 10th day of June, 2005. American Express Travel Related Services Company, Inc. Servicer, By: /s/ Susanne L. Miller --------------------- Name: Susanne L. Miller Title: Vice President Treasury Controller Page 4

View differences made from one to another to evaluate American Express Master Trust's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by American Express Master Trust.

Continue

Assess how American Express Master Trust's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

American Express Master Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2005 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools
CIK: 887616
Form Type: 8-K Corporate News
Accession Number: 0001125282-05-003168
Submitted to the SEC: Wed Jun 15 2005 12:08:05 PM EST
Accepted by the SEC: Wed Jun 15 2005
Period: Wednesday, June 15, 2005
Industry: Asset Backed Securities
Events:
  1. Financial Exhibit
  2. Other Events

External Resources:

Bookmark the Permalink:
https://last10k.com/sec-filings/887616/0001125282-05-003168.htm