UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2015
or
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For transition period from to
AMERICAN EXPRESS ISSUANCE TRUST II
(Exact name of Issuing Entity as specified in its charter)
AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC
(Exact name of Depositor as specified in its charter)
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
(Exact name of Sponsor as specified in its charter)
Commission File Number of Issuing Entity: 333-185503-01
Central Index Key Number of Issuing Entity: 0001562914
Commission File Number of Depositor: 333-185503
Central Index Key Number of Depositor: 0001562918
Central Index Key Number of Sponsor: 0001135317
Delaware | Not Applicable | |
(State or other Jurisdiction of Incorporation or Organization of the Issuing Entity) |
(I.R.S. Employer Identification Number of the Issuing Entity) | |
c/o Wilmington Trust Company 1100 North Market Street Wilmington, Delaware |
19890 | |
(Address of the Principal Executive Offices of the Issuing Entity) |
(Zip Code of the Issuing Entity) |
(302) 636-6392
(Telephone Number, including area code
of the Issuing Entity,
c/o Wilmington Trust Company)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ¨ NO x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ¨ NO x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES ¨ NO ¨ [Rule 405 of Regulation S-T is not applicable.]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||
Non-accelerated filer | x (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ¨ NO x
Registrant has no voting or non-voting common equity outstanding held by non-affiliates.
DOCUMENTS INCORPORATED BY REFERENCE: NONE
PART I
The following Items have been omitted in accordance with General Instruction J to Form 10-K:
Item 1. | Business. |
Item 1A. | Risk Factors. |
Item 2. | Properties. |
Item 3. | Legal Proceedings. |
Item 1B. Unresolved Staff Comments.
Not Applicable.
Item 4. Mine Safety Disclosures.
Not Applicable.
Substitute Information provided in accordance with General Instruction J to Form 10-K:
Item 1112(b) of Regulation AB: Significant obligors of pool assets (Financial information).
The pool assets held by the American Express Issuance Trust II (the Trust) do not include any significant obligors.
Item 1114(b)(2) of Regulation AB: Credit enhancement and other support, except for certain derivatives instruments (Financial information).
Based on the standards set forth in Item 1114(b) of Regulation AB, no information is required in response to this Item.
Item 1115(b) of Regulation AB: Certain derivatives instruments (Financial information).
Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.
Item 1117 of Regulation AB: Legal proceedings.
In the ordinary course of business, American Express Company and its subsidiaries (the Company) are subject to various claims, investigations, examinations, pending and potential legal actions, and other matters relating to compliance with laws and regulations (collectively, legal proceedings). The Company believes it has meritorious defenses to each of these legal proceedings and intends to defend them vigorously. Some of these proceedings are at preliminary stages and seek an indeterminate amount of damages.
In 2010, the DOJ, along with Attorneys General from Arizona, Connecticut, Hawaii (Hawaii has since withdrawn its claim), Idaho, Illinois, Iowa, Maryland, Michigan, Missouri, Montana, Nebraska, New Hampshire, Ohio, Rhode Island, Tennessee, Texas, Utah and Vermont filed a complaint in the U.S. District Court for the Eastern District of New York against the Company, MasterCard International Incorporated and Visa, Inc., alleging a violation of Section 1 of the Sherman Antitrust Act (the DOJ case). The complaint included allegations that provisions in the Companys merchant agreements prohibiting merchants from steering a customer to use another networks card or another type of general-purpose card (anti-steering and non-discrimination contractual provisions) violate the antitrust laws. The complaint sought a judgment permanently enjoining the Company from enforcing its non-discrimination contractual provisions. The complaint did not seek monetary damages.
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Following a non-jury trial in the DOJ case, the trial court found that the challenged provisions were anticompetitive and on April 30, 2015, the court issued a final judgment entering a permanent injunction. Following the Companys appeal of this judgment, on December 18, 2015, the Court of Appeals for the Second Circuit stayed the trial courts judgment as well as related matters before the trial court pending the issuance of its appellate decision.
In addition to the DOJ case, individual merchant cases and a putative class action, collectively captioned In re: American Express Anti-Steering Rules Antitrust Litigation (II), are pending in the Eastern District of New York against the Company alleging that its anti-steering provisions in merchant card acceptance agreements violate U.S. antitrust laws. The individual merchant cases seek damages in unspecified amounts and injunctive relief. These matters, including a trial previously scheduled in the individual merchant cases, have been stayed pending resolution of the appeal in the DOJ case.
Individual merchants have initiated arbitration proceedings raising similar claims concerning the anti-steering provisions in the Companys card acceptance agreements and seeking damages. The Company is vigorously defending against those claims.
In July 2004, the Company was named as a defendant in another putative class action filed in the Southern District of New York and subsequently transferred to the Eastern District of New York, captioned The Marcus Corporation v. American Express Company, et al., in which the plaintiffs allege an unlawful antitrust tying arrangement between certain of the Companys charge cards and credit cards in violation of various state and federal laws. The plaintiffs in this action seek injunctive relief and an unspecified amount of damages. In December 2013, the Company announced a proposed settlement of the Marcus case and the putative class action challenging its anti-steering provisions. The settlement, which provides for certain injunctive relief for the proposed classes, received preliminary approval in the United States District Court for the Eastern District of New York. On August 4, 2015, the court denied final approval of the settlement; further proceedings are anticipated after resolution of the appeal in the DOJ case.
On November 6, 2015, a putative representative action, captioned People of the State of California, ex. rel. Dennis Herrera v. American Express Co. et al., was filed in California state court on behalf of the People of California by the San Francisco City Attorney for the benefit of California merchants that accept American Express cards. The complaint alleges that certain terms in the Companys merchant agreements violate California law and seeks relief in the form of: (1) a declaratory judgment; (2) an injunction preventing the Company from enforcing those terms; (3) statutory civil penalties in an amount to be determined by the court; (4) restitution for alleged overcharges; and (5) attorneys fees and cost of suit. This action has been stayed pending resolution of the appeal in the DOJ case.
In October 2009, a putative class action, captioned Lopez, et al. v. American Express Bank, FSB and American Express Centurion Bank, was filed in the United States District Court for the Central District of California. The amended complaint sought to certify a class of California American Express Card Members whose interest rates were changed from fixed to variable in or around August 2009 or otherwise increased. On August 20, 2014, plaintiffs filed an amended nationwide complaint and an unopposed motion for preliminary approval of a settlement of the claims alleged in that complaint. The settlement provides for certain relief to class members, attorneys fees and costs of up to $6 million. The court granted preliminary approval of the settlement on February 3, 2016. The final approval hearing is scheduled for October 17, 2016.
On March 8, 2016, Plaintiffs B&R Supermarket, Inc., d/b/a Milams Market and Grove Liquors LLC, on behalf of themselves and others, filed a suit, captioned B&R Supermarket, Inc. d/b/a Milams Market, et al. v. Visa Inc., et al., for violations of the Sherman Antitrust Act, the Clayton Antitrust Act, Californias Cartwright Act, and unjust enrichment in the United States District Court for the Northern District of California, against the Company, other credit and charge card networks, numerous issuing banks, and EMVCo, LLC. Plaintiffs allege that the defendants, through EMVCo, conspired to shift liability for fraudulent, faulty and otherwise rejected consumer credit card transactions from themselves to merchants after the implementation of EMV chip payment terminals. The Company intends to vigorously defend against these claims.
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PART II
The following Items have been omitted in accordance with General Instruction J to Form 10-K:
Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
Item 6. | Selected Financial Data. |
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations. |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 8. | Financial Statements and Supplementary Data. |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
Item 9A. | Controls and Procedures. |
Item 9B. Other Information.
Not Applicable.
PART III
The following Items have been omitted in accordance with General Instruction J to Form 10-K:
Item 10. Directors, Executive Officers and Corporate Governance.
Item 11. Executive Compensation.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Item 14. Principal Accountant Fees and Services.
Substitute Information provided in accordance with General Instruction J to Form 10-K:
Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions.
Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.
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Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.
Each of American Express Travel Related Services Company, Inc. (TRS) (for itself and on behalf of its wholly owned subsidiaries American Express Centurion Bank and American Express Bank, FSB), TransCentra, Inc. (formerly known as Regulus Group LLC) (TransCentra) (for itself and its wholly owned subsidiaries), and The Bank of New York Mellon (each, a Servicing Participant) has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the American Express Issuance Trust II for the period covered by this Form 10-K. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a Report on Assessment) as of and for the year ended December 31, 2015, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an Attestation Report) by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K.
Vendors
A Servicing Participant may engage one or more vendors, who are not considered servicers for purposes of Regulation AB, to perform specific and limited, or scripted activities that address all or a portion of one or more servicing criteria applicable to such Servicing Participant. In general in these cases, the Servicing Participant has instituted policies and procedures to monitor whether such vendors activities comply in all material respects with such servicing criteria, and may elect to take responsibility for assessing compliance with the servicing criteria applicable to such vendors activities in such Servicing Participants Report on Assessment.
Where the Servicing Participant has not instituted such policies and procedures, or where the Servicing Participant does not otherwise elect to take responsibility for assessing its vendors activities, the vendor is itself treated as a Servicing Participant and is required to provide its own Report on Assessment and related Attestation Report.
Exceptions
No Report on Assessment or related Attestation Report has identified any material instance of noncompliance with the servicing criteria identified in such Report on Assessment as applicable to the related Servicing Participant. In addition, no Report on Assessment or related Attestation Report has identified any material deficiency in such Servicing Participants policies and procedures to monitor vendor compliance.
Platform Level Reports
Regulations of the Securities and Exchange Commission (the SEC) require that each Servicing Participant complete a Report on Assessment at a platform level, meaning that the transactions covered by the Report on Assessment should include all asset-backed securities transactions involving such Servicing Participant that are backed by the same asset type. During 2014, TRS proprietary facilities conducted paper payment remittance processing services and performed billing dispute services. TransCentra also performed paper payment remittance processing services at three locations in the United States. As a remittance processor, TransCentra is responsible for, among other services, transmitting payment information to TRS, which TRS in turn uses to update its account obligor records. In its Report on Assessment attached as Exhibit 33.2 to this Form 10-K, TransCentra defines its platform to include (i) remittance processing services it provides to customers who are issuers or servicers of asset-backed securities transactions and (ii) who have requested confirmation of TransCentras compliance in connection with loan and/or receivables portfolios that include pool assets for asset backed securities transactions. In addition, eFunds Corporation (eFunds), a wholly owned subsidiary of Fidelity National Information Services, Inc., also performs billing dispute services at its Gurgaon and Mumbai, India sites. Within guidelines prescribed by TRS, eFunds is responsible for all aspects of billing disputes, from front end capture of information to the resolution of disputes between Card Members and merchants. The Bank of New York Mellon is Indenture Trustee of the Trust. In its Report on Assessment attached as Exhibit 33.3 to this Form 10-K, The Bank of New York Mellon defines its platform to include publicly issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 (and like-kind transactions issued prior to January 1, 2006), that are subject to Regulation AB for which The Bank of New York Mellon provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities.
None of TRS or the Trust is an affiliate of TransCentra or The Bank of New York Mellon.
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Item 1123 of Regulation AB: Servicer Compliance Statement.
Each of TRS, American Express Centurion Bank, American Express Bank, FSB and TransCentra has been identified by the registrant as a servicer or subservicer with respect to the pool assets held by the Trust for the period covered by this Form 10-K. Each of them has provided a Statement of Compliance for the period covered by this Form 10-K (a Compliance Statement), in each case signed by an authorized officer thereof. Each Compliance Statement is attached as an exhibit to this Form 10-K.
PART IV
Item 15. Exhibits and Financial Statement Schedules.
(a) | (1) | Not applicable. | ||
(2) | Not applicable. | |||
(3) | The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. | |||
(b) | The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. | |||
(c) | Not applicable. |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
AMERICAN EXPRESS ISSUANCE TRUST II | ||
By: | AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC Depositor | |
By: | /s/ Anderson Y. Lee | |
Name: | Anderson Y. Lee | |
Title: | Vice President and Treasurer (senior officer in charge of securitization) |
Dated: March 28, 2016
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EXHIBIT INDEX
The following exhibits are filed as part of this Annual Report or, where indicated, were heretofore filed and are hereby incorporated by reference (* indicates exhibits electronically filed herewith).
3.1 | Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 3.1 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
4.1 | Receivables Purchase Agreement, dated October 24, 2012, between American Express Centurion Bank and American Express Travel Related Services Company, Inc. (incorporated by reference to Exhibit 4.1 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
4.2 | First Amendment to Receivables Purchase Agreement, dated August 22, 2013, between American Express Centurion Bank and American Express Travel Related Services Company, Inc. (incorporated by reference to Exhibit 4.1 of Form 8-K, dated August 22, 2013, File No. 333-185503-01). | |
4.3 | Second Amendment to Receivables Purchase Agreement, dated April 13, 2015, between American Express Centurion Bank and American Express Travel Related Services Company, Inc. (incorporated by reference to Exhibit 4.1 of Form 8-K, dated April 13, 2015, File No. 333-185503-01). | |
4.4 | Receivables Purchase Agreement, dated October 24, 2012, between American Express Bank, FSB and American Express Travel Related Services Company, Inc. (incorporated by reference to Exhibit 4.2 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
4.5 | First Amendment to Receivables Purchase Agreement, dated August 22, 2013, between American Express Bank, FSB and American Express Travel Related Services Company, Inc. (incorporated by reference to Exhibit 4.2 of Form 8-K, dated August 22, 2013, File No. 333-185503-01). | |
4.6 | Second Amendment to Receivables Purchase Agreement, dated April 13, 2015, between American Express Bank, FSB and American Express Travel Related Services Company, Inc. (incorporated by reference to Exhibit 4.2 of Form 8-K, filed April 13, 2015, File No. 333-185503-01). | |
4.7 | Receivables Purchase Agreement, dated October 24, 2012, between American Express Travel Related Services Company, Inc. and American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 4.3 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
4.8 | First Amendment to Receivables Purchase Agreement, dated August 22, 2013, between American Express Travel Related Services Company, Inc. and American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 4.3 of Form 8-K, dated August 22, 2013, File No. 333-185503-01). | |
4.9 | Second Amendment to Receivables Purchase Agreement, dated April 13, 2015, between American Express Travel Related Services Company, Inc. and American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 4.3 of Form 8-K, dated April 13, 2015, File No. 333-185503-01). | |
4.10 | Amended and Restated Trust Agreement, dated October 24, 2012, between American Express Receivables Financing Corporation VIII LLC and Wilmington Trust Company (incorporated by reference to Exhibit 4.4 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
4.11 | Transfer Agreement, dated October 24, 2012, among American Express Receivables Financing Corporation VIII LLC, American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.5 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
4.12 | Amended and Restated Transfer Agreement, dated March 12, 2013, among American Express Receivables Financing Corporation VIII LLC, American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.1 of Form 8-K, dated March 12, 2013, File No. 333-185503-01). | |
4.13 | Servicing Agreement, dated October 24, 2012, among American Express Receivables Financing Corporation VIII LLC, American Express Travel Related Services Company, Inc., American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.6 of Form S-3/A, filed February 27, 2013, File No. 333-185503-01). | |
4.14 | Amended and Restated Servicing Agreement, dated March 12, 2013, among American Express Receivables Financing Corporation VIII LLC, American Express Travel Related Services Company, Inc., American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.2 of Form 8-K, dated March 12, 2013, File No. 333-185503-01). |
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4.15 | Indenture, dated October 24, 2012, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.7 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
4.16 | Amended and Restated Indenture, dated March 12, 2013, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.3 of Form 8-K, dated March 12, 2013, File No. 333-185503-01). | |
4.17 | First Amendment to Amended and Restated Indenture, dated August 22, 2013, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.4 of Form 8-K, dated August 22, 2013, File No. 333-185503-01). | |
4.18 | Second Amendment to Amended and Restated Indenture, dated April 13, 2015, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.4 of Form 8-K, dated April 13, 2015, File No. 333-185503-01). | |
4.19 | Series 2013-1 Indenture Supplement, dated March 21, 2013, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.7 of Form 8-K, dated March 12, 2013, File No. 333-185503-01). | |
4.20 | Amendment to Series 2013-1 Indenture Supplement, dated April 24, 2013, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.1 of Form 8-K, dated April 24, 2013, File No. 333-185503-01). | |
4.21 | Series 2013-2 Indenture Supplement, dated September 24, 2013, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.1 of Form 8-K, dated September 24, 2013, File No. 333-185503-01). | |
4.22 | Omnibus Amendment to Indenture Supplements, dated December 19, 2013, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.1 of Form 8-K, dated December 19, 2013, File No. 333-185503-01). | |
4.23 | Omnibus Amendment to Indenture Supplements, dated January 29, 2014, between American Express Issuance Trust II and The Bank of New York Mellon (incorporated by reference to Exhibit 4.1 of Form 8-K, dated January 29, 2014, File No. 333-185503-01). | |
4.24 | Seller Agreement, dated October 24, 2012, among American Express Centurion Bank, American Express Bank, FSB, American Express Travel Related Services Company, Inc. and American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 4.11 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
31.1* | Certification of Anderson Y. Lee pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the period from and including January 1, 2015 to and including December 31, 2015. | |
33.1* | Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc., American Express Centurion Bank and American Express Bank, FSB. | |
33.2* | Report on Assessment of Compliance with Servicing Criteria of TransCentra, Inc. | |
33.3* | Report on Assessment of Compliance with Servicing Criteria of The Bank of New York Mellon. | |
34.1* | Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to American Express Travel Related Services Company, Inc. | |
34.2* | Attestation Report of Porter Keadle Moore LLC on Assessment of Compliance with Servicing Criteria relating to TransCentra, Inc. | |
34.3* | Attestation Report of KPMG on Assessment of Compliance with Servicing Criteria relating to The Bank of New York Mellon. | |
35.1* | Servicer Compliance Statement of American Express Travel Related Services Company, Inc. | |
35.2* | Servicer Compliance Statement of TransCentra, Inc. | |
35.3* | Servicer Compliance Statement of American Express Centurion Bank. |
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35.4* | Servicer Compliance Statement of American Express Bank, FSB. | |
99.1 | Assignment No. 1 of Receivables in Aggregate Addition Accounts included in American Express Issuance Trust II, dated July 24, 2013, between American Express Receivables Financing Corporation VIII LLC and the American Express Issuance Trust II (incorporated by reference to Exhibit 99.01 of Form 8-K, dated July 18, 2013, File No. 333-185503-01). | |
99.2 | Supplemental Servicing Agreement, dated October 24, 2012, among American Express Travel Related Services Company, Inc., American Express Centurion Bank, American Express Bank, FSB and American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 4.9 of Form S-3/A, filed February 27, 2013, File No. 333-185503-01). | |
99.3 | Amended and Restated Supplemental Servicing Agreement, dated March 12, 2013, among American Express Travel Related Services Company, Inc., American Express Centurion Bank, American Express Bank, FSB and American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 4.4 of Form 8-K, dated March 12, 2013, File No. 333-185503-01). | |
99.4 | Defaulted Receivables Supplemental Servicing Agreement, dated March 12, 2013, among American Express Travel Related Services Company, Inc., American Express Centurion Bank, American Express Bank, FSB and American Express Receivables Financing Corporation VIII LLC (incorporated by reference to Exhibit 4.6 of Form 8-K, dated March 12, 2013, File No. 333-185503-01). | |
99.5 | Remittance Processing Services Agreement, dated October 25, 1999, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.6 | Amendment No. 1 to Remittance Processing Services Agreement, dated July 1, 2000, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.1 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.7 | Amendment No. 2 to Remittance Processing Services Agreement, dated June 1, 2002, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.2 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.8 | Amendment Agreement Number FLL-05-6-MP01-03, dated October 24, 2005, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.3 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.9 | Amendment Agreement Number FLL-05-6-MP01-04, dated March 22, 2006, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.4 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.10 | Amendment Agreement Number FLL-05-06-MP01-05, dated March 29, 2006, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.5 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.11 | Amendment Number NYC-0-06-2807, dated August 18, 2006, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.6 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.12 | Amendment Number NYC-0-06-3581, dated November, 2006, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.7 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.13 | Amendment Agreement Number NYC-0-06-2162-02, dated October 30, 2009, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.8 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.14 | Amendment Agreement Number AMEND-CW170596, dated October 30, 2010, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 4.10.9 of Form S-3, filed December 14, 2012, File No. 333-185503-01). | |
99.15 | Amendment Agreement Number AMEND-CW2268976, dated October 31, 2013, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated by reference to Exhibit 10.1 of Form 8-K, dated October 31, 2013, File No. 333-185503-01). |
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Exhibit 31.1
Certification
I, Anderson Y. Lee, certify that:
1. I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of the American Express Issuance Trust II (the Exchange Act periodic reports);
2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, all of the distribution, servicing or other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;
4. Based on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in all material respects; and
5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.
In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: The Bank of New York Mellon and TransCentra, Inc, (formerly known as Regulus Group LLC).
Date: March 28, 2016
By: |
/s/ Anderson Y. Lee | |
Name: |
Anderson Y. Lee | |
Title: |
Vice President and Treasurer American Express Receivables Financing Corporation VIII LLC (Senior officer in charge of securitization) |
Exhibit 33.1
Certification Regarding Compliance with Applicable Servicing Criteria
1. | American Express Travel Related Services Company, Inc. (the Asserting Party) is responsible for assessing compliance as of December 31, 2015 and for the period from January 1, 2015 through December 31, 2015 (the Reporting Period), with the servicing criteria applicable to the Asserting Party under paragraph (d) of Item 1122 of Regulation AB, as set forth in Appendix A hereto (such servicing criteria, excluding the criteria listed in the column titled Inapplicable Servicing Criteria on Appendix A hereto, the Applicable Servicing Criteria). The transactions covered by this report include all asset-backed securities transactions backed by credit and charge card receivables issued by the American Express Credit Account Master Trust and the American Express Issuance Trust II for which transactions the Asserting Party acted as servicer, that were registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, where the related asset-backed securities were outstanding during the Reporting Period (the Platform), as listed in Appendix B hereto; |
2. | The Asserting Party has engaged one vendor (the Vendor), which is not considered a servicer as defined in Item 1101(j) of Regulation AB, to perform specific, limited or scripted activities, and the Asserting Party elects to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors activities as set forth in Appendix A hereto. The Asserting Party has policies and procedures in place designed to provide reasonable assurance that the Vendors activities comply in all material respects with the servicing criteria applicable to such Vendor; |
3. | Except as set forth in paragraph 4 below, the Asserting Party used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance by the Asserting Party with the Applicable Servicing Criteria as of December 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole; |
4. | The criteria listed in the column titled Inapplicable Servicing Criteria on Appendix A hereto are inapplicable to the Asserting Party based on the activities it performs(directly or through its wholly-owned subsidiaries),American Express Centurion Bank and American Express Bank, FSB (collectively, the Affiliated Sub servicers) with respect to the Platform taken as a whole; |
5. | The Asserting Party has assessed compliance with the Applicable Servicing Criteria by each of the Asserting Party and the Affiliated Subservicers for the Reporting Period and has concluded that it and each such party has complied, in all material respects, with the Applicable Servicing Criteria as of December 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole; |
6. | The Asserting Party has not identified and is not aware of any material instance of noncompliance by the Vendor with the Applicable Servicing Criteria as of December 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole; |
7. | The Asserting Party has not identified any material deficiency in its policies and procedures to monitor the compliance by the Vendor with the Applicable Servicing Criteria as of December 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole; and |
8. | PricewaterhouseCoopers LLP, an independent registered public accounting firm, has issued an attestation report for the Platform on the Asserting Partys assessment of compliance with the Applicable Servicing Criteria as of December 31, 2015 and for the Reporting Period. |
By: | /s/ J J Anand | |
Name: | J J Anand | |
Title: | Vice President, American Express Travel Related Services Company, Inc. | |
Date: | March 28, 2016 |
APPENDIX A
SERVICING CRITERIA |
APPLICABLE SERVICING CRITERIA |
INAPPLICABLE | ||||||||
Reference |
Criteria |
Performed Directly by Asserting Party |
Performed by for which Party is the |
|||||||
General Servicing Considerations | ||||||||||
1122(d)(1)(i) |
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X | ||||||||
1122(d)(1)(ii) |
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third partys performance and compliance with such servicing activities. | X | ||||||||
1122(d)(1)(iii) |
Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. | X | ||||||||
1122(d)(1)(iv) |
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | X | ||||||||
1122(d)(1)(v) |
Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X | ||||||||
Cash Collection and Administration | ||||||||||
1122(d)(2)(i) |
Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | |
X |
|
||||||
1122(d)(2)(ii) |
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X | ||||||||
1122(d)(2)(iii) |
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X | ||||||||
1122(d)(2)(iv) |
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X | ||||||||
1122(d)(2)(v) |
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, federally insured depository institution with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X | ||||||||
1122(d)(2)(vi) |
Unissued checks are safeguarded so as to prevent unauthorized access. | X |
SERVICING CRITERIA |
APPLICABLE SERVICING CRITERIA |
INAPPLICABLE | ||||||||
Reference |
Criteria |
Performed Directly by Asserting Party |
Performed by for which Party is the |
|||||||
1122(d)(2)(vii) |
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X | ||||||||
Investor Remittances and Reporting | ||||||||||
1122(d)(3)(i) |
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors or the trustees records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | X | ||||||||
1122(d)(3)(ii) |
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X | ||||||||
1122(d)(3)(iii) |
Disbursements made to an investor are posted within two business days to the Servicers investor records, or such other number of days specified in the transaction agreements. | X | ||||||||
1122(d)(3)(iv) |
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X | ||||||||
Pool Asset Administration | ||||||||||
1122(d)(4)(i) |
Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X | ||||||||
1122(d)(4)(ii) |
Pool assets and related documents are safeguarded as required by the transaction agreements. | X | ||||||||
1122(d)(4)(iii) |
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X | ||||||||
1122(d)(4)(iv) |
Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicers obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | X | ||||||||
1122(d)(4)(v) |
The Servicers records regarding the pool assets agree with the Servicers records with respect to an obligors unpaid principal balance. | X |
SERVICING CRITERIA |
APPLICABLE SERVICING CRITERIA |
INAPPLICABLE | ||||||||
Reference |
Criteria |
Performed Directly by Asserting Party |
Performed by for which Party is the |
|||||||
1122(d)(4)(vi) |
Changes with respect to the terms or status of an obligors pool assets (e.g., loan modifications or re-aging) are made, reviewed, and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X1 | X1 | |||||||
1122(d)(4)(vii) |
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X | ||||||||
1122(d)(4)(viii) |
Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entitys activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X | ||||||||
1122(d)(4)(ix) |
Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | X | ||||||||
1122(d)(4)(x) |
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligors pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. | X | ||||||||
1122(d)(4)(xi) |
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. | X | ||||||||
1122(d)(4)(xii) |
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicers funds and not charged to the obligor, unless the late payment was due to the obligors error or omission. | X | ||||||||
1122(d)(4)(xiii) |
Disbursements made on behalf of an obligor are posted within two business days to the obligors records maintained by the Servicer, or such other number of days specified in the transaction agreements. | X | ||||||||
1122(d)(4)(xiv) |
Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X | ||||||||
1122(d)(4)(xv) |
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | X |
1 | American Express Travel Related Services Company, Inc. has engaged one vendor eFunds Corporation that handled Card Member disputes, with respect to which such vendor was authorized to change the amount owed by a Card Member, including waiving certain interest and penalty fees. |
Appendix B
American Express Travel Related Services Company, Inc.
Regulation AB Platform Transactions
Reporting Period January 1, 2015 through December 31, 2015
American Express Issuance Trust II
Class A, B and C Floating Rate Asset Backed Notes of the following Series:
2013-1
2013-2
2013-A
American Express Credit Account Master Trust
Class A and B Asset Backed Certificates, or the Asset Backed Certificates, as applicable, of the following Series:
2005-2*
2008-2
2008-6*
2009-D-II
2012-1
2012-2*
2012-3*
2012-4
2012-5*
2012-A
2013-1
2013-2
2013-3
2014-1
2014-2
2014-3
2014-4
2014-5
2015-1
* | Series matured during the Reporting Period. |
Exhibit 33.2
Report on Assessment of Compliance with Regulation AB Servicing Criteria
1. | Pursuant to Subpart 229.1100-Asset Backed Securities, 17 C.F.R. §§229.1100-229.1123 (Regulation AB), TransCentra, Inc. for itself and its wholly-owned subsidiaries (individually and collectively TransCentra), is responsible for assessing its compliance with the servicing criteria applicable to the remittance processing services it provides to customers who are issuers or servicers of asset backed securities transactions and who have requested confirmation of TransCentras compliance in connection with loan and/or receivables portfolios that include pool assets for asset backed securities transactions (the Platform). Remittance processing is a service whereby check payments that are remitted by mail to a post office box are collected, processed through a highly automated data capture system, and prepared for deposit to a bank account held by the beneficiary of the payment. |
2. | The servicing criteria set forth in Item 1122(d) of Regulation AB were used in TransCentras assessment of compliance. TransCentra has concluded that the servicing criteria set forth in Items 1122(d)(2)(i) and 1122(d)(4)(iv) of Regulation AB are applicable to the servicing activities it performs with respect to the Platform (such criteria the Applicable Servicing Criteria). TransCentra has concluded that the remainder of the servicing criteria set forth in Item 1122(d) of Regulation AB are inapplicable to the activities it performs with respect to the Platform because TransCentra does not participate in the servicing activities referenced by such servicing criteria. |
3. | As of and for the year ended December 31, 2015, TransCentra has complied in all material respects with the Applicable Servicing Criteria set forth in Item 1122(d) of Regulation AB. |
4. | Porter Keadle Moore LLC, a registered public accounting firm, has issued an attestation report on TransCentras assessment of compliance with the Applicable Servicing Criteria as of and for the year ended December 31, 2015. A copy of that attestation report is attached hereto as Exhibit A. |
/s/ Lynn Boggs |
Lynn Boggs |
President |
February 2, 2016
www.transcentra.com
tel: 678-728-2500 fax: 678-728-2501
4855 Peachtree Industrial Boulevard, Suite 245, Norcross, Georgia 30092
Exhibit 33.3
ASSERTION OF COMPLIANCE WITH
APPLICABLE SERVICING CRITERIA
The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), (collectively, the Company) provide this platform-level assessment of compliance with the servicing criteria specified in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission. Management has determined that the servicing criteria are applicable in regard to the servicing platform as of and for the period as follows:
Platform: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 and like-kind transactions issued prior to January 1, 2006 that are subject to Regulation AB for which the Company provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the Platform).
Period: As of and for the twelve months ended December 31, 2015 (the Period).
Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d), to the extent required by the related transaction agreements as to any transaction, except as set forth in the column titled Not Applicable To Platform in Appendix 1 attached hereto.
With respect to servicing criterion 1122(d)(2)(vi) management has engaged a vendor to perform the activities required by the servicing criterion. Management has determined that this vendor is not considered a servicer as defined in Item 1101(j) of Regulation AB, and management has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SECs Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers (C&DI 200.06) (formerly SEC Manual Telephone Interpretation 17.06). Management has policies and procedures in place designed to provide reasonable assurance that the vendors activities comply in all material respects with the servicing criterion applicable to the vendor. Management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related criterion.
With respect to the Platform as of and for the Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing Criteria:
1. The Company is responsible for assessing its compliance with the Applicable Servicing Criteria.
2. The Company has assessed compliance with the Applicable Servicing Criteria including the servicing criterion for which compliance is determined based on C&DI 200.06 as described above. In performing this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.
3. With respect to Applicable Servicing Criteria 1122(d)(2)(iii) and 1122(d)(4)(vii), there were no activities performed during the Period with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.
4. Based on such assessment, as of and for the Period, the Company has complied, in all material respects, with the Applicable Servicing Criteria.
KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to Managements Assertion of Compliance with the Applicable Servicing Criteria as of and for the Period.
The Bank of New York Mellon | BNY Mellon Trust of Delaware | |||
/s/ Richard P. Stanley |
/s/ Robert L. Griffin | |||
Richard P. Stanley | Robert L. Griffin | |||
Authorized Signatory | Authorized Signatory |
The Bank of New York Mellon Trust Company, N.A. |
/s/ Antonio I. Portuondo |
Antonio I. Portuondo |
Authorized Signatory |
Dated: February 26, 2016
APPENDIX 1
REG AB REFERENCE |
SERVICING CRITERIA |
APPLICABLE TO PLATFORM | NOT APPLICABLE TO PLATFORM |
|||||||||
Performed Directly by the Company |
Performed
by Vendor(s) for which the Company is the Responsible Party |
|||||||||||
General servicing considerations |
||||||||||||
1122(d)(1)(i) |
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X | ||||||||||
1122(d)(1)(ii) |
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third partys performance and compliance with such servicing activities. | X | ||||||||||
1122(d)(1)(iii) |
Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. | X | ||||||||||
1122(d)(1)(iv) |
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | X | ||||||||||
1122(d)(1)(v) |
Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X | ||||||||||
Cash collection and administration | ||||||||||||
1122(d)(2)(i) |
Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | X | ||||||||||
1122(d)(2)(ii) |
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |
REG AB REFERENCE |
SERVICING CRITERIA |
APPLICABLE TO PLATFORM | NOT APPLICABLE TO PLATFORM | |||||||||
Performed Directly by the Company |
Performed by Vendor(s) for which the Company is the Responsible Party |
|||||||||||
1122(d)(2)(iii) |
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X | ||||||||||
1122(d)(2)(iv) |
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X | ||||||||||
1122(d)(2)(v) |
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, federally insured depository institution with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of this chapter. | X | ||||||||||
1122(d)(2)(vi) |
Unissued checks are safeguarded so as to prevent unauthorized access. | X |
REG AB REFERENCE |
SERVICING CRITERIA |
APPLICABLE TO PLATFORM | NOT APPLICABLE TO PLATFORM | |||||||
Performed Directly by the Company |
Performed
by Vendor(s) for which the Company is the Responsible Party |
|||||||||
1122(d)(2)(vii) |
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) Are mathematically accurate; (B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. |
|
X |
|
REG AB REFERENCE |
SERVICING CRITERIA |
APPLICABLE TO PLATFORM | NOT APPLICABLE TO PLATFORM | |||||||
Performed Directly by the Company |
Performed
by Vendor(s) for which the Company is the Responsible Party |
|||||||||
Investor remittances and reporting | ||||||||||
1122(d)(3)(i) |
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) Are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) Provide information calculated in accordance with the terms specified in the transaction agreements; (C) Are filed with the Commission as required by its rules and regulations; and (D) Agree with investors or the trustees records as to the total unpaid principal balance and number of pool assets serviced by the servicer. |
|
X |
|
||||||
1122(d)(3)(ii) |
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X | ||||||||
1122(d)(3)(iii) |
Disbursements made to an investor are posted within two business days to the servicers investor records, or such other number of days specified in the transaction agreements. | X | ||||||||
1122(d)(3)(iv) |
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X | ||||||||
Pool asset administration | ||||||||||
1122(d)(4)(i) |
Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X | ||||||||
1122(d)(4)(ii) |
Pool asset and related documents are safeguarded as required by the transaction agreements | X | ||||||||
1122(d)(4)(iii) |
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X |
REG AB REFERENCE |
SERVICING CRITERIA |
APPLICABLE TO PLATFORM | NOT APPLICABLE TO PLATFORM |
|||||||||
Performed Directly by the Company |
Performed
by Vendor(s) for which the Company is the Responsible Party |
|||||||||||
1122(d)(4)(iv) |
Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicers obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | X | ||||||||||
1122(d)(4)(v) |
The servicers records regarding the pool assets agree with the servicers records with respect to an obligors unpaid principal balance. | X | ||||||||||
1122(d)(4)(vi) |
Changes with respect to the terms or status of an obligors pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X | ||||||||||
1122(d)(4)(vii) |
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X | ||||||||||
1122(d)(4)(viii) |
Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entitys activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X | ||||||||||
1122(d)(4)(ix) |
Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | X |
REG AB REFERENCE |
SERVICING CRITERIA |
APPLICABLE TO PLATFORM | NOT APPLICABLE TO PLATFORM |
|||||||||
Performed Directly by the Company |
Performed
by Vendor(s) for which the Company is the Responsible Party |
|||||||||||
1122(d)(4)(x) |
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) Such funds are analyzed, in accordance with the obligors pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) Interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) Such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. | X | ||||||||||
1122(d)(4)(xi) |
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. | X | ||||||||||
1122(d)(4)(xii) |
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicers funds and not charged to the obligor, unless the late payment was due to the obligors error or omission. | X | ||||||||||
1122(d)(4)(xiii) |
Disbursements made on behalf of an obligor are posted within two business days to the obligors records maintained by the servicer, or such other number of days specified in the transaction agreements. | X | ||||||||||
1122(d)(4)(xiv) |
Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X | ||||||||||
1122(d)(4)(xv) |
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements. | X |
Exhibit 34.1
Report of Independent Registered Public Accounting Firm
To: Management of American Express Travel Related Services Company, Inc. (the Company, or Asserting Party), Servicer
We have examined managements assertion, included in the accompanying Certification Regarding Compliance with Applicable Servicing Criteria, that American Express Travel Related Services Company, Inc. complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commissions Regulation AB, as of December 31, 2015 and for the year then ended (the Reporting Period), for all asset-backed securities transactions backed by credit and charge card receivables issued by the American Express Credit Account Master Trust and the American Express Issuance Trust II, for which transactions the Asserting Party acted as Servicer, that were registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, where the related asset-backed securities were outstanding during the Reporting Period (the Platform), excluding criteria: (d)(1)(iii), (d)(1)(iv), (d)(2)(iii), (d)(2)(vi), (d)(3)(iii), (d)(4)(i), (d)(4)(x), (d)(4)(xi), (d)(4)(xii), (d)(4)(xiii) and (d)(4)(xv), which the Company has determined are not applicable to the servicing activities performed by it with respect to the Platform. As described in managements assertion, for servicing criteria 1122(d)(4)(vi), the Company has engaged eFunds Corporation, a wholly-owned subsidiary of Fidelity National Information Services, Inc., to perform the activities required by this servicing criteria. The Company has determined that this vendor is not considered a servicer as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criteria 1122(d)(4)(vi) applicable to the vendor, as permitted by Interpretation 200.06 of the SEC Division of Corporation Finances interpretations of the rules adopted under Regulation AB and the Securities Act and the Exchange Act (Interpretation 200.06). As permitted by Interpretation 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors activities comply in all material respects with the servicing criteria applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 200.06 for the vendor and related criteria as described in its assertion, and we performed no procedures with respect to the Companys determination of its eligibility to use Interpretation 200.06. Managements assertion identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Companys compliance with the servicing criteria. Our responsibility is to express an opinion on managements assertion based on our examination.
Our examination was conducted in accordance with attestation standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Companys compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Platform, testing of selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Companys compliance with the servicing criteria.
PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017 1 T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us |
1 |
In our opinion, managements assertion that the Company complied with the aforementioned applicable servicing criteria as of and for the year ended December 31, 2015 for the Platform is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
March 28, 2016
PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017 1 T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us |
2 |
Exhibit 34.2
Report of Independent Registered Public Accounting Firm
To the Board of Directors
TransCentra, Inc.
We have examined managements assertion for those customers that management has informed us have requested confirmation of compliance, included in the accompanying Managements Report on Assessment of Compliance with Regulation AB Servicing Criteria (Managements Assertion), that TransCentra, Inc. (the Company) complied with the servicing criteria set forth in Item 1122(d)(2)(i) and Item 1122 (d)(4)(iv) of the Securities and Exchange Commissions (SEC) Regulation AB for services by the Company that are encompassed by contractual obligations to perform Regulation AB reporting (the Platform) as of and for the year ended December 31, 2015. TransCentra has determined that the remainder of the servicing criteria are not applicable to the activities it performs with respect to the Platform covered by this report. Management is responsible for the Companys compliance with the applicable servicing criteria. Our responsibility is to express an opinion on managements assertion about the Companys compliance with the applicable servicing criteria based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants, as adopted by the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Companys compliance with the applicable servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining whether the Company performed those activities in compliance with the servicing criteria during the specified period and performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing activities performed by the Company during the period covered by this report and, accordingly, such samples may not have included servicing activities related to each asset-backed transaction in the Platform. Further, an examination is not designed to detect noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Companys compliance with the servicing criteria.
In our opinion, managements assertion that the Company complied with the aforementioned applicable servicing criteria as of and for the year ended December 31, 2015, is fairly stated, in all material respects.
/s/ Porter Keadle Moore, LLC
February 1, 2016
235 Peachtree Street NE | Suite 1800 | Atlanta, Georgia 30303 | Phone 404.588.4200 | Fax 404.588.4222
A member of Allinial Global
Exhibit 34.3
KPMG LLP Aon Center Suite 5500 200 East Randolph Drive Chicago, IL 60601-6436 |
Report of Independent Registered Public Accounting Firm
The Board of Directors:
The Bank of New York Mellon
BNY Mellon Trust of Delaware
The Bank of New York Mellon Trust Company, N.A.:
We have examined managements assertion, included in the accompanying Managements Assertion of Compliance with Applicable Servicing Criteria, that The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust, Company, N.A.), (collectively, the Company) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commissions Regulation AB for the publicly issued (i.e., transaction-level reporting initially required under the Securities and Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 and like-kind transactions issued prior to January 1, 2006 that are subject to Regulation AB for which the Company provides trustee, securities administration, paying agent services, or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the Platform), except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(4)(vi), 1122(d)(4)(viii), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and 1122(d)(4)(xiv), which the Company has determined are not applicable to the activities it performs with respect to the Platform, as of and for the twelve months ended December 31, 2015. With respect to applicable servicing criteria 1122(d)(2)(iii) and 1122(d)(4)(vii), the Company has determined that there were no activities performed during the twelve months ended December 31, 2015 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities. Management is responsible for the Companys compliance with the servicing criteria. Our responsibility is to express an opinion on managements assertion about the Companys compliance based on our examination.
Our examination was conducted in accordance with the attestation standards of the Public Company Accounting Oversight Board (United States) and the attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Companys compliance with the servicing criteria specified above and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures are not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Companys compliance with the servicing criteria.
KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(KPMG International), a Swiss entity.
As described in the Companys Assertion of Compliance with Applicable Servicing Criteria, for servicing criterion 1122(d)(2)(vi), the Company has engaged a vendor to perform the activities required by this servicing criterion. The Company has determined that this vendor is not considered a servicer as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SECs Compliance and Disclosure Interpretation (CD&I) 200.06, Vendors Engaged by Servicers (CD&I 200.06) (formerly SEC Manual Telephone Interpretation 17.06). As permitted by CD&I 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors activities comply in all material respects with the servicing criterion applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply CD&I 200.06 for the vendor and related criterion as described in its Assertion of Compliance with Applicable Servicing Criteria, and we performed no procedures with respect to the Companys eligibility to apply CD&I 200.06.
In our opinion, managements assertion that the Company complied with the aforementioned servicing criteria, including criterion 1122(d)(2)(vi) for which compliance is determined based on CD&I 200.06 as described above, as of and for the twelve months ended December 31, 2015 is fairly stated, in all material respects.
/s/KPMG LLP
Chicago, Illinois
February 26, 2016
Exhibit 35.1
SERVICER COMPLIANCE STATEMENT
American Express Travel Related Services Company, Inc.
American Express Issuance Trust II
Reporting Period January 1, 2015 to December 31, 2015
The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. (TRS), as Servicer pursuant to the American Express Issuance Trust II (the Trust) Amended and Restated Servicing Agreement, dated as of March 12, 2013 (as so amended and restated and as otherwise amended from time to time, the Agreement),among American Express Receivables Financing Corporation VIII LLC, as transferor, TRS, as servicer (in such capacity, the Servicer), and The Bank of New York Mellon, as indenture trustee (the Trustee), does hereby certify that:
1. TRS is Servicer under the Agreement.
2. The undersigned is duly authorized as required pursuant to the Agreement to execute and deliver this Certificate.
3. A review of the Servicers activities during the reporting period and of its performance under the Agreement has been made under my supervision.
4. To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreement in all material respects throughout the reporting period.
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 28th day of March, 2016
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. | ||
By: | /s/ J J Anand | |
Name: | J J Anand | |
Title: | Vice President |
Exhibit 35.2
Report on Assessment of Compliance with Regulation AB Item 1123
Pursuant to Item 1123 of Regulation AB, a review of the TransCentras activities during the year ended December 31, 2015 (the Reporting Period) and of its performance under the servicing agreement between TransCentra and American Express(the Servicing Agreement) has been made under the undersigned officers supervision. To the best of such officers knowledge, based on such review, TransCentra has fulfilled its obligations under the Servicing Agreement in all material respects throughout the Reporting Period.
/s/ Lynn Boggs |
Lynn Boggs |
President |
February 2, 2016
www.transcentra.com
tel: 678-728-2500 fax: 678-728-2501
4855 Peachtree Industrial Boulevard, Suite 245, Norcross, Georgia 30092
Exhibit 35.3
SERVICER COMPLIANCE STATEMENT
American Express Centurion Bank
American Express Issuance Trust II
Reporting Period January 1, 2015 to December 31, 2015
The undersigned, a duly authorized officer of American Express Centurion Bank (AECB), a wholly-owned subsidiary of American Express Travel Related Services Company, Inc. (TRS), pursuant to the Amended and Restated Supplemental Servicing Agreement, dated as of March 12, 2013, among TRS, AECB, American Express Bank, FSB, and American Express Receivables Financing Corporation VIII LLC (as amended from time to time, the Agreement), does hereby certify that:
1. AECB performs certain servicing procedures on behalf of TRS under the Agreement.
2. The undersigned is duly authorized to execute and deliver this Certificate.
3. A review of AECBs activities during the reporting period and of its performance under the Agreement has been made under my supervision.
4. To the best of my knowledge, based on such review, AECB has fulfilled all of its obligations under the Agreement in all material respects throughout the reporting period.
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 28th day of March, 2016.
AMERICAN EXPRESS CENTURION BANK | ||
By: | /s/ Denise D. Roberts | |
Name: | Denise D. Roberts | |
Title: | Chief Financial Officer | |
By: | /s/ Brady P. Bagley | |
Name: | Brady P. Bagley | |
Title: | Vice President Controller, U S Banking |
Exhibit 35.4
SERVICER COMPLIANCE STATEMENT
American Express Bank, FSB
American Express Issuance Trust II
Reporting Period January 1, 2015 to December 31, 2015
The undersigned, a duly authorized officer of American Express Bank, FSB (AEFSB), a wholly-owned subsidiary of American Express Travel Related Services Company, Inc. (TRS), pursuant to the Amended and Restated Supplemental Servicing Agreement, dated as of March 12, 2013, among TRS, AEFSB American Express Centurion Bank, and American Express Receivables Financing Corporation VIII LLC (as amended from time to time, the Agreement), does hereby certify that:
1. AEFSB performs certain servicing procedures on behalf of TRS under the Agreement.
2. The undersigned is duly authorized to execute and deliver this Certificate.
3. A review of AEFSBs activities during the reporting period and of its performance under the Agreement has been made under my supervision.
4. To the best of my knowledge, based on such review, AEFSB has fulfilled all of its obligations under the Agreement in all material respects throughout the reporting period.
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 28th day of March, 2016.
AMERICAN EXPRESS BANK, FSB | ||
By: | /s/ Denise D. Roberts | |
Name: | Denise D. Roberts | |
Title: | Chief Financial Officer | |
By: | /s/ Brady P. Bagley | |
Name: | Brady P. Bagley | |
Title: | Vice President Controller, U S Banking |