American Express periodically securitizes cardmember receivables and loans arising from its card business, utilizing two programs: American Express Credit Account Master Trust and American Express Issuance Trust. | | | | Trust Established | | | | Eligible Receivables | - All US lending receivables
| - All US charge receivables
| | Assets currently in trust | | - Consumer, small business charge and Corporate card
| Trust Size: - Principal AR (1)
Investor Interest (1)
Seller Interest (1) | - $33.2 billion
- - $29.0 billion
- - $4.2 billion
| - $7.0 billion
- - $5.2 billion
- - $1.8 billion
| | Accounting Treatment | - Securitized receivables accounted for off-balance sheet
- Gain on sale at issuance
| - Securitized receivables accounted for on-balance sheet as a secured financing
- No gain on sale at issuance
| | Minimum Sellers Interest | | | | Credit Enhancement (based on most recent floating rate issuance) | - 17.5%
- - Class B - 6.0%
- - Class C - 6.5%
- - Class D - 5.0%
| - 7%
- - Class B - 3.0%
- - Class C - 4.0%
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1) As of July 31, 2009.  |
No
Offer or Solicitation. The information contained on this web site is
provided for informational purposes only and does not constitute an offer
to sell or the solicitation of an offer to buy any securities.
Information Subject to Change. American Express Company and its affiliates
and subsidiaries (“American Express”) reserve the right to amend
or revise any information contained on this web site at any time without
notification. Documents contained herein may be amended, supplemented, or
otherwise modified from time to time. Persons accessing this documentation
at any time should understand that the documentation is subject to change
without notice.
Offering Documents and Other Materials Contain Dated Information.
Offering documents prepared from time to time in connection with
specific offerings of asset-backed securities issued by the American Express
Master Trust and the American Express Issuance Trust (each, a "Trust"),
and other Trust information, may be included on this web site. All such
information contained on this web site speaks only as of the date the information
was originally issued and may not be accurate as of any subsequent date.
Historical performance information has been included in the following pages.
Past performance is not indicative of future results.
American Express has undertaken no obligation, and has assumed no responsibility,
to update the information contained in any materials on this web site for
facts or events arising after the date the materials were originally prepared.
American Express assumes no responsibility for damages incurred in connection
with the use of the information contained herein.
Investment Considerations. Investment in asset-backed securities
involves certain risks. The information contained on this web site is not
sufficient or complete to make a decision regarding investments in securities
issued by a Trust. Any reported performance results should not necessarily
be considered indicative of future performance. Prospective investors should
consult their own financial and legal advisors about risks associated with
investment in a particular issue of securities and the suitability of investing
in such securities in light of their particular circumstances.
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| * Data collected 08/23/09 - 08/30/09 |
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