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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 9,
1996
American Express Credit Account Master Trust
(Issuer in respect of the
Class A Series 1996-1 6.80% Asset Backed Certificates
and Class B Series 1996-1 6.95% Asset Backed
Certificates)
American Express Centurion Bank
Co-Originator of the Trust and a Transferor
--------------------------------------------
Exact name of registrant as specified in its charter)
Utah 000-20787-01 11-2869526
- - ---------------------------- ------------- -------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
6985 Union Park Center, Midvale, Utah 84047
- - -------------------------------------- -----
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (801) 565-5000
American Express Receivables Financing Corporation II
Co-Originator of the Trust and a Transferor
-----------------------------------------------------
Delaware 000-20787 13-3854638
- - ---------------------------- ----------- -------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
200 Vesey Street, New York, New York 10285
- - ------------------------------------- -----
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)640-4473
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Item 5. Other Events
A. Monthly Servicer's Certificate.
On May 16, 1996, the Trust issued $865,000,000 Class A Series
1996-1 6.80%
Asset Backed Certificates and $60,000,000 Class B Series 1996-1
6.95% Asset
Backed Certificates (the "Class A Certificates" and the "Class B
Certificates",
respectively, and collectively, the "Series 1996-1 Certificates"),
offered
pursuant to a Prospectus Supplement dated May 9, 1996 to Prospectus
dated May 9,
1996 and issued under the Pooling and Servicing Agreement (the
"Agreement")
dated as of May 16, 1996, and the Series 1996-1 Supplement dated as
of May 16,
1996, to the Agreement (the "Series 1996-1 Supplement"). Interest
on the Series
1996-1 Certificates accrues from May 16, 1996 and is payable on
July 15, 1996
and on the fifteenth day of each month thereafter (or, if such
fifteenth day
is not a business day, the immediately succeeding business day)
(each, a
"Distribution Date"). Principal with respect to the Class A
Certificates and
the Class B Certificates is scheduled to be distributed on the May
2001
Distribution Date, but may be paid earlier or later under certain
limited
circumstances as provided in the Agreement and Series 1996-1
Supplement.
The Monthly Servicer's Certificate for the December 16, 1996
Distribution
Date covering the Monthly Period October 27, 1996 to November 25,
1996, is filed
as Exhibit 20.1 to this report.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
20.1 Series 1996-1 Monthly Servicer's Certificate for
the
December 16, 1996 Distribution Date.
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SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act
of 1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned thereunto duly authorized on the date indicated.
Dated: December 16, 1996
AMERICAN EXPRESS CREDIT ACCOUNT
MASTER TRUST
AMERICAN EXPRESS CENTURION
BANK,
TRANSFEROR
By: /s/ Mark Hales
---------------------------
Name: Mark Hales
Title: Chief Financial Officer
AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION II,
TRANSFEROR
By: /s/ Leslie R. Scharfstein
--------------------------
Name: Leslie R. Scharfstein
Title: President
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EXHIBIT INDEX
-------------
Designation Description
Page
- - ----------- ----------------
----
Exhibit 20.1 Series 1996-1 Monthly Servicer's Certificate for
5
the December 16, 1996 Distribution Date.
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<PAGE>
MONTHLY SERVICER'S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
--------------------------------------------
AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
SERIES 1996-1
--------------------------------------------
The undersigned, a duly authorized representative of American
Express Travel
Related Services Company, Inc., as Servicer ("TRS"), pursuant to
the Pooling
and Servicing Agreement, dated as of May 16, 1996 (as amended and
supplemented, the "Agreement"), as supplemented by the Series
1996-1
Supplement (as amended and supplemented, the "Series Supplement"),
among TRS,
as Servicer, American Express Centurion Bank and American Express
Receivables
Financing Corporation II, as Transferors, and The Bank of New York,
as
Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their
respective meanings
as set forth in the Agreement or the Series Supplement, as
applicable.
2. TRS is, as of the date hereof, the Servicer under the
Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occurring on
December
16, 1996 and covers activity from October 27, 1996 through November
25, 1996.
5. As of the date hereof, to the best knowledge of the
undersigned, the
Servicer has performed in all material respects all its obligations
under the
Agreement through the Monthly Period preceding such Distribution
Date.
6. As of the date hereof, to the best knowledge of the
undersigned, no Pay
Out Event occurred on or prior to such Distribution date.
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this
Certificate this 9th day of December, 1996.
AMERICAN EXPRESS TRAVEL
RELATED
SERVICES COMPANY, INC., as
Servicer
By: /s/ Marianne Thomson
- - --------------------------------
Name: Marianne Thomson
Title: Director
Financial
Administration
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<TABLE>
<CAPTION>
I. Monthly Period Trust Activity
- - -----------------------------------------------------------------
- - -------------
A. Trust Activity Trust Totals
--------------
- - -----------------
<S> <C>
<C>
Number of days in Period 30
Beginning Principal Receivable Balance 1,698,514,919.20
Special Funding Account Balance 0.00
Beginning Total Principal Balance 1,698,514,919.20
Finance Charge Collections (excluding 24,598,429.00
Discount Option & Recoveries)
Discount Percentage
2.00%
Discount Option Receivables Collections 2,909,170.74
Premium Option Receivables Collections 0.00
Recoveries 1,086,151.00
Total Collections of Finance Charge Receivables 28,593,750.74
Total Collections of Principal Receivables 142,549,366.26
Monthly Payment Rate
8.3926%
Defaulted amount 10,554,802.86
Annualized Default Rate
7.4858%
Trust Portfolio Yield
12.9215%
New Principal Receivables 170,050,534.92
Ending Principal Receivables Balance 1,715,461,285.00
Ending Required Minimum Principal Balance 1,070,000,000.00
Ending Transferor Amount 715,461,285.00
Ending Special Funding Account Balance 0.00
Ending Total Principal Balance 1,715,461,285.00
B. Series Allocations Series 1996-1
Trust Total
---------------------------- -------------
- - -----------
Group Number
1
Invested Amount 1,000,000,000.00
1,000,000,000.00
Adjusted Invested Amount 1,000,000,000.00
1,000,000,000.00
Principal Funding Account Balance 0.00
0.00
Series Required Transferor Amount 70,000,000.00
70,000,000.00
Series Allocation Percentage
100.00%
Series Alloc. Finance Charge Collections 28,593,750.74
28,593,750.74
Series Allocable Recoveries 1,086,151.00
1,086,151.00
Series Alloc. Principal Collections 142,549,366.26
142,549,366.26
Series Allocable Defaulted Amount 10,554,802.86
10,554,802.86
C. Group I Allocations Series 1996-1
Group I Total
------------------- -------------
-------------
Investor Finance Charge Collections 16,834,559.66
16,834,559.66
Investor Monthly Interest 5,620,843.75
5,620,843.75
Investor Default Amount 6,214,136.09
6,214,136.09
Investor Monthly Fees 1,666,666.67
1,666,666.67
Investor Additional Amounts 0.00
0.00
Total 13,501,646.50
13,501,646.50
Reallocated Investor Finance Charge
Collections 16,834,559.66
16,834,559.66
Available Excess 3,332,913.16
3,332,913.16
</TABLE>
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<TABLE>
<CAPTION>
II. Series 1996-1 Certificates
- - -----------------------------------------------------------------
- - -------------
Series
Total Investor Transferors
A. Investor/Transferor Allocations Allocations
Interest Interest
------------------------------- -----------
- - -------- --------
<S> <C> <C>
<C>
Beginning Invested/Transferor Amount 1,698,514,919.20
1,000,000,000.00 698,514,919.20
Beginning Adjusted Invested Amount N/A
1,000,000,000.00 N/A
Floating Allocation Percentage N/A
58.87% 41.13%
Principal Allocation Percentage N/A
58.87% 41.13%
Collections of Finance Chg. Receivables 28,593,750.74
16,834,559.66 11,759,191.08
Collections of Principal Receivables 142,549,366.26
83,925,884.11 58,623,482.15
Defaulted Amount 10,554,802.86
6,214,136.09 4,340,666.77
Ending Invested/Transferor Amounts 1,715,461,285.00
1,000,000,000.00 715,461,285.00
</TABLE>
<TABLE>
<CAPTION>
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- - ----------------------------------------------
<S> <C> <C>
<C> <C>
Collateral
B. Monthly Period Funding Requirements Class A
Class B Interest Total
----------------------------------- -------
------- --------- -----
Principal Funding Account 0.00
0.00 0.00 0.00
Investment Proceeds for Monthly Period 0.00
0.00 0.00 0.00
Reserve Draw Amount 0.00
0.00 0.00 0.00
Available Reserve Account Amount 0.00
0.00 0.00 0.00
Reserve Account Surplus 0.00
0.00 0.00 0.00
Coupon November 15 - December 15 6.8000%
6.9500% 5.7867%
Monthly Interest Due 4,901,666.67
347,500.00 371,677.08 5,620,843.75
Outstanding Monthly Interest Due 0.00
0.00 0.00 0.00
Additional Interest Due 0.00
0.00 0.00 0.00
Total Interest Due 4,901,666.67
347,500.00 371,677.08 5,620,843.75
Investor Default Amount 5,375,227.72
372,848.17 466,060.21 6,214,136.09
Investor Monthly Fees Due 1,441,666.67
100,000.00 125,000.00 1,666,666.67
Investor Additional Amounts Dues
Total Due 11,718,561.05
820,348.17 962,737.29 13,501,646.50
Reallocated Investor Finance Charge Collections
16,834,559.66
Interest and Principal Funding Investment Proceeds
0.00
Series Adjusted Portfolio Yield
12.9215%
Base Rate
8.5805%
- - -----------------------------------------------------------------
- - ----------------------------------------------
Collateral
C. Certificates - Balances & Distributions Class A
Class B Interest Total
--------------------------------------- -------
------- ---------- -----
Beginning Certificates Balances 865,000,000.00
60,000,000.00 75,000,000.00 1,000,000,000.00
Interest Distributions 4,901,666.67
347,500.00 371,677.08 5,620,843.75
Principal Deposits - Prin. Funding Account 0.00
0.00 0.00 0.00
Principal Distributions 0.00
0.00 0.00 0.00
Total Distributions 4,901,666.67
347,500.00 371,677.08 5,620,843.75
Ending Certificate Balances 865,000,000.00
60,000,000.00 75,000,000.00 1,000,000,000.00
</TABLE>
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D. Information regarding distributions on the Distribution Date
in respect
of the Class A Certificates per $1,000 original certificate
principal amount.
1. Total amount of the distribution: $
5.67
2. Amount of the distribution in
respect of Class A Monthly Interest: $
5.67
3. Amount of the distribution in respect of
Class A Outstanding Monthly Interest: $
0.00
4. Amount of the distribution in respect of
Class A Additional Interest: $
0.00
5. Amount of the distribution in
respect of Class A Principal: $
0.00
E. Class A Investor Charge-Offs and Reimbursement of Class A
Investor
Charge-Offs on such Distribution Date.
1. Total amount of Class A Investor Charge-Offs: $
0.00
2. Amount of Class A Investor Charge-
Offs per $1,000 original certificate
principal amount: $
0.00
3. Total amount reimbursed in respect of
Class A Investor Charge-Offs: $
0.00
4. Amount reimbursed in respect of Class
A Investor Charge-Offs per $1,000
original certificate principal amount: $
0.00
5. The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect to
all transactions on such Distribution
Date: $
0.00
F. Information regarding distributions in respect of the Class B
Certificates, per $1,000 original certificate principal amount.
1. The total amount of the distribution: $
5.79
2. Amount of the distribution in
respect of class B monthly interest: $
5.79
3. Amount of the distribution in
respect of class B outstanding monthly
interest: $
0.00
4. Amount of the distribution in
respect of class B additional interest: $
0.00
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5. Amount of the distribution in
respect of class B principal: $
0.00
G. Amount of reductions in Class B Invested Amount pursuant to
clauses (c),
(d), and (e) of the definition of Class B Invested Amount on such
Distribution
Date.
1. The amount of reductions in Class B
Invested Amount pursuant to clauses
(c), (d), and (e) of the definition
of Class B Invested Amount: $
0.00
2. The amount of reductions in the
Class B Invested Amount set forth in
paragraph 1 above, per $1,000 original
certificate principal amount: $
0.00
3. The total amount reimbursed in respect
of such reductions in the Class B
Invested Amount: $
0.00
4. The amount set forth in paragraph 3
above, per $1,000 original certificate
principal amount: $
0.00
5. The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class B
Invested Amount after giving effect to
all transactions on such Distribution
Date: $
0.00
H. Information regarding distributions on the Distribution Date
to the
Collateral Interest Holder.
1. Total amount distributed to the Collateral
Interest Holder: $
371,677.08
2. Amount distributed in respect of Collateral
Monthly Interest: $
371,677.08
3. Amount distributed in respect of Collateral
Additional Interest: $
0.00
4. The amount distributed to the Collateral
Interest Holder in respect of principal
on the Collateral Invested Amount: $
0.00
I. Amount of reductions in Collateral Invested Amount pursuant to
clauses
(c), (d), and (e) of the definition of Collateral Invested Amount.
1. The amount of reductions in the
Collateral Invested Amount pursuant
to clauses (c), (d), and (e) of the
definition of Collateral Invested Amount: $
0.00
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2. The total amount reimbursed in respect
of such reductions in the Collateral
Invested Amount: $
0.00
J. Application of Reallocated Investor Finance Charge
Collections.
1. Class A Available Funds: $
14,561,894.11
a. Class A Monthly Interest: $
4,901,666.67
b. Class A Outstanding Monthly Interest: $
0.00
c. Class A Additional Interest: $
0.00
d. Class A Investor Default Amount
(Treated as Available Principal
Collections): $
5,375,227.72
e. Excess Spread: $
4,284,999.72
2. Class B Available Funds: $
1,010,073.58
a. Class B Monthly Interest: $
347,500.00
b. Class B Outstanding Monthly Interest: $
0.00
c. Class B Additional Interest: $
0.00
d. Excess Spread: $
662,573.58
3. Collateral Available Funds: $
1,262,591.97
a. Excess Spread: $
1,262,591.97
4. Total Excess Spread: $
6,210,165.27
K. Reallocated Principal Collections.
1. Principal Allocation Percentage:
58.875%
2. Series 1996-1 Allocable Principal
Collections: $
142,549,366.26
3. Principal Allocation Percentage of
Series 1996-1 Allocable Principal
Collections: $
83,925,884.11
4. Reallocated Principal Collections
Required to fund the Required Amount: $
0.00
5. Item 3 minus item 4: $
83,925,884.11
6. Shared Principal Collections from other
Series allocated to Series 1996-1:
N/A
7. Other amounts Treated as Available Principal
Collections: $
5,841,287.93
8. Available Principal Collections
(total of 5., 6. & 7.): $
83,925,884.11
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L. Application of Available Principal Collections during
Revolving Period.
1. Collateral Invested Amount $
75,000,000.00
2. Required Collateral Invested Amount $
75,000,000.00
3. Excess of Collateral Invested Amount
over Required Collateral Invested Amount: $
0.00
4. Treated as Shared Principal Collections: $
83,925,884.11
M. Application of Principal Collections During Accumulation or
Amortization
Period.
1. Principal Funding Account:
N/A
2. Excess of Collateral Invested Amount
over Required Collateral Invested Amount:
N/A
3. Principal Distribution:
N/A
4. Treated as Shared Principal Collections:
N/A
N. Application of Excess Spread and Excess Finance Charge
Collections
Allocated to Series 1996-1
1. Excess Spread: $
6,210,165.27
2. Excess Finance Charge Collections: $
0.00
3. Applied to fund Class A Required Amount: $
0.00
4. Class A Investor Charge-Offs treated
as Available Principal Collections: $
0.00
5. Applied to fund Class B overdue Interest: $
0.00
6. Applied to fund Class B Required Amount: $
372,848.17
7. Reduction of Class B Invested Amount
treated as Available Principal Collections: $
0.00
8. Applied to Collateral Monthly Interest: $
371,677.08
9. Applied to unpaid Monthly Servicing Fee: $
1,666,666.67
10. Collateral Default Amount treated as
Available Principal Collections: $
466,060.21
11. Reduction of Collateral Invested Amount
treated as Available Principal Collections: $
0.00
12. Deposited to Reserve Account: $
0.00
13. Applied to other amounts owed to
Collateral Interest Holder: $
0.00
l4. Balance: $
3,332,913.14
III. Trust Performance
A. Delinquencies
1. 31-60 Days Delinquent: $
32,466,635.00
2. 61-90 Days Delinquent: $
14,152,399.00
3. 90+ Days Delinquent: $
23,748,239.00
4. Total 30+ Days Delinquent: $
70,367,273.00
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B. Yield and Base Rate
1. Base Rate
a. Current Monthly Period 8.5805%
b. Prior Monthly Period 9.1735%
c. Second Prior Monthly Period 9.1527%
2. Three Month Average Base Rate
8.9689%
3. Series Adjusted Portfolio Yield
a. Current Monthly Period 12.92%
b. Prior Monthly Perid 13.34%
c. Second Prior Monthly Period 13.19%
4. Three Month Average Series Adjusted Portfolio Yield
13.15%
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