# EDGAR Filing Document

**Accession Number:** 0001003509
**File Stem:** 0001193125-23-082276
**Filing Date:** 2023-3
**Character Count:** 88829
**Document Hash:** f024fc1d927c9998101bf6f9de392b57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-082276.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001193125-23-082276

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
- **CENTRAL INDEX KEY:** 0001003509
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20787-07
- **FILM NUMBER:** 23770235

**BUSINESS ADDRESS:**
- **STREET 1:** 6985 UNION PARK CENTER
- **CITY:** MIDVALE
- **STATE:** UT
- **ZIP:** 84047
- **BUSINESS PHONE:** 8015655000

**MAIL ADDRESS:**
- **STREET 1:** 4315 SOUTH 2700 WEST
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84184

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 10-K** 

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☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2022** 

**or** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For transition period from<u> </u> to<u> </u>** 

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**AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST** 

**(Exact name of Issuing Entity as specified in its charter)** 

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**AMERICAN EXPRESS RECEIVABLES** 

**FINANCING CORPORATION III LLC** 

**(Exact name of Depositor as specified in its charter)** 

**AMERICAN EXPRESS NATIONAL BANK** 

**(Exact name of Sponsor as specified in its charter)** 

**Commission File Number of Issuing Entity: 000-20787-07** 

**Central Index Key Number of Issuing Entity: 0001003509** 

**Commission File Number of Depositor: 333-113579-02** 

**Central Index Key Number of Depositor: 0001283434** 

**Central Index Key Number of Sponsor: 0000949348** 

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| | |
|:---|:---|
| **New York** | **Not Applicable** |
| **(State or other Jurisdiction of**<br> **Incorporation or Organization**<br> **of the Issuing Entity)** | **(I.R.S. Employer**<br> **Identification Number**<br> **of the Issuing Entity)** |
| **c/o The Bank of New York Mellon**<br> **Corporate Trust**<br> **240 Greenwich Street**<br> **New York, New York** | **10286** |
| **(Address of the Principal Executive Offices of the Issuing Entity)** | **(Zip Code of the Issuing Entity)** |

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**(212) 815-6258** 

**(Telephone Number, including area code of the Issuing Entity, c/o The Bank of New York Mellon)** 

**Securities registered pursuant to Section 12(b) of the Act: None** 

**Securities registered pursuant to Section 12(g) of the Act: None** 

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ☐ NO ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☐ NO ☐

Rule 405 of Regulation S-T is not applicable.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

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**DOCUMENTS INCORPORATED BY REFERENCE: NONE** 

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**PART I** 

**The following Items have been omitted in accordance with General Instruction J to Form 10-K:** 

Item 1. Business.

Item 1A. Risk Factors.

Item 2. Properties.

Item 3. Legal Proceedings.

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| | |
|:---|:---|
| **Item 1B.** | **Unresolved Staff Comments.**  |

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Not Applicable.

**Item 4.** **Mine Safety Disclosures.** <br>

Not Applicable.

**Substitute Information provided in accordance with General Instruction J to Form 10-K:** 

**Item 1112(b) of Regulation AB: Significant obligors of pool assets (Financial information).** 

The pool assets held by the American Express Credit Account Master Trust (the "Trust") do not include any significant obligors.

**Item 1114(b)(2) of Regulation AB: Credit enhancement and other support, except for certain derivatives instruments (Financial information).** 

Based on the standards set forth in Item 1114(b) of Regulation AB, no information is required in response to this Item.

**Item 1115(b) of Regulation AB: Certain derivatives instruments (Financial information).** 

Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.

**Item 1117 of Regulation AB: Legal proceedings.** 

In the ordinary course of business, American Express Company and its subsidiaries ("American Express") are subject to various pending and potential legal actions, arbitration proceedings, claims, investigations, examinations, regulatory proceedings, information gathering requests, subpoenas, inquiries and matters relating to compliance with laws and regulations (collectively, legal proceedings).

Based on American Express' current knowledge, and taking into consideration its litigation-related liabilities, American Express does not believe it is a party to, nor are any of its properties the subject of, any legal proceeding that would have a material adverse effect on its consolidated financial condition or liquidity. However, in light of the uncertainties involved in such matters, including the fact that some pending legal proceedings are at preliminary stages or seek an indeterminate amount of damages, it is possible that the outcome of legal proceedings could have a material impact on its results of operations. Certain legal proceedings involving American Express are described below.

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On February 25, 2020, American Express was named as a defendant in a case filed in the Superior Court of California, Los Angeles County, captioned *Laurelwood Cleaners LLC v. American Express Co., et al.,* in which the plaintiff seeks a public injunction in California prohibiting American Express from enforcing its anti-steering and non-discrimination provisions and from requiring merchants "to offer the service of Amex-card acceptance for free." The case has been stayed pending the outcome of arbitration proceedings.

On January 29, 2019, American Express was named in a putative class action brought in the United States District Court for the Eastern District of New York, captioned *Anthony Oliver, et al. v. American Express Company and American Express Travel Related Services Company Inc.,* in which the plaintiffs are holders of MasterCard, Visa and/or Discover credit cards (but not American Express cards) and allege they paid higher prices as a result of American Express' anti-steering and non-discrimination provisions in violation of federal antitrust law and the antitrust and consumer laws of various states. Plaintiffs seek unspecified damages and other forms of relief. The court dismissed plaintiffs' federal antitrust claim, numerous state antitrust and consumer protection claims and their unjust enrichment claim. The remaining claims in plaintiffs' complaint arise under the antitrust laws of 11 states and the consumer protection laws of six states.

On March 8, 2016, plaintiffs B&R Supermarket, Inc. d/b/a Milam's Market and Grove Liquors LLC, on behalf of themselves and others, filed a suit, captioned *B&R Supermarket, Inc. d/b/a Milam's Market, et al. v. Visa Inc.,* et al., for violations of the Sherman Antitrust Act, the Clayton Antitrust Act, California's Cartwright Act and unjust enrichment in the United States District Court for the Northern District of California, against American Express, other credit and charge card networks, other issuing banks and EMVCo, LLC. Plaintiffs allege that the defendants, through EMVCo, conspired to shift liability for fraudulent, faulty and otherwise rejected consumer credit card transactions from themselves to merchants after the implementation of EMV chip payment terminals. Plaintiffs seek damages and injunctive relief. An amended complaint was filed on July 15, 2016. On September 30, 2016, the court denied American Express' motion to dismiss as to claims brought by merchants who do not accept American Express cards, and on May 4, 2017, the California court transferred the case to the United States District Court for the Eastern District of New York. On August 28, 2020, the court granted plaintiffs' motion for class certification.

In July 2004, American Express was named as a defendant in a putative class action filed in the Southern District of New York and subsequently transferred to the Eastern District of New York, captioned *The Marcus Corporation v. American Express Co.,* et al., in which the plaintiffs allege an unlawful antitrust tying arrangement between certain of American Express' charge cards and credit cards in violation of various state and federal laws. The plaintiffs in this action seek injunctive relief and an unspecified amount of damages.

In May 2020, American Express began responding to a review by the Office of the Comptroller of the Currency (OCC) and the Department of Justice (DOJ) Civil Division regarding historical sales practices relating to sales to small business customers in the United States. In January 2021, American Express received a grand jury subpoena from the United States Attorney's Office for the Eastern District of New York (EDNY) regarding these sales practices issues, as well as a Civil Investigative Demand from the Consumer Protection Bureau (CFPB) pertaining to its investigation into sales practices related to consumers. In January 2023, the CFPB notified us that its investigation was completed and that it does not intend to recommend an enforcement action be taken against American Express at this time. The OCC, DOJ and EDNY reviews and investigations are ongoing and could result in enforcement actions or other regulatory proceedings against American Express seeking fines or other remedial actions. American Express is cooperating with all inquiries.

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**PART II** 

**The following Items have been omitted in accordance with General Instruction J to Form 10-K:** 

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Item 6. [Reserved]

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Item 8. Financial Statements and Supplementary Data.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Item 9A. Controls and Procedures.

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| | |
|:---|:---|
| **Item 9B.** | **Other Information.**  |

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Not Applicable.

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| | |
|:---|:---|
| **Item 9C.** | **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**  |

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Not Applicable.

**PART III** 

**The following Items have been omitted in accordance with General Instruction J to Form 10-K:** 

Item 10. Directors, Executive Officers and Corporate Governance.

Item 11. Executive Compensation.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Item 14. Principal Accountant Fees and Services.

**Substitute Information provided in accordance with General Instruction J to Form 10-K:** 

**Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions.** 

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

**Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.** 

Each of American Express Travel Related Services Company, Inc. ("TRS") (for itself and on behalf of its wholly owned subsidiary, American Express National Bank ("AENB")), Exela Technologies, Inc. (for itself and its wholly owned subsidiaries) (individually and collectively, "Exela"), and The Bank of New York Mellon (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the Trust for all or a portion of the period covered by this Form 10-K.

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Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of and for the year ended December 31, 2022, which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an "Attestation Report") by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K.

*Exela:* Exela's Report on Assessment states that Exela has complied in all material respects with the applicable servicing criteria set forth in Item 1122(d) of Regulation AB as of and for the year ended December 31, 2022, except for the period from June 19, 2022 through June 27, 2022.

According to Exela's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the Securities and Exchange Commission on August 12, 2022 (the "Exela Form 10-Q"), Exela experienced a network security incident impacting certain of its operational and information technology systems in late June 2022, which caused Exela to take large parts of its network offline, disrupting some access to its applications and services (the "network outage"). As a result of the network outage, paper payment remittances, including Trust remittances representing a limited volume of total Trust remittances, were not timely processed and recorded by Exela as contemplated by Items 1122(d)(2)(i) and 1122(d)(4)(iv) of Regulation AB for the nine-day period from June 19, 2022 through June 27, 2022. The interruption of paper payment processing during the network outage did not impact any investor payments, and the impact of the network outage was limited to the servicing criteria applicable to Exela. In the Exela Form 10-Q, Exela described certain remediation efforts with respect to the network outage, including its initiation of its response and containment protocols, and efforts to identify, contain and recover from the network outage quickly and securely. We have not independently verified the accuracy of Exela's disclosure or the adequacy of its remediation efforts.

In an effort to reduce its reliance on a single provider of paper payment remittance processing, TRS has onboarded an additional third party to perform such services.

*Vendors* 

A Servicing Participant may engage one or more vendors, who are not considered servicers for purposes of Regulation AB, to perform specific and limited, or scripted activities that address all or a portion of one or more servicing criteria applicable to such Servicing Participant. In general in these cases, the Servicing Participant has instituted policies and procedures to monitor whether such vendors' activities comply in all material respects with such servicing criteria, and may elect to take responsibility for assessing compliance with the servicing criteria applicable to such vendors' activities in such Servicing Participant's Report on Assessment.

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Where the Servicing Participant has not instituted such policies and procedures, or where the Servicing Participant does not otherwise elect to take responsibility for assessing its vendors' activities, the vendor is itself treated as a Servicing Participant and is required to provide its own Report on Assessment and related Attestation Report.

*Platform Level Reports* 

Regulations of the Securities and Exchange Commission require that each Servicing Participant complete a Report on Assessment at a "platform" level, meaning that the transactions covered by the Report on Assessment should include all asset-backed securities transactions involving such Servicing Participant that are backed by the same asset type. During 2022, TRS' proprietary facilities conducted paper payment remittance processing services and performed billing dispute services. Exela (through its wholly owned subsidiary, Regulus West, LLC) also performed paper payment remittance processing services at three locations in the United States. As a remittance processor, Exela is responsible for, among other services, transmitting payment information to TRS, which TRS in turn uses to update its account obligor records. In its Report on Assessment attached as Exhibit 33.2 to this Form 10-K, Exela defines its platform to include (i) remittance processing services it provides to customers who are issuers or servicers of asset-backed securities transactions and (ii) who have requested confirmation of Exela's compliance in connection with loan and/or receivables portfolios that include pool assets for asset backed securities transactions. The Bank of New York Mellon is Trustee of the Trust. In its Report on Assessment attached as Exhibit 33.3 to this Form 10-K, The Bank of New York Mellon defines its platform to include publicly issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 (and like-kind transactions issued prior to January 1, 2006), that are subject to Regulation AB for which The Bank of New York Mellon provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities.

None of TRS or the Trust is an affiliate of Exela or The Bank of New York Mellon.

**Item 1123 of Regulation AB: Servicer Compliance Statement.** 

Each of TRS, AENB, and Exela has been identified by the registrant as a servicer or subservicer with respect to the pool assets held by the Trust for all or a portion of the period covered by this Form 10-K. Each of them has provided a Statement of Compliance for the period covered by this Form 10-K (a "Compliance Statement"), in each case signed by an authorized officer thereof. Each Compliance Statement is attached as an exhibit to this Form 10-K.

**PART IV** 

**Item 15. Exhibits and Financial Statement Schedules.** 

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| | |
|:---|:---|
| (a) | (1) Not applicable. |
|  | (2) Not applicable. |
|  | (3) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. |
| (b) | The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. |
| (c) | Not applicable. |

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**Item 16. Form 10-K Summary.** 

Not applicable.

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**EXHIBITS** 

The following exhibits are filed as part of this Annual Report or, where indicated, were heretofore filed and are hereby incorporated by reference (\* indicates exhibits electronically filed herewith).

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|:---|:---|
| 3.1 | [Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 3.1 of Form S-3/A, filed April 20, 2004, File No. 333-113579).](http://www.sec.gov/Archives/edgar/data/949349/000112528204001644/b331276_ex3-1.txt) |
| 3.2 | [Amendment Number One to the Amended and Restated Limited Liability Company Agreement of American Express Receivables Financing Corporation III LLC, dated as of April 1, 2018 (incorporated herein by reference to Exhibit 3.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex31.htm) |
| 4.1 | [Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, as Transferor, American Express Travel Related Services Company, Inc., as Servicer, and The Bank of New York Mellon, as Trustee and Securities Intermediary (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex41.htm) |
| 4.2 | [Amended and Restated Receivables Purchase Agreement, dated as of April 1, 2018, between American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex43.htm) |
| 4.3 | [Series 2018-5 Supplement, dated as of May 21, 2018, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K , dated May 21, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518169728/d591503dex42.htm) |
| 4.4 | [Series 2018-7 Supplement, dated as of July 23, 2018, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated July 23, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518223677/d568369dex42.htm) |
| 4.5 | [Series 2018-9 Supplement, dated as of September 24, 2018, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated September 24, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518280965/d626862dex42.htm) |
| 4.6 | [Series 2021-1 Supplement, dated as of November 17, 2021, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated November 17, 2021, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521332450/d222444dex41.htm) |
| 4.7 | [Series 2022-1 Supplement, dated as of March 18, 2022, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated March 18, 2022, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312522079308/d313754dex41.htm) |
| 4.8 | [Series 2022-2 Supplement, dated as of May 24, 2022, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated May 24, 2022, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312522158353/d324291dex41.htm) |
| 4.9 | [Series 2022-3 Supplement, dated as of August 16, 2022, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated August 16, 2022, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312522222265/d317995dex41.htm) |

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|:---|:---|
| 4.10 | [Series 2022-4 Supplement, dated as of November 3, 2022, supplementing the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as amended from time to time (incorporated herein by reference to Exhibit 4.1 of Form 8-K, dated November 3, 2022, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312522276992/d300839dex41.htm) |
| 4.11 | [Omnibus Amendment to Group II Series Supplements, dated as of October 2, 2009, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.3 of Form 8-K, dated October 2, 2009, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/949349/000095012309049021/y79626exv4w3.htm) |
| 4.12 | [Omnibus Amendment to Series Supplements, dated as of January 29, 2014, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated January 29, 2014, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/949349/000119312514028672/d666210dex42.htm) |
| 4.13 | [Omnibus Amendment to Series Supplements, dated as of July 20, 2016, among American Express Receivables Financing Corporation II, American Express Receivables Financing Corporation III LLC, American Express Receivables Financing Corporation IV LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated July 20, 2016, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312516653879/d173084dex42.htm) |
| 4.14 | [Omnibus Amendment to Series Supplements, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and The Bank of New York Mellon (incorporated herein by reference to Exhibit 4.2 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex42.htm) |
| 10.1 | [Amended and Restated Asset Representations Review Agreement, dated as of April 1, 2018, among American Express Receivables Financing Corporation III LLC, American Express Travel Related Services Company, Inc. and Clayton Fixed Income Services LLC (incorporated herein by reference to Exhibit 10.1 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex101.htm) |
| 31.1\* | [Certification of Chen Wang pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the period from and including January 1, 2022 to and including December 31, 2022.](d469257dex311.htm) |
| 33.1\* | [Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank.](d469257dex331.htm) |
| 33.2\* | [Report on Assessment of Compliance with Servicing Criteria of Exela Technologies, Inc.](d469257dex332.htm) |
| 33.3\* | [Report on Assessment of Compliance with Servicing Criteria of The Bank of New York Mellon.](d469257dex333.htm) |
| 34.1\* | [Attestation Report of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to American Express Travel Related Services Company, Inc.](d469257dex341.htm) |
| 34.2\* | [Attestation Report of Plante & Moran, PLLC on Assessment of Compliance with Servicing Criteria relating to Exela Technologies, Inc.](d469257dex342.htm) |
| 34.3\* | [Attestation Report of KPMG on Assessment of Compliance with Servicing Criteria relating to The Bank of New York Mellon.](d469257dex343.htm) |
| 35.1\* | [Servicer Compliance Statement of American Express Travel Related Services Company, Inc.](d469257dex351.htm) |
| 35.2\* | [Servicer Compliance Statement of Exela Technologies, Inc.](d469257dex352.htm) |
| 35.3\* | [Servicer Compliance Statement of American Express National Bank.](d469257dex353.htm) |

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|:---|:---|
| 99.1 | [Third Amended and Restated Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.4 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex44.htm) |
| 99.2 | [Second Amended and Restated Defaulted Receivables Supplemental Servicing Agreement, dated as of April 1, 2018, among American Express Travel Related Services Company, Inc., American Express National Bank and American Express Receivables Financing Corporation III LLC (incorporated herein by reference to Exhibit 4.5 of Form 8-K, dated April 1, 2018, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312518107650/d557054dex45.htm) |
| 99.3 | [Remittance Processing Services Agreement, dated as of October 25, 1999, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated herein by reference to Exhibit 10.1 of Form 10-D filed November 15, 2021, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521329359/d225683dex101.htm) |
| 99.4 | [Amendment No. 2, dated June 1, 2002, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated herein by reference to Exhibit 10.2 of Form 10-D filed November 15, 2021, File No.000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521329359/d225683dex102.htm) |
| 99.5 | [Amendment Agreement Number NYC-0-06-2807, dated August 18, 2006, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated herein by reference to Exhibit 10.3 of Form 10-D filed November 15, 2021, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521329359/d225683dex103.htm) |
| 99.6 | [Amendment Agreement Number NYC-0-06-2162-02, dated October 30, 2009, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated herein by reference to Exhibit 10.4 of Form 8-K, dated November 15, 2021, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521329359/d225683dex104.htm) |
| 99.7 | [Amendment Agreement Number AMEND-CW170596, dated October 30, 2010, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated herein by reference to Exhibit 10.5 of Form 10-D, filed November 15, 2021, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521329359/d225683dex105.htm) |
| 99.8 | [Amendment Agreement Number AMEND-CW2268976, dated October 31, 2013, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated herein by reference to Exhibit 10.6 of Form 10-D, filed November 15, 2021, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521329359/d225683dex106.htm) |
| 99.9 | [Amendment Agreement Number AMEND-CW2392916, dated February 23, 2017, between American Express Travel Related Services Company, Inc. and Regulus West LLC (incorporated herein by reference to Exhibit 10.7 of Form 10-D, filed November 15, 2021, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312521329359/d225683dex107.htm) |
| 99.1 | [Amendment Agreement Number Amend-CW2481418, dated December 18, 2019, between American Express Travel Related Services Company, Inc. and Regulus Group LLC (incorporated herein by reference to Exhibit 99.02 of Form 10-D, filed January 15, 2020, File No. 000-20787-07).](http://www.sec.gov/Archives/edgar/data/1003509/000119312520007849/d867872dex9902.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST |
| By: | AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC,<br> Depositor | AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC,<br> Depositor |
| By: | /s/ Chen Wang | /s/ Chen Wang |
|  | Name: | Chen Wang |
|  | Title : | President<br> (Senior officer in charge of securitization) |

---

Dated: March 28, 2023

## Exhibit 31.1

**EXHIBIT 31.1** 

**Certification** 

I, Chen Wang, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of the American Express Credit Account Master Trust (the "Exchange Act periodic reports");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, all of the distribution, servicing or other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: The Bank of New York Mellon and Exela Technologies, Inc.

---

| | |
|:---|:---|
| Date: March 28, 2023 | Date: March 28, 2023 |
| By: | /s/ Chen Wang |
| Name: | Chen Wang |
| Title: | President, |
|  | American Express Receivables Financing Corporation III LLC |
|  | (Senior officer in charge of securitization) |

---

## Exhibit 33.1

**EXHIBIT 33.1** 

**Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank** 

1. American Express Travel Related Services Company, Inc. (the "Asserting Party") is responsible for
assessing compliance as of December 31, 2022 and for the period from January 1, 2022 through December 31, 2022 (the "Reporting Period"), with the servicing criteria applicable to the Asserting Party under paragraph
(d) of Item 1122 of Regulation AB, as set forth in Appendix A hereto (such servicing criteria, excluding the criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix A hereto, the "Applicable Servicing
Criteria"). The transactions covered by this report include all asset-backed securities transactions backed by credit and charge card receivables issued by the American Express Credit Account Master Trust and the American Express Issuance Trust
II for which transactions the Asserting Party acted as Servicer, where the related asset-backed securities were outstanding during the Reporting Period (the "Platform"), as listed in Appendix B hereto;

2. Except as set forth in paragraph 3 below, the Asserting Party used the criteria set forth in paragraph
(d) of Item 1122 of Regulation AB to assess the compliance by the Asserting Party with the Applicable Servicing Criteria as of December 31, 2022 and for the Reporting Period with respect to the Platform taken as a whole;

3. The criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix A hereto are
inapplicable to the Asserting Party based on the activities it performs (directly or through its wholly owned subsidiaries), and American Express National Bank, with respect to the Platform taken as a whole;

4. The Asserting Party has assessed compliance with the Applicable Servicing Criteria by each of the Asserting
Party and American Express National Bank for the Reporting Period and has concluded that it and each such party has complied, in all material respects, with the Applicable Servicing Criteria as of December 31, 2022 and for the Reporting Period
with respect to the Platform taken as a whole; and

5. PricewaterhouseCoopers LLP, an independent registered public accounting firm, has issued an attestation report
for the Platform on the Asserting Party's assessment of compliance with the Applicable Servicing Criteria as of December 31, 2022 and for the Reporting Period.

---

| | |
|:---|:---|
| By: | /s/ Pei-Chun Shih |
| Name: | Pei-Chun Shih |
| Title: | Vice President, American Express |
|  | Travel Related Services Company, Inc. |
| Date: | March 28, 2023 |

---

------

APPENDIX A

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SERVICING CRITERIA** | **SERVICING CRITERIA** | **APPLICABLE**<br> **SERVICING CRITERIA** | **APPLICABLE**<br> **SERVICING CRITERIA** | **INAPPLICABLE**<br> **SERVICING<br>CRITERIA** |
| **Reference** | **Criteria** | **Performed**<br> **Directly**<br> **by**<br> **Asserting<br>Party** | **Performed<br>by**<br> **Vendor(s)<br>for which<br>Asserting<br>Party is the<br>Responsible<br>Party** |  |
|  | **General Servicing Considerations** |  |  |  |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | **X** |  |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | **X** |  |  |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | **X** |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |  | **X** |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | **X** |  |  |
|  | **Cash Collection and Administration** |  |  |  |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | **X** |  |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | **X** |  |  |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  |  | **X** |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | **X** |  |  |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | **X** |  |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | **X** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SERVICING CRITERIA** | **SERVICING CRITERIA** | **APPLICABLE**<br> **SERVICING CRITERIA** | **APPLICABLE**<br> **SERVICING CRITERIA** | **INAPPLICABLE**<br> **SERVICING<br>CRITERIA** |
| **Reference** | **Criteria** | **Performed**<br> **Directly**<br> **by**<br> **Asserting<br>Party** | **Performed<br>by**<br> **Vendor(s)<br>for which<br>Asserting<br>Party is the<br>Responsible<br>Party** |  |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | **X** |  |  |
|  | **Investor Remittances and Reporting** |  |  |  |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | **X** |  |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | **X** |  |  |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. |  |  | **X** |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | **X** |  |  |
|  | **Pool Asset Administration** |  |  |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  |  | **X** |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. | **X** |  |  |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | **X<sup>1</sup>** |  |  |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | **X** |  |  |
| 1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. | **X** |  |  |

---

<sup>1</sup> With respect to applicable servicing criterion 1122(d)(4)(iii), the Asserting Party has determined that there were no activities performed during the twelve months ended December 31, 2022 with respect to the Platform.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SERVICING CRITERIA** | **SERVICING CRITERIA** | **APPLICABLE**<br> **SERVICING CRITERIA** | **APPLICABLE**<br> **SERVICING CRITERIA** | **INAPPLICABLE**<br> **SERVICING<br>CRITERIA** |
| **Reference** | **Criteria** | **Performed**<br> **Directly**<br> **by**<br> **Asserting<br>Party** | **Performed<br>by**<br> **Vendor(s)<br>for which<br>Asserting<br>Party is the<br>Responsible<br>Party** |  |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-aging) are made, reviewed, and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | **X** |  |  |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | **X** |  |  |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | **X** |  |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | **X** |  |  |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  |  | **X** |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | **X** |
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | **X** |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the Servicer, or such other number of days specified in the transaction agreements. |  |  | **X** |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | **X** |  |  |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  |  | **X** |

---

------

Appendix B

American Express Travel Related Services Company, Inc.

Regulation AB Platform Transactions

Reporting Period January 1, 2022 through December 31, 2022

<u>American Express Issuance Trust II</u> 

Class A, B and C Floating Rate Asset Backed Notes of the following Series:

2013-A

<u>American Express Credit Account Master Trust</u> 

Class A and B Asset Backed Certificates of the following Series:

2012-A

2017-2\*

2017-5\*

2017-7\*

2018-2

2018-3

2018-5

2018-7

2018-9

2019-1 \*

2019-2 \*

2019-3 \*

2021-1

2022-1

2022-2

2022-3

2022-4

\* Series matured during the Reporting Period.

## Exhibit 33.2

**EXHIBIT 33.2** 

**Report on Assessment of Compliance with Regulation AB Servicing Criteria** 

------

![LOGO](g469257page019.jpg)

contactus@exelatech.com exela 1 844XELATEC Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria 1.Pursuant to Subpart 229.1100-Asset Backed Secunties, 17 C.F.R. §§229.1100-229.1123 ("Regulation AB). Exela Technologies, Inc., for itself and its wholly-owned subsidiaries (individually and collectively "Exela"). is responsible for assessing its compliance with the servicing criteria applicable to the remittance processing services it provided to customers as of and for the year ended December 31, 2022 who are issuers or servicers of asset backed securities transactions and who have requested confirmation of Exela's compliance in connection with loan and/or receivables portfolios that include pool assets for asset backed securities transactions (the "Platform"). Remittance processing is a service whereby check payments that are remitted by mail to a post office box are collected, processed through a highly automated data capture system, and prepared for deposit to a bank account held by the beneficiary of the payment 2. The servicing criteria set forth in Item 1122(d) of Regulation AB were used in Exela's assessment of compliance. Exela has concluded that the servicing criteria set forth in Items 1122(d)(2)(i) and 1122(d)(4)(iv) of Regulation AB are applicable to the servicing activities it performs with respect to the Platform (such criteria the "Applicable Servicing Cntena"). Exela has concluded that the remainder of the servicing criteria set forth in Item 1122(d) of Regulation AB are inapplicable to the activities it performs with respect to the Platform because Exela does not participate in the servicing activities referenced by such servicing criteria. 3. As of and for the year ended December 31, 2022, except for the period from June 19, 2022, through June 27, 2022, Exela has complied in all material respects with the Applicable Servicing Criteria set forth in Item 1122(d) of Regulation AB. 4. Plante & Moran, PLLC, an independent registered public accounting firm, has issued an attestation report on Exela's assessment of compliance with the Applicable Servicing Criteria as of and for the year ended December 31. 2022. Thomas K. Dolan SVP Information Security and Risk January 30, 2023

## Exhibit 33.3

**Exhibit 33.3**![LOGO](g469257dsp003.jpg)

ASSESSMENT OF COMPLIANCE WITH

APPLICABLE SERVICING CRITERIA

Management of The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), (collectively, the "Company") is responsible for assessing the Company's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission. The Company's management has determined that the servicing criteria are applicable in regard to the servicing platform as of and for the period as follows:

<u>Platform</u>: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the "Platform").

<u>Period</u>: The twelve months ended December 31, 2022 (the "Period").

<u>Applicable Servicing Criteria</u>: All servicing criteria set forth in Item 1122(d), to the extent required by the related transaction agreements as to any transaction, except as set forth in the column titled "Not Applicable to Platform" in Appendix 1 attached hereto.

With respect to servicing criterion 1122(d)(2)(vi), the Company's management has engaged a vendor to perform the activities required by the servicing criterion. The Company's management has determined that this vendor is not considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company's management has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SEC's *Compliance and Disclosure Interpretation 200.06, Vendors Engaged by Servicers* ("C&DI 200.06"). The Company's management has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the servicing criterion applicable to the vendor. The Company's management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related servicing criterion.

------

With respect to the Platform as of and for the Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing Criteria:

1. The Company's management is responsible for assessing the Company's compliance with the Applicable Servicing Criteria.

2. The Company's management has assessed compliance with the Applicable Servicing Criteria, including the servicing criterion for which compliance is determined based on C&DI 200.06 as described above as of and for the Period. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.

3. With respect to servicing criterion 1122(d)(4)(i), for certain transactions in the Platform the Trustor (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, all filings identified by the Trustor to be necessary to maintain the effectiveness of any original filings identified by the Trustor to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee's security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). As of and for the twelve months ended December 31, 2022, the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Trustor to perform such activities, the Company's responsibility for criterion 1122(d)(4)(i) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC filing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement.

4. Based on such assessment, as of and for the Period, the Company has complied, in all material respects, with the Applicable Servicing Criteria.

KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to management's assessment of the Company's compliance with the Applicable Servicing Criteria as of and for the Period.

------

---

| | |
|:---|:---|
| The Bank of New York Mellon | BNY Mellon Trust of Delaware |
| /s/ James Slater | /s/ James Ambagis |
| James Slater | James Ambagis |
| Authorized Signatory | Authorized Signatory |
| The Bank of New York Mellon Trust Company, N.A. |  |
| /s/ Antonio I. Portuondo |  |
| Antonio I. Portuondo |  |
| Authorized Signatory |  |

---

Dated: February 28, 2023

------

APPENDIX 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB<br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable<br>to Platform |
| REG AB<br>REFERENCE | SERVICING CRITERIA | **Performed Directly<br>by the Company** | **Performed by<br>Vendor(s) for which<br>the Company is the<br>Responsible Party** | Not Applicable<br>to Platform |
|  | **General servicing considerations** |  |  |  |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | X |  |  |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | X |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |  | X |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. |  |  | X |
|  | **Cash collection and administration** |  |  |  |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | X |  |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |  |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  |  | X |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (*e.g*., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB<br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable<br>to Platform |
| REG AB<br>REFERENCE | SERVICING CRITERIA | **Performed Directly<br>by the Company** | **Performed by<br>Vendor(s) for which<br>the Company is the<br>Responsible Party** | Not Applicable<br>to Platform |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of this chapter. | X |  |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |  |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) Are mathematically accurate; (B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |  |
|  | Investor remittances and reporting |  |  |  |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) Are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) Provide information calculated in accordance with the terms specified in the transaction agreements; (C) Are filed with the Commission as required by its rules and regulations; and (D) Agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer. | X |  |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |  |  |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |  |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |  |
|  | **Pool asset administration** |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB<br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable<br>to Platform |
| REG AB<br>REFERENCE | SERVICING CRITERIA | **Performed Directly<br>by the Company** | **Performed by<br>Vendor(s) for which<br>the Company is the<br>Responsible Party** | Not Applicable<br>to Platform |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |  |
| 1122(d)(4)(ii) | Pool asset and related documents are safeguarded as required by the transaction agreements | X |  |  |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X<sup>1</sup> |  |  |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (*e.g.,* escrow) in accordance with the related pool asset documents. |  |  | X |
| 1122(d)(4)(v) | The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |  |  | X |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (*e.g.,* loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |  |  | X |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |  |  | X |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  |  | X |

---

------

<sup>1</sup> With respect to applicable servicing criterion 1122(d)(4)(iii) the Company has determined that there were no activities performed during the twelve months ended December 31, 2022 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities. 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB<br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable<br>to Platform |
| REG AB<br>REFERENCE | SERVICING CRITERIA | **Performed Directly<br>by the Company** | **Performed by<br>Vendor(s) for which<br>the Company is the<br>Responsible Party** | Not Applicable<br>to Platform |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |  | X |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) Such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) Interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) Such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | X |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  |  | X |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements. |  |  | X |

---

## Exhibit 34.1

**EXHIBIT 34.1**![LOGO](g469257g66h99.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Management of American Express Travel Related Services Company, Inc.

We have examined management's assertion, included in the accompanying "Report on Assessment of Compliance with Servicing Criteria of American Express Travel Related Services Company, Inc. and American Express National Bank," that American Express Travel Related Services Company, Inc. (the "Company", the "Asserting Party", or the "Servicer") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for all asset-backed securities transactions backed by credit and charge card receivables issued by the American Express Credit Account Master Trust and the American Express Issuance Trust II for which transactions the Asserting Party acted as Servicer (the "Platform"), as of December 31, 2022 and for the period from January 1, 2022 through December 31, 2022, excluding criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(3)(iii), 1122(d)(4)(i), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), and 1122(d)(4)(xv), which the Company has determined are not applicable to the servicing activities performed by it with respect to the Platform. Appendix B to management's assertion identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. The Company's management is responsible for its assertion and for the Company's compliance with the applicable servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the applicable servicing criteria based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the applicable servicing criteria is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Platform, testing of selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.

In our opinion, management's assertion that the Company complied with the aforementioned applicable servicing criteria as of December 31, 2022 and for the period from January 1, 2022 through December 31, 2022 for the Platform is fairly stated, in all material respects.

![LOGO](g469257g79e28.jpg)

New York, New York

March 28, 2023

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, www.pwc.com/us

## Exhibit 34.2

**EXHIBIT 34.2**![LOGO](g469257page028.jpg)

plante PEnnlc & Moran, PLLC Piara Ito Trioran Report of Indépendant Ragistared Publie Accoiintirig Finn To the Board of Directors Exela Technologies, roc. We ha™ examined management's assertion, included in too accompanying Report an Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Exela Techncitogles, Inc. (the "Company") complied with the servicing criteria set forth tn Title 17, Section 22$. 1122(d) of the Code of Federal Regulations (the 'CFR'i for the remltlancii processing services provided by the Company to its customers, which are issue is or servicers of assul-backed securities transactions and have requested confirmation of the Company's compliance In connection with loan anttfor receivables portfolios that include pool assets for asset-backed securities transactions (toe "Platform") as of and for the year ended December 31, 2022. The Company has determined that only certain servicing criteria, HZ2(dX2)(j) and Il22(d)(rf)(iv), are uppl icub la to Ihu oetiv bu e performed by II wi to respect to Iba Plutl'jrm Governed by toic report. Thu Com pony has deter mined that the rernai n mg servicing cr i ter ia set forth In Item 1122(d) of toe SEC Regulation AS are not appt table to toe activities performed by II with tesped lo toe Platform covered by this report Management is responsible for too Company's campliartoe with those servicing criteria. Our responsibility Is to express an opinion on managements assertion about the Company's compliance with toe servicing criteria based cm our examination. Our examination was conducted In accordance with standards of the Public Company Accounting Overnight Boar d (U ruted Slates) and. accordingly, inducted examining, on a test basis, evidence about thu Company's compliance with the applicable servicing criteria and peiformlng such other procedures as we considered necessary m toe circumstances. Those standards require that we plan and perform tho examination to obtain reasonable assurance about whether toe Company compiled, in all material respects, with the sptteified requirements referenced above. An examination involves performing piocsduros to obtain evidence about whether toe Company complied with the specified requirements. The nature, liming, and extent of the procedures selected depend on our judgment. including an assessment ci thu risks of material nocompliance. wholher due to fraud or error. Our examination included a selection of a sample or transactions and compliance acuvltlas related Io the Platform during the examination period and defer mini ng Wlwtour toe Company processed those transactions and performed those activities In compliance wilh thu servicing criteria. Our testing of selected mneaettons and campliance activities was limited to calculations, reports, and activities perfoimed by the Company during toe period coveted by this report. Our procedures did not mclucu determining whether errors may have occurred prior to our tests dial rnay have affected the balances or amounts calculated or reported by toe Company during thu petted covered by tins report foi the selected bensactions or any other transactions. We believe that our examination provides a masonablo basis for our open An. Wo a re required to be Independent and Io meet our other ethical responsibi hties m accord ance wito re levant ethical requirements totaling to toe engagement. Our oxamloatian does not piavide a legal determine lion on toe Company's compliance with Ihu servicing criteria. In our opinion, management's assertion that tho Company complied with toe aforementioned servicing criteria as of and for the year ended December 31. 2022 for the Platform is fairly stated m all material respects. Chicago, Illinois January 30. 2023

## Exhibit 34.3

**EXHIBIT 34.3**![LOGO](g469257page029.jpg)

KPMGLLP Aon Center Suit» 5600 200 E. Randobh Street Chicago. IL6C601-6X36 Report of Independent Registered Public Accounting Firm The Board of Directors The Bank of New York Mellon BNY Mellon Trust of Delaware The Bank of New York Mellon Trust Company. N.A.: We have examined management's assertion, included in the accompanying Managements Assessment of Compliance with Applicable Servicing Criteria that The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Melton Trust Company, N.A (fbrmerty The Bank of New York Trust Company, N.A.), (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB (the Servicing Criteria) for the publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent, or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-ba eked securities and other mortgage-related asset-backed securities (the Platform'), except for servicing criteria 1122(d)(1X>i>). 1122(d)(1)(rv), 1122(d)(1Xv), 1122(dX2Xiii). 1122(dX4Xiv). 1122(d)(4)(v), 1122(d)(4Xvi), 1122(d)(4Xvii), 1122(d)(4)(viii), 1122(d)(4Xix), 1122(dX4)(x), 1122(d)(4)(xi), 1122(d)(4Rxii), 1122(d)(4Xxiii), 1122(d)(4Xxiv) and 1122(d)(4Xxv). which the Company has determined are not applicable to the activities it performs with respect to the Platform (the Servicing Criteria), as of and for the twelve months ended December 31, 2022. With respect to Servicing Cnterion 1122(d)(4)(i), the Company has determined that for certain transactions in the Platform the Trustor (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, al! filings identified by the Trustor to be necessary to maintain the effectiveness of any original filings identified by the Trustor to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee s security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). Management s Assessment of Compliance with Applicable Servicing Criteria indicates that as of and for the twelve months ended December 31, 2022. the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Trustor to perform such activities, the Company s responsibility for Servicing Criterion 1122(d)(4Xi) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC fifing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement With respect to servicing criterion 1122(dX4)(iii). the Company has determined that there were no activities performed during the twelve months ended December 31, 2022 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities. Appendix A to Management's Assessment of Compliance with Applicable Servicing Criteria identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Company's compliance with the Servicing Criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the Servicing Criteria based on our examination. Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test

------

![LOGO](g469257page030.jpg)

basis, evidence about the Company's compliance with the Servicing Criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that compose the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Servicing Criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Servicing Criteria. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement As described in the accompanying Managements Assessment of Compliance with Applicable Servicing Criteria, for Servicing Criterion 1122(d)(2)(vi), the Company has engaged a vendor to perform the activities required by this Servicing Criterion. The Company has determined that this vendor is not considered a servicer' as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the Servicing Criterion applicable to this vendor as permitted by the SECs Compliance and Disclosure Interpretation (C&DI) 200 06, Vendors Engaged by Servicers (C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the Servicing Criterion applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related Servicing Criterion as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06. In our opinion, management s assertion that the Company complied with the aforementioned Servicing Criteria, including servicing criterion 1122(d)(2)(vi) for which compliance is determined based on C&DI 200.06 as described above, as of and for the twelve months ended December 31. 2022 is fairly stated, in all material respects. Chicago, Illinois February 28, 2023

## Exhibit 35.1

**EXHIBIT 35.1** 

**SERVICER COMPLIANCE STATEMENT** 

American Express Travel Related Services Company, Inc.

American Express Credit Account Master Trust

Reporting Period January 1, 2022 to December 31, 2022

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc. ("TRS"), as Servicer pursuant to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018 (as so amended and restated and as otherwise amended from time to time, the "Agreement"), among American Express Receivables Financing Corporation III LLC, as transferor, TRS, as servicer (in such capacity, the "Servicer"), and The Bank of New York Mellon, as trustee and securities intermediary (the "Trustee"), does hereby certify that:

1. TRS is the Servicer under the Agreement.

2. The undersigned is duly authorized as required pursuant to the Agreement to execute and deliver this
Certificate.

3. A review of the Servicer's activities during the reporting period and of its performance under the
Agreement has been made under my supervision.

4. To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the
Agreement in all material respects throughout the reporting period.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 28<sup>th</sup> day of March, 2023.

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

---

| | |
|:---|:---|
|  By: | /s/ Pei-Chun Shih |
|  Name: | Pei-Chun Shih |
|  Title: | Vice President |

---

## Exhibit 35.2

**EXHIBIT 35.2**![LOGO](g469257page032.jpg)

contactus@exelatech.com 1 844 XELATFC Report on Assessment of Compliance with Regulation AB Item 1123 Pursuant to Item 1123 of Regulation AB, a review of the Exela's activities during the year ended December 31, 2022 (the "Reporting Period") and of its performance under the servicing agreement between Exela and American Express. To the best of such officer's knowledge, based on such review, Exela has fulfilled its obligations under the Servicing Agreement in all material respects throughout the Reporting Period except for the period from June 19, 2022 through June 27, 2022. Thomas K. Dolan SVP Information Security and Risk March 8, 2023

## Exhibit 35.3

**EXHIBIT 35.3** 

**SERVICER COMPLIANCE STATEMENT** 

American Express National Bank

American Express Credit Account Master Trust

Reporting Period January 1, 2022 to December 31, 2022

The undersigned, a duly authorized officer of American Express National Bank ("AENB"), a wholly owned subsidiary of American Express Travel Related Services Company, Inc. ("TRS"), pursuant to the Third Amended and Restated Supplemental Servicing Agreement, dated as of April 1, 2018 (as so amended and restated and as otherwise amended from time to time, the "Agreement"), among TRS, AENB and American Express Receivables Financing Corporation III LLC, does hereby certify that:

1. AENB performs certain servicing procedures on behalf of TRS under the Agreement.

2. The undersigned is duly authorized to execute and deliver this Certificate.

3. A review of AENB's activities during the reporting period and of its performance under the Agreement has
been made under my supervision.

4. To the best of my knowledge, based on such review, AENB has fulfilled all of its obligations under the
Agreement in all material respects throughout the reporting period.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 28<sup>th</sup> day of March, 2023.

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| | |
|:---|:---|
| AMERICAN EXPRESS NATIONAL BANK | AMERICAN EXPRESS NATIONAL BANK |
| By: | /s/ Rosario Perez |
| Name: | Rosario Perez |
| Title: | Treasurer |

---