EX-99.1 4 b402831_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 December 15, 2004 and related due period from October 28, 2004 through November 27, 2004. A. Information Regarding the American Express Master Trust 1. Trust Principal Component as of the end of the preceding Due Period..... $6,186,482,814.31 2. Aggregate Invested Amounts as of the end of the preceding Due Period..... $1,891,891,891.00 3. Transferor Amount as of the end of the preceding Due Period..... $4,294,590,923.31 4.(a) Transferor Percentage as of the end of the second preceding Due Period 68.5574% 4.(b) Transferor Percentage as of the end of the preceding Due Period..... 69.4189% 5. Aggregate Excess Principal Collections for the preceding Due Period..... $1,646,535,722.51 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..... $6,203,056,977.53 (b)the end of the preceding Due Period was equal to..... $6,377,817,334.34 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 $5,978,391,780.19 4.(a) The aggregate amount of Collections on Receivables, exclusive of recoveries for the preceding Due Period was equal to..... $5,389,203,685.18 4.(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..... $5,227,527,574.62 6. The aggregate amount of Yield Collections for the preceding Due Period was equal to..... $161,676,110.56 7. Gross Losses [The aggregate amount of Receivables for all Accounts which became Defaulted Accounts during the preceding Due Period] was equal to..... $13,310,933.73 8. The aggregate amount of Recoveries for the preceding Due Period was equal to..... $3,921,310.88 9.(a) Net Losses [Gross Losses, less Recoveries] for the preceding Due Period was equal to..... $9,389,622.85 9.(b) The Default Amount [Net Losses, times (1 minus the Yield Factor)] for the preceding Due Period was equal to..... $9,107,934.16 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 $78,229,457.83 (b) 60-89 Days $25,050,023.73 (c) 90-119 Days $15,596,699.38 (d) 120 days or more $47,705,652.14 Total $166,581,833.08 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..... $5,577,274,975.72 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]..... 2.8988% 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]..... 0.2387% 4. Recovery rate [Recoveries, divided by the aggregate amount of Charge Volume and Fees for the preceding Due Period]..... 0.0703% 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]..... 0.1684% 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]..... 2.7305% 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]..... 90.1447% 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 10.3983% 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 1.2790% (b) 60-89 Days 0.4095% (c) 90-119 Days 0.2550% (d) 120 or more Days 0.7800% 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..... $16,854,543.00 2. Privileged Assets Applied Dilution Factor for the second preceding Due Period..... 39.06065% 3. Privileged Assets Calculated Amount for the preceding Due Period..... $6,385,990.00 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)..... $6,180,096,825.00 5. Minimum Trust Principal Component..... $2,031,900,000.00 6. Transferor Amount (reduced by the Privileged Assets Calculated Amount for the preceding Due Period) as of the end of the preceding Due Period..... $4,288,204,934.00 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]. 69.39% 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]..... 0.2730% 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. 89.00393% 13. Trust Average Monthly Payment Rate for the preceding Due Period. 88.8580% 14. 110% of Item 13..... 97.7438% 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 9th day of December, 2004. - American Express Travel Related Services Company, Inc. Servicer, By: /s/ Michael McFerran ------------------------- Name: Michael McFerran Title: Vice President Securitization Operations & Accounting Page 5 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2001-1 ------------------------------------------------------- The reserve account for the Series 2001-1 Certificates was funded on July 15, 2004. This funding was reported in the Monthly Servicer's Certificate for the monthly period ending July 29, 2004, instead of the monthly period ending June 28, 2004. The table below shows the affected line items (Section B Line items 8 & 9) as originally reported for both monthly periods and how they would have appeared had the funding been reported in the Servicer's Certificate for the monthly period ending June 28, 2004. This series of certificates was fully repaid on October 15, 2004. IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 9th day of December, 2004. American Express Travel Related Services Company, Inc. Servicer, By: /s/Michael McFerran --------------------------- Name: Michael McFerran Title: Vice President Securitization Operations & Accounting
Section/ Distribution Line Date of Amount Correct Item: Line Item Description: Servicer: Filed: Amount: ---- --------------------- -------- ----- ------ B. Information Regarding the Application of Funds on Deposit in the Collection Account for the Series 2001-1 Certificates, pursuant to Section 4.08 of of the Series Supplement 8. Funding of Reserve Account 07/15/04 $0.00 $3,750,000.00 08/15/04 $ 3,750,000.00 $0.00 9. Excess Yield Collections 07/15/04 $18,219,746.29 $14,469,746.29 08/15/04 $14,565,588.69 $18,315,588.69
Page 1 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-1 ------------------------------------------------------ Schedule - to Monthly Servicer's Certificate with respect To the Series 2002-1 Certificates A. Information Regarding American Express Master Trust Series 2002-1 Allocation Percentages 1. Floating Allocation Percentage as of the end of the Second preceding Due Period..... 13.4754% 2. Fixed Allocation Percentage..... 0.0000% 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 2002-1 [Floating Allocation Percentage, times Yield Collections]..... $21,786,520.67 5. The amount of Principal Collections allocable to Series 2002-1: (a) During the Revolving Period [Floating Allocation Percentage times Principal Collections], treated as Excess Principal Collections..... $704,430,834.84 (b) During the Accumulation Period or an Amortization Period [Fixed Allocation Percentage, times Principal Collections]..... $0.00 6. The Investor Default Amount allocable to Series 2002-1 [Floating Allocation Percentage, times Default Amount]..... $1,227,331.58 B. Information Regarding the Application of Funds on Deposit in the Collection Account for the Series 2002-1 Certificates, pursuant to Section 4.08 of the Series Supplement 1. Class A Monthly Interest @ 2.1700% $1,356,250.00 2. Class B Monthly Interest $127,702.70 3. Investor Monthly Servicing Fee $1,351,351.35 4. Reimbursement of Class A Investor Charge offs $0.00 5. Investor Default Amount $1,227,331.58 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 $17,723,885.04 Page 1 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-1 ------------------------------------------------------ C. Information on the Application of Principal Collections to the Collection Account regarding Series 2002-1 Certificates 1. Class A Monthly Principal deposited to the Collection Account for distribution to Class A Certificateholders $0.00 2. Class B Monthly Principal deposited to the Collection Account for distribution to Class B Certificateholders $0.00 3. Series 2002-1 Principal Shortfall $0.00 4. Excess Principal Collections allocable from other Series deposited to the Series 2002-1 Collection Account for distribution to Certificateholders $0.00 5. Excess Principal Collections allocable to other Series $705,658,166.42 D. Information Regarding the Series 2002-1 Class A Interest Funding Account 1. Beginning Balance $0.00 2. Deposit from Collection Account $1,356,250.00 3. Withdrawal to Class A Certificateholders, if any $1,356,250.00 4. Ending Balance $0.00 E. Information Regarding the Series 2002-1 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 2002-1 ------------------------------------------------------ F. Information Regarding Series 2002-1 Certificate Balances, Invested Amounts, and Investor Charge Offs (for the preceding Due Period) 1. Class A Certificate Balance $750,000,000.00 2. Class B Certificate Balance $60,810,810.00 3. Class A Invested Amount $750,000,000.00 4. Class B Invested Amount $60,810,810.00 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 $1,356,250.00 2. Class A interest distributions $1,356,250.00 3. Class A principal distributions $0.00 4. Total Class B distributions $127,702.70 5. Class B interest distributions $127,702.70 6. Class B principal distributions $0.00 H. The Series 2002-1 Factors 1. The Series 2002-1 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) 1.0000000% 2. The Series 2002-1 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 B Invested Amount (rounded to seven decimal places) 1.0000000% Page 3 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-1 ------------------------------------------------------ Pursuant to Section 9.01 of the Agreement, to the knowledge of the undersigned, no Early Amortization Event, with respect to the Series 2002-1 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 9th day of December, 2004. American Express Travel Related Services Company, Inc. Servicer, By: /s/ Michael McFerran ------------------------- Name: Michael McFerran Title: Vice President Securitization Operations & Accounting Page 4 ------------------------------------------------------ American Express Travel Related Services Company, Inc. American Express Master Trust, Series 2002-1 ------------------------------------------------------- The reserve account for the Series 2002-1 Certificates was funded on October 15, 2004. This funding was reported in the Monthly Servicer's Certificate for the monthly period ending October 27, 2004, instead of the monthly period ending September 27, 2004. The table below shows the affected line items (Section B Line items 8 & 9) as originally reported for both monthly periods and how they would have appeared had the funding been reported in the Servicer's Certificate for the monthly period ending September 27, 2004. This series of certificates will be fully repaid on January 15, 2005. IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 9th day of December, 2004. American Express Travel Related Services Company, Inc. Servicer, By: /s/ Michael McFerran --------------------------- Name: Michael McFerran Title: Vice President Securitization Operations & Accounting
Section/ Distribution Line Date of Amount Correct Item: Line Item Description: Servicer: Filed: Amount: ---- --------------------- -------- ----- ------ B. Information Regarding the Application of Funds on Deposit in the Collection Account for the Series 2002-1 Certificates, pursuant to Section 4.08 of the Series Supplement 8. Funding of Reserve Account 10/15/04 $0.00 $3,750,000.00 11/15/04 $ 3,750,000.00 $0.00 9. Excess Yield Collections 10/15/04 $17,276,249.85 $13,526,249.85 11/15/04 $13,905,476.89 $17,655,476.89
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..... 17.9672% 2. Fixed Allocation Percentage..... 0.0000% 3.(a) Additional Amounts pursuant to Section 4.03(c)(ii) treated as Yield Collections..... $0.00 3.(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]..... $29,048,694.25 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..... $939,241,113.99 (b) During the Accumulation Period or an Amortization Period [Fixed Allocation Percentage, times Principal Collections]..... $0.00 6. The Investor Default Amount allocable to Series 2002-2 [Floating Allocation Percentage, times Default Amount]..... $1,636,442.10 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 @ 2.1500% $1,791,666.67 2. Class B Monthly Interest $172,297.30 3. Investor Monthly Servicing Fee $1,801,801.80 4. Reimbursement of Class A Investor Charge offs $0.00 5. Investor Default Amount $1,636,442.10 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 $23,646,486.38 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 $0.00 2. Class B Monthly Principal deposited to the Collection Account for distribution to Class B Certificateholders $0.00 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 $940,877,556.09 D. Information Regarding the Series 2002-2 Class A Interest Funding Account 1. Beginning Balance $0.00 2. Deposit from Collection Account $1,791,666.67 3. Withdrawal to Class A Certificateholders, if any $1,791,666.67 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 $1,791,666.67 2. Class A interest distributions $1,791,666.67 3. Class A principal distributions $0.00 4. Total Class B distributions $172,297.30 5. Class B interest distributions $172,297.30 6. Class B principal distributions $0.00 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) 1.0000000% 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 B Invested Amount (rounded to seven decimal places) 1.0000000% 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 9th day of December, 2004. American Express Travel Related Services Company, Inc. Servicer, By: /s/ Michael McFerran ------------------------- Name: Michael McFerran Title: Vice President Securitization Operations & Accounting Page 4