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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) January 31, 1997
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
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(Exact name of registrant as specified in its charter)
Utah 000-20787-01 11-2869526
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6985 Union Park Center, Midvale, Utah 84047
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(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
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Delaware 000-20787 13-3854638
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
200 Vesey Street, New York, New York 10285
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(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. Annual Statement.
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").
The Servicer's Certificate dated January 28, 1997 required by Section
5.02(d) of the Series 1996-1 Supplement, and containing information with
respect to the Trust aggregated for the period April 25, 1996 (the date as
of which the Trust assets were initially conveyed to the Trust) through
December 26, 1996 (the end of the last monthly period of the Trust in 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 Servicer's Certificate dated January 28, 1997.
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SIGNATURES
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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: January 31, 1997
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
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Designation Description Page
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Exhibit 20.1 Servicer's Certificate dated January 28, 1997. 5
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Exhibit 20.1
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SERVICER'S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
--------------------------------------------
ANNUAL STATEMENT
AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
SERIES 1996-1
FOR THE PERIOD APRIL 25 THROUGH DECEMBER 26, 1996
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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 Annual Statement is delivered pursuant to sections 5.02(d) of the
Series Supplement and contains information with respect to the Trust
aggregated for the period April 25, 1996 (the date as of which the Trust
assets were initially conveyed to the Trust) through December 26, 1996 (the
end of the last monthly period of the Trust in 1996.)
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 28th day of January, 1997.
AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC., as Servicer
By: /s/ Marianne Thomson
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Name: Marianne Thomson
Title: Director
Financial Administration
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<TABLE>
<CAPTION>
ACTIVITY AGGREGATED FOR THE PERIOD APRIL 25 THROUGH DECEMBER 26, 1996
I. Trust Activity
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A. Aggregated Trust Activity
- ---------------------------- ---------------
<C> <S> <S>
Balances at April 25, 1996
Principal Receivable Balance 1,777,276,510
Special Funding Account Balance 0
Total Principal Balance 1,777,276,510
Aggregate Finance Charge Collections
(excluding Discount Option & Recoveries) 199,484,861
Discount Percentage 2.00%
Discount Option Receivables Collections 23,487,335
Premium Option Receivables Collections 0
Recoveries 6,212,474
Total Collections of Finance Charge
Receivables 229,184,670
Total Collections of Principal Receivables 1,150,879,400
Defaulted Amount 78,087,716
New Principal Receivables 1,183,619,989
Balances at December 26, 1996
Principal Receivables Balance 1,731,929,382
Required Minimum Principal Balance 1,070,000,000
Transferor Amount 731,929,382
Special Funding Account Balance 0
Total Principal Balance 1,731,929,382
B. Aggregate Series Allocations Series 1996-1 Trust Total
- ------------------------------- ---------------- -------------
Group Number 1
Initial invested Amount 1,000,000,000 1,000,000,000
Adjusted Invested Amount at 12/26/96 1,000,000,000 1,000,000,000
Principal Funding Account Balance 0 0
Series Allocation Percentage 100.00%
Series Alloc. Finance Charge Collections 229,184,670 229,184,670
Series Allocable Recoveries 6,212,474 6,212,474
Series Alloc. Principal Collections 1,150,879,400 1,150,879,400
Shared Principal Collections N/A N/A
Series Allocable Defaulted Amount 78,087,716 78,087,716
C. Aggregate Group I Allocations Series 1996-1 Group I Total
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Investor Finance Charge Collections 132,589,927 132,589,927
Investor Monthly Interest 44,794,056 44,794,056
Investor Default Amount 45,179,565 45,179,565
Investor Service Fees 12,500,000 12,500,000
Investor Additional Amounts 0 0
Total 102,473,621 102,473,621
Reallocated Investor Finance Charge
Collections N/A N/A
Available Excess 30,116,306 30,116,306
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<CAPTION>
ACTIVITY AGGREGATED FOR THE PERIOD APRIL 25 THROUGH DECEMBER 26, 1996
II. Series 1996-1 Certificates
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Series Total Investor Transferors
A. Aggregate Investor/Transferor Allocations Allocations Interest Interest
- -------------------------------------------- ----------- -------------- -----------
<C> <S> <C> <C> <C>
Invested /Transferor Amount at 04/25/96 1,777,276,510 1,000,000,000 777,276,510
Adjusted Invested Amount at 12/26/96 N/A 1,000,000,000 N/A
Collections of Finance Chg. Receivables 229,184,670 132,589,927 96,594,743
Collections of Principal Receivables 1,150,879,400 665,583,811 485,295,590
Defaulted Amount 78,087,716 45,179,565 32,908,151
Invested /Transferor Amount at 12/26/96 1,731,929,382 1,000,000,000 731,929,382
Collateral
B. Aggregate Funding Requirements Class A Class B Interest Total
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Monthly Interest 39,049,944 2,768,417 2,975,694 44,794,056
Investor Default Amount 39,080,324 2,710,774 3,388,467 45,179,565
Investor Monthly Fees 10,812,500 750,000 937,500 12,500,000
Investor Additional Amounts 0 0 0 0
Total 88,942,768 6,229,191 7,301,662 102,473,621
Reallocated Investor Finance Charge Collections N/A
C. Certificates - Balances and Aggregate Collateral
Distributions Class A Class B Interest Total
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Certificate Balance at Issuance 865,000,000 60,000,000 75,000,000 1,000,000,000
Interest Distributions 39,049,944 2,768,417 2,975,694 44,794,056
Principal Deposits - Prin Funding Acct 0 0 0 0
Principal Distributions 0 0 0 0
Total Distributions 39,049,944 2,768,417 2,975,694 44,794,056
Certificate Balance at 12/26/96 865,000,000 60,000,000 75,000,000 1,000,000,000
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D. Aggregate Distributions in respect of the Class A Certificates per $1,000
original certificate principal amount.
1. Total $ 45.14
2. Amount in respect of Class A Monthly Interest $ 45.14
3. Amount in respect of Class A Outstanding
Monthly Interest $ 0.00
4. Amount in respect of Class A Additional
Interest $ 0.00
5. Amount in respect of Class A Principal $ 0.00
E. Aggregate Class A Investor Charge-Offs and Reimbursement of Class A
Investor Charge-Offs.
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
F. Aggregate Distributions in respect of the Class B Certificates,
per $1,000 original certificate principal amount.
1. Total $ 46.14
2. Amount in respect of Class B Monthly Interest $ 46.14
3. Amount in respect of Class B Outstanding
Monthly Interest $ 0.00
4. Amount in respect of Class B Additional
Interest $ 0.00
5. Amount in respect of Class B Principal $ 0.00
G. Reductions in Class B Invested Amount pursuant to clauses (c), (d),
and (e) of the definition of Class B Invested Amount as of December 26, 1996.
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
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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
H. Aggregate Distributions to the Collateral Interest Holder.
1. Total amount distributed to the Collateral
Interest Holder: $ 2,975,694.39
2. Amount distributed in respect of Collateral
Monthly Interest: $ 2,975,694.39
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 as of
December 26, 1996.
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
2. The total amount reimbursed in respect
of such reductions in the Collateral
Invested Amount: $ 0.00
J. Aggregate Reallocated Principal Collections.
1. Reallocated Principal Collections
Required to fund the Required Amount: $ 0.00
2 Shared Principal Collections from other
Series allocated to Series 1996-1: N/A
K. Aggregate Available Principal Collections treated as Shared
Principal Collections: $ 0.00
L. Amount of Series Enhancement drawn upon and allocated to
Series 1996-1: $ 0.00
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