Document:

exhibit10a.htm

    Exhibit
10(a)

     

    AMENDMENT
NO. 4

     

    TO

     

    PPL
CORPORATION

    INCENTIVE
COMPENSATION PLAN

     

    WHEREAS,
PPL Corporation, (“PPL”) has adopted the PPL Corporation Incentive Compensation
Plan (“Plan”), effective January 1, 1987; and

    WHEREAS,
the Plan was amended and restated effective January 1, 2003; and subsequently
amended by Amendment No. 1, 2 and 3; and

    WHEREAS,
PPL desires to further amend the Plan;

     

    NOW,
THEREFORE, the Plan is hereby amended as follows:

     

    I.           Effective
December 1, 2007, Sections 7, 8 and 10 are amended to read as follows and
Section 8(G)(d) is deleted in its entirety:

    SECTION
7.  RESTRICTED STOCK.

    B.  Restriction
Period.  At the time a Restricted Stock or Restricted Stock
Units Award is granted, the Committee shall establish a Restriction Period
applicable to such Award which shall be not less than three
years.  Each Restricted Stock or Restricted Stock Units Award may have
a different Restriction Period.  All Restricted Stock Units granted
after December 31, 2004 shall have a mandatory Restriction Period, if the
Restriction Period has not lapsed as of the day prior to a termination of
employment, of six calendar months from the day of termination of
employment.

    Notwithstanding the other provisions of this Section
7:  (i) in the event of a Change in Control, the Restriction Periods
on all Restricted Stock Awards previously granted shall lapse and in the event
of a "change in ownership or effective control" as defined by Treasury
Regulations under Code Section 409A(a)(2)(A)(v), the Restriction Periods on all
Restricted Stock Units shall lapse and; (ii) apart from a Change in Control, the
Committee is also authorized, in its sole discretion to accelerate the time at
which any or all of the restrictions on all or any part of a Restricted Stock
Award shall lapse or to remove any or all of such restrictions whenever the
Committee may decide that changes in tax or other laws or other circumstances
arising after the granting of a Restricted Stock Award make such action
appropriate; provided, however, that no acceleration or removal of restrictions
pursuant to this clause (ii) shall result in payout of Common Stock to the
Participant less than six months after the Date of Grant, except pursuant to
Section 7C below upon the Termination, death, Disability or Retirement of the
Participant.

    SECTION
8.  STOCK OPTIONS.

    E.       Form of
Payment.  At the time of the exercise of the Option, the Option
price shall be payable in United States dollars by (i) check or (ii) by such
other mode of payment as the Committee may approve, including payment through a
broker in accordance with procedures permitted by Regulation T of the Federal
Reserve Board.

     

    SECTION
10.  MISCELLANEOUS PROVISIONS.

    C.  Tax
Withholding.  Whenever under the Plan Common Stock is to be
delivered pursuant to an Award, PPL Corporation may require as a condition of
delivery that Participant remit an amount sufficient to satisfy all federal,
state and local tax withholding requirements related thereto.  In
addition, PPL Corporation may deduct from any salary or other payment due to
such Participant, an amount sufficient to satisfy all federal, state and local
tax withholding requirements related to the delivery of Common Stock under the
Plan.  Without limiting the generality of the foregoing, Participant
may elect to satisfy all or part of the foregoing withholding requirements by
delivery of unrestricted shares of Common Stock owned by Participant for at
least six months (or such other period as PPL Corporation may determine), having
a Fair Market Value (determined as of the date of such delivery by Participant)
equal to all or part of the amounts to be so withheld.  As a condition
of accepting such delivery, PPL Corporation may require Participant to furnish
an opinion of counsel acceptable to PPL Corporation to the effect that such
delivery will not result in Participant incurring any liability under Section
16(b) of the Exchange Act.  Alternatively, PPL Corporation may permit
any such delivery to be made by withholding shares of Common Stock from the
shares otherwise issuable pursuant to the Award giving rise to the tax
withholding obligation (in which event the shares shall be valued at their fair
market value under any reasonable valuation method permitted by IRS regulations
for withholding purposes, which shall be consistently
applied).

     

    II. Except as
provided for in this Amendment No. 4, all other provisions of the Plan shall
remain in full force and effect.

    
      	
              IN
      WITNESS WHEREOF, this Amendment No. 4 is executed this        
      day of  ___________________,
      2008.

            

    

     

    
      	
              PPL
      SERVICES CORPORATION

            	 
      	
              PPL
      CORPORATION

            
	 
      	 
      	 
      
	
              By:______________________________

            	 
      	
              By:______________________________

            
	
              Paul
      Farr

              Executive
      Vice President and

              Chief
      Financial Officer

            	 
      	
              Paul
      Farr

              Executive
      Vice President and

              Chief
      Financial Officerc55480_ex10-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXECUTION COPY

AMENDED AND RESTATED AGREEMENT FOR SALE AND PURCHASE OF 

RECEIVABLES DATED AS OF OCTOBER 30, 2008 

     The Seller and the Purchaser entered into that certain Amended and Restated Agreement for Sale and Purchase of Receivables, dated as of October 26, 2007, as amended by Amendment No. 1 thereto dated as
of October 16, 2008 The Seller and the Purchaser desire to further amend and restate that Agreement. Accordingly, that Agreement is hereby amended and restated in its entirety to read as follows: 

     THIS AMENDED AND RESTATED AGREEMENT (the “Agreement”) is made as of October 30, 2008, between AMERICAN EXPRESS CENTURION BANK, an industrial bank duly organized and validly existing under
the laws of the State of Utah and having a principal place of business at 4315 South 2700 West, Salt Lake City, Utah 84184 (the “Seller”) and AMERICAN EXPRESS CREDIT CORPORATION, a
corporation duly organized and validly existing under the laws of the State of Delaware and having a place of business at One Christina Centre, 301 North Walnut Street, Suite 1002, Wilmington, Delaware 19801-2919 (the “Buyer”). 

WHEREAS,

	
A.        	
The Seller owns charge card accounts pursuant to which the Seller issues American Express Card products to consumers;

  
	 
	
B.        	
The Seller sells to the Buyer receivables arising under certain of these charge card accounts and the Buyer purchases such receivables from the Seller (such receivables as have been sold prior to the date hereof
are hereinafter referred to as the “Initial Purchases”); and

  
	 
	
C.        	
The Seller wishes to continue to sell receivables arising under charge card accounts to the Buyer and the Buyer wishes to continue to purchase such receivables from the Seller in accordance with this Agreement
(such receivables as are sold on or after the date hereof are hereinafter referred to as the “Future Purchases”).

  
	 

NOW, THEREFORE, the parties hereby agree as follows: 

Section 1.       Certain Definitions 

     The following terms when capitalized in this Agreement and used either in the singular or the plural have the following meanings: 

     “ACSC” means Amex Card Services Company, a Delaware corporation, and its successors and assigns. 

     “Assignment” has the meaning described in Section 4(a) hereof. 

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     “Business Day” means a day on which both the Seller’s and the Buyer’s principal offices are open for business. 

     “Card” means a charge card issued by the Seller with respect to a consumer account owned by the Seller. 

     “Cardmember” means the person or firm obligated to make payments to the Seller with respect to charges incurred by the use of a
Card. 

     “First
Day of a Monthly Period” has the meaning set
forth in the definition of Monthly Period.

     “Fraud” means the misuse or fraudulent use of a Card or its related details by an unauthorized person or entity.

     “Future Purchases” has the meaning defined in the recitals of this Agreement.

     “Governmental Authority” means the United States of America, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

     “Initial Purchases” has the meaning defined in the recitals of this Agreement.

     “Initial Resumption Settlement Statement” shall mean the statement substantially in the form set forth in Exhibit D. 

     “Insolvency Event” means the occurrence of the following with respect to a party: (a) such party shall file a petition or commence
a Proceeding, (i) to take advantage of any bankruptcy, conservatorship, receivership, insolvency, or similar laws, or (ii) for the appointment of a trustee, conservator, receiver, liquidator or similar official for or relating to such party or all
or substantially all of its property, (b) such party shall consent or fail to object to any such petition filed or Proceeding commenced against or with respect to it or all or substantially all of its property, or any such petition or Proceeding
shall not have been dismissed within sixty (60) days of its filing or commencement, or a court, agency, or other supervisory authority with jurisdiction shall have decreed or ordered relief with respect to any such petition or Proceeding, (c) such
party shall be unable, or shall admit in writing its inability, to pay its debts generally as they become due, (d) such party shall make an assignment for the benefit of its creditors or (e) such party shall voluntarily suspend payment of
substantially all of its obligations. 

     “Last
Day of a Monthly Period” has the meaning set
forth in the definition of Monthly Period.

     “Monthly Period” means the period (a) from and including the second day following the last day of the seventh billing cycle
applicable to the charge card accounts ending during a calendar month (such day being the “First Day of a Monthly Period”) and (b) to and including the day following the last day of the seventh billing cycle applicable to the charge card
accounts ending in the next calendar month (such day being the “Last Day of a Monthly Period”). Each

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Monthly Period shall include the Monthly Stub Period for the calendar month in which the First Day of such Monthly Period occurs. 

     “Monthly Stub Period” means the period in a calendar month from and including the day following the Last Day of a Monthly Period
that occurs during such calendar month to and including the last calendar day of such calendar month. 

     “Monthly Stub Period Receivables” has the meaning described in Section 2 hereof.

      “New Receivable” has the meaning described in Section 2 hereof. 

     “Payment Amount” has the meaning described in Section 4(b) hereof. 

     “Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

     “Purchase Date” means each date that Receivables are purchased by the Buyer and sold by the Seller under this Agreement.
Currently, the Purchase Date with respect to a Monthly Period and Monthly Stub Period is such date mutually agreed upon by the Buyer and the Seller that falls between the last day of such Monthly Period and the last business day of the calendar
month in which such last day of the Monthly Period has occurred.

     “Receivables” means all amounts payable by a Cardmember (or any other obligor including any guarantor) on any Card account;
provided, that such term shall not include any Securitized Receivables. 

     “Recoveries” means all amounts received with respect to Receivables which have previously been charged off. 

     “Relationship Adjustments” means adjustments downward to Receivables balances made in good faith by the Servicer pursuant to its
customary servicing standards and guidelines for customer service and Cardmember account relations and to give effect to rebates offered by the Seller to Cardmembers as marketing incentives and product features.  In no event shall Relationship
Adjustments include adjustments attributable to Uncollectible Receivables and adjustments made as part of the Servicer’s credit and collection processes. For the avoidance of doubt, Relationship Adjustments shall not have the purpose or effect
of protecting Credco from credit risk in Sold Receivables.

     Requirements of Law” means any law, treaty, rule or regulation, or determination of an arbitrator or Governmental Authority, whether Federal, state or local
(including without limitation usury laws, the Federal Truth in Lending Act and Regulation B and Regulation Z of the Board of Governors of the Federal Reserve System), and, when used with respect to any entity, the certificate of incorporation and
by-laws or other organizational or governing documents of such entity. 

     “Securitized Receivables” means (a) from and after May 19, 2005, those receivables that the Buyer previously purchased from the
Seller prior to the date hereof and that were sold by the Buyer to TRS pursuant to that certain Sale Agreement No. 1, dated as of May 19, 2005, between

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the Buyer and TRS and pursuant to that certain Sale Agreement No. 2, dated as of August 3, 2004, between the Buyer and TRS, and (b) those receivables that arise in accounts that are Accounts under that certain Transfer and
Servicing Agreement (the “Transfer Agreement”) among American Express Receivables Financing Corporation V LLC, TRS, American Express Issuance Trust and The Bank of New York, dated as of May 19, 2005, as it shall be supplemented, modified
and amended from time to time, from and after the date that such accounts become Accounts under the Transfer Agreement.

     “Service Establishment” means any person or firm (including affiliates of the Seller) that accepts charges incurred by the use of
the Card in lieu of cash or other payment upon a purchase of goods or services. 

     “Servicer” means such entity, if any, as has been retained to service the Receivables. At the date hereof, ACSC is the Servicer.

     “Servicing Agreement” has the meaning described in Section 3(a) hereof.

     “Settlement Statement” shall mean the statement substantially in the form set forth on Exhibit A, as applicable. 

     “Sold Receivables” means those Receivables that have been sold to the Buyer under this Agreement. 

     “Suspension Settlement Statement” shall mean the statement substantially in the form set forth in Exhibit C. 

     “Termination Settlement Statement” shall mean the statement substantially in the form set forth on Exhibit B. 

     “TRS” means American Express Travel Related Services Company, Inc., a New York corporation, and its successors and assigns.

     “UCC” means the Uniform Commercial Code.

     “Uncollectible Receivables” means those Receivables that the Seller or Servicer, after having made reasonable efforts to collect,
determines in good faith, based upon its experience in credit card operations, should be written off as uncollectible at or prior to the time in question. 

     “Weekly Period” means with respect to settlement of Sold Receivables after the termination of the purchase and sale of Receivables
under Section 8(a) hereof or the suspension of the purchase and sale of Receivables under Section 8(b) hereof, the period from the date on which such notice of termination or suspension of purchases of Receivables shall be effective to and including
the period seven calendar days thereafter and each such successive seven calendar day period. 

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Section 2.     Sale and Purchase of Receivables 

     (a)     On each Purchase Date, the Seller shall sell to the Buyer without recourse, and the Buyer shall purchase from the Seller, all right, title
and interest of the Seller in, to and under all Receivables that (i) were created during the immediately preceding Monthly Period and were not previously sold to the Buyer on the preceding Purchase Date and (ii) all Receivables created and to be
created during the Monthly Stub Period (the “Monthly Stub Period Receivables”) for the calendar month in which such Purchase Date occurs (such Receivables being sold hereinafter called “New
Receivables”).

     (b)     The Buyer shall not be under any obligation on a Purchase Date to purchase any New Receivables which are Uncollectible Receivables at the
end of the related Monthly Period. The price to be paid by the Buyer for New Receivables shall be an amount equal to 100% of the aggregate balance of the New Receivables being sold discounted to reflect such factors, if any, as Seller and Buyer
mutually agree will result in a purchase price determined to be the fair market value of such New Receivables. The sale of Receivables shall include the sale of all monies due or to become due and all amounts received or receivable with respect to
such Receivables, including all Recoveries allocable to such Receivables, and the proceeds (including “proceeds” as defined in the UCC) thereof. The Buyer shall have the right to pledge, assign, transfer, sell and exercise full control
over all Receivables that it shall have purchased pursuant to this Agreement. 

     (c)       The purchase price for all Receivables sold hereunder on a Purchase Date shall be paid on such Purchase Date. For all purposes hereunder,
the purchase price for all Receivables during a period shall be offset by the amount of collections with respect to Sold Receivables and New Receivables during such period. On the Purchase Date, to the extent it is not ascertainable, the parties
shall estimate in a reasonable manner agreed to by the parties the amount of Monthly Stub Period Receivables being sold on such Purchase Date, as well as an estimate of the amount of collections and recoveries with respect to Sold Receivables and
New Receivables during the Monthly Stub Period, to arrive at an estimated payment amount with respect to the Monthly Stub Period Receivables being sold on such Purchase Date.

     (d)        The parties intend that each transfer of Receivables by the Seller to the Buyer pursuant to this Agreement be an absolute sale and not a
secured borrowing, for all purposes, including accounting. 

Section 3.     Billing and Collection of Receivables 

(a)      The Seller has retained the Servicer to perform the accounting, clerical and other services necessary to manage, bill and collect payments for all Receivables pursuant to the most recently approved Service Agreement between
the Servicer and the Seller relating to charge card receivables (the “Servicing Agreement”). The Buyer agrees that it shall be responsible for payment of all fees charged by the Servicer under the Servicing Agreement and related to the
servicing of the Sold Receivables. The Buyer shall pay such fees directly to the Servicer. By its signature below, the Servicer agrees that the Seller shall not be responsible for payment of such fees, releases the Seller from any liability for such
fees and agrees that Servicer shall have recourse only to the Buyer for payment of all such fees. The Buyer covenants to Servicer that it 

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shall promptly pay all such fees. The Buyer authorizes the Servicer to bill and collect Sold Receivables in the Seller’s or TRS’ name, as applicable, but for the Buyer’s account and benefit. The Seller agrees it
shall direct the Servicer to follow substantially the same billing and collection policies being followed at the time of execution of this Agreement (including without limitation the collection from Service Establishments of any portion of Card
accounts and Receivables for which such Service Establishments are liable, either because they have permitted charges in excess of authorized limits or otherwise) and shall not institute any significant changes in such billing and collection
policies without the prior consent of the Buyer. The Buyer agrees that the Seller may have use of the collections on Sold Receivables between Purchase Dates, provided that the Seller may in its discretion require that collections be remitted
directly to it by giving notice to the Servicer. The Seller acknowledges that it holds any such collections that it may receive in trust for the Buyer. The Buyer and the Seller may mutually agree that the Seller will remit the collections it
receives on Sold Receivables to the Buyer more frequently than on the Purchase Date with respect to each Monthly Period, provided that if the parties so agree, then the Settlement Statement for the next succeeding Purchase Date shall reflect the
fact that the Seller has remitted collections on Sold Receivables prior to the date of such Settlement Statement and such payments shall be included in determining the net amount due to the Seller or from the Buyer for New Receivables being sold on
such Purchase Date and provided further, that if the parties so agree to more frequent remittances of collections on Sold Receivables by the Seller to the Buyer, the amounts of such remittances paid by the Seller to the Buyer during the period
before the next succeeding Purchase Date may be discounted to reflect such factors, if any, as the Seller reasonably determines will reflect the changes in funding costs and other expenses of the Seller resulting from the more frequent remittance of
collections which changes were not reflected in the determination of the sale price of such Receivables.

     (b)      On each Purchase Date, the Seller shall advise the Buyer of the amount of Sold Receivables which have become Uncollectible Receivables during the related Monthly Period. The Seller shall not be
obliged to direct the Servicer to make any effort to collect Uncollectible Receivables other than in accordance with its customary policies and procedures unless requested by the Buyer to do so, in which case the Buyer shall solely be responsible
for all costs and expenses of the Servicer in making additional efforts to collect Uncollectible Receivables.

      (c)      All amounts collected by Seller on Sold Receivables and New Receivables pursuant to the foregoing provisions of this Section 3 are hereinafter called “Collections on Sold Receivables".  The
aggregate amount of Collections on Sold Receivables during a Monthly Period shall be settled on the related Purchase Date in accordance with Section 4(b) of this Agreement except that after any termination pursuant to Section 8 all Collections on
Sold Receivables shall be settled in accordance with Section 8.

Section 4.       Procedure for Purchase and Payment 

     (a)      In connection with each sale and purchase of Receivables on each Purchase Date, the Seller shall deliver to the Buyer a duly executed assignment, substantially in the form set forth in Exhibit A
(each, an “Assignment”) to the Buyer of all of the Seller’s right, title and interest in and to the Receivables then being sold to the Buyer.

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     (b)      On each Purchase Date, the Seller shall also submit to the Buyer a statement in writing substantially in the form of and containing the information specified in Exhibit A hereto. 

     (c)      The amount payable by Seller to Buyer or by Buyer to Seller, as calculated on any given payment date (the “Payment Amount”), shall be calculated as set forth in Exhibit A. The Seller
agrees to pay the Buyer the Payment Amount if the Payment Amount is a negative number, and the Buyer agrees to pay the Seller if the Payment Amount is a positive number. If the Payment Amount equals zero, then no payment will be due from or to one
party by the other party. The Buyer shall pay to the Seller or the Seller shall pay to the Buyer, as the case may be, such net amount due on the Purchase Date, which payment shall be in the form of cash. 

     (d)      As a remedy for any breaches of its representation and warranty contained in Section 9(b)(viii), on each Purchase Date the Seller shall credit to the Buyer an amount equal to the portion of Sold
Receivables as to which, during the related Monthly Period, the Servicer has adjusted downward the amount payable because of Fraud or has made a Relationship Adjustment, in each case after application of an applicable discount rate.  This shall be
effectuated by reducing the aggregate face amount of New Receivables being sold on each Purchase Date by the aggregate face amount of adjustments downward as a result of Fraud and Relationship Adjustments during the related Monthly
Period.

Section 5.     Pledge of New Receivables and Filing of Financing Statements. 

     (a)      The parties hereto agree that the purchase by Buyer of New Receivables shall constitute an absolute sale and assignment of Receivables to Buyer and not a loan to Seller. In the event that Article
9 of the UCC applies or may apply to the transactions contemplated hereby, and in addition to otherwise secure payment of and performance by Seller of any and all of its indebtedness, liabilities and obligations to Buyer, now existing or hereafter
arising whatsoever, in each case solely pursuant to this Agreement, including, without limitation, all obligations of Seller under this Agreement to perform acts or refrain from taking any action, Seller hereby grants to Buyer, a first priority
continuing security interest in and to all of Seller's right, title and interest in, to and under the Sold Receivables, and all proceeds thereof. Buyer shall have all of the rights and
remedies of a secured party under the UCC as in effect in the State of Utah. This Agreement shall constitute a security agreement under applicable law. 

     (b)      In addition, to secure payment of and performance by Buyer of any and all of its indebtedness, liabilities and obligations to Seller, now existing or hereafter arising whatsoever, in each case
solely pursuant to this Agreement, including, without limitation, all obligations of Buyer under this Agreement with respect to payments for purchased New Receivables, Buyer hereby grants to Seller, a first priority continuing security interest in
and to all of Buyer’s right, title and interest in, to and under all payment received in respect of Sold Receivables, and all proceeds thereof. Seller shall have all of the rights and remedies of a secured party under the UCC as in effect in
the State of Utah. This Agreement shall constitute a security agreement under applicable law. 

     (c)      In connection with the above grants of security interest, each party in its capacity as debtor agrees, if requested by the other party, to file, at its own expense, one or more financing
statements (and amendments with respect to such financing statements when 

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applicable) meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect the above grants of security interest and to deliver a file-stamped copy of such financing
statements or amendments or other evidence of such filing to the other party. 

 Section 6.     Maintenance of Quality of Receivables 

     The Seller shall not materially reduce the credit standards used in determining whether a Card is to be issued to an applicant therefor or materially liberalize its policy as to the cancellation of a
Card for credit reasons without providing prior written notice of such action to the Buyer. 

Section 7.     The Seller Required to Furnish Certain Information 

     The Buyer shall have the right from time to time at reasonable intervals to require the Seller to supply such information as the Buyer may reasonably request respecting the Seller’s credit
standards, accounting, data processing, collection practices and experience in Receivables collection and turnover.  Any such information shall be deemed to have been requested reasonably only if it is necessary or appropriate for a determination of
the adequacy of the Buyer’s reserve for Receivables losses, the rate of collection of Receivables, the risk of uncollectibility thereof, or whether amounts collected on Sold Receivables are being properly accounted for by Seller, or to
ascertain the appropriateness of the Settlement Statements or Termination Settlement Statements. The Seller shall also furnish such information as the Buyer may reasonably request respecting the creditworthiness and credit ratings of the Seller.

Section 8.      Termination

	 	
(a)        	
This Agreement shall remain in effect until (i) sales and purchases hereunder are terminated by either party hereto by the giving of written notice to the other party specifying the effective date of such
termination, which unless otherwise agreed in writing shall be effective following the settlement of a Purchase Date, or (ii) an Insolvency Event shall have occurred with respect to either party, in which event this Agreement shall terminate
automatically upon the occurrence of such Insolvency Event. No such termination shall affect the rights of the parties hereto with respect to Sold Receivables. In the event of any such termination of this Agreement the parties shall settle activity
with respect to Sold Receivables on a weekly or monthly basis, as they may mutually agree, provided that if they cannot agree then settlements will be on a monthly basis, in accordance with the methodology set forth in the Termination Settlement
Statement set forth in Exhibit B until such time as Buyer’s owned balance of Receivables (excluding all Uncollectible Receivables) is brought down to zero, provided, that if the parties have agreed to weekly settlements, then the amounts of
such remittances paid by the Seller to the Buyer may be discounted to reflect such factors, if any, as the Seller reasonably determines will reflect the changes in funding costs and other expenses of the Seller resulting from the weekly remittances
of collections which changes were not reflected in the determination of the sale price of such Receivables
  
	 

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(b)        	
Sales and purchases under this Agreement may be suspended from time to time by either party hereto by the giving of written notice to the other party specifying the effective date of such suspension, which unless
otherwise agreed in writing shall be effective following the settlement of a Purchase Date. In the event of such a suspension, this Agreement shall otherwise remain in effect and purchases and sales may be resumed if the parties hereto mutually
agree. No such suspension shall affect the rights of the parties hereto with respect to Sold Receivables. In the event of any such suspension of purchases and sales hereunder the parties shall settle activity with respect to Sold Receivables on a
weekly or monthly basis, as they may mutually agree, provided that if they cannot agree then settlements will be on a monthly basis, in accordance with the methodology set forth in the Suspension Settlement Statement set forth in Exhibit C until
such time as Buyer’s owned balance of Receivables (excluding all Uncollectible Receivables) is brought down to zero, provided, that if the parties have agreed to weekly settlements, then the amounts of such remittances paid by the Seller to the
Buyer may be discounted to reflect such factors, if any, as the Seller reasonably determines will reflect the changes in funding costs and other expenses of the Seller resulting from the weekly remittances of collections which changes were not
reflected in the determination of the sale price of such Receivables.
  
	 	 	
Upon any resumption of purchases and sales hereunder, the parties shall follow the procedure for purchase and payment as provided in section 4 of this Agreement; provided
that in settling the first Purchase Date after the resumption of purchases and sales, the parties shall make such settlement in accordance with the methodology set forth in the Resumption Initial Settlement Statement
set forth in Exhibit D.

  
	 

Section 9.     Representations and Warranties and Agreements 

     (a)      Representations and warranties and agreements by the Buyer with respect to Initial Purchases and Future Purchases, which shall survive the purchase of Receivables by the Buyer: 

(i)      The Buyer represents and warrants that
    it is duly organized and validly existing under the laws of the State of
    Delaware and that it: (i) has procured all licenses, permits and consents
    required by law to entitle the Buyer to enter into and perform this Agreement;
    and (ii) will take all action necessary to keep such licenses, permits and
consents in full force and effect during the term of this Agreement. 

(ii)       The Buyer represents and warrants that
the execution and delivery by Buyer of this Agreement and any other document
or instrument delivered by Buyer pursuant thereto to which Buyer is a party
and the consummation by Buyer of the transactions provided for in this Agreement
have been duly authorized by Buyer by all necessary action on the part of
Buyer. 

(iii)       The Buyer represents and warrants that
the execution and delivery by Buyer of this Agreement, the performance by
Buyer of the transactions contemplated by this Agreement and the fulfillment
by Buyer of the terms of this

 

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Agreement applicable to Buyer, will not conflict with or violate any requirements of law applicable to Buyer or conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without
notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which Buyer is a party or by which it or its properties are bound. 

(iv)       The Buyer represents and warrants that there are no judicial or administrative proceedings pending or to its best knowledge threatened against it before any Governmental Authority (a) asserting the invalidity of this
Agreement, (ii) seeking any determination or ruling that, in its reasonable judgment, would materially and adversely affect the performance by Buyer of its obligations under this Agreement, (iii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement, or (iv) seeking any determination or ruling that, in the reasonable judgment of Buyer, would materially and adversely affect the validity or enforceability of this Agreement. 

(v)       The Buyer represents and warrants that this Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by
applicable debtor relief laws or general principles of equity. 

     (b)      Representations and warranties and agreements by the Seller with respect to Initial Purchases and Future Purchases, which shall survive the sale of Receivables to Buyer: 

(i)       The Seller represents and warrants that, as of each Purchase Date, the relevant Assignment provided for in Section 4 above will vest in the Buyer the entire right, title and interest in, to and under the Receivables sold and
assigned thereby and in the money due or to become due in respect of such Receivables and in the proceeds of collection thereof, free from liens, encumbrances, claims of third parties, offsets, counterclaims or defenses, except offsets,
counterclaims or defenses which, as of the Purchase Date on which the Receivables in question are sold and assigned, have not been asserted or, if asserted, have not been established, either to the Seller’s satisfaction or by final judgment or
order of a court having jurisdiction, to be valid.

(ii)       The Seller represents
  and warrants that the execution and delivery by Seller of this Agreement
  and any other document or instrument delivered by Seller pursuant thereto
  to which Seller is a party and the consummation by  Seller of the transactions
  provided for in this Agreement have been duly authorized by Seller by all
  necessary action on the part of Seller. 

(iii)       The
Seller represents and warrants that the execution and delivery by Seller
of this Agreement and each Assignment, the performance by Seller of the transactions
contemplated by this Agreement and each Assignment and the  fulfillment by
Seller of the terms of this Agreement applicable to Seller, will not conflict
with or violate any requirements of law applicable to Seller or conflict

10

with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or
other instrument to which Seller is a party or by which it or its properties are bound. 

(iv)       The Seller represents and warrants that all authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by Seller in connection
with the execution and delivery by Seller of this Agreement and the performance by seller of the transactions contemplated by this Agreement and the sale of Receivables pursuant to this Agreement and each Assignment have been duly obtained, effected
or given and are in full force and effect. 

(v)       The Seller represents and warrants that there are no judicial or administrative proceedings pending or to its best knowledge threatened against it before any Governmental Authority (a) asserting the invalidity of this
Agreement, (b) seeking any determination or ruling that, in its reasonable judgment, would materially and adversely affect the performance by Seller of its obligations under this Agreement, (c) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement, or (d) seeking any determination or ruling that, in the reasonable judgment of Seller, would materially and adversely affect the validity or enforceability of this Agreement.

(vi)       The Seller represents
  and warrants that this Agreement and each Assignment constitutes a legal,
  valid and binding obligation of Seller enforceable against Seller in accordance
  with its terms, except as such enforceability may  be limited by applicable
  debtor relief laws or general principles of equity. 

(vii)       The Seller represents and warrants that all Sold Receivables (a) were created
  in compliance in all material respects with all Requirements of Law applicable
  to the Seller, (b) constitute Receivables as to which all material  consents,
  licenses, approvals or authorizations of, or registrations or declarations
  with, any Governmental Authority required to be obtained, effected or given
  in connection with the creation of such receivables have been duly obtained,
  effected or  given and are in full force and effect, (c) at the time of their
  sale to the Buyer, constitute Receivables as to which the Seller had good
  and marketable title thereto, (d) at the time of their sale to the Buyer,
  constitute Receivables that have not  been waived or modified except in accordance
  with the normal and customary credit practices of the Seller and which waiver
  or modification are reflected in the Seller’s or Servicers’ computer
  file of accounts, and (e) at the time of their  sale to the Buyer constituted
  either an “account” or a “general intangible” under and
  as defined in Article 9 of the UCC as then in effect in any state where the
  filing of a financing statement is then required to perfect the  Buyer’s
  interest in the Sold Receivables and the proceeds thereof. 

(viii)      The Seller represents and warrants that all Sold Receivables constitute legal, valid and binding payment obligations of the Cardmember thereon

11

enforceable against such Cardmember in accordance with its terms except as such enforceability may be limited by applicable debtor relief laws or general principles of equity.

(ix)       The Seller agrees to maintain or cause to be maintained accurate and complete
  records with respect to all Sold Receivables (including such as will enable
  the Buyer to fully identify all Sold Receivables), to retain such records
  for at least such periods of time as they are retained under the Seller’s present practice and to deliver to the Buyer, on demand, copies of any records required by the Buyer in connection with the Buyer’s
  enforcement of its rights under this Agreement. 

Section 10.      Miscellaneous

     (a)      There are no restrictions, promises, warranties, covenants, undertakings or representations other than those expressly set forth in this Agreement, and nothing in this Agreement or otherwise shall
be construed as making the Seller responsible in any way or to any extent for the payment of any principal, interest or premium on the Buyers’ obligations or for the fulfillment of any other obligation or commitment of the Buyer. 

     (b)      No amendment or modification of this Agreement shall be effective unless in writing and signed by the party against whom enforcement of such amendment or modification is sought. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

     (c)      Any notice required or permitted by this Agreement shall be deemed to have been duly and properly given if delivered by hand, first class mail, telex or facsimile to the other party, at the
following address:- 

     If to the Seller, to:

			
	 	AMERICAN EXPRESS CENTURION BANK
	 	4315 South 2700 West 
	 	Salt Lake City, Utah 84184 
	 	 	 
	 	
Attention:   	
Catherine M. Hogan, Chief Financial Officer   
	 	
Telephone:   	
(801) 945-3363   
	 	
Facsimile:   	
(801) 945-4044   
	   
	
With a copy to:     
	 	 	 
	 	Tim Heine, Esq. 
	 	Managing Counsel 
	 	American Express Company 
	 	200 Vesey Street- 49th Floor 
	 	New York, New York 10285

  

12

			
	 	
Telephone:   	
(212) 640-5775   
	 	
Facsimile:   	
(212) 640-0364   
	   
	
     If to the Buyer, to:     
	 	 	 
	 	AMERICAN EXPRESS CREDIT CORPORATION
	 	One Christina Centre
	 	301 North Walnut Street, Suite
    1002
	 	Wilmington, Delaware 19801-2919
	 	 	 
	 	Attention:  	Christopher S. Forno, CEO  
	 	Telephone:  	(302) 576-4896  
	 	Facsimile:  	(302) 571-8073  
	 	 	 
	     With a copy:  
	 	 	 
	 	David Carroll, Esq.
	 	Group Counsel 
	 	American Express Company 
	 	200 Vesey Street – 49th Floor
	 	New York, New York 10285 
	 	 	 
	 	Telephone:  	(212) 640-5783  
	 	Facsimile:  	(212) 640-0365  

or such other address as either party hereto may furnish to the other in writing at any time. 

     (d)      This Agreement shall be governed by and construed in accordance with the laws of New York applicable to contracts made and to be performed in New York. 

     (e)      The parties agree to do and perform, form time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the other party more fully to effect the
purposes of this Agreement. 

     (f)      This Agreement shall inure to the benefit of and be binding upon the parties and their respective successors and assigns. 

     (e)      This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written. 

13

 

			
	 	AMERICAN EXPRESS CENTURION BANK
	 	 	 
	 	 	 
	 	
By:   	
/s/ Catherine M. Hogan   
	 	Name:   	Catherine M. Hogan
	 	
Title:   	
Chief Financial Officer   
	 	 	 
	 	 	 
	 	AMERICAN EXPRESS CREDIT 
	 	CORPORATION
	 	 	 
	 	By:  	/s/
      Christopher S. Forno     
	 	Name:   	Christopher S. Forno  
	 	Title:  	Chief Executive Officer  
	 	 	 

By its signature below, Amex Card Services Company agrees to the matters set forth in Section 3(a) relating to it, as Servicer. 

AMEX CARD SERVICES COMPANY

		
	
By:   	
/s/ James P. Bush   
	
Name: James P. Bush   
	
Title: President   

14

EXHIBIT A

TO BE DELIVERED ON EACH PURCHASE DATE

ASSIGNMENT OF RECEIVABLES

     (a)       AMERICAN EXPRESS CENTURION BANK (the “Seller”) hereby sells, assigns,
transfers, sets over and otherwise conveys to AMERICAN EXPRESS CREDIT CORPORATION (the “Buyer”), without recourse, pursuant to and on the terms and conditions set forth in the
Amended and Restated Agreement of Sale and Purchase, dated as of October 30, 2008 (the “Agreement”) (terms capitalized herein being used as defined in the Agreement), all right,
title and interest of the Seller in, to and under: 

     (i)       all Receivables that (a) were created during the immediately preceding Monthly Period and were not previously sold to the Buyer on the
preceding Purchase Date and (b) were and will be created during the Monthly Stub Period (the “Monthly Stub Period Receivables”) for the month in which this Purchase Date occurs (all such Receivables being sold hereinafter called
“New Receivables”); 

     (ii)     all Recoveries allocable to such New Receivables;

     (iii)     all
    monies due or to become due and all amounts received or receivable with
    respect to such New Receivables; and

     (iv)      the
    proceeds (including “proceeds” as defined in the UCC) thereof.

     We have set forth on the attached Settlement Statement the activity for the Monthly Period and calculation of the Payment Amount for the Receivables purchased on the date hereof, including the
estimated purchase price for the Monthly Stub Period Receivables.

     Please acknowledge your acceptance and approval hereof by executing the Settlement Statement attached hereto. 

 

		
	 	AMERICAN EXPRESS CENTURION BANK
	 	 
	 	
By:   	 
	 	
Name:   
	 	
Title:   

Purchase Date:      [_____
] [__], [
_____
]

1

									
	
Monthly Period: from [           
] [  ], [      
] to and including [            
] [  ], [      
]   
	
Monthly Stub Period: from [           
] [  ], [      
] to and including [            
] [  ], [      
]   

2

Attachment to Assignment

SETTLEMENT STATEMENT FOR EACH PURCHASE DATE

BALANCES OF RECEIVABLES

					
	
Item   	   	   	   	   
	
1   	   	
Balance owned by Credco at beginning of Monthly Period   	$	 
	 	 	 	 	 
	
2   	   	
Aggregate Face Amount of New Receivables created during   	 	 
	   	   	
the Monthly Period, net of downward adjustments as a result   	$  	 
	   	   	
of Fraud and Relationship Adjustments that occurred during   	 	 
	   	   	
the Monthly Period   	 	 
	 	 	 	 	 
	
3   	   	
    
	Subtotal  
	$  	 
	   	   	
Deduct:   	 	 
	 	 	 	 	 
	
4   	   	
Payments by Cardmembers during the Monthly Period   	$  	 
	 	 	 	 	 
	
5   	   	
Write-offs of Uncollectible Receivables during the Monthly   	$

  	 
	   	   	
Period   	 	 
	 	 	 	 	 
	
6   	   	
Balance owned by Credco at end of Monthly Period   	$  	 

3

 DETERMINATION OF PAYMENT AMOUNT  

					
	
Item   	   	   	   	   
	
7   	   	
________ per cent of Item 2 (purchase price of New   	   	   
	   	   	
Receivables during the Monthly Period, net of downward   	$  	 
	   	   	
adjustments as a result of Fraud and Relationship   	   	 
	   	   	
Adjustments)   	   	 
	   
	   	   	
Deduct:   	   	 
	   
	
8   	   	
Recoveries   	$  	 
	   
	
9   	   	
Item 4 (Payments by Cardmembers)   	$  	 
	   
	
10   	   	
Payment due to (from) American Express Centurion Bank   	$  	 
	   
	
11   	   	
Estimated payment (made to) from American Express   	   	   
	   	   	
Centurion Bank on the prior Purchase Date with respect to   	   	   
	   	   	
Monthly Stub Period Receivables sold on the prior Purchase   	   	   
	   	   	
Date   	$  	 
	   
	
12   	   	
Estimated payment due to (from) American Express   	   	   
	   	   	
Centurion Bank with respect to Monthly Stub Period   	   	   
	   	   	
Receivables being sold on this Purchase Date*   	$  	 
	   
	
13   	   	
Net payment due to (from) American Express Centurion   	   	   
	   	   	
Bank   	$  	   

* Estimated payment with respect to Monthly Stub Period Receivables shall be determined in a reasonable manner as agreed from time to time by Buyer and Seller. 

		
	 	Accepted and Approved on __________________,
    200__:
	 	 
	 	AMERICAN EXPRESS CREDIT CORPORATION 
	 	 
	 	 
	 	
By:   	 
	 	
Name:   
	 	
Title:   

4

EXHIBIT B

TERMINATION SETTLEMENT STATEMENTS

1. After termination of the sale and purchase of Receivables under this Agreement, the parties shall settle activity that occurs in each [Weekly][Monthly] Period after termination of the Agreement. The settlement shall occur at
least [weekly][monthly], such settlement to occur no later than the last business day of each [Weekly][Monthly] Period with respect to activity that occurred in the [Weekly][Monthly] Period the last day of which occurred in such [week][month]. The
settlements shall continue in accordance with the methodology set forth in this Exhibit B until such time as Buyer’s owned balance of Receivables (excluding all Uncollectible Receivables) is brought down to zero.

2. The methodology for the first settlement after termination shall be as follows: 

BALANCES OF RECEIVABLES

					
	
Item   	   	   	   	   
	
1   	   	
Balance owned by Credco at end of prior period settlement   	   	   
	   	   	
(Item of previous report, dated)   	$  	 
	   
	   	   	
Deduct:   	   	   
	   
	
2   	   	
Accelerated estimated write-offs of the balance above owned   	   	   
	   	   	
by Credco (determined by applying the reserve rate used by   	   	   
	   	   	
Credco to reserve for losses prior to termination multiplied   	   	   
	   	   	
by the balance of Receivables set forth above owned by   	   	   
	   	   	
Credco at end of prior period settlement)   	   	   
	   	   	   	$ 	 
	   
	
3   	   	
Downward adjustments as a result of Fraud and Relationship   	   	   
	   	   	
Adjustments that occurred during the [Weekly][Monthly]   	   	   
	   	   	
Period   	$ 	 
	   
	
4   	   	   	   	   
	   	   	
Payments by Cardmembers during the [Weekly][Monthly]   	   	   
	   	   	
Period [as adjusted as provided in Section 8(a) of the   	   	   
	   	   	
Agreement in case of weekly settlements] (but not greater   	$ 	 
	   	   	
than the amount required to bring Credco’s balance owned at   	   	   
	   	   	
end of [Weekly][Monthly] Period to zero)   	   	   
	   	 	 	 
	
5   	   	
Balance owned by Credco at end of [Weekly][Monthly]   	   	   
	   	   	
Period (if items 3 and 4 are not sufficient to bring Credco’s   	   	   
	   	   	
balance owned at end of [Weekly][Monthly] Period to zero).   	$ 	   

B-1

 DETERMINATION OF PAYMENT AMOUNT  

					
	
Item   	   	   	   	   
	   
	
6   	   	
Recoveries during the [Weekly][Monthly] Period (allocated   	   	   
	   	   	
to Credco)   	$   	 
	   
	
7   	   	
________ per cent of Item 3 (downward adjustments as a   	   	 
	   	   	
result of Fraud and Relationship Adjustments, after   	$   	 
	   	   	
application of discount rate)   	   	 
	   
	
8   	   	
Item 4 (Payments by Cardmembers during the   	 	 
	   	   	
[Weekly][Monthly] Period [as adjusted as provided in   	$   	 
	   	   	
Section 8(a) of the Agreement in case of weekly   	   	 
	   	   	
settlements])   	   	 
	   
	
9   	   	
Payment due from American Express Centurion Bank   	$   	 

3. Thereafter, the methodology for each subsequent settlement shall be as follows:

 BALANCES OF RECEIVABLES  

					
	   	   	 	   	 
	   
	
Item   	   	   	   	 
	
1   	   	
Balance owned by Credco at beginning of   	   	 
	   	   	
[Weekly][Monthly] Period   	   	 
	   	   	
(Item of previous report, dated       )  	$ 	 
	   
	   	   	
Deduct:   	   	 
	   
	
2   	   	
Payments on Receivables during the [Weekly][Monthly]   	   	 
	   	   	
Period [as adjusted as provided in Section 8(a) of the   	$ 	 
	   	   	
Agreement in case of weekly settlements] (but not greater   	   	 
	   	   	
than the amount required to bring Credco’s balance owned at   	   	 
	   	   	
end of [Weekly][Monthly] Period to zero)   	   	 
	   
	
3   	   	   	   	 
	   	   	
Downward adjustments to Cardmembers’ Accounts as a   	   	 
	   	   	
result of Fraud and Relationship Adjustments that occurred   	   	 
	   	   	
during the [Weekly][Monthly] Period (but not greater than   	$ 	 
	   	   	
the amount required to bring Credco’s balance owned at end   	   	 
	   	   	
of [Weekly][Monthly] Period to zero)   	   	 
	   	 	 	 
	
4   	   	
Balance owned by Credco at end of [Weekly][Monthly]   	   	 
	   	   	
Period (if items 2 and 3 are not sufficient to bring Credco’s   	   	 
	   	   	
balance owned at end of [Weekly][Monthly] Period to zero).   	$ 	 

B-2

DETERMINATION OF PAYMENT AMOUNT 

					
	
Item   	   	   	   	 
	   
	
5   	   	
Portion of Recoveries (a percentage of Recoveries   	$ 	 
	   	   	
determined by dividing the total balance of charge card   	   	 
	   	   	
Receivables owned by Credco and American Express   	   	 
	   	   	
Centurion Bank (or any assignee thereof) by Item 1 above).   	   	 
	   
	   
	
6   	   	
Item 2   	$ 	 
	   
	
7   	   	
________  per cent of Item 3 (downward adjustments as a   	$ 	 
	   	   	
result of Fraud and Relationship Adjustments, after   	   	 
	   	   	
application of discount rate)   	   	 
	   
	
8   	   	
Payment due from American Express Centurion Bank   	$ 	 

B-3

EXHIBIT C

SUSPENSION SETTLEMENT STATEMENTS

1. After suspension of the sale and purchase of Receivables under this Agreement, the parties shall settle activity that occurs in each [Weekly][Monthly] Period after suspension of the Agreement. The settlement shall occur at
least [weekly][monthly], such settlement to occur no later than the last business day of each [Weekly][Monthly] Period with respect to activity that occurred in the [Weekly][Monthly] Period the last day of which occurred in such [week][month]. The
settlements shall continue in accordance with the methodology set forth in this Exhibit C until such time as Buyer’s owned balance of Receivables (excluding all Uncollectible Receivables) is brought down to zero.

2. The methodology for the first settlement after suspension shall be as follows: 

 BALANCES OF RECEIVABLES  

					
	   	   	 	   	 
	   
	
Item   	   	   	   	 
	
1   	   	
Balance owned by Credco at the end of prior period   	   	 
	   	   	
settlement   	   	 
	   	   	
(Item of previous report, dated         )	$  	 
	   
	   	   	
Deduct:   	   	 
	   
	
2   	   	
Accelerated estimated write-offs of the balance above owned   	   	 
	   	   	
by Credco (determined by applying the reserve rate used by   	   	 
	   	   	
Credco to reserve for losses prior to suspension multiplied by   	   	 
	   	   	
the balance of Receivables set forth above owned by Credco   	   	 
	   	   	
at the end of the prior period settlement   	   	 
	   	   	   	$  	 
	   
	
3   	   	
Downward adjustments as a result of Fraud and Relationship   	   	 
	   	   	
Adjustments that occurred during the [Weekly][Monthly]   	   	 
	   	   	
Period   	$  	 
	   
	
4   	   	   	   	 
	   	   	
Payments by Cardmembers during the [Weekly][Monthly]   	   	 
	   	   	
Period [as adjusted as provided in section 8(b) of the   	   	 
	   	   	
Agreement in case of monthly settlements] (but not greater   	$  	 
	   	   	
than the amount required to bring Credco’s balance owned at   	   	 
	   	   	
end of [Weekly][Monthly] Period to zero)   	   	 
	   	 	 	 
	
5   	   	
Balance owned by Credco at end of [Weekly][Monthly]   	   	 
	   	   	
Period (if items 3 and 4 are not sufficient to bring Credco’s   	   	 
	   	   	
balance owned at end of [Weekly][Monthly] Period to zero).   	$  	 

C-1

DETERMINATION OF PAYMENT AMOUNT 

					
	 	 	 	 	 
	
Item   	   	   	   	 
	   
	
6   	   	
Recoveries during the [Weekly][Monthly] Period (allocated   	   	 
	   	   	
to Credco)   	$  	 
	   
	
7   	   	
________ per cent of Item 3 (downward adjustments as a   	   	 
	   	   	
result of Fraud and Relationship Adjustments, after   	$  	 
	   	   	
application of discount rate)   	   	 
	   
	
8   	   	
Item 4 (Payments by Cardmembers during the   	   	 
	   	   	
[Weekly][Monthly] Period [as adjusted as provided in   	$  	 
	   	   	
Section 8(b) of the Agreement in case of monthly   	   	 
	   	   	
settlements)   	   	 
	   
	
9   	   	
Payment due from American Express Centurion Bank   	$  	 

3. Thereafter, the methodology for each subsequent settlement shall be as follows:

 BALANCES OF RECEIVABLES  

					
	   
	
Item   	   	   	   	 
	
1   	   	
Balance owned by Credco at beginning of   	   	 
	   	   	
[Weekly][Monthly] Period   	   	 
	   	   	
(Item of previous report, dated         )	$  	 
	   
	   	   	
Deduct:   	   	 
	   
	
2   	   	
Payments on Receivables during the [Weekly][Monthly]   	   	 
	   	   	
Period [as adjusted as provided in Section 8(b) of the   	$  	 
	   	   	
Agreement in case of monthly settlements] (but not greater   	   	 
	   	   	
than the amount required to bring Credco’s balance owned at   	   	 
	   	   	
end of Weekly Period to zero)   	   	 
	   
	
3   	   	   	   	 
	   	   	
Downward adjustments to Cardmembers’ Accounts as a   	   	 
	   	   	
result of Fraud and Relationship Adjustments that occurred   	   	 
	   	   	
during the [Weekly][Monthly] Period (but not greater than   	$  	 
	   	   	
the amount required to bring Credco’s balance owned at end   	   	 
	   	   	
of [Weekly][Monthly] Period to zero)   	   	 
	   	 	 	 
	
4   	   	
Balance owned by Credco at end of [Weekly][Monthly]   	   	 
	   	   	
Period (if items 2 and 3 are not sufficient to bring Credco’s   	   	 
	   	   	
balance owned at end of [Weekly][Monthly] Period to zero).   	$  	 

C-2

DETERMINATION OF PAYMENT AMOUNT 

					
	   
	
Item   	   	   	   	 
	   
	
5   	   	
Portion of Recoveries (a percentage of Recoveries   	$  	 
	   	   	
determined by dividing the total balance of charge card   	   	 
	   	   	
Receivables owned by Credco and American Express   	   	 
	   	   	
Centurion Bank (or any assignee thereof) by Item 1 above).   	   	 
	   
	   
	
6   	   	
Item 2   	$  	 
	   
	
7   	   	
________ per cent of Item 3 (downward adjustments as a   	$  	 
	   	   	
result of Fraud and Relationship Adjustments, after   	   	 
	   	   	
application of discount rate)   	   	 
	   
	
8   	   	
Payment due from American Express Centurion Bank   	$  	 

C-3

EXHIBIT D

TO BE DELIVERED ON INITIAL RESUMPTION PURCHASE DATE

ASSIGNMENT OF RECEIVABLES

     (b)       AMERICAN EXPRESS CENTURION BANK (the “Seller”) hereby sells, assigns,
transfers, sets over and otherwise conveys to AMERICAN EXPRESS CREDIT CORPORATION (the “Buyer”), without recourse, pursuant to and on the terms and conditions set forth in the
Amended and Restated Agreement of Sale and Purchase, dated as of October 30, 2008, as amended (the “Agreement”) (terms capitalized herein being used as defined in the Agreement),
all right, title and interest of the Seller in, to and under: 

     (i)     all Receivables that (a) were owned by the Seller on the date hereof and (b) were created during the immediately preceding Monthly Period
and were not previously sold to the Buyer on the preceding Purchase Date and (c) were and will be created during the Monthly Stub Period (the “Monthly Stub Period Receivables”) for the month in which this Purchase Date occurs (all such
Receivables being sold hereinafter called “Receivables”); 

     (ii)     all Recoveries allocable to such Receivables;

     (iii)    all
    monies due or to become due and all amounts received or receivable with
    respect to such Receivables; and

     (iv)     the
    proceeds (including “proceeds” as defined in the UCC) thereof.

     We have set forth on the attached Settlement Statement the activity for the Monthly Period and calculation of the Payment Amount for the Receivables purchased on the date hereof, including the
estimated purchase price for the Monthly Stub Period Receivables.

     Please acknowledge your acceptance and approval hereof by executing the Settlement Statement attached hereto. 

D-1

 

 

		
	 	AMERICAN EXPRESS CENTURION BANK
	 	 
	 	 
	 	
By:   	 
	 	
Name:   
	 	
Title:   

											
	
Purchase Date:      
[_____] [__], [_____]           
	
Monthly Period: from [ 
            ] [ ], [      
] to and including [           
] [ ], [      
]   
	
Monthly Stub Period: from [           
] [ ], [      
] to and including [             
] [ ], [      
]   

D-2 

Attachment to Assignment

SETTLEMENT STATEMENT FOR EACH PURCHASE DATE

BALANCES OF RECEIVABLES

					
	
Item   	   	   	   	   
	
1   	   	
Balance owned by American Express Centurion Bank at   	$  	 
	   	   	
beginning of Monthly Period, less reserve for losses   	   	 
	   
	
2   	   	
Aggregate Face Amount of New Receivables created during   	   	 
	   	   	
the Monthly Period, net of downward adjustments as a result   	$  	 
	   	   	
of Fraud and Relationship Adjustments that occurred during   	   	 
	   	   	
the Monthly Period   	   	 
	   
	
3   	   	   	Subtotal
	$  	 
	   
	   	   	
Deduct:   	   	 
	   
	
4   	   	
Payments by Cardmembers during the Monthly Period   	$  	 
	   
	
5   	   	
Write-offs of Uncollectible Receivables during the Monthly   	$  	 
	   	   	
Period   	   	 
	   
	
6   	   	
Balance owned by Credco at end of Monthly Period   	$  	 

D-3

DETERMINATION OF PAYMENT AMOUNT 

					
	   
	
Item   	   	   	   	 
	
7   	   	
    ________ per cent of Item 1* (purchase
        price of existing   
	   	 
	   	   	
Receivables less reserve for losses) and ________per cent
of   	$  	 
	   	   	
Item 2 (purchase price of New Receivables during the   	   	 
	   	   	
Monthly Period, net of downward adjustments as a result of   	   	 
	   	   	
Fraud and Relationship Adjustments)   	   	 
	   
	   	   	
Deduct:   	   	 
	   
	
8   	   	
Recoveries   	$  	 
	   
	
9   	   	
Item 4 (Payments by Cardmembers)   	$  	 
	   
	
10   	   	
Payment due to (from) American Express Centurion Bank   	$  	 
					
	 	 	 	 	 
	
11   	   	
Estimated payment due to (from) American Express   	   	   
	   	   	
Centurion Bank with respect to Monthly Stub Period   	   	   
	   	   	
Receivables being sold on this Purchase Date**   	$  	 
	   
	
12   	   	
Net payment due to (from) American Express Centurion   	   	 
	   	   	
Bank   	$  	 

* Discount rate applicable to purchase of existing receivables net of reserve for losses to be agreed to by parties at fair market value of such receivables. 

** Estimated payment with respect to Monthly Stub Period Receivables shall be determined in a reasonable manner as agreed from time to time by Buyer and Seller. 

		
	 	Accepted and Approved on __________________,
    200__:
	 	 
	 	AMERICAN EXPRESS CREDIT CORPORATION 
	 	 
	 	 
	 	By:  	 
	 	Name:  
	 	Title:  

D-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]