UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported)     October 26, 2007
World Financial Network Credit Card Master Note Trust
(Issuing Entity)
World Financial Network Credit Card Master Trust
(Issuer of Collateral Certificate)
WFN Credit Company, LLC
(Depositor)
World Financial Network National Bank
(Sponsor)
 
(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor
as Specified in their respective Charters)
Delaware
 
(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)
     
     
333-113669,333-113669-01,    
333-60418,333-60418-01   31-1772814
 
   
(Commission File Numbers for Registrant   (Registrants’ I.R.S. Employer Identification Nos.
and Issuing Entity, respectively)   for Registrant and Issuing Entity, respectively)
     
     
220 West Schrock Road, Westerville, Ohio   43081
 
(Address of Principal Executive Offices)   (Zip Code)
(614) 729-5044
 
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
 
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 1.01. Entry into a Material Definitive Agreement
     On October 26, 2007, World Financial Network National Bank (the “Bank”), as servicer, WFN Credit Company, LLC (“WFN Credit”), as transferor, and BNY Midwest Trust Company, as trustee of World Financial Network Credit Card Master Trust, entered into the Fifth Amendment to the Second Amended and Restated Pooling and Servicing Agreement, dated as of August 1, 2001, a copy of which is filed with this Form 8-K, as Exhibit 4.1.
     On October 26, 2007, the Bank, as servicer, WFN Credit, as transferor, and World Financial Network Credit Card Master Note Trust entered into the Sixth Amendment to the Transfer and Servicing Agreement, dated as of August 1, 2001, a copy of which is filed with this Form 8-K as Exhibit 4.2.
Item 9.01. Financial Statements and Exhibits.
  (a)   Not applicable.
  (b)   Not applicable.
  (c)   Not applicable.
  (d)   Exhibits.

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Exhibit No.   Document Description
 
4.1   Fifth Amendment to the Second Amended and Restated Pooling and Servicing Agreement, dated as of October 26, 2007
 
4.2
  Sixth Amendment to the Transfer and Servicing Agreement, dated as of October 26, 2007

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SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  WFN CREDIT COMPANY, LLC as depositor
 
 
  By:   /s/ Daniel T. Groomes    
    Name:   Daniel T. Groomes   
    Title:   President   
Dated: October 26, 2007

 

 

Exhibit 4.1
FIFTH AMENDMENT TO THE
SECOND AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT
     This FIFTH AMENDMENT TO THE SECOND AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT, dated as of October 26, 2007 (this “ Amendment ”) is made among World Financial Network National Bank (“ WFN ”), as Servicer, WFN Credit Company, LLC (“ WFN Credit ”), as Transferor, and BNY Midwest Trust Company (“ BNY Midwest ”), as Trustee of World Financial Network Credit Card Master Trust (the “ Issuer ”), to the Second Amended and Restated Pooling and Servicing Agreement, dated as of August 1, 2001, among WFN, as Servicer, WFN Credit, as Transferor and BNY Midwest, as Trustee (as amended by the Omnibus Amendment, dated as of March 31, 2003, the Second Amendment to the Second Amended and Restated Pooling and Servicing Agreement, dated as of May 19, 2004, the Third Amendment to the Second Amended and Restated Pooling and Servicing Agreement, dated as of March 30, 2005 and the Fourth Amendment to the Second Amended and Restated Pooling and Servicing Agreement, dated as of June 13, 2007, and as further amended from time to time, the “ Pooling Agreement ”). Capitalized terms used and not otherwise defined in this Amendment are used as defined in the Pooling Agreement.
     WHEREAS, the parties hereto desire to amend the Pooling Agreement as set forth below;
     NOW THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:
     SECTION 1. Amendment to the Pooling Agreement . The Pooling Agreement is hereby amended by adding the following subsection (c) to Section 2.9 immediately following subsection (b):
         “(c) Treatment of Defaulted Receivables . In addition to the foregoing, on the later of October 26, 2007 and the date when any Receivable in an Account becomes a Defaulted Receivable, the Trust shall automatically and without further action be deemed to sell, transfer, set over and otherwise convey to the Transferor, without recourse, representation or warranty, all right, title and interest of the Trust in and to the Defaulted Receivables and related Finance Charge Receivables in such Account, all monies and amounts due or to become due with respect thereto and all proceeds thereof. The purchase price for the receivables conveyed pursuant to this Section 2.9(c) during any Monthly Period shall equal the amount of Recoveries received by the Transferor during such Monthly Period, including any proceeds received by the Transferor from the sale of Defaulted Receivables, and all such Recoveries shall be deposited into the Collection Account as provided in this Agreement.”
     SECTION 2. Conditions to Effectiveness . This Amendment shall become effective, as of the date hereof (the “ Effective Date” ), upon (i) receipt by each of the parties hereto of counterparts duly executed and delivered by each of the parties hereto and (ii) satisfaction of each of the conditions precedent described in Section 13.1(a) of the Pooling Agreement.
Fifth Amendment to Pooling Agreement

 


 

     SECTION 3. Effect of Amendment; Ratification . (a) On and after the Effective Date, this Amendment shall be a part of the Pooling Agreement and each reference in the Pooling Agreement to “this Agreement” or “hereof,” “hereunder” or words of like import, and each reference in any other Transaction Document to the Pooling Agreement shall mean and be a reference to the Pooling Agreement as amended hereby.
     (b) Except as expressly amended hereby, the Pooling Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.
     SECTION 4. Governing Law . THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY AGREES TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW THE JUDGMENTS THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.
     SECTION 5. Section Headings . Headings used herein are for convenience of reference only and shall not affect the meaning of this Amendment.
     SECTION 6. Counterparts . This Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement.
     SECTION 7. Trustee Disclaimer . Trustee shall not be responsible for the validity or sufficiency of this amendment, nor for the recitals contained herein.
[ Signature Page Follows ]
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Fifth Amendment to Pooling Agreement

 


 

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
         
  WORLD FINANCIAL NETWORK NATIONAL
BANK, as Servicer
 
 
  By:   /s/ Ronald C. Reed    
    Name:   Ronald C. Reed   
    Title:   Assistant Treasurer   
 
         
  WFN CREDIT COMPANY, LLC, as Transferor
 
 
  By:   /s/ Daniel T. Groomes    
    Name:   Daniel T. Groomes   
    Title:   President   
 
         
  BNY MIDWEST TRUST COMPANY, as Trustee
 
 
  By:   /s/ David H. Hill    
    Name:   David H. Hill   
    Title:   Assistant Vice President   
S-1
Fifth Amendment to Pooling Agreement

 

 

Exhibit 4.2
SIXTH AMENDMENT TO THE
TRANSFER AND SERVICING AGREEMENT
     This SIXTH AMENDMENT TO THE TRANSFER AND SERVICING AGREEMENT, dated as of October 26, 2007 (this “ Amendment ”) is made among World Financial Network National Bank (“ WFN ”), as Servicer; WFN Credit Company, LLC (“ WFN Credit ”), as Transferor, and World Financial Network Credit Card Master Note Trust (the “ Issuer ”), as Issuer, to the Transfer and Servicing Agreement, dated as of August 1, 2001, among WFN, as Servicer, WFN Credit, as Transferor, and the Issuer, (as amended by the First Amendment to the Transfer and Servicing Agreement, dated as of November 7, 2002, among WFN Credit, WFN, as Servicer and the Issuer, as further amended by the Omnibus Amendment, dated as of March 31, 2003, among WFN, WFN Credit, the Issuer and BNY Midwest Trust Company, as Trustee, as further amended by the Third Amendment to the Transfer and Servicing Agreement, dated as of May 19, 2004, among WFN, as Servicer, WFN Credit, as Transferor, and the Issuer, as further amended by the Fourth Amendment to the Transfer and Servicing Agreement, dated as of March 30, 2005, among WFN, as Servicer, WFN Credit, as Transferor, and the Issuer, as further amended by the Fifth Amendment to the Transfer and Servicing Agreement, dated as of June 13, 2007, among WFN, as Servicer, WFN Credit, as Transferor and the Issuer, and as further amended from time to time, the “ Transfer Agreement ”). Capitalized terms used and not otherwise defined in this Amendment are used as defined in the Transfer Agreement.
     WHEREAS, the parties hereto desire to amend the Transfer Agreement as set forth below;
     NOW THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:
     1.  Amendment to Transfer Agreement . The Transfer Agreement is hereby amended by adding the following subsection (c) to Section 2.7 immediately following subsection (b):
         “(c) Treatment of Defaulted Receivables . In addition to the foregoing, on the later of October 26, 2007 and the date when any Receivable in an Account becomes a Defaulted Receivable, the Trust shall automatically and without further action be deemed to sell, transfer, set over and otherwise convey to the Transferor, without recourse, representation or warranty, all right, title and interest of the Trust in and to the Defaulted Receivables and related Finance Charge Receivables in such Account, all monies and amounts due or to become due with respect thereto and all proceeds thereof. The purchase price for the receivables conveyed pursuant to this Section 2.7(c) during any Monthly Period shall equal the amount of Recoveries received by the Transferor during such Monthly Period, including any proceeds received by the Transferor from the sale of Defaulted Receivables, and all such Recoveries shall be deposited into the Collection Account as provided in this Agreement.”
     2.  Binding Effect; Ratification . (a) This Amendment shall become effective, as of the date hereof, (i) upon receipt hereof by each of the parties hereto of counterparts duly executed
Sixth Amendment to Transfer Agreement

 


 

and delivered by each of the parties hereto, and (ii) satisfaction of each of the conditions precedent described in Section 9.1(a) of the Transfer Agreement.
     (b) On and after the execution and delivery hereof, this Amendment shall be a part of the Transfer Agreement and each reference in the Transfer Agreement to “this Agreement” or “hereof,” “hereunder” or words of like import, and each reference in any other Transaction Document to the Transfer Agreement shall mean and be a reference to the Transfer Agreement as amended hereby.
     (c) Except as expressly amended hereby, the Transfer Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.
     3.  Miscellaneous . (a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY AGREES TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW THE JUDGMENTS THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.
     (b) Headings used herein are for convenience of reference only and shall not affect the meaning of this Amendment.
     (c) This Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement.
     (d) The Trustee shall not be responsible for the validity or sufficiency of this amendment, nor for the recitals contained herein.
[ Signature Page Follows ]
2
Sixth Amendment to Transfer Agreement

 


 

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
         
  WORLD FINANCIAL NETWORK NATIONAL
BANK, as Servicer
 
 
  By:   /s/ Ronald C. Reed    
    Name:   Ronald C. Reed   
    Title:   Assistant Treasurer   
 
         
  WFN CREDIT COMPANY, LLC, as Transferor
 
 
  By:   /s/ Daniel T. Groomes    
    Name:   Daniel T. Groomes   
    Title:   President   
 
      WORLD FINANCIAL NETWORK CREDIT
CARD MASTER NOTE TRUST, as Issuer
 
      By: U.S. Bank Trust National Association , not in
its individual capacity, but solely as Owner Trustee
on behalf of the Issuer
         
     
  By:   /s/ Annette E. Morgan    
    Name:   Annette E. Morgan   
    Title:   Trust Officer   
S-1
Sixth Amendment to Transfer Agreement