UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-D
 
 
 
 
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from August 1, 2020 to August 31, 2020
 
 
 
Commission File Number of issuing entity 333-208463 and 333-230197-02
Central Index Key Number of issuing entity: 0001282663
 
World Financial Network Credit Card Master Note Trust
(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-208463-01 and 333-230197
Central Index Key Number of depositor: 0001139552

WFN Credit Company, LLC
(Exact name of depositor as specified in its charter)
 
Central Index Key Number of sponsor (if applicable): 0001007254
 
Comenity Bank
(Exact name of sponsor as specified in its charter)
 
 
 
Cynthia L. Hageman  (214) 494-3000
(Name and telephone number, including area code, of the person to contact in connection with this filing)
 
Delaware
31-1772814
(State or other jurisdiction of incorporation
or organization of the issuing entity)
(I.R.S. Employer
Identification No.)
 
 
One Righter Parkway, Suite 100
Wilmington, Delaware
19803
(Address of principal executive offices of issuing entity)
(Zip Code)

(302) 529-6140
(Telephone number, including area code)

N/A
(Former Name, former address, if changed since last report)
 
 
 
 
 
Title of Class
Registered/reporting pursuant to (check one)
 
Name of exchange
(If Section 12(b))
Section 12(b)
Section 12(g)
Section 15(d)
Series 2016-A, Class A, Class M, Class B, Class C and Class D
£
£
S
 
Series 2017-C, Class A, Class M, Class B
£
£
S
 
Series 2018-A, Class A, Class M, Class B
£
£
S
 
Series 2018-B, Class A, Class M, Class B
£
£
S
 
Series 2018-C, Class A, Class M, Class B
£
£
S
 
Series 2019-A, Class A, Class M, Class B
£
£
S
 
Series 2019-B, Class A, Class M, Class B
£
£ S  
Series 2019-C, Class A, Class M, Class B
£
£ S  
 
Indicate by check mark whether the registrant: (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ [Check]
 
 
PART I – DISTRIBUTION INFORMATION

Item 1.
Distribution and Pool Performance Information.

The response to Item 1 is set forth herein and in Exhibit 99.1.

No assets securitized by the depositor and held by World Financial Network Credit Card Master Note Trust were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from August 1, 2020 to August 31, 2020.

The depositor filed its most recent Form ABS-15G on January 31, 2020. The CIK number of the depositor is 0001139552.

Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time?  Yes £     No S

In response to the COVID-19 pandemic, the Servicer has offered forbearance programs to certain accounts that provide for short-term modifications in the form of payment deferrals and late fee waivers to accounts that were current as of their most recent billing cycle prior to the announcement of the forbearance programs.  Those accounts receiving forbearance relief may not advance to the next delinquency cycle, including eventually to charge-off, in the same timeframe that would have occurred had the forbearance relief not been granted. Thus, delinquency data set forth in this Monthly Noteholder's Statement may be impacted by the forbearance relief granted in connection with the COVID-19 pandemic.

Are there any material breaches of pool asset representations and warranties or transaction covenants?  Yes £     No S

Are there any material changes in the solicitation, credit-granting, underwriting, origination or pool selection criteria or procedures?  Yes £     No S

For each of Series 2016-A, Series 2017-C, Series 2018-A, Series 2018-B, Series 2018-C, Series 2019-A, Series 2019-B, and Series 2019-C is the applicable Portfolio Yield averaged over any three consecutive Monthly Periods less than the applicable Base Rate averaged over such period?  Yes £     No S

Was the depositor required to designate additional accounts during the distribution period because: (i) the average Transferor Amount was less than the average Minimum Transferor Amount during any period of 30 consecutive days or (ii) the aggregate amount of principal receivables plus amounts in the Excess Funding Account was less than the Required Principal Balance on any business day during the distribution period?  Yes £     No S

On August 17, 2020, the Series 2015-B asset-backed term notes matured and were repaid.
 

Item 1A.
Asset-Level Information.
 
Not applicable.
 

Item 1B.
Asset Representations Reviewer and Investor Communication.
 
Not applicable.
 
 
Item 3.
Sales of Securities and Use of Proceeds.
 
Not applicable.
 
 
Item 5.
Submission of Matters to a Vote of Security Holders.

Not applicable.
 
 
Item 7.
Change in Sponsor Interest in the Securities.

Not applicable.


Item9.
Other Information.

On August 26, 2020, Comenity Bank (the “Bank”) and Comenity Servicing LLC (the “Servicer”) entered into the Second Addendum (the “Second Addendum”) to Appendix A of that certain Third Amended and Restated Service Agreement, dated as of April 23, 2019 (as amended, the “Service Agreement”), by and between the Bank and Servicer, which Service Agreement was filed as Exhibit 99.1 of the current report on Form 8-K on April 23, 2019. A copy of the Second Addendum is filed with this Form 10-D as Exhibit 99.2.

 
Item 10.
Exhibits.
 
Exhibit
No.
 
 
Document Description
 
Monthly Noteholder’s Statement for World Financial Network Credit Card Master Note Trust, Series 2016-A, Series 2017-C, Series 2018-A, Series 2018-B, Series 2018-C, Series 2019-A, Series 2019-B, and Series 2019-C for the September 15, 2020 Payment Date.
      
 
Second Addendum to Appendix A of Third Amended and Restated Service Agreement
 
 
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 thereunto duly authorized.

 
 
WFN Credit Company, LLC, as depositor
 
 
 
 
 
 
 
Dated: September 14, 2020
By:
/s/ Michael Blackham


 
 
Name:
Michael Blackham
 
 
 
Title:
Treasurer
 
 
 
 
INDEX TO EXHIBITS

Exhibit
No.
 
 
Document Description
 
Monthly Noteholder’s Statement for World Financial Network Credit Card Master Note Trust, Series 2016-A, Series 2017-C, Series 2018-A, Series 2018-B, Series 2018-C, Series 2019-A, Series 2019-B, and Series 2019-C for the September 15, 2020 Payment Date.
      
 
Second Addendum to Appendix A of Third Amended and Restated Service Agreement

 
 
 
MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C
 
Pursuant to the Master Indenture, dated as of August 1, 2001, (as amended and supplemented, the "Indenture") between World Financial Network Credit Card Master Note Trust (the "Issuer") and MUFG Union Bank, N.A., as indenture trustee (the "Indenture Trustee"), the 2016-A Indenture Supplement, dated as of July 27, 2016, the 2017-C Indenture Supplement, dated as of November 15, 2017, the 2018-A Indenture Supplement, dated as of February 28, 2018, the 2018-B Indenture Supplement, dated as of September 27, 2018, the 2018-C Indenture Supplement, dated as of November 7, 2018, the 2019-A Indenture Supplement, dated as of February 20, 2019, the 2019-B Indenture Supplement, dated as of June 26, 2019, and the 2019-C Indenture Supplement, dated as of September 18, 2019 (each, an "Indenture Supplement"), Comenity Bank, as Servicer (the "Servicer") under the Transfer and Servicing Agreement, dated as of August 1, 2001 (as amended, the "Transferor and Servicing Agreement") between the Servicer, WFN Credit Company, LLC, as Transferor and the Issuer, is required to prepare certain information each month regarding current distributions to the Noteholders and the performance as of the Trust during the previous month. The information required to be prepared with respect to the Distribution Date of September 15, 2020 and with respect to the performance of the Trust during the month of August 2020 is set forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplements.
 
 

Monthly Period:

Aug-20

Determination Date:

9/11/2020

Distribution Date:

9/15/2020

Number of Days in Period:

29

Number of Days in Month:

31

Record Date:

8/31/2020
 

I. DEAL PARAMETERS
                         
                                                 

 
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
                                                 
(a) Class A Initial Note Principal Balance
 
$
650,000,000.00
   
$
550,000,000.00
   
$
525,000,000.00
   
$
300,000,000.00
   
$
300,000,000.00
    $
500,000,000.00
    $
350,000,000.00
    $
600,000,000.00
 
(b) Class M Initial Note Principal Balance
 
$
32,500,000.00
   
$
42,167,000.00
   
$
40,250,000.00
   
$
22,297,000.00
   
$
22,297,000.00
    $
37,162,000.00
    $
31,165,000.00
    $
53,425,000.00
 
(c) Class B Initial Note Principal Balance
 
$
41,166,000.00
   
$
27,500,000.00
   
$
26,250,000.00
   
$
15,203,000.00
   
$
15,203,000.00
    $
25,338,000.00
    $
17,980,000.00
    $
30,822,000.00
 
(d) Class C Initial Note Principal Balance
 
$
108,334,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(e) Class D Initial Note Principal Balance
 
$
34,667,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(f) Total Initial Note Principal Balance
 
$
866,667,000.00
   
$
619,667,000.00
   
$
591,500,000.00
   
$
337,500,000.00
   
$
337,500,000.00
   
$
562,500,000.00
   
$
399,145,000.00
   
$
684,247,000.00
 
(g) Initial Excess Collateral Amount
 
$
23,750,000.00
   
$
133,767,000.00
   
$
127,700,000.00
   
$
67,906,000.00
   
$
67,906,000.00
    $
113,176,000.00
    $
80,309,000.00
   
$
137,672,000.00
 
                                                                 
(h) Class A Initial Note Principal Balance %
   
73.00
%
   
73.00
%
   
73.00
%
   
74.00
%
   
74.00
%
   
74.00
%
   
73.00
%
   
73.00
%
(i) Class M Initial Note Principal Balance %
   
3.65
%
   
5.60
%
   
5.60
%
   
5.50
%
   
5.50
%
   
5.50
%
   
6.50
%
   
6.50
%
(j) Class B Initial Note Principal Balance %
   
4.62
%
   
3.65
%
   
3.65
%
   
3.75
%
   
3.75
%
   
3.75
%
   
3.75
%
   
3.75
%
(k) Class C Initial Note Principal Balance %, if applicable
   
12.17
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
(l) Class D Initial Note Principal Balance %, if applicable
   
3.89
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
(m) Excess Collateral Amount %
   
2.67
%
   
17.75
%
   
17.76
%
   
16.75
%
   
16.75
%
   
16.75
%
   
16.75
%
   
16.75
%
                                                                 
(n) Required Retained Transferor Percentage
   
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
(o) Additional Minimum Transferor % (2% Nov-Jan; 0% otherwise)
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
                                                                 
(p) LIBOR rate as of most recent reset day, if applicable
                                                               
(q) Class A Note Interest Rate
   
2.03
%
   
2.31
%
   
3.07
%
   
3.46
%
   
3.55
%
   
3.14
%
   
2.49
%
   
2.21
%
(r) Class A Swap Rate, if applicable
                                                               
(s) Class A Swap Rate plus Spread, if applicable
                                                               
(t) Class A Margin, if applicable
                                                               
(u) Class A Margin plus Libor, if applicable
                                                               
                                                                 
(v) Class M Note Interest Rate
   
2.33
%
   
2.66
%
   
3.17
%
   
3.81
%
   
3.95
%
   
3.61
%
   
3.04
%
   
2.71
%
(w) Class M Swap Rate, if applicable
                                                               
(x) Class M Swap Rate plus Spread, if applicable
                                                               
                                                                 
(y) Class B Note Interest Rate
   
2.53
%
   
2.85
%
   
3.27
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
(z) Class B Swap Rate, if applicable
                                                               
(aa) Class B Swap Rate plus Spread, if applicable
                                                               
                                                                 
(ab) Class C Note Interest Rate, if applicable
   
2.83
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
(ac) Class C Swap Rate, if applicable
                                                               
(ad) Class C Swap Rate plus Spread, if applicable
                                                               
                                                                 
(ae) Class D Note Interest Rate, if applicable
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
   
0.00
%
                                                                 
(af) Servicing Fee Percentage
   
2.00
%
   
2.00
%
   
2.00
%
   
2.00
%
   
2.00
%
   
2.00
%
   
2.00
%
   
2.00
%


 
  
MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

II. COLLATERAL AMOUNTS AND ALLOCATION PERCENTAGES
                         
                                                 

 
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
                                                 
(a) Initial Collateral Amount
 
$
890,417,000.00
   
$
753,434,000.00
   
$
719,200,000.00
   
$
405,406,000.00
   
$
405,406,000.00
   
$
675,676,000.00
   
$
479,454,000.00
   
$
821,919,000.00
 
(b) Initial Excess Collateral Amount
 
$
23,750,000.00
   
$
133,767,000.00
   
$
127,700,000.00
   
$
67,906,000.00
   
$
67,906,000.00
   
$
113,176,000.00
   
$
80,309,000.00
   
$
137,672,000.00
 
                                                                 
(c) Principal Payments made to Noteholders
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(d) Principal Accumulation Account Balances
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(e) Unreimbursed Investor Charge-offs and Reallocated Principal Collections
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(f) Collateral Amount - End of Current Monthly Period
 
$
890,417,000.00
   
$
753,434,000.00
   
$
719,200,000.00
   
$
405,406,000.00
   
$
405,406,000.00
   
$
675,676,000.00
   
$
479,454,000.00
   
$
821,919,000.00
 
(g) Excess Collateral Amount - End of Current Monthly Period
 
$
23,750,000.00
   
$
133,767,000.00
   
$
127,700,000.00
   
$
67,906,000.00
   
$
67,906,000.00
   
$
113,176,000.00
   
$
80,309,000.00
   
$
137,672,000.00
 
(h) Required Excess Collateral Amount
 
$
23,750,000.00
   
$
133,767,000.00
   
$
127,700,000.00
   
$
67,906,000.00
   
$
67,906,000.00
   
$
113,176,000.00
   
$
80,309,000.00
   
$
137,672,000.00
 
                                                                 
(i) Beginning Class A Note Principal Balance
 
$
650,000,000.00
   
$
550,000,000.00
   
$
525,000,000.00
   
$
300,000,000.00
   
$
300,000,000.00
   
$
500,000,000.00
   
$
350,000,000.00
   
$
600,000,000.00
 
(j) Beginning Class M Note Principal Balance
 
$
32,500,000.00
   
$
42,167,000.00
   
$
40,250,000.00
   
$
22,297,000.00
   
$
22,297,000.00
   
$
37,162,000.00
   
$
31,165,000.00
   
$
53,425,000.00
 
(k) Beginning Class B Note Principal Balance
 
$
41,166,000.00
   
$
27,500,000.00
   
$
26,250,000.00
   
$
15,203,000.00
   
$
15,203,000.00
   
$
25,338,000.00
   
$
17,980,000.00
   
$
30,822,000.00
 
(l) Beginning Class C Note Principal Balance, if applicable
 
$
108,334,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(m) Beginning Class D Note Principal Balance, if applicable
 
$
34,667,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(n) Total Beginning Note Principal Balance
 
$
866,667,000.00
   
$
619,667,000.00
   
$
591,500,000.00
   
$
337,500,000.00
   
$
337,500,000.00
   
$
562,500,000.00
   
$
399,145,000.00
   
$
684,247,000.00
 
                                                                 
(o) Ending Class A Note Principal Balance
 
$
650,000,000.00
   
$
550,000,000.00
   
$
525,000,000.00
   
$
300,000,000.00
   
$
300,000,000.00
   
$
500,000,000.00
   
$
350,000,000.00
   
$
600,000,000.00
 
(p) Ending Class M Note Principal Balance
 
$
32,500,000.00
   
$
42,167,000.00
   
$
40,250,000.00
   
$
22,297,000.00
   
$
22,297,000.00
   
$
37,162,000.00
   
$
31,165,000.00
   
$
53,425,000.00
 
(q) Ending Class B Note Principal Balance
 
$
41,166,000.00
   
$
27,500,000.00
   
$
26,250,000.00
   
$
15,203,000.00
   
$
15,203,000.00
   
$
25,338,000.00
   
$
17,980,000.00
   
$
30,822,000.00
 
(r) Ending Class C Note Principal Balance, if applicable
 
$
108,334,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(s) Ending Class D Note Principal Balance, if applicable
 
$
34,667,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(t) Total Ending Note Principal Balance
 
$
866,667,000.00
   
$
619,667,000.00
   
$
591,500,000.00
   
$
337,500,000.00
   
$
337,500,000.00
   
$
562,500,000.00
   
$
399,145,000.00
   
$
684,247,000.00
 
                                                                 
(u) Allocation Percentage- Finance Charges Collections and Default Amounts
   
14.02
%
   
11.86
%
   
11.32
%
   
6.38
%
   
6.38
%
   
10.64
%
   
7.55
%
   
12.94
%
(v) Allocation Percentage- Principal Collections
   
14.02
%
   
11.86
%
   
11.32
%
   
6.38
%
   
6.38
%
   
10.64
%
   
7.55
%
   
12.94
%


  
 
MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

III. RECEIVABLES IN THE TRUST
                       
                         
(a) Beginning of the Month Principal Receivables
 
$
6,351,816,894.83
                   
                           
(b) Collection of Principal Receivables
 
$
793,283,989.52
                   
(c) Defaulted Receivables (principal charge-offs):
 
$
44,581,730.90
                   
(d) Dilution (Principal net of Debit Adjustments):
 
$
61,846,933.04
                   
(e) Sales (principal receivables generated):
 
$
770,833,559.18
                   
(f) Net (Removal)/Addition of Principal Receivables:
 
$
0.00
                   
                           
(g) End of Month Principal Receivables (a - b - c - d + e + f)
 
$
6,222,937,800.55
                   
                           
(h) Recoveries of previously Charged-off Receivables:
 
$
7,572,158.68
                   
                           
(i)  Beginning of the Month Finance Charge Receivables
 
$
249,231,625.36
                   
(j)  End of the Month Finance Charge Receivables
 
$
244,300,610.73
                   
                           
                           
IV. RECEIVABLES PERFORMANCE SUMMARY
                         
                           
COLLECTIONS:
                         
(a) Collections of Principal Receivables
 
$
793,283,989.52
                   
(b) Collections of Finance Charge Receivables
 
$
174,682,226.08
                   
(c) Total Collections (a+b).
 
$
967,966,215.60
                   
(d) Monthly Payment Rate (% of Beginning Principal Receivables)
   
15.24
%
                 
                           
DELINQUENCIES AND LOSSES:
 
PRINCIPAL
   
% OF PRINCIPAL
         
% OF
 
End of the month delinquencies:
 
RECEIVABLES
   
RECEIVABLES
   
ACCOUNTS
   
ACCOUNTS
 
  (e) 1-30 days delinquent (CA1)
 
$
284,875,655.60
     
4.58
%
   
487,584
     
0.83
%
  (f) 31-60 days delinquent (CA2)
 
$
96,603,513.19
     
1.55
%
   
156,768
     
0.27
%
  (g) 61-90 days delinquent (CA3)
 
$
97,056,203.86
     
1.56
%
   
152,619
     
0.26
%
  (h) 91-120 days delinquent (CA4)
 
$
47,062,207.76
     
0.76
%
   
70,523
     
0.12
%
  (i) 121-150 days delinquent (CA5)
 
$
29,726,431.39
     
0.48
%
   
52,938
     
0.09
%
  (j) 151+ days delinquent (CA6)
 
$
26,973,497.99
     
0.43
%
   
43,553
     
0.07
%
                                 
  (k) Total delinquencies (e +f + g  + h + i + j)
 
$
582,297,509.79
     
9.36
%
   
963,985
     
1.65
%
                                 
(l) Total 60+ days delinquent
 
$
200,818,341.00
     
3.23
%
               
(m) Lowest Delinquency Trigger (all series)
           
9.50
%
               
(n) Investor Requests for Communications
         
None
                 
                                 
                                 
CHARGE-OFFS:
                               
(o) Number of Charged-Off Accounts
   
73,364
                         
(p) Gross Charge-Offs (principal charge-offs):
 
$
44,581,730.90
                         
(q) Number of Charged-Off Accounts with Recoveries
   
72,738
                         
(r) Recoveries (includes principal, finance charges and fees)
 
$
7,572,158.68
                         
(s) Gross Principal Charge-Off Rate
      (% of Total Principal Receivables - End of Monthly Period) - annualized
                               
     (i)    Current
   
8.60
%
                       
     (ii)   Prior Monthly Period
   
9.71
%
                       
     (iii)  Two Months Prior Monthly Period
   
10.43
%
                       
     (iv) Three Months Prior Monthly Period
   
11.69
%
                       
     (v)  Three -Month Average
   
9.58
%
                       
     (vi)  Four-Month Average
   
10.11
%
                       
(t) Net Principal Charge-Offs (Gross Charge-Offs - recoveries)
 
$
37,009,572.22
                         
(u) Net Principal Charge-Off Rate
      (% of Total Principal Receivables - End of Monthly Period) - annualized
                               
     (i)    Current
   
7.14
%
                       
     (ii)   Prior Monthly Period
   
8.17
%
                       
     (iii)  Two Months Prior Monthly Period
   
8.71
%
                       
     (iv) Three Months Prior Monthly Period
   
9.89
%
                       
     (v)  Three -Month Average
   
8.01
%
                       
     (vi)  Four-Month Average
   
8.48
%
                       
(v) Average Net Charge Off (net principal charge-offs/number of charged-off accounts)
 
$
504.47
                         
                                 
                                 
V. TRANSFEROR INTEREST AND SELLER'S INTEREST
                               
                                 
(a) Required Retained Transferor Percentage
   
4.00
%
                       
(b) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)
   
0.00
%
                       
                                 
(c) Beginning Transferor's Amount
 
$
1,179,354,379.98
                         
(d) Ending Transferor's Amount (including Excess Funding/Principal Accounts)
 
$
1,362,542,393.43
                         
(e) Minimum Transferor's Amount
 
$
248,917,512.02
                         
(f) Excess Funding Account Balance at end of Monthly Period
 
$
0.00
                         
(g) Collections and Principal Accounts Balance at end of Monthly Period
   
290,516,592.88
                         
(h) Sum of Principal Receivables, Excess Funding, Collections and Principal Accounts
 
$
6,513,454,393.43
                         
(i) Required Seller's Interest (as of the most recent RR measurement date)
 
$
207,558,950.00
                         
(j) Seller's Interest (as of the most recent RR measurement date)
 
$
2,114,728,393.43
                         

 
  
 
MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

VI. TRUST ACCOUNT BALANCES AND EARNINGS
                         
                                                 

 
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
BEGINNING ACCOUNT BALANCES:
                                               
                                                 
(a) Finance Charge Account
 
$
12,954,361.63
   
$
10,905,536.55
   
$
10,768,790.51
   
$
6,148,691.37
   
$
6,173,792.69
   
$
10,108,284.43
   
$
6,970,243.26
   
$
11,794,267.18
 
(b) Cash Collateral Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(c) Spread Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(d) Reserve Account
 
$
0.00
   
$
3,098,335.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(e) Principal Account
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(f) Principal Accumulation Account
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
ENDING ACCOUNT BALANCES:
                                                               
                                                                 
(g) Finance Charge Account
 
$
12,085,726.44
   
$
10,170,533.40
   
$
10,067,183.94
   
$
5,753,202.62
   
$
5,778,303.93
   
$
9,449,137.16
   
$
6,502,517.89
   
$
10,992,454.36
 
(h) Cash Collateral Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(i) Spread Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(j) Reserve Account
 
$
0.00
   
$
3,098,335.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(k) Principal Account
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(l) Principal Accumulation Account
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
INTEREST AND EARNINGS:
                                                               
                                                                 
(m) Interest and Earnings on Finance Charge Account
 
$
1,123.20
   
$
946.67
   
$
927.78
   
$
528.22
   
$
529.95
   
$
871.02
   
$
604.42
   
$
1,025.75
 
(n) Interest and Earnings on Cash Collateral Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(o) Interest and Earnings on Spread Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(p) Interest and Earnings on Reserve Account
 
$
0.00
   
$
215.91
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(q) Interest and Earnings on Principal Accumulation Account
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(r) Interest and Earnings on Principal Account
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(s) Interest and Earnings on Collection Account (allocated)
 
$
3,140.35
   
$
2,657.23
   
$
2,536.50
   
$
1,429.80
   
$
1,429.80
   
$
2,382.99
   
$
1,690.95
   
$
2,898.77
 




MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

VII. ALLOCATION and APPLICATION of COLLECTIONS
                         
                                                 
   
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
                                                 
APPLICATIONS OF FINANCE CHARGE COLLECTIONS:
                                               
                                                 
(a) Floating Allocation of Finance Charges
 
$
24,491,748.98
   
$
20,724,116.14
   
$
19,782,286.48
   
$
11,151,086.49
   
$
11,151,088.22
   
$
18,585,116.45
   
$
13,187,828.48
   
$
22,607,636.64
 
                                                                 
(b) Class A Monthly Interest
 
$
1,099,583.33
   
$
1,058,750.00
   
$
1,343,125.00
   
$
865,000.00
   
$
887,500.00
   
$
1,308,333.33
   
$
726,250.00
   
$
1,105,000.00
 
(c) Class A Swap Payment Due to (from) Swap Provider, if applicable
                                                               
                                                                 
(d) Class M Monthly Interest
 
$
63,104.17
   
$
93,470.18
   
$
106,327.08
   
$
70,792.98
   
$
73,394.29
   
$
111,795.68
   
$
78,951.33
   
$
120,651.46
 
(e) Class M Swap Payment Due to (from) Swap Provider, if applicable
                                                               
                                                                 
(f) Class B Monthly Interest
 
$
86,791.65
   
$
65,312.50
   
$
71,531.25
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(g) Class B Swap Payment Due to (from) Swap Provider, if applicable
                                                               
                                                                 
(h) Servicing Fee (Collateral Amount*2%/12)
 
$
1,484,028.33
   
$
1,255,723.33
   
$
1,198,666.67
   
$
675,676.67
   
$
675,676.67
   
$
1,126,126.67
   
$
799,090.00
   
$
1,369,865.00
 
                                                                 
(i) Class C Monthly Interest
 
$
255,487.68
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(j) Class C Swap Payment Due to (from) Swap Provider, if applicable
                                                               
                                                                 
(k) Class D Monthly Interest
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(l) Investor Default Amounts
 
$
6,249,602.55
   
$
5,288,154.93
   
$
5,047,875.50
   
$
2,845,438.01
   
$
2,845,438.01
   
$
4,742,392.00
   
$
3,365,161.43
   
$
5,768,833.12
 
(m) Uncovered Dilution Amounts
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(n) Unreimbursed Investor Chargeoffs & Reallocated Principal Collections
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(o) Required to be Deposited into Cash Collateral Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(p) Required Reserve Account Amount, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(q) Required to be Deposited into the Spread Account, if applicable
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(r) Required Payments and Deposits Relating to Interest Rate Swaps
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(s) Other Payments Required to be made
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(t) Excess Finance Charge Collections (a-b-c-d-e-f-g-h-i-j-k-l-m-n-o-p-q-r-s)
 
$
15,253,151.27
   
$
12,962,705.20
   
$
12,014,760.98
   
$
6,694,178.83
   
$
6,669,079.25
   
$
11,296,468.77
   
$
8,218,375.72
   
$
14,243,287.06
 

 
   

MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

APPLICATION OF PRINCIPAL COLLECTIONS:
                                               
   
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
                                                 
(u) Investor Principal Collections
 
$
111,204,961.00
   
$
94,097,033.85
   
$
89,821,519.53
   
$
50,631,511.33
   
$
50,631,511.33
   
$
84,385,768.95
   
$
59,879,431.07
   
$
102,650,185.64
 
                                                                 
(v) Less Reallocated Principal Collections
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(w) Plus Shared Principal Collections from other Principal Sharing Series
 
$
0.00
   
$
215,736,466.15
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(x) Plus Aggregate amount of Finance Charge Collections applied to cover Defaults and Uncovered Dilution and to be treated as Available Principal Collections
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(y) Available Principal Collections (u+v+w+x)
 
$
111,204,961.00
   
$
309,833,500.00
   
$
89,821,519.53
   
$
50,631,511.33
   
$
50,631,511.33
   
$
84,385,768.95
   
$
59,879,431.07
   
$
102,650,185.64
 
                                                                 
(z) Deposits to Principal Accumulation Account
 
$
0.00
   
$
309,833,500.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(aa) Monthly Principal applied for payments to the Class A Noteholders
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(ab) Monthly Principal applied for payments to the Class M Noteholders
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(ac) Monthly Principal applied for payments to the Class B Noteholders
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(ad) Monthly Principal applied for payments to the Class C Noteholders
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(ae) Shared Principal Collections applied to other Principal Sharing
 
$
45,058,731.41
   
$
0.00
   
$
36,394,452.96
   
$
18,595,241.21
   
$
18,595,241.21
   
$
33,508,656.84
   
$
21,991,689.24
   
$
41,592,453.28
 

  
  

MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

VIII.  INVESTOR CHARGE-OFFS
                                               
                                                 
   
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
                                                 
(a) Investor Defaults and Uncovered Dilution
 
$
6,249,602.55
   
$
5,288,154.93
   
$
5,047,875.50
   
$
2,845,438.01
   
$
2,845,438.01
   
$
4,742,392.00
   
$
3,365,161.43
   
$
5,768,833.12
 
(b) Reimbursed from Available Funds
 
$
6,249,602.55
   
$
5,288,154.93
   
$
5,047,875.50
   
$
2,845,438.01
   
$
2,845,438.01
   
$
4,742,392.00
   
$
3,365,161.43
   
$
5,768,833.12
 
(c) Reimbursed from Cash Collateral Account
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(d) Total reimbursed in respect of Investor Defaults and Dilution
 
$
6,249,602.55
   
$
5,288,154.93
   
$
5,047,875.50
   
$
2,845,438.01
   
$
2,845,438.01
   
$
4,742,392.00
   
$
3,365,161.43
   
$
5,768,833.12
 
(e) Investor Charge-off (a - d)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
                                                                 
IX.  YIELD and BASE RATE
                                                               
                                                                 
   
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
Base Rate
                                                               
(Monthly interest, any net swap payments and monthly servicing fees divided by collateral amounts plus amounts on deposit in the principal accumulation account)
                                                               
                                                                 
(a) Base Rate (current month)
   
4.03
%
   
3.94
%
   
4.54
%
   
4.77
%
   
4.84
%
   
4.52
%
   
4.02
%
   
3.79
%
(b) Base Rate (prior month)
   
4.03
%
   
3.94
%
   
4.54
%
   
4.77
%
   
4.84
%
   
4.52
%
   
4.02
%
   
3.79
%
(c) Base Rate (2 months prior)
   
4.03
%
   
3.94
%
   
4.54
%
   
4.77
%
   
4.84
%
   
4.52
%
   
4.02
%
   
3.79
%
                                                                 
(d) 3 Month Average Base Rate
   
4.03
%
   
3.94
%
   
4.54
%
   
4.77
%
   
4.84
%
   
4.52
%
   
4.02
%
   
3.79
%
                                                                 
Gross Portfolio Yield
                                                               
(Finance charge collections allocable to each series divided by the collateral amount)
                                                               
                                                                 
(e) Gross Portfolio Yield (current month)
   
33.01
%
   
33.01
%
   
33.01
%
   
33.01
%
   
33.01
%
   
33.01
%
   
33.01
%
   
33.01
%
(f) Gross Portfolio Yield (prior month)
   
33.50
%
   
33.50
%
   
33.50
%
   
33.50
%
   
33.50
%
   
33.50
%
   
33.50
%
   
33.50
%
(g) Gross Portfolio Yield (2 months prior)
   
34.83
%
   
34.83
%
   
34.83
%
   
34.83
%
   
34.83
%
   
34.83
%
   
34.83
%
   
34.83
%
                                                                 
(h) 3 Month Average Gross Portfolio Yield
   
33.78
%
   
33.78
%
   
33.78
%
   
33.78
%
   
33.78
%
   
33.78
%
   
33.78
%
   
33.78
%
                                                                 
Net Portfolio Yield
                                                               
(Finance charge collections less defaults allocable to each series divided by the collateral amount)
                                                               
                                                                 
(i) Net Portfolio Yield (current month)
   
24.58
%
   
24.58
%
   
24.58
%
   
24.58
%
   
24.58
%
   
24.58
%
   
24.58
%
   
24.58
%
(j) Net Portfolio Yield (prior month)
   
24.00
%
   
24.00
%
   
24.00
%
   
24.00
%
   
24.00
%
   
24.00
%
   
24.00
%
   
24.00
%
(k) Net Portfolio Yield (2 months prior)
   
24.54
%
   
24.54
%
   
24.54
%
   
24.54
%
   
24.54
%
   
24.54
%
   
24.54
%
   
24.54
%
                                                                 
(l) 3 Month Average Net Portfolio Yield
   
24.37
%
   
24.37
%
   
24.37
%
   
24.37
%
   
24.37
%
   
24.37
%
   
24.37
%
   
24.37
%
                                                                 
Excess Spread Percentage
                                                               
(Net Portfolio Yield less Base Rate)
                                                               
                                                                 
(m) Net Portfolio Adjusted Yield (current month)
   
20.56
%
   
20.65
%
   
20.05
%
   
19.81
%
   
19.74
%
   
20.06
%
   
20.57
%
   
20.80
%
(n) Net Portfolio Adjusted Yield (prior month)
   
19.97
%
   
20.06
%
   
19.46
%
   
19.23
%
   
19.15
%
   
19.47
%
   
19.98
%
   
20.21
%
(o) Net Portfolio Adjusted Yield (2 months prior)
   
20.51
%
   
20.60
%
   
20.00
%
   
19.77
%
   
19.69
%
   
20.02
%
   
20.52
%
   
20.75
%
                                                                 
(p) Net Portfolio Adjusted Yield (3 month average)
   
20.34
%
   
20.43
%
   
19.84
%
   
19.60
%
   
19.53
%
   
19.85
%
   
20.36
%
   
20.58
%


  
 
MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

X.  PRINCIPAL ACCUMULATION ACCOUNT
                                               
                                                 
   
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
                                                 
(a) Cumulative Class A principal distributed to PAA (as of prior distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(b) Class A Principal deposited in the Principal Accumulation Account (PAA)
 
$
0.00
   
$
275,000,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(c) Total Class A Principal deposited in the PAA (a + b)
 
$
0.00
   
$
275,000,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(d) Cumulative Class M principal distributed to PAA (as of prior distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(e) Class M Principal deposited in the Principal Accumulation Account (PAA)
 
$
0.00
   
$
21,083,500.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(f) Total Class M Principal deposited in the PAA (d +e)
 
$
0.00
   
$
21,083,500.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(g) Cumulative Class B principal distributed to PAA (as of prior distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(h) Class B Principal deposited in the Principal Accumulation Account (PAA)
 
$
0.00
   
$
13,750,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(i) Total Class B Principal deposited in the PAA (g + h)
 
$
0.00
   
$
13,750,000.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(j) Cumulative Class C principal distributed to PAA (as of prior distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(k) Class C Principal deposited in the Principal Accumulation Account (PAA)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(l) Total Class C Principal deposited in the PAA (j + k)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(m) Cumulative Class D principal distributed to PAA (as of prior distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(n) Class D Principal deposited in the Principal Accumulation Account (PAA)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(o) Total Class D Principal deposited in the PAA (m + n)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(p) Ending PAA balance (c + f + i + l + o)
 
$
0.00
   
$
309,833,500.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
 
     
 
 
MONTHLY NOTEHOLDER'S STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2016-A, SERIES 2017-C, SERIES 2018-A, SERIES 2018-B, SERIES 2018-C, SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

XI.  PRINCIPAL REPAYMENT
                                               
                                                 
   
Series 2016-A
   
Series 2017-C
   
Series 2018-A
   
Series 2018-B
   
Series 2018-C
   
Series 2019-A
   
Series 2019-B
   
Series 2019-C
 
                                                 
(a) Class A Principal Paid (as of prior distribution dates)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(b) Class A Principal Payments (to be paid on current distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(c) Total Class A Principal Paid (a + b)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(d) Class M Principal Paid (as of prior distribution dates)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(e) Class M Principal Payments (to be paid on current distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(f) Total Class M Principal Paid (d + e)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(g) Class B Principal Paid (as of prior distribution dates)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(h) Class B Principal Payments (to be made on current distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(i) Total Class B Principal Paid (g + h)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(j) Class C Principal Paid (as of prior distribution dates)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(k) Class C Principal Payments (to be made on current distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(l) Total Class C Principal Paid (j + k)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(m) Class D Principal Paid (as of prior distribution dates)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(n) Class D Principal Payments (to be made on current distribution date)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
(o) Total Class D Principal Paid (m + n)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
                                                                 
(p) Total Principal Paid (c + f + i + l + o)
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
 

 
 
XII. SUPPLEMENTAL INFORMATION


Solely with respect to the Series 2017-C, 2018-A, 2018-B and 2018-C Notes and with respect to the Series 2019-A, 2019-B and 2019-C Notes and in each case with reference to the EU Retention Rules in effect and applicable on the date of issuance of the relevant Series of Notes:


Comenity Bank (the “Bank”), as “originator” for the purposes of those EU Retention Rules, will retain on an ongoing basis a material net economic interest that is not less than five percent of the nominal value of the securitized exposures with respect to the relevant Series of Notes, in the form of a first loss tranche in accordance with the text of (in the case of the Series 2017-C, 2018-A, 2018-B and 2018-C Notes) option (d) of each of Article 405(1) of the CRR (as supplemented by Article 8 of the CRR Delegated Regulation), Article 51(1) of the AIFM Regulation and Article 254(2) of the Solvency II Regulation or (in the case of the Series 2019-A, 2019-B and 2019-C Notes) option (d) of Article 6(3) of the EU Securitization Regulation (as supplemented by Article 8 of the CRR Delegated Regulation), by holding, through the Transferor (its wholly-owned subsidiary), the right to receive distributions in respect of the excess collateral amount relating to that Series of Notes (the “Retained Interest”).


The Bank will not allow the Retained Interest to be subject to any credit risk mitigation or other credit risk hedge or to be sold or transferred if, as a result, the bank would not retain a material net economic interest in an amount that is not less than five percent of the nominal value of the securitized exposures, except to the extent permitted in accordance with (in the case of the Series  2017-C, 2018-A, 2018-B and 2018-C Notes) Article 405(1) of the CRR (as supplemented by Article 12 of the CRR Delegated Regulation), Article 51(1) of the AIFM Regulation and Article 254 of the Solvency II Regulation or (in the case of the Series 2019-A, 2019-B and 2019-C Notes) option (d) of Article 6(1) of the EU Securitization Regulation (as supplemented by Article 12 of the CRR Delegated Regulation).


For purposes of the foregoing: (i) “AIFM Regulation” means Commission Delegated Regulation (EU) No. 231/2013, (ii) “CRR” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013, as supplemented by the CRR Delegated Regulation, (iii) “CRR Delegated Regulation” means Commission Delegated Regulation (EU) No. 625/2014 (in relation to the Series 2019-A, 2019-B and 2019-C Notes), as and to the extent applicable on the date of issuance of the relevant Series of Notes pursuant to Article 43(7) of the EU Securitization Regulation), [references to CRR Delegated Regulation to be updated for Series issued after adoption of final regulatory technical standards under Article 6(7) SR], (iv) “EU Retention Rules” means (in relation to the Series 2017-C, 2018-A, 2018-B and 2018-C Notes) (a) Articles 404 – 410 (inclusive) of the CRR, (b) Articles 50 – 56 (inclusive) of the AIFM Regulation, and (c) Articles 254 – 257 (inclusive) of the Solvency II Regulation, or (in relation to the Series 2019-A, 2019-B and 2019-C Notes) Articles 5 and 6 of the EU Securitization Regulation, in each case, as in effect and applicable on the date of issuance of the relevant Series of Notes, together with any guidance published in relation thereto by the relevant European Union supervisory authorities or the European Commission and  any relevant regulatory and/or implementing technical standards adopted by the European Commission in relation thereto or to precedent legislation, in each case as in effect and applicable on the date of issuance of the relevant Series of Notes, (v) “EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, and (vi) “Solvency II Regulation” means Commission Delegated Regulation (EU) No. 2015/35.

 




Comenity Bank, as Servicer




By:
/s/ Michael Blackham

Name:
Michael Blackham

Title:
Treasurer

 
 
 
Exhibit 99.2


SECOND ADDENDUM TO
APPENDIX A OF
THIRD AMENDED AND RESTATED SERVICE AGREEMENT, AS AMENDED

This Second Addendum to Appendix A of that certain Third Amended and Restated Service Agreement, as Amended (the "Addendum") is entered into as of this 26th day of August, 2020, by and between Comenity Servicing LLC (“Servicer”), a Texas limited liability company with its principal place of business at 3075 Loyalty Circle, Columbus, OH 43219 and Comenity Bank (“Bank”), a Delaware state bank with its principal place of business at One Righter Parkway, Suite 100, Wilmington, DE 19803.

RECITALS

WHEREAS, Bank and Servicer entered into that certain Third Amended and Restated Service Agreement as of April 23, 2019, as amended on February 20, 2020 (the “Agreement”), to outsource certain data processing activities and certain other administrative and servicing functions; and

WHEREAS, Bank and Servicer desire to modify certain Performance Standards set forth in Appendix A to the Agreement.

NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Bank and Servicer agree as follows:

1. Performance Standards. Bank and Servicer agree to amend the Performance Standards set forth in Appendix A to the Agreement, such that certain Performance Standards are hereby amended, added, or deleted in as set forth in further detail in Exhibit A hereto.

2. Effective Date:  The amendments, additions, and deletions to the Performance Standards, as set forth in Exhibit A hereto, shall be effective as of the first day of the month following the month in which this Addendum is executed.

3. Miscellaneous.  Capitalized terms not otherwise defined in this Addendum shall have the meanings assigned to them in the Agreement.  Other than as set forth above and in Exhibit A hereto, the parties agree that the Agreement, as amended by this Addendum, shall continue in full force and effect. The parties may execute this Addendum in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute but one and the same instrument.


Second Addendum to Appendix A of Third Amended
and Restated Service Agreement, as Amended
Comenity Bank/Comenity Servicing LLC
1

IN WITNESS WHEREOF, the parties have caused this Addendum to be executed by their authorized officers effective as of the date first written above.

Comenity Servicing LLC


By: /s/ Julie Fire
Name: Julie Fire
Title: Vice President, Delivery


Comenity Bank


By: /s/ Ron Ostler
Name: Ron Ostler
Title: President

Second Addendum to Appendix A of Third Amended
and Restated Service Agreement, as Amended
Comenity Bank/Comenity Servicing LLC
2
EXHIBIT A

1.
Amendments and Additions.  Set forth below are additional Performance Standards or revisions to existing Performance Standards, all of which shall be incorporated into Appendix A to the Agreement.

Service
Performance Standard
Measuring Period
Amended/
Added
BSA/AML
• Support day-to-day functions of the Compliance function in the areas of BSA/AML/OFAC, to ensure all regulatory requirements are met.
• Initiate review of Watch List Filtering, Suspicious Activity Monitoring, and OFAC alerts.
• Support reporting for senior Bank management, committees and boards as requested
1st Level Watch List Filtering (WLF) Alerts:
• Initiate action on ≥95% of Watch List Filtering Alerts within 21 calendar days of alert generation.
 
M
Amended
1st Level Suspicious Activity Monitoring (SAM) Alerts:
• Initiate action on ≥95% of Suspicious Activity Monitoring Alerts within 30 calendar days of alert generation.
M
Amended
OFAC Real Time Alerts:
• Initiate action on ≥95% of OFAC Real Time Alerts within 4 calendar days of alert generation.
 
M
Amended
Collections
•  Manage collection of overdue accounts from initial delinquency through charge-off
• Manage special account processing including bankruptcy, deceased & fraud
• Manage collection exceptions, including but not limited to settlement offers
• Manage collection agencies and law firms retained to collect overdue accounts
•  Manage sales of accounts to debt buyers
 
A same-day collection attempt will be made on at least 85% (monthly average) of the collection accounts that are downloaded daily into the dialer categories.
 
M
Amended
Provide account level details to Bank on accounts to be sold as part of the debt-sales program to ensure appropriate exclusions have been applied.
 
M
Amended


Second Addendum to Appendix A of Third Amended
and Restated Service Agreement, as Amended
Comenity Bank/Comenity Servicing LLC
3

Service
Performance Standard
Measuring Period
Amended/
Added
Complaints Management
• Identify, capture, respond to and document complaints in system of record in accordance with definitions and requirements of the Bank policies and procedures.
• Support day-to-day functions of the Complaints Management function for Tiers 2 in the areas of investigation, response, and risk identification to ensure all regulatory requirements are met.
•  Initiate quality assurance monitoring of complaints for Tier 1 & 2 activities and provide feedback through monitoring forms and direct communication and to ensure remediation verification.
• Complete Intake complaints management functions not completed by automation. Prepare Complaints Management reporting on all Tiers of complaint data. Complete qualitative review of complaints through data mining to determine root causes driving complaints and assist in solutioning for reduction in complaints.
• Prepare Complaints Management reporting on all Tiers of complaint data. Complete qualitative review of complaints through data mining to determine root causes driving complaints and assist in solutioning for reduction in complaints.
• Other complaint management services, as requested.
 
Servicer's quality review for Tier 3 complaints will maintain an accuracy rate of 90% or higher. Quality management audits should consist of a minimum average of 5 customer complaint interactions per associate each month. These reviews can consist of call listening or full process reviews. Complaints must be logged with the proper primary and secondary reason utilizing targeted attributes for logging the complaint.
M
Amended
Desktop/PC Support
• Provision of hardware, software and support to ensure continuous functioning
Desktop/PC Support:
Work 90% of service requests within 6 business days
M
Amended
Information Technology Services/Outsourcing
• Provide Information Technology platform and services, including outsourcing of Information Technology platform and services.
• Provide network and telecommunications access.
 
 
 
 
Authorizations average response time is less than 3 seconds
M
Added
Priority 1 Incidents Restored Within Defined Time
M
Added
Priority 2 Incidents Restored Within Defined Time
M
Added
Model Development
• Perform model development activities, including new models and changes to existing models as needed

Provide model monitoring report monthly

M

Added



Second Addendum to Appendix A of Third Amended
and Restated Service Agreement, as Amended
Comenity Bank/Comenity Servicing LLC
4


Service
Performance Standard
Measuring Period
Amended/
Added
• Complete model monitoring as scheduled, and provide reporting of monitoring results
• Follow Model Governance Framework
Maintain all required documentation.
• Other FLOD model services, as requested.

Follow internal model governance framework

Q

Added
New Account Processing
• Receive and process applications received via all application channels
• Provide Credit scoring and adjudication in accordance with Bank credit criteria
• Refer application exceptions to appropriate Bank representative
• Establish approved accounts on account processing platform
• Send declined accounts adverse action letters
New accounts average response time is less than 30 seconds
M
Added


Second Addendum to Appendix A of Third Amended
and Restated Service Agreement, as Amended
Comenity Bank/Comenity Servicing LLC
5