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					American Express Issuance Trust
10-K
03/23/2007

AMERICAN EXPRESS ISSUANCE TRUST




                  Delaware                        20-2007139
        (State or other jurisdiction           (I.R.S. Employer
     of incorporation or organization)       Identification No.)

    200 Vesey Street, New York, New York           10,285
  (Address of principal executive offices)       (Zip Code)


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American Express Issuance Trust
10-K
03/23/2007

AMERICAN EXPRESS ISSUANCE TRUST




                                                                   Principal
                                                                     Amount
                                            Name                    of Notes
SERIES 2005-1 CLASS A FLOATING RATE ASSET   Bank of New York   $164,600,000
BACKED NOTES:

                                            Northern Trust     $115,450,000

                                            Citibank            $65,000,000

                                            Goldman Sachs       $50,000,000

                                            LaSalle Bank        $33,370,000

                                            Mellon Trust        $29,500,000


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 ncipal
mount     Percent
 Notes    of Class
                29.40 %


                20.60 %

                11.60 %

                 8.90 %

                 5.90 %

                 5.20 %
American Express Issuance Trust
10-K
03/23/2007

AMERICAN EXPRESS ISSUANCE TRUST




                                            Name
SERIES 2005-1 CLASS B FLOATING RATE ASSET   Bank of New York
BACKED NOTES:

SERIES 2005-2 CLASS A FLOATING RATE ASSET   Bank of New York
BACKED NOTES:

                                            SEI Private Bank

                                            US Bank, NA

                                            LaSalle Bank

                                            State Street Bank Trust Co.

SERIES 2005-2 CLASS B FLOATING RATE ASSET   CGM/Salomon Brothers
BACKED NOTES:

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   Principal
     Amount    Percent
    of Notes   of Class
$12,000,000            100 %


$235,000,000        42.10 %


$150,000,000        26.80 %

$65,000,000         11.60 %

$50,000,000           8.90 %

$50,000,000           8.90 %

$12,000,000            100 %
American Express Issuance Trust
10-K
03/23/2007

AMERICAN EXPRESS ISSUANCE TRUST




   3.10         Amended and Restated Limited Liability
                Company Agreement of American Express
                Receivables Financing Corporation V LLC
                (incorporated by reference to Exhibit 3.1
                of Registration Statement on Form S-3,
                filed June 24, 2005, File No. 333-121895-02).

   4.10         Receivables Purchase Agreement, dated
                as of May 19, 2005, between American Express
                Centurion Bank and American Express Travel
                Related Services Company, Inc. (incorporated
                by reference to Exhibit 4.1 of Registration
                Statement on Form S-3, filed June 24, 2005,
                File No. 333-121895-02).

   4.20         Receivables Purchase Agreement, dated
                as of May 19, 2005, between American Express
                Bank, FSB and American Express Travel Related
                Services Company, Inc. (incorporated
                by reference to Exhibit 4.2 of Registration
                Statement on Form S-3, filed June 24, 2005,
                File No. 333-121895-02).

   4.30         Receivables Purchase Agreement, dated
                as of May 19, 2005, between American Express
                Travel Related Services Company, Inc.
                and American Express Receivables Financing
                Corporation V LLC (incorporated by reference
                to Exhibit 4.3 of Registration Statement
                on Form S-3, filed June 24, 2005, File No. 333-121895-02).

   4.40         Amended and Restated Receivables Purchase
                Agreement, dated as of January 24, 2007,
                between American Express Centurion Bank
                and American Express Travel Related Services
                Company, Inc. (incorporated by reference
                to Exhibit 4.1 on Form 8-K, filed February
                8, 2007, File No. 333-121895-02).

   4.50         Amended and Restated Receivables Purchase
                Agreement, dated as of January 24, 2007,
                between American Express Bank, FSB and
                American Express Travel Related Services
                Company, Inc. (incorporated by reference
                to Exhibit 4.2 on Form 8-K, filed February
                8, 2007, File No. 333-121895-02).

   4.60         American Express Issuance Trust Trust
                Agreement, dated as of May 18, 2005, between
                American Express Receivables Financing
                Corporation V LLC and Wilmington Trust
                Company (incorporated by reference to
                Exhibit 4.4 of Registration Statement
                on Form S-3, filed June 24, 2005, File No. 333-121895-02).

   4.70         Transfer and Servicing Agreement, dated
                as of May 19, 2005, among American Express
                Receivables Financing Corporation V LLC,
                as transferor, American Express Travel
                Related Services Company, Inc., as servicer
                and administrator, the American Express
                Issuance Trust, as issuer, and The Bank
                of New York, as indenture trustee (incorporated
                by reference to Exhibit 4.5 of Registration
                Statement on Form S-3, filed June 24, 2005,
                File No. 333-121895-02).

   4.80         Indenture, dated as of May 19, 2005, between
                the American Express Issuance Trust, as
                issuer, and The Bank of New York, as indenture
                trustee (incorporated by reference to
                Exhibit 4.5 of Registration Statement
                on Form S-3, filed June 24, 2005, File No.
                333-121895-02).

   4.90         Series 2005-1 Indenture Supplement, dated
                as of September 16, 2005 (incorporated
                by reference to Exhibit 4.1 to Form 8-K filed
                by the American Express Issuance Trust
                on September 19, 2005).

   4.10         Series 2005-2 Indenture Supplement, dated
                as of September 16, 2005 (incorporated
                by


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American Express Issuance Trust
10-K
03/23/2007

AMERICAN EXPRESS ISSUANCE TRUST




              reference to Exhibit 4.2 to Form 8-K filed
              by the American Express Issuance Trust
              on September 19, 2005).

31.1*         Certification pursuant to Section 302
              of the Sarbanes-Oxley Act of 2002.

99.1*         Annual Servicer Compliance Statement.

99.2*         Report of PricewaterhouseCoopers LLP
              with respect to Management s Assertion
              Concerning Internal Control over Servicing
              of Securitized Charge Card Receivables.

99.3*         Report of PricewaterhouseCoopers LLP
              with respect to Management s Assertion
              on Compliance with Regulation AB Criteria.

99.4*         Aggregated Information for 2006.


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American Express Issuance Trust
10-K
03/23/2007

AGGREGATED DATA FOR THE ACTIVITY PERIOD




Activity Period:                                         25-Dec-05 to 24-Dec-06
TRUST ACTIVITY                                           TRUST TOTALS
1. Number of days in Activity Period                                                365

2. Beginning of Activity Period Number                                        7,444,811
of Accounts

3. Beginning of Activity Period Principal                             $9,646,704,855.82
Receivables, including any additions
or removals during the Activity Period

3a. Addition of Principal Receivables                                             $0.00

3b. Removal of Principal Receivables                                              $0.00

4. Beginning of Activity Period Invested                                          $0.00
Amount of Collateral Certificates

5. Beginning of Activity Period Excess                                            $0.00
Funding Amount

6. Beginning of Activity Period Pool Balance                          $9,646,704,855.82

7. Beginning of Activity Period Available                                         $0.00
Overconcentration Account Amount

8. New Principal Receivables                                         $85,597,156,765.84

9. Principal Collections                                             $85,696,312,022.78

10. Gross Default Amount                                                $243,227,398.02

11. End of Activity Period Principal Receivables                       9,304,322,201.92

12. End of Activity Period Invested Amount                                         0.00
of Collateral Certificates

13. End of Activity Period Excess Funding                                          0.00
Account Amount

14. End of Activity Period Pool Balance                                9,304,322,201.92

15. End of Activity Period Required Pool                               1,200,000,000.00
Balance

16. End of Activity Period Available Overconcentration                             0.00
Account Amount

17. End of Activity Period Available Overconcentration                             0.00
Account Amount

18. End of Activity Period Number of Accounts                                 7,404,691


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American Express Issuance Trust
10-K
03/23/2007

AGGREGATED DATA FOR THE ACTIVITY PERIOD




Activity Period:                                    25-Dec-05 to 24-Dec-06
TRUST PERFORMANCE

1. Aggregate amount of Principal Collections        ################

2. Aggregate net amount of receivables               $165,494,405.23
for all accounts which became Defaulted
Accounts

3. Aggregate amount of Finance Charge Collections   ################

TRANSFEROR AMOUNT

1. Beginning of Activity Period Pool Balance        ################

2. Beginning of Activity Period Nominal             ################
Liquidation Amount

3. Beginning of Activity Period Transferor          ################
Amount

4. End of Activity Period Pool Balance              ################

5. End of Activity Period Nominal Liquidation       ################
Amount

6. End of Activity Period Transferor Amount         ################

7. End of Activity Period Required Transferor       ################
Amount

SERIES 2005-1 NOMINAL LIQUIDATION AMOUNT

1. Beginning of Activity Period Series 2005-1        $600,000,000.00
Nominal Liquidation Amount

2. Reimbursement of previous reductions                        $0.00
in the Series 2005-1 Nominal Liquidation
Amount

3. Investor Charge-offs                                        $0.00

4. Reallocated Principal Collections                           $0.00

5. Principal Funding Account Balance                           $0.00

6. Payments of principal of the Series 2005-1                  $0.00
Notes

7. Reimbursement of previous reductions                        $0.00
in the Charge Series 2005-1 Nominal Liquidation
Amount

8. End of Activity Period Series 2005-1              $600,000,000.00
Nominal Liquidation Amount
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American Express Issuance Trust
10-K
03/23/2007

AGGREGATED DATA FOR THE ACTIVITY PERIOD




REALLOCATION GROUP A ALLOCATIONS                         TRUST TOTAL
1. Nominal Liquidation Amount

2. Finance Charge Collections                      ################

3. Interest

4. Net Default Amount

5. Servicing Fee paid to the servicer

6. Additional Amounts

SERIES 2005-1 ALLOCATIONS

1. Reallocation Group

2. Shared Excess Available Finance Charge
Collections Group

3. Shared Excess Available Principal Collections
Group

4. Series 2005-1 Finance Charge Collections

5. Series 2005-1 Reallocation Group A Finance
Charge Collections

6. Net Investment Proceeds from Principal
Funding Account

7. Series 2005-1 Finance Charge Collections

8. Series 2005-1 Allocation of Shared Excess
Available Finance Charge Collections

9. Series 2005-1 Interest

10. Series 2005-1 Servicing Fee paid to
the servicer

11. Series 2005-1 Default Amount

12. Series 2005-1 Allocation of Principal
Collections

13. Series 2005-1 Allocation of Shared
Excess Available Principal Collections

14. Series 2005-1 Allocation of amounts
withdrawn from the Overconcentration
Account
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 GROUP TOTAL
$1,200,000,000.00

 $386,843,265.42

  $62,579,081.05

  $24,209,852.98

  $24,000,000.00

            $0.00




  Group A

  Group A


  Group A


 $193,421,632.71

 $193,289,076.07


            $0.00


 $193,289,076.07

            $0.00


  $31,156,983.86

  $12,000,000.00


  $12,104,926.49

6,253,966,125.11


            $0.00


            $0.00
American Express Issuance Trust
10-K
03/23/2007

APPLICATION OF SERIES 2005-1 AVAILABLE FINANCE CHARGE COLLECTIONS




1. Series 2005-1 Available Finance Charge                       $193,289,076.07
Collections

2.   Class   A   Notes ($558,000,000)
a.   Class   A   Interest                                           $28,874,438.98
b.   Class   A   Outstanding Interest                                         0.00
c.   Class   A   Additional Interest                                          0.00
d.   Class   A   Outstanding Additional Interest                              0.00

3.   Class   B   Notes ($12,000,000)
a.   Class   B   Interest                                              $639,155.68
b.   Class   B   Outstanding Interest                                         0.00
c.   Class   B   Additional Interest                                          0.00
d.   Class   B   Outstanding Additional Interest                              0.00

4.   Class   C   Notes ($30,000,000)
a.   Class   C   Interest                                            $1,643,389.20
b.   Class   C   Outstanding Interest                                         0.00
c.   Class   C   Additional Interest                                          0.00
d.   Class   C   Outstanding Additional Interest                              0.00

5. Series 2005-1 Servicing Fee paid to servicer                     $12,000,000.00

6. Amount equal to Series 2005-1 Default                            $12,104,926.49
Amount treated as Series 2005-1 Available
Principal Collections

7. Amount equal to unreimbursed reductions                                   $0.00
in the Series 2005-1 Nominal Liquidation
Amount treated as Series 2005-1 Available
Principal Collections

8. Deposited to the Accumulation Reserve                                     $0.00
Account

9. Deposited to the Class C Reserve Account                                  $0.00

10. Amount of the Series 2005-1 notes treated                                $0.00
as Series 2005-1 Available Principal Collections

11. Amount treated as Shared Excess Available                   $138,027,165.72
Finance Charge Collections available
for allocation to other series in Shared
Excess Available Finance Charge Collections
Group A

12. Aamount paid to the holder of the Transferor                $138,027,165.72
Interest

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American Express Issuance Trust
10-K
03/23/2007

APPLICATION OF SERIES 2005-1 AVAILABLE FINANCE CHARGE COLLECTIONS




APPLICATION OF SHARED EXCESS AVAILABLE                                       $0.00
FINANCE CHARGE COLLECTIONS ALLOCATED
TO SERIES 2005-1

PRINCIPAL COLLECTIONS

1. Series 2005-1 Principal Collections                         ################

2. Reallocated Principal Collections                                         $0.00
required to pay shortfalls in interest
on the Class A Notes or the Class B Notes or
shortfalls in the Series 2005-1 Servicing
Fee and past due amounts thereon

3. Item 1 minus Item 2                                         ################

4. Other amounts treated as Series 2005-1                           $12,104,926.49
Available Principal Collections

5. Series 2005-1 Available Principal Collections               ################
(total of items 4 and 5)

APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS
DURING REVOLVING PERIOD

1. Treated as Shared Excess Available Principal                ################
Collections

SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS                                $0.00
ALLOCATED TO SERIES 2005-1

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American Express Issuance Trust
10-K
03/23/2007

SERIES 2005-2 NOMINAL LIQUIDATION AMOUNT




1. Beginning of Activity Period Series 2005-2     $600,000,000.00
Nominal Liquidation Amount

2. Reimbursement of previous reductions                     $0.00
in the Series 2005-2 Nominal Liquidation
Amount

3. Investor Charge-offs                                     $0.00

4. Reallocated Principal Collections                        $0.00

5. Principal Funding Account Balance                        $0.00

6. Payments of principal of the Series 2005-2               $0.00
Notes

7. Reimbursement of previous reductions                     $0.00
in the Charge Series 2005-2 Nominal Liquidation
Amount

8. End of Activity Period Series 2005-2           $600,000,000.00
Nominal Liquidation Amount

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American Express Issuance Trust
10-K
03/23/2007

SERIES 2005-2 NOMINAL LIQUIDATION AMOUNT




REALLOCATION GROUP A ALLOCATIONS                  TRUST TOTAL          GROUP TOTAL
1. Nominal Liquidation Amount                                   ################

2. Finance Charge Collections               ################     $386,843,265.42

3. Interest                                                       $62,579,081.05

4. Net Default Amount                                             $24,209,852.98

5. Servicing Fee paid to the servicer                             $24,000,000.00

6. Additional Amounts                                                      $0.00


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P TOTAL
American Express Issuance Trust
10-K
03/23/2007

SERIES 2005-2 NOMINAL LIQUIDATION AMOUNT




1. Reallocation Group                               Group A

2. Shared Excess Available Finance Charge           Group A
Collections Group

3. Shared Excess Available Principal Collections    Group A
Group

4. Series 2005-2 Finance Charge Collections         $193,421,632.71

5. Series 2005-2 Reallocation Group A Finance       $193,554,189.40
Charge Collections

6. Net Investment Proceeds from Principal                     $0.00
Funding Account

7. Series 2005-2 Finance Charge Collections         $193,554,189.40

8. Series 2005-2 Allocation of Shared Excess                  $0.00
Available Finance Charge Collections

9. Series 2005-2 Interest                            $31,422,097.19

10. Series 2005-2 Servicing Fee paid to              $12,000,000.00
the servicer

11. Series 2005-2 Default Amount                     $12,104,926.49

12. Series 2005-2 Allocation of Principal          6,253,966,125.11
Collections

13. Series 2005-2 Allocation of Shared                        $0.00
Excess Available Principal Collections

14. Series 2005-2 Allocation of amounts                       $0.00
withdrawn from the Overconcentration
Account
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American Express Issuance Trust
10-K
03/23/2007

APPLICATION OF SERIES 2005-2 AVAILABLE FINANCE CHARGE COLLECTIONS




1. Series 2005-2 Available Finance Charge                       $193,554,189.40
Collections

2.   Class   A   Notes ($558,000,000)
a.   Class   A   Interest                                           $29,100,118.98
b.   Class   A   Outstanding Interest                                         0.00
c.   Class   A   Additional Interest                                          0.00
d.   Class   A   Outstanding Additional Interest                              0.00

3.   Class   B   Notes ($12,000,000)
a.   Class   B   Interest                                              $651,289.01
b.   Class   B   Outstanding Interest                                         0.00
c.   Class   B   Additional Interest                                          0.00
d.   Class   B   Outstanding Additional Interest                              0.00

4.   Class   C   Notes ($30,000,000)
a.   Class   C   Interest                                            $1,670,689.20
b.   Class   C   Outstanding Interest                                         0.00
c.   Class   C   Additional Interest                                          0.00
d.   Class   C   Outstanding Additional Interest                              0.00

5. Series 2005-2 Servicing Fee paid to servicer                     $12,000,000.00

6. Amount equal to Series 2005-2 Default                            $12,104,926.49
Amount treated as Series 2005-2 Available
Principal Collections

7. Amount equal to unreimbursed reductions                                   $0.00
in the Series 2005-2 Nominal Liquidation
Amount treated as Series 2005-2 Available
Principal Collections

8. Deposited to the Accumulation Reserve                                     $0.00
Account

9. Deposited to the Class C Reserve Account                                  $0.00

10. Amount of the Series 2005-2 notes treated                                $0.00
as Series 2005-2 Available Principal Collections

11. Amount treated as Shared Excess Available                   $138,027,165.72
Finance Charge Collections available
for allocation to other series in Shared
Excess Available Finance Charge Collections
Group A

12. Aamount paid to the holder of the Transferor                $138,027,165.72
Interest

____________________________
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American Express Issuance Trust
10-K
03/23/2007

APPLICATION OF SERIES 2005-2 AVAILABLE FINANCE CHARGE COLLECTIONS




APPLICATION OF SHARED EXCESS AVAILABLE                                       $0.00
FINANCE CHARGE COLLECTIONS ALLOCATED
TO SERIES 2005-2

PRINCIPAL COLLECTIONS

1. Series 2005-2 Principal Collections                         ################

2. Reallocated Principal Collections                                         $0.00
required to pay shortfalls in interest
on the Class A Notes or the Class B Notes or
shortfalls in the Series 2005-2 Servicing
Fee and past due amounts thereon

3. Item 1 minus Item 2                                         ################

4. Other amounts treated as Series 2005-2                           $12,104,926.49
Available Principal Collections

5. Series 2005-2 Available Principal Collections               ################
(total of items 4 and 5)

APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS
DURING REVOLVING PERIOD

1. Treated as Shared Excess Available Principal                ################
Collections

SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS                                $0.00
ALLOCATED TO SERIES 2005-2

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