American Express Receivables Financing CORPV LLC

10−DPeriodic distribution reports by Asset−Backed issuers pursuant to Rule13a−17 or 15d−17Filed on 12/15/2010 Filed Period 11/23/2010

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10−DASSET−BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period fromOctober 24, 2010 to November 23, 2010

Commission File Number of issuing entity: 000−130555−01

AMERICAN EXPRESS ISSUANCE TRUST(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 000−130522

American Express Receivables Financing Corporation V LLC(Exact name of depositor as specified in its charter)

American Express Travel Related Services Company, Inc.(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization of issuing entity)20−2007139

(I.R.S. Employer Identification Number of depositor)

c/o Wilmington Trust Company1100 North Market Street

Wilmington, Delaware 19890

(Address of principal executive Zip Codeoffices of issuing entity)

(302) 636−6392

(Telephone number, including area code)Not Applicable

(Former name, former address, if changed since last report)Each class of Series A and Series B Asset Backed Notes to which this report on Form 10−D relates is subject to the reporting requirements of Section 15(d)of the Securities Exchange Act of 1934.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 1934during 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 filingrequirements for the past 90 days. Yes þ No o

PART I — DISTRIBUTION INFORMATIONItem 1. Distribution and Pool Performance Information.

The information required by Item 1121 of Regulation AB is contained in the distribution report attached hereto as Exhibit 99.PART II — OTHER INFORMATIONItem 9. Exhibits.

Exhibit No. Description

99 Monthly Servicer’s Certificate for the Monthly Period ending November 23, 2010 and the related payment dates.

SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersignedthereunto duly authorized.Date: December 15, 2010

American Express Receivables FinancingCorporation V LLC,Depositor

By: /s/ Anderson Y. Lee Name: Anderson Y. Lee Title: Vice President and Treasurer

Exhibit 99MONTHLY SERVICER’S CERTIFICATE

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.AMERICAN EXPRESS ISSUANCE TRUST

SERIES 2005−2 The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc., as servicer (“TRS”), pursuant to theAmended and Restated Transfer and Servicing Agreement, dated as of November 1, 2007 (as may be amended and supplemented, the “Agreement”), amongAMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability company, as transferor, TRS, as servicer andadministrator, AMERICAN EXPRESS ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware (the “Trust”), and THEBANK OF NEW YORK, as Indenture Trustee (the “Indenture Trustee”), does hereby certify that: 1. Capitalized terms used in this Certificate have their respective meanings set forth in the Agreement or the Amended and Restated Indenture, dated asof November 1, 2007 (as amended and restated, the “Indenture”), between the Trust and the Indenture Trustee, as supplemented by the Series 2005−2Indenture Supplement, dated as of September 16, 2005, between the Trust and the Indenture Trustee (as amended and supplemented, the “IndentureSupplement” and together with the Indenture, the “Indenture”), as applicable. 2. TRS is, as of the date hereof, the Servicer under the Agreement. 3. The undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate tothe Indenture Trustee. 4. This Certificate relates to the Payment Date occurring on December 15, 2010. 5. As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects its obligations under the Agreementand the Indenture through the Monthly Period preceding such Payment Date and no material default in the performance of such obligations has occurred oris continuing except as set forth in paragraph 6 below. 6. The following is a description of each material default in the performance of the Servicer’s obligations under the provisions of the Agreement knownto me to have been made by the Servicer through the Monthly Period preceding such Payment Date, which sets forth in detail (i) the nature of each suchdefault, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current status of each such default: None IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 8th day of December 2010.

AMERICAN EXPRESS TRAVEL RELATEDSERVICES COMPANY, INC., as Servicer

By: Mark C. Simner Name: Mark C. Simner Title: Vice President

ABS Operations

AMERICAN EXPRESS ISSUANCE TRUSTSERIES 2005−2

MONTHLY SERVICER STATEMENT

Monthly Period: 24−Oct−10 to 23−Nov−10Record Date: 30−Nov−10Payment Date: 15−Dec−10

TRUST ACTIVITY TRUST TOTALS

1. Number of days in Monthly Period 312. Beginning of Monthly Period Number of Accounts 6,531,7033. Beginning Principal Receivables, including any additions or removals during the Monthly Period $ 7,093,928,291.983a. Addition of Principal Receivables $ 0.003b. Removal of Principal Receivables $ 0.004. Beginning Invested Amount of Collateral Certificates NA5. Beginning Excess Funding Account Amount $ 0.006a. Beginning Required Pool Balance $ 1,600,000,000.006b. Beginning Pool Balance $ 7,093,928,291.987. Beginning Available Overconcentration Account Amount $ 0.008. New Principal Receivables $ 6,712,562,962.349. Principal Collections $ 6,685,363,790.9510. Gross Default Amount $ 12,549,169.4411. Ending Principal Receivables $ 7,108,578,293.9312. Ending Invested Amount of Collateral Certificates $ 0.0013. Ending Excess Funding Account Amount $ 0.0014. Ending Pool Balance $ 7,108,578,293.9315. Ending Required Pool Balance $ 1,600,000,000.0016. Ending Available Overconcentration Account Amount $ 0.0017. Required Overconcentration Account Amount $ 0.0018. End of Monthly Period Number of Accounts 6,526,370

TRUST PERFORMANCE

1. Principal Collections $6,685,363,790.952. Principal Payment Rate 94.24%3. Net Default Amount $ 6,953,755.754. Annualized Net Default Rate 1.15%5. Gross Default Amount $ 12,549,169.446. Annualized Gross Default Rate 2.08%7. Finance Charge Collections $ 206,771,056.518. Trust Portfolio Yield (Net of Default) 33.10%9. Delinquencies

31 − 60 Days Delinquent $ 49,180,936.8561 − 90 Days Delinquent $ 18,797,695.1290+ Days Delinquent $ 39,682,945.67Total 30+ Days Delinquent $ 107,661,577.64

TRANSFEROR AMOUNT

1. Beginning Pool Balance $7,093,928,291.982. Beginning Nominal Liquidation Amount $1,600,000,000.003. Beginning Transferor Amount $5,493,928,291.984. Ending Pool Balance $7,108,578,293.935. Ending Nominal Liquidation Amount (after giving effect to any principal payments on the related Payment Date) $1,600,000,000.006. Ending Transferor Amount (after giving effect to any principal payments on the related Payment Date) $5,508,578,293.937. Ending Required Transferor Amount $1,066,286,744.09

SERIES 2005−2 NOMINAL LIQUIDATION AMOUNT AS OF THE RELATED PAYMENT DATE

1. Beginning Series 2005−2 Nominal Liquidation Amount $600,000,000.002. Reimbursement of previous reductions in the Series 2005−2 Nominal Liquidation Amount $ 0.003. Investor Charge−Offs $ 0.004. Reallocated Principal Collections $ 0.005. Principal Funding Account Deposit/(Withdrawal) $ 0.006. Payments of principal of the Series 2005−2 Notes $ 0.007. Ending Series 2005−2 Nominal Liquidation Amount $600,000,000.00

REALLOCATION GROUP A ALLOCATIONS TRUST TOTALS GROUP TOTALS

1. Nominal Liquidation Amount $ 1,600,000,000.002. Finance Charge Collections $ 206,771,056.51 $ 46,636,176.293. Interest $ 627,770.004. Net Default Amount $ 1,568,384.785. Servicing Fee paid to the servicer $ 2,666,666.676. Additional Amounts $ 0.00

SERIES 2005−2 ALLOCATIONS

1. Reallocation Group Group A2. Shared Excess Available Finance Charge Collections Group Group A3. Shared Excess Available Principal Collections Group Group A4. Opening Principal Funding Account Balance $ 0.005. Series 2005−2 Floating Allocation Percentage 8.46%6. Series 2005−2 Finance Charge Collections $ 17,488,566.117. Series 2005−2 Reallocation Group A Finance Charge Collections $ 17,425,722.368. Net Investment Proceeds from Principal Funding Account $ 0.009. Amounts withdrawn from the Accumulation Reserve Account $ 0.0010. Series 2005−2 Available Finance Charge Collections $ 17,425,722.3611. Series 2005−2 Allocation of Shared Excess Available Finance Charge Collections $ 0.0012. Series 2005−2 LIBOR Determination Date 11/11/201013. Series 2005−2 Monthly Interest (15−Nov−10 to 14−Dec−10) $ 172,570.0014. Series 2005−2 Servicing Fee paid to the servicer $ 1,000,000.0015. Series 2005−2 Default Amount $ 588,144.2916. Series 2005−2 Principal Allocation Percentage 8.46%17. Series 2005−2 Allocation of Principal Collections 565,443,871.0818. Series 2005−2 Allocation of Shared Excess Available Principal Charge Collections $ 0.0019. Series 2005−2 Allocation of amounts withdrawn from the Overconcentration Account $ 0.00

APPLICATION OF SERIES 2005−2 AVAILABLE FINANCE CHARGE COLLECTIONS

1. Series 2005−2 Available Finance Charge Collections $17,425,722.36

2. Class A Notes ($558,000,000)a. Class A Monthly Interest (Note Interest Rate: 0.32344%) $ 150,399.60b. Class A Outstanding Monthly Interest $ 0.00c. Class A Additional Interest $ 0.00d. Class A Outstanding Additional Interest $ 0.00

3. Class B Notes ($12,000,000)a. Class B Monthly Interest (Note Interest Rate: 0.53344%) $ 5,334.40b. Class B Outstanding Monthly Interest $ 0.00c. Class B Additional Interest $ 0.00d. Class B Outstanding Additional Interest $ 0.00

4. Class C Notes ($30,000,000)a. Class C Monthly Interest (Note Interest Rate: 0.67344%) $ 16,836.00b. Class C Outstanding Monthly Interest $ 0.00c. Class C Additional Interest $ 0.00d. Class C Outstanding Additional Interest $ 0.00

5. Series 2005−2 Servicing Fee paid to servicer $ 1,000,000.00

6. Amount equal to Series 2005−2 Default Amount treated as Series 2005−2 Available Principal Collections $ 588,144.29

7. Amount equal to unreimbursed reductions in the Series 2005−2 Nominal Liquidation Amount treated as Series 2005−2Available Principal Collections $ 0.00

8. Deposited to the Accumulation Reserve Account $ 0.00

9. Deposited to the Class C Reserve Account $ 0.00

10. In the event of default and acceleration, amount up to the outstanding dollar principal amount of the Series 2005−2 notestreated as Series 2005−2 Available Principal Collections $ 0.00

11. Remaining amount treated as Shared Excess Available Finance Charge Collections available for allocation to other series inShared Excess Available Finance Charge Collections Group A $15,665,008.07

12. Remaining amount paid to the holder of the Transferor Interest $15,665,008.07

APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2005−2

1. Shared Excess Available Finance Charge Collections $ 0.002. Applied to fund Class A Monthly Interest and Class A Additional Interest and any past due Class A Monthly Interest and Class A

Additional Interest $ 0.003. Applied to fund Class B Monthly Interest and Class B Additional Interest and any past due Class B Monthly Interest and Class B

Additional Interest $ 0.004. Applied to fund Class C Monthly Interest and Class C Additional Interest and any past due Class C Monthly Interest and Class C

Additional Interest $ 0.005. Applied to unpaid Series 2005−2 Servicing Fee $ 0.006. Amount equal to Series 2005−2 Default Amount treated as Series 2005−2 Available Principal Collections $ 0.007. Amount equal to unreimbursed reductions in the Series 2005−2 Nominal Liquidation Amount treated as Series 2005−2 Available

Principal Collections $ 0.008. Deposited to the Accumulation Reserve Account $ 0.009. Deposited to the Class C Reserve Account $ 0.0010. In the event of default and acceleration, amount up to the outstanding dollar principal amount of the Series 2005−2 Notes treated as

Series 2005−2 Available Principal Collections $ 0.0011. Remaining amount treated as Shared Excess Available Finance Charge Collections available to cover Series Available Finance

Charge Collections Shortfalls $ 0.0012. Remaining amount paid to the holder of the Transferor Interest $ 0.00

PRINCIPAL COLLECTIONS

1. Series 2005−2 Principal Allocation Percentage 8.46%2. Series 2005−2 Principal Collections $565,443,871.083. Reallocated Principal Collections required to pay shortfalls in interest on the Class A Notes or the Class B Notes or shortfalls

in the Series 2005−2 Servicing Fee and past due amounts thereon $ 0.004. Item 2 minus Item 3 $565,443,871.085. Other amounts treated as Series 2005−2 Available Principal Collections $ 588,144.296. Series 2005−2 Available Principal Collections (total of items 4 and 5) $566,032,015.37

APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD1. Treated as Shared Excess Available Principal Collections $566,032,015.37

APPLICATION OF PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD1. Principal Funding Account $ 0.002. Treated as Shared Excess Available Principal Collections $ 0.00

APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD1. Class A Noteholders $ 0.002. Class B Noteholders $ 0.003. Class C Noteholders $ 0.004. Treated as Shared Excess Available Principal Collections $ 0.00

APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2005−2

1. Series 2005−2 Available Principal Collections Shortfall $ 0.002. Shared Excess Available Principal Collections $ 0.003. During the Controlled Accumulation Period:3a. Amount deposited in the Principal Funding Account $ 0.004. During the Early Amortization Period:4a. Paid to the Class A Noteholders $ 0.004b. Paid to the Class B Noteholders $ 0.004c. Paid to the Class C Noteholders $ 0.00

SERIES 2005−2 PRINCIPAL FUNDING, ACCUMULATION, CLASS C RESERVE ACCOUNT

1. Principal Funding AccountOpening Balance $ 0.00

Additions $ 0.00Withdrawals $ 0.00

Ending Balance $ 0.00

2. Investment Proceeds on Principal Funding Account $ 0.00

3. Accumulation Reserve Account AmountOpening Balance $ 0.00

Additions $ 0.00Withdrawals $ 0.00

Ending Balance $ 0.00

4. Investment Proceeds on Accumulation Reserve Account $ 0.00

5. Accumulation Reserve Account target amount $ 0.00

6. Class C Reserve Account AmountOpening Balance $ 0.00

Additions $ 0.00Withdrawals $ 0.00

Ending Balance $ 0.00

7. Investment Proceeds on Class C Reserve Account $ 0.00

8. Required Class C Reserve Account amount $ 0.00

PORTFOLIO PERFORMANCE DATA

1. Series 2005−2 Portfolio YieldCurrent Monthly Period 33.04%Prior Monthly Period 33.26%Second Prior Monthly Period 33.54%

2. Series 2005−2 Quarterly Portfolio Yield 33.28%

3. Series 2005−2 Base RateCurrent Monthly Period 2.35%Prior Monthly Period 2.35%Second Prior Monthly Period 2.35%

4. Series 2005−2 Quarterly Base Rate 2.35%

5. Series 2005−2 Excess Spread PercentageCurrent Monthly Period 30.70%Prior Monthly Period 30.91%Second Prior Monthly Period 31.19%

6. Series 2005−2 Quarterly Excess Spread Percentage 30.93%

Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? Yes

7. Principal Payment RateCurrent Monthly Period 94.24%Prior Monthly Period 91.55%Second Prior Monthly Period 95.61%

8. Quarterly Principal Payment Rate 93.80%

Is the Quarterly Principal Payment Rate greater than 60%? Yes

AMERICAN EXPRESS TRAVEL RELATEDSERVICES COMPANY, INC., as Servicer

By: Mark C. Simner Name: Mark C. Simner Title: Vice President

ABS Operations

MONTHLY SERVICER’S CERTIFICATEAMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

AMERICAN EXPRESS ISSUANCE TRUSTSERIES 2007−2

The undersigned, a duly authorized representative of American Express Travel Related Services Company, Inc., as servicer (“TRS”), pursuant to theAmended and Restated Transfer and Servicing Agreement, dated as of November 1, 2007 (as may be amended and supplemented, the “Agreement”), amongAMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware limited liability company, as transferor, TRS, as servicer andadministrator, AMERICAN EXPRESS ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware (the “Trust”), and THEBANK OF NEW YORK, as Indenture Trustee (the “Indenture Trustee”), does hereby certify that: 1. Capitalized terms used in this Certificate have their respective meanings set forth in the Agreement or the Amended and Restated Indenture, dated asof November 1, 2007 (as amended and restated, the “Indenture”), between the Trust and the Indenture Trustee, as supplemented by the Series 2007−2Indenture Supplement, dated as of November 01, 2007, between the Trust and the Indenture Trustee (as amended and supplemented, the “IndentureSupplement” and together with the Indenture, the “Indenture”), as applicable. 2. TRS is, as of the date hereof, the Servicer under the Agreement. 3. The undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate tothe Indenture Trustee. 4. This Certificate relates to the Payment Date occurring on December 15, 2010. 5. As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects its obligations under the Agreementand the Indenture through the Monthly Period preceding such Payment Date and no material default in the performance of such obligations has occurred oris continuing except as set forth in paragraph 6 below. 6. The following is a description of each material default in the performance of the Servicer’s obligations under the provisions of the Agreement knownto me to have been made by the Servicer through the Monthly Period preceding such Payment Date, which sets forth in detail (i) the nature of each suchdefault, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current status of each such default: None IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 8th day of December 2010.

AMERICAN EXPRESS TRAVEL RELATEDSERVICES COMPANY, INC., as Servicer

By: /s/ Mark C. Simner Name: Mark C. Simner Title: Vice President

ABS Operations

AMERICAN EXPRESS ISSUANCE TRUSTSERIES 2007−2

MONTHLY SERVICER STATEMENT

Monthly Period: 24−Oct−10 to 23−Nov−10Record Date: 30−Nov−10Payment Date: 15−Dec−10

TRUST ACTIVITY TRUST TOTALS

1. Number of days in Monthly Period 312. Beginning of Monthly Period Number of Accounts 6,531,7033. Beginning Principal Receivables, including any additions or removals during the Monthly Period $ 7,093,928,291.983a. Addition of Principal Receivables $ 0.003b. Removal of Principal Receivables $ 0.004. Beginning Invested Amount of Collateral Certificates NA5. Beginning Excess Funding Account Amount $ 0.006a. Beginning Required Pool Balance $ 1,600,000,000.006b. Beginning Pool Balance $ 7,093,928,291.987. Beginning Available Overconcentration Account Amount $ 0.008. New Principal Receivables $ 6,712,562,962.349. Principal Collections $ 6,685,363,790.9510. Gross Default Amount $ 12,549,169.4411. Ending Principal Receivables $ 7,108,578,293.9312. Ending Invested Amount of Collateral Certificates $ 0.0013. Ending Excess Funding Account Amount $ 0.0014. Ending Pool Balance $ 7,108,578,293.9315. Ending Required Pool Balance $ 1,600,000,000.0016. Ending Available Overconcentration Account Amount $ 0.0017. Required Overconcentration Account Amount $ 0.0018. End of Monthly Period Number of Accounts 6,526,370

TRUST PERFORMANCE

1. Principal Collections $6,685,363,790.952. Principal Payment Rate 94.24%3. Net Default Amount $ 6,953,755.754. Annualized Net Default Rate 1.15%5. Gross Default Amount $ 12,549,169.446. Annualized Gross Default Rate 2.08%7. Finance Charge Collections $ 206,771,056.518. Trust Portfolio Yield (Net of Default) 33.10%9. Delinquencies

31 − 60 Days Delinquent $ 49,180,936.8561 − 90 Days Delinquent $ 18,797,695.1290+ Days Delinquent $ 39,682,945.67Total 30+ Days Delinquent $ 107,661,577.64

TRANSFEROR AMOUNT

1. Beginning Pool Balance $7,093,928,291.982. Beginning Nominal Liquidation Amount $1,600,000,000.003. Beginning Transferor Amount $5,493,928,291.984. Ending Pool Balance $7,108,578,293.935. Ending Nominal Liquidation Amount (after giving effect to any principal payments on the related Payment Date) $1,600,000,000.006. Ending Transferor Amount (after giving effect to any principal payments on the related Payment Date) $5,508,578,293.937. Ending Required Transferor Amount $1,066,286,744.09

SERIES 2007−2 NOMINAL LIQUIDATION AMOUNT AS OF THE RELATED PAYMENT DATE

1. Beginning Series 2007−2 Nominal Liquidation Amount $1,000,000,000.002. Reimbursement of previous reductions in the Series 2007−2 Nominal Liquidation Amount $ 0.003. Investor Charge−Offs $ 0.004. Reallocated Principal Collections $ 0.005. Principal Funding Account Deposit/(Withdrawal) $ 0.006. Payments of principal of the Series 2007−2 Notes $ 0.007. Ending Series 2007−2 Nominal Liquidation Amount $1,000,000,000.00

REALLOCATION GROUP A ALLOCATIONS TRUST TOTALS GROUP TOTALS

1. Nominal Liquidation Amount $ 1,600,000,000.002. Finance Charge Collections $ 206,771,056.51 $ 46,636,176.293. Interest $ 627,770.004. Net Default Amount $ 1,568,384.785. Servicing Fee paid to the servicer $ 2,666,666.676. Additional Amounts $ 0.00

SERIES 2007−2 ALLOCATIONS

1. Reallocation Group Group A2. Shared Excess Available Finance Charge Collections Group Group A3. Shared Excess Available Principal Collections Group Group A4. Opening Principal Funding Account Balance $ 0.005. Series 2007−2 Floating Allocation Percentage 14.10%6. Series 2007−2 Finance Charge Collections $ 29,147,610.187. Series 2007−2 Reallocation Group A Finance Charge Collections $ 29,210,453.948. Net Investment Proceeds from Principal Funding Account $ 0.009. Amounts withdrawn from the Accumulation Reserve Account $ 0.0010. Series 2007−2 Available Finance Charge Collections $ 29,210,453.9411. Series 2007−2 Allocation of Shared Excess Available Finance Charge Collections $ 0.0012. Series 2007−2 LIBOR Determination Date 11/11/201013. Series 2007−2 Monthly Interest (15−Nov−10 to 14−Dec−10) $ 455,200.0014. Series 2007−2 Servicing Fee paid to the servicer $ 1,666,666.6715. Series 2007−2 Default Amount $ 980,240.4916. Series 2007−2 Principal Allocation Percentage 14.10%17. Series 2007−2 Allocation of Principal Collections 942,406,451.8018. Series 2007−2 Allocation of Shared Excess Available Principal Charge Collections $ 0.0019. Series 2007−2 Allocation of amounts withdrawn from the Overconcentration Account $ 0.00

APPLICATION OF SERIES 2007−2 AVAILABLE FINANCE CHARGE COLLECTIONS

1. Series 2007−2 Available Finance Charge Collections $ 29,210,453.94

2. Class A Notes ($930,000,000)a. Class A Monthly Interest (Note Interest Rate: 0.50344%) $ 390,166.00b. Class A Outstanding Monthly Interest $ 0.00c. Class A Additional Interest $ 0.00d. Class A Outstanding Additional Interest $ 0.00

3. Class B Notes ($30,000,000)a. Class B Monthly Interest (Note Interest Rate: 0.86344%) $ 21,586.00b. Class B Outstanding Monthly Interest $ 0.00c. Class B Additional Interest $ 0.00d. Class B Outstanding Additional Interest $ 0.00

4. Class C Notes ($40,000,000)a. Class C Monthly Interest (Note Interest Rate: 1.30344%) $ 43,448.00b. Class C Outstanding Monthly Interest $ 0.00c. Class C Additional Interest $ 0.00d. Class C Outstanding Additional Interest $ 0.00

5. Series 2007−2 Servicing Fee paid to servicer $ 1,666,666.67

6. Amount equal to Series 2007−2 Default Amount treated as Series 2007−2 Available Principal Collections $ 980,240.49

7. Amount equal to unreimbursed reductions in the Series 2007−2 Nominal Liquidation Amount treated as Series 2007−2Available Principal Collections $ 0.00

8. Deposited to the Accumulation Reserve Account $ 0.00

9. Deposited to the Class C Reserve Account $ 0.00

10. In the event of default and acceleration, amount up to the outstanding dollar principal amount of the Series 2007−2 notestreated as Series 2007−2 Available Principal Collections $ 0.00

11. Remaining amount treated as Shared Excess Available Finance Charge Collections available for allocation to other series inShared Excess Available Finance Charge Collections Group A $ 26,108,346.78

12. Remaining amount paid to the holder of the Transferor Interest $ 26,108,346.78

APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2007−2

1. Shared Excess Available Finance Charge Collections $ 0.002. Applied to fund Class A Monthly Interest and Class A Additional Interest and any past due Class A Monthly Interest and Class A

Additional Interest $ 0.003. Applied to fund Class B Monthly Interest and Class B Additional Interest and any past due Class B Monthly Interest and Class B

Additional Interest $ 0.004. Applied to fund Class C Monthly Interest and Class C Additional Interest and any past due Class C Monthly Interest and Class C

Additional Interest $ 0.005. Applied to unpaid Series 2007−2 Servicing Fee $ 0.006. Amount equal to Series 2007−2 Default Amount treated as Series 2007−2 Available Principal Collections $ 0.007. Amount equal to unreimbursed reductions in the Series 2007−2 Nominal Liquidation Amount treated as Series 2007−2 Available

Principal Collections $ 0.008. Deposited to the Accumulation Reserve Account $ 0.009. Deposited to the Class C Reserve Account $ 0.0010. In the event of default and acceleration, amount up to the outstanding dollar principal amount of the Series 2007−2 Notes treated as

Series 2007−2 Available Principal Collections $ 0.0011. Remaining amount treated as Shared Excess Available Finance Charge Collections available to cover Series Available Finance

Charge Collections Shortfalls $ 0.0012. Remaining amount paid to the holder of the Transferor Interest $ 0.00

PRINCIPAL COLLECTIONS

1. Series 2007−2 Principal Allocation Percentage 14.10%2. Series 2007−2 Principal Collections $942,406,451.803. Reallocated Principal Collections required to pay shortfalls in interest on the Class A Notes or the Class B Notes or shortfalls

in the Series 2007−2 Servicing Fee and past due amounts thereon $ 0.004. Item 2 minus Item 3 $942,406,451.805. Other amounts treated as Series 2007−2 Available Principal Collections $ 980,240.496. Series 2007−2 Available Principal Collections (total of items 4 and 5) $943,386,692.29APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD

1. Treated as Shared Excess Available Principal Collections $943,386,692.29APPLICATION OF PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD

1. Principal Funding Account $ 0.002. Treated as Shared Excess Available Principal Collections $ 0.00APPLICATION OF PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD

1. Class A Noteholders $ 0.002. Class B Noteholders $ 0.003. Class C Noteholders $ 0.004. Treated as Shared Excess Available Principal Collections $ 0.00

APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2007−2

1. Series 2007−2 Available Principal Collections Shortfall $ 0.002. Shared Excess Available Principal Collections $ 0.003. During the Controlled Accumulation Period:3a. Amount deposited in the Principal Funding Account $ 0.004. During the Early Amortization Period:4a. Paid to the Class A Noteholders $ 0.004b. Paid to the Class B Noteholders $ 0.004c. Paid to the Class C Noteholders $ 0.00SERIES 2007−2 PRINCIPAL FUNDING, ACCUMULATION, CLASS C RESERVE ACCOUNT

1. Principal Funding AccountOpening Balance $ 0.00

Additions $ 0.00Withdrawals $ 0.00

Ending Balance $ 0.00

2. Investment Proceeds on Principal Funding Account $ 0.00

3. Accumulation Reserve Account AmountOpening Balance $ 0.00

Additions $ 0.00Withdrawals $ 0.00

Ending Balance $ 0.00

4. Investment Proceeds on Accumulation Reserve Account $ 0.00

5. Accumulation Reserve Account target amount $ 0.00

6. Class C Reserve Account AmountOpening Balance $ 0.00

Additions $ 0.00Withdrawals $ 0.00

Ending Balance $ 0.007. Investment Proceeds on Class C Reserve Account $ 0.008. Required Class C Reserve Account amount $ 0.00

PORTFOLIO PERFORMANCE DATA

1. Series 2007−2 Portfolio YieldCurrent Monthly Period 33.24%Prior Monthly Period 33.47%Second Prior Monthly Period 33.74%

2. Series 2007−2 Quarterly Portfolio Yield 33.48%

3. Series 2007−2 Base RateCurrent Monthly Period 2.55%Prior Monthly Period 2.55%Second Prior Monthly Period 2.55%

4. Series 2007−2 Quarterly Base Rate 2.55%

5. Series 2007−2 Excess Spread PercentageCurrent Monthly Period 30.69%Prior Monthly Period 30.92%Second Prior Monthly Period 31.19%

6. Series 2007−2 Quarterly Excess Spread Percentage 30.93%

Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? Yes

7. Principal Payment RateCurrent Monthly Period 94.24%Prior Monthly Period 91.55%Second Prior Monthly Period 95.61%

8. Quarterly Principal Payment Rate 93.80%

Is the Quarterly Principal Payment Rate greater than 60%? Yes

AMERICAN EXPRESS TRAVEL RELATEDSERVICES COMPANY, INC., as Servicer

By: /s/ Mark C. Simner Name: Mark C. Simner Title: Vice President

ABS Operations