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 May 1, 2011 to May 31, 2011
Commission File Number of issuing entity 333-133170-01 and 333-60418-01
_________________________
World Financial Network Credit Card Master Note Trust
(Exact Name of Registrant as Specified in its Charter)
Commission File Number of depositor: 333-133170 and 333-60418
WFN Credit Company, LLC
(Exact Name of Registrant as Specified in its Charter)
World Financial Network National Bank
(Exact Name of Registrant as Specified in its Charter)
_________________________
|
Delaware
|
31-1772814
|
|
(State or other jurisdiction of Incorporation
or organization of the issuing entity)
|
(I.R.S. Employer
Identification No.)
|
|
220 West Schrock Road,
Westerville, Ohio
|
43081
|
|
(Address of principal executive offices of issuing entity)
|
(Zip Code)
|
(614) 729-5004
(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 2004-C, Class A, Class M, Class B and Class C
|
£
|
£
|
S
|
|
|
Series 2009-A, Class A, Class M, Class B and Class C
|
£
|
£
|
S
|
|
|
Series 2009-B, Class A, Class M, Class B and Class C
|
£
|
£
|
S
|
|
|
Series 2009-D, Class A, Class M, Class B and Class C
|
£
|
£
|
S
|
|
|
Series 2010-A, Class A, Class M, Class B and Class C
|
£
|
£
|
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 S No £ [Check]
PART I – DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
The response to Item 1 is set forth below and in Exhibit 99.1.
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
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 2004-C, Series 2009-A, Series 2009-B, Series 2009-D and Series 2010-A 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
Item 9. Exhibits.
|
Exhibit
No.
|
Document Description
|
||
|
99.1
|
Monthly Noteholder’s Statement for World Financial Network Credit Card Master Note Trust, Series 2004-C, Series 2009-A, Series 2009-B, Series 2009-D and Series 2010-A for the June 15, 2011 Payment Date.
|
||
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: June 15, 2011
|
By:
|
/s/ Daniel T. Groomes
|
||
|
Name:
|
Daniel T. Groomes
|
|||
|
Title:
|
President
|
|||
INDEX TO EXHIBITS
|
Exhibit
No.
|
Document Description
|
||
|
99.1
|
Monthly Noteholder’s Statement for World Financial Network Credit Card Master Note Trust, Series 2004-C, Series 2009-A, Series 2009-B, Series 2009-D and Series 2010-A for the June 15, 2011 Payment Date.
|
||
Exhibit 99.1
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2004-C, SERIES 2009-A, SERIES 2009-B, SERIES 2009-D and SERIES 2010-A
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 The Bank of New York Mellon Trust Company, N.A., as indenture trustee (the "Indenture Trustee"), the Series 2004-C Indenture Supplement, dated as of September 22, 2004, the 2009-A Indenture Supplement, dated as of April 14, 2009, the 2009-B Indenture Supplement, dated as of August 13, 2009, the 2009-D Indenture Supplement, dated as of August 13, 2009, the 2010-A Indenture Supplement, dated as of June 28, 2010 (each, an "Indenture Supplement"), World Financial Network National 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 June 15, 2011, and with respect to the performance of the Trust during the month of May 2011 is set forth below. Capitalized terms herein are defined in the Indenture and the Indenture Supplements.
|
Monthly Period:
|
May-11
|
|||
|
Determination Date:
|
6/13/2011
|
|||
|
Distribution Date:
|
6/15/2011
|
|||
|
Number of Days in period:
|
30
|
|||
|
Number of Days in month:
|
31
|
|||
|
Record Date:
|
5/31/2011
|
|
I. DEAL PARAMETERS
|
||||||||||||||||||||
|
Series 2004-C
|
Series 2009-A
|
Series 2009-B
|
Series 2009-D
|
Series 2010-A
|
||||||||||||||||
|
(a) Class A Initial Note Principal Balance
|
$ | 355,500,000.00 | $ | 560,000,000.00 | $ | 395,000,000.00 | $ | 245,000,000.00 | $ | 355,500,000.00 | ||||||||||
|
(b) Class M Initial Note Principal Balance
|
$ | 16,875,000.00 | $ | 26,582,278.00 | $ | 18,750,000.00 | $ | 11,629,747.00 | $ | 16,875,000.00 | ||||||||||
|
(c) Class B Initial Note Principal Balance
|
$ | 21,375,000.00 | $ | 33,670,886.00 | $ | 23,750,000.00 | $ | 14,731,013.00 | $ | 21,375,000.00 | ||||||||||
|
(d) Class C Initial Note Principal Balance
|
$ | 56,250,000.00 | $ | 88,607,595.00 | $ | 62,500,000.00 | $ | 38,765,823.00 | $ | 56,250,000.00 | ||||||||||
|
(e) Total Initial Note Principal Balance
|
$ | 450,000,000.00 | $ | 708,860,759.00 | $ | 500,000,000.00 | $ | 310,126,583.00 | $ | 450,000,000.00 | ||||||||||
|
(f) Class A Initial Note Principal Balance %
|
79.00 | % | 79.00 | % | 79.00 | % | 79.00 | % | 79.00 | % | ||||||||||
|
(g) Class M Initial Note Principal Balance %
|
3.75 | % | 3.75 | % | 3.75 | % | 3.75 | % | 3.75 | % | ||||||||||
|
(h) Class B Initial Note Principal Balance %
|
4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | ||||||||||
|
(i) Class C Initial Note Principal Balance %
|
12.50 | % | 12.50 | % | 12.50 | % | 12.50 | % | 12.50 | % | ||||||||||
|
(j) Required Retained Transferor Percentage
|
4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||||
|
(k) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% Feb-Oct)
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
|
(l) LIBOR rate as of most recent reset day
|
0.198 | % | 0.198 | % | 0.198 | % | 0.198 | % | 0.198 | % | ||||||||||
|
(m) Class A Rate
|
0.40 | % | 4.60 | % | 3.79 | % | 4.66 | % | 3.96 | % | ||||||||||
|
(n) Class A Swap Rate, if applicable
|
1.41 | % | ||||||||||||||||||
|
(o) Class A Swap Rate plus Spread, if applicable
|
1.61 | % | ||||||||||||||||||
|
(p) Class M Rate
|
0.60 | % | 6.00 | % | 0.00 | % | 0.00 | % | 5.20 | % | ||||||||||
|
(q) Class M Swap Rate, if applicable
|
1.41 | % | ||||||||||||||||||
|
(r) Class M Swap Rate plus Spread, if applicable
|
1.81 | % | ||||||||||||||||||
|
(s) Class B Rate
|
0.80 | % | 7.50 | % | 0.00 | % | 0.00 | % | 6.75 | % | ||||||||||
|
(t) Class B Swap Rate, if applicable
|
1.41 | % | ||||||||||||||||||
|
(u) Class B Swap Rate plus Spread, if applicable
|
2.01 | % | ||||||||||||||||||
|
(v) Class C Rate
|
1.50 | % | 9.00 | % | 0.00 | % | 0.00 | % | 5.00 | % | ||||||||||
|
(w) Class C Swap Rate, if applicable
|
1.41 | % | ||||||||||||||||||
|
(x) Class C Swap Rate plus Spread, if applicable
|
2.66 | % | ||||||||||||||||||
|
(y) Servicing Fee Percentage
|
2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | ||||||||||
|
II. COLLATERAL AMOUNTS AND ALLOCATION PERCENTAGES
|
||||||||||||||||||||
|
Series 2004-C
|
Series 2009-A
|
Series 2009-B
|
Series 2009-D
|
Series 2010-A
|
||||||||||||||||
|
Monthly Period
|
81 | 27 | 22 | 22 | 11 | |||||||||||||||
|
(a) Initial Collateral Amount
|
$ | 450,000,000.00 | $ | 708,860,759.00 | $ | 500,000,000.00 | $ | 310,126,583.00 | $ | 450,000,000.00 | ||||||||||
|
(b) Principal Payments made to Noteholders
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(c) Principal Account and Principal Accumulation Account Balance
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(d) Unreimbursed Investor Charge-offs and Reallocated Principal Collections
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(e) Collateral Amount- End of Current Monthly Period
|
$ | 450,000,000.00 | $ | 708,860,759.00 | $ | 500,000,000.00 | $ | 310,126,583.00 | $ | 450,000,000.00 | ||||||||||
|
(f) Beginning Class A Note Principal Balance
|
$ | 355,500,000.00 | $ | 560,000,000.00 | $ | 395,000,000.00 | $ | 245,000,000.00 | $ | 355,500,000.00 | ||||||||||
|
(g) Beginning Class M Note Principal Balance
|
$ | 16,875,000.00 | $ | 26,582,278.00 | $ | 18,750,000.00 | $ | 11,629,747.00 | $ | 16,875,000.00 | ||||||||||
|
(h) Beginning Class B Note Principal Balance
|
$ | 21,375,000.00 | $ | 33,670,886.00 | $ | 23,750,000.00 | $ | 14,731,013.00 | $ | 21,375,000.00 | ||||||||||
|
(i) Beginning Class C Note Principal Balance
|
$ | 56,250,000.00 | $ | 88,607,595.00 | $ | 62,500,000.00 | $ | 38,765,823.00 | $ | 56,250,000.00 | ||||||||||
|
(j) Total Beginning Note Principal Balance
|
$ | 450,000,000.00 | $ | 708,860,759.00 | $ | 500,000,000.00 | $ | 310,126,583.00 | $ | 450,000,000.00 | ||||||||||
|
(k) Ending Class A Note Principal Balance
|
$ | 355,500,000.00 | $ | 560,000,000.00 | $ | 395,000,000.00 | $ | 245,000,000.00 | $ | 355,500,000.00 | ||||||||||
|
(l) Ending Class M Note Principal Balance
|
$ | 16,875,000.00 | $ | 26,582,278.00 | $ | 18,750,000.00 | $ | 11,629,747.00 | $ | 16,875,000.00 | ||||||||||
|
(m) Ending Class B Note Principal Balance
|
$ | 21,375,000.00 | $ | 33,670,886.00 | $ | 23,750,000.00 | $ | 14,731,013.00 | $ | 21,375,000.00 | ||||||||||
|
(n) Ending Class C Note Principal Balance
|
$ | 56,250,000.00 | $ | 88,607,595.00 | $ | 62,500,000.00 | $ | 38,765,823.00 | $ | 56,250,000.00 | ||||||||||
|
(o) Total Ending Note Principal Balance
|
$ | 450,000,000.00 | $ | 708,860,759.00 | $ | 500,000,000.00 | $ | 310,126,583.00 | $ | 450,000,000.00 | ||||||||||
|
(p) Allocation Percentage- Finance Charges Collections and Default Amounts
|
15.14 | % | 23.84 | % | 16.82 | % | 10.43 | % | 15.14 | % | ||||||||||
|
(q) Allocation Percentage- Principal Collections
|
15.14 | % | 23.84 | % | 16.82 | % | 10.43 | % | 15.14 | % | ||||||||||
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2004-C, SERIES 2009-A, SERIES 2009-B, SERIES 2009-D and SERIES 2010-A
|
III. RECEIVABLES IN THE TRUST
|
|||||
|
(a) Beginning of the Month Principal Receivables
|
$ | 2,973,056,801.72 | |||
|
(b) Collection of Principal Receivables
|
$ | 479,550,476.97 | |||
|
(c) Defaulted Receivables (principal charge-offs):
|
$ | 23,538,327.00 | |||
|
(d) Dilution (Principal net of Debit Adjustments):
|
$ | 52,405,689.69 | |||
|
(e) Sales (principal receivables generated):
|
$ | 572,242,413.34 | |||
|
(f) Net (Removal)/Addition of Principal Receivables:
|
$ | (18.27 | ) | ||
|
(g) End of Month Principal Receivables (a - b - c - d + e + f)
|
$ | 2,989,804,703.13 | |||
|
(h) Recoveries of previously Charged-off Receivables:
|
$ | 4,723,060.88 | |||
|
(i) Beginning of the Month Finance Charge Receivables
|
$ | 96,806,742.76 | |||
|
(j) End of the Month Finance Charge Receivables
|
$ | 98,316,819.88 | |||
|
IV. RECEIVABLES PERFORMANCE SUMMARY
|
|||||
|
COLLECTIONS:
|
|||||
|
(a) Collections of Principal Receivables
|
$ | 479,550,476.97 | |||
|
(b) Collections of Finance Charge Receivables
|
$ | 79,398,655.38 | |||
|
(c) Total Collections (a+b).
|
$ | 558,949,132.35 | |||
|
(d) Monthly Payment Rate (% of Beginning Principal Receivables)
|
18.80 | % | |||
|
DELINQUENCIES AND LOSSES:
|
|||||
|
End of the month delinquencies:
|
|||||
|
(e) 1-30 days delinquent (CA1)
|
$ | 147,972,054.99 | |||
|
(f) 31-60 days delinquent (CA2)
|
$ | 47,027,418.67 | |||
|
(g) 61-90 days delinquent (CA3)
|
$ | 28,092,634.94 | |||
|
(h) 91-120 days delinquent (CA4)
|
$ | 22,488,527.84 | |||
|
(i) 121-150 days delinquent (CA5)
|
$ | 20,876,095.85 | |||
|
(j) 151+ days delinquent (CA6)
|
$ | 18,685,156.08 | |||
|
(k) Total delinquencies (e +f + g + h + i + j)
|
$ | 285,141,888.37 |
|
||
|
CHARGE-OFFS:
|
|||||
|
(l) Defaulted Receivables (principal charge-offs)
|
$ | 23,538,327.00 | |||
|
(m) Recoveries of previously Charged-off Receivables
|
$ | 4,723,060.88 | |||
|
(n) Gross Principal Charge-Offs (% of End of Month Total Principal Receivables)
|
9.45 | % |
(annualized)
|
||
|
(o) Net Principal Charge-Offs (% of End of Month Total Principal Receivables)
|
7.55 | % |
(annualized)
|
||
|
V. TRANSFEROR INTEREST
|
|||||
|
(a) Required Retained Transferor Percentage
|
4.00 | % | |||
|
(b) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% Feb-Oct)
|
0.00 | % | |||
|
(c) Beginning Transferor's Amount
|
$ | 173,091,470.75 | |||
|
(d) Ending Transferor's Amount
|
$ | 189,839,372.16 | |||
|
(e) Minimum Transferor's Amount
|
$ | 125,152,188.13 | |||
|
(f) Excess Funding Account Balance at end of Monthly Period
|
$ | 139,000,000.02 | |||
|
(g) Principal Accounts Balance at end of Monthly Period
|
$ | 0.00 | |||
|
(h) Sum of Principal Receivables, Excess Funding Account and Principal Accounts
|
$ | 3,128,804,703.15 | |||
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2004-C, SERIES 2009-A, SERIES 2009-B, SERIES 2009-D and SERIES 2010-A
|
VI. TRUST ACCOUNT BALANCES AND EARNINGS
|
||||||||||||||||||||
| Series 2004-C | Series 2009-A | Series 2009-B | Series 2009-D | Series 2010-A | ||||||||||||||||
|
BEGINNING ACCOUNT BALANCES:
|
||||||||||||||||||||
|
(a) Finance Charge Account
|
$ | 1,339,015.83 | $ | 13,640,562.03 | $ | 8,210,919.83 | $ | 5,465,617.87 | $ | 8,287,399.50 | ||||||||||
|
(b) Cash Collateral Account
|
$ | 15,750,000.00 | $ | 28,354,431.00 | $ | 20,000,000.00 | $ | 12,405,063.32 | $ | 18,000,000.00 | ||||||||||
|
(c) Spread Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(d) Reserve Account
|
$ | 2,250,000.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(e) Principal Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(f) Principal Accumulation Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(g) Pre-Funding Reserve Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
ENDING ACCOUNT BALANCES:
|
||||||||||||||||||||
|
(h.) Finance Charge Account
|
$ | 1,474,853.59 | $ | 14,188,017.89 | $ | 8,535,004.52 | $ | 5,293,863.56 | $ | 8,096,468.77 | ||||||||||
|
(i) Cash Collateral Account
|
$ | 15,750,000.00 | $ | 28,354,431.00 | $ | 20,000,000.00 | $ | 12,405,063.32 | $ | 18,000,000.00 | ||||||||||
|
(j) Spread Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(k) Reserve Account
|
$ | 2,250,000.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(l) Principal Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(m) Principal Accumulation Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(n) Pre-Funding Reserve Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
INTEREST AND EARNINGS:
|
||||||||||||||||||||
|
(o) Interest and Earnings on Finance Charge Account
|
$ | 243.17 | $ | 1,855.51 | $ | 1,175.46 | $ | 750.39 | $ | 1,125.19 | ||||||||||
|
(p) Interest and Earnings on Cash Collateral Account
|
$ | 1,960.19 | $ | 3,528.91 | $ | 2,489.13 | $ | 1,543.86 | $ | 2,240.22 | ||||||||||
|
(q) Interest and Earnings on Spread Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(r) Interest and Earnings on Reserve Account
|
$ | 280.01 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(s) Interest and Earnings on Principal Accumulation Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(t) Interest and Earnings on Principal Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(u) Interest and Earnings on Pre-Funding Reserve Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
VII. ALLOCATION and APPLICATION of COLLECTIONS
|
||||||||||||||||||||
| Series 2004-C | Series 2009-A | Series 2009-B | Series 2009-D | Series 2010-A | ||||||||||||||||
|
APPLICATION OF FINANCE CHARGE COLLECTIONS:
|
||||||||||||||||||||
|
(a) Floating Allocation of Finance Charges
|
$ | 12,020,213.71 | $ | 18,936,267.64 | $ | 13,356,698.30 | $ | 8,284,555.68 | $ | 12,021,095.75 | ||||||||||
|
(b) Class A Monthly Interest
|
$ | 117,907.50 | $ | 2,146,666.67 | $ | 1,247,541.67 | $ | 951,416.67 | $ | 1,173,150.00 | ||||||||||
|
(c) Class A Swap Payment Due to (from) Swap Provider, if applicable
|
$ | 359,943.75 | ||||||||||||||||||
|
(d) Class M Monthly Interest
|
$ | 8,409.38 | $ | 132,911.39 | $ | 0.00 | $ | 0.00 | $ | 73,125.00 | ||||||||||
|
(e) Class M Swap Payment Due to (from) Swap Provider, if applicable
|
$ | 17,085.93 | ||||||||||||||||||
|
(f) Class B Monthly Interest
|
$ | 14,214.38 | $ | 210,443.04 | $ | 0.00 | $ | 0.00 | $ | 120,234.38 | ||||||||||
|
(g) Class B Swap Payment Due to (from) Swap Provider, if applicable
|
$ | 21,642.18 | ||||||||||||||||||
|
(h) Servicing Fee (Beginning Collateral Amount*2%/12)
|
$ | 750,000.00 | $ | 1,181,434.60 | $ | 833,333.33 | $ | 516,877.64 | $ | 750,000.00 | ||||||||||
|
(i) Class C Monthly Interest
|
$ | 67,875.00 | $ | 664,556.96 | $ | 0.00 | $ | 0.00 | $ | 234,375.00 | ||||||||||
|
(j) Class C Swap Payment Due to (from) Swap Provider, if applicable
|
$ | 56,953.13 | ||||||||||||||||||
|
(k) Investor Default Amounts
|
$ | 3,562,746.31 | $ | 5,612,202.34 | $ | 3,958,607.01 | $ | 2,455,338.53 | $ | 3,562,746.31 | ||||||||||
|
(l) Uncovered Dilution Amounts
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(m) Unreimbursed Investor Chargeoffs and Reallocated Principal Collections
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(n) Required to be Deposited into Cash Collateral Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(o) Required Reserve Account Amount
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(p) Required to be Deposited into the Spread Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(q) Required Payments and Deposits Relating to Interest Rate Swaps
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(r) Other Payments Required to be made
|
$ | 2,361.90 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(s) Excess Finance Charge Collections (a-b-c-d-e-f-g-h-i-j-k-l-m-n-o-p-q-r)
|
$ | 7,041,074.25 | $ | 8,988,052.64 | $ | 7,317,216.29 | $ | 4,360,922.84 | $ | 6,107,465.06 | ||||||||||
| Series 2004-C | Series 2009-A | Series 2009-B | Series 2009-D | Series 2010-A | ||||||||||||||||
|
APPLICATION OF PRINCIPAL COLLECTIONS:
|
||||||||||||||||||||
|
(t) Investor Principal Collections
|
$ | 72,584,457.35 | $ | 114,338,385.63 | $ | 80,649,397.06 | $ | 50,023,043.86 | $ | 72,584,457.35 | ||||||||||
|
(u) Less Reallocated Principal Collections
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(v) Plus Shared Principal Collections from other Principal Sharing Series
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(w) 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 | ||||||||||
|
(x) Available Principal Collections (t+u+v+w)
|
$ | 72,584,457.35 | $ | 114,338,385.63 | $ | 80,649,397.06 | $ | 50,023,043.86 | $ | 72,584,457.35 | ||||||||||
|
(y) Deposits to Principal Accumulation Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(z) Monthly Principal applied for payments to the Class A Noteholders
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(aa) Monthly Principal applied for payments to the Class M Noteholders
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(ab) Monthly Principal applied for payments to the Class B Noteholders
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(ac) Monthly Principal applied for payments to the Class C Noteholders
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(ad) Shared Principal Collections applied to other Principal Sharing
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2004-C, SERIES 2009-A, SERIES 2009-B, SERIES 2009-D and SERIES 2010-A
|
VIII. INVESTOR CHARGE-OFFS
|
||||||||||||||||||||
|
Series 2004-C
|
Series 2009-A
|
Series 2009-B
|
Series 2009-D
|
Series 2010-A
|
||||||||||||||||
|
(a) Investor Defaults and Uncovered Dilution
|
$ | 3,562,746.31 | $ | 5,612,202.34 | $ | 3,958,607.01 | $ | 2,455,338.53 | $ | 3,562,746.31 | ||||||||||
|
(b) Reimbursed from Available Funds
|
$ | 3,562,746.31 | $ | 5,612,202.34 | $ | 3,958,607.01 | $ | 2,455,338.53 | $ | 3,562,746.31 | ||||||||||
|
(c) Reimbursed from Cash Collateral Account
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(d) Total reimbursed in respect of Investor Defaults and Dilution
|
$ | 3,562,746.31 | $ | 5,612,202.34 | $ | 3,958,607.01 | $ | 2,455,338.53 | $ | 3,562,746.31 | ||||||||||
|
(e) Investor Charge-off (a - d)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
IX. YIELD and BASE RATE
|
||||||||||||||||||||
|
Series 2004-C
|
Series 2009-A
|
Series 2009-B
|
Series 2009-D
|
Series 2010-A
|
||||||||||||||||
|
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)
|
3.77 | % | 7.34 | % | 4.99 | % | 5.68 | % | 6.27 | % | ||||||||||
|
(b) Base Rate (prior month)
|
3.71 | % | 7.34 | % | 4.99 | % | 5.68 | % | 6.27 | % | ||||||||||
|
(c) Base Rate (2 months prior)
|
3.71 | % | 7.34 | % | 4.99 | % | 5.68 | % | 6.27 | % | ||||||||||
|
(d) 3 Month Average Base Rate
|
3.73 | % | 7.34 | % | 4.99 | % | 5.68 | % | 6.27 | % | ||||||||||
|
Portfolio Yield
|
||||||||||||||||||||
|
(Finance charge collections less defaults allocable to each series divided by collateral
|
||||||||||||||||||||
|
amounts plus amounts on deposit in the principal accumulation account)
|
||||||||||||||||||||
|
(e) Portfolio Yield (current month)
|
22.55 | % | 22.56 | % | 22.56 | % | 22.56 | % | 22.56 | % | ||||||||||
|
(f) Portfolio Yield (prior month)
|
22.71 | % | 22.71 | % | 22.71 | % | 22.71 | % | 22.71 | % | ||||||||||
|
(g) Portfolio Yield (2 months prior)
|
24.94 | % | 24.94 | % | 24.94 | % | 24.94 | % | 24.94 | % | ||||||||||
|
(h) 3 Month Average Portfolio Yield
|
23.40 | % | 23.40 | % | 23.40 | % | 23.40 | % | 23.40 | % | ||||||||||
|
Excess Spread Percentage
|
||||||||||||||||||||
|
(Portfolio Yield less Base Rate)
|
||||||||||||||||||||
|
(i) Portfolio Adjusted Yield (current month)
|
18.78 | % | 15.22 | % | 17.56 | % | 16.87 | % | 16.29 | % | ||||||||||
|
(j) Portfolio Adjusted Yield (prior month)
|
19.01 | % | 15.37 | % | 17.72 | % | 17.03 | % | 16.45 | % | ||||||||||
|
(k) Portfolio Adjusted Yield (2 months prior)
|
21.23 | % | 17.60 | % | 19.95 | % | 19.26 | % | 18.67 | % | ||||||||||
|
(l) Portfolio Adjusted Yield (3 month average)
|
19.67 | % | 16.06 | % | 18.41 | % | 17.72 | % | 17.14 | % | ||||||||||
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER NOTE TRUST
SERIES 2004-C, SERIES 2009-A, SERIES 2009-B, SERIES 2009-D and SERIES 2010-A
|
X. PRINCIPAL ACCUMULATION ACCOUNT
|
||||||||||||||||||||
| Series 2004-C | Series 2009-A | Series 2009-B | Series 2009-D | Series 2010-A | ||||||||||||||||
|
(a) Cumulative Class A principal distributed to PAA (as of prior distribution date)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(b) Class A Principal deposited in the Principal Accumulation Account (PAA)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(c) Total Class A Principal deposited in the PAA (a + b)
|
$ | 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 | ||||||||||
|
(e) Class M Principal deposited in the Principal Accumulation Account (PAA)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(f) Total Class M Principal deposited in the PAA (d +e)
|
$ | 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 | ||||||||||
|
(h) Class B Principal deposited in the Principal Accumulation Account (PAA)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(i) Total Class B Principal deposited in the PAA (g + h)
|
$ | 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 | ||||||||||
|
(k) Class C Principal deposited in the Principal Accumulation Account (PAA)
|
$ | 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 | ||||||||||
|
(m) Ending PAA balance (c + f + i +l)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
|
||||||||||||||||||||
|
XI. PRINCIPAL REPAYMENT
|
||||||||||||||||||||
| Series 2004-C | Series 2009-A | Series 2009-B | Series 2009-D | Series 2010-A | ||||||||||||||||
|
(a) Class A Principal Paid (as of prior distribution dates)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(b) Class A Principal Payments
|
$ | 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 | ||||||||||
|
(d) Class M Principal Paid (as of prior distribution dates)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(e) Class M Principal Payments
|
$ | 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 | ||||||||||
|
(g) Class B Principal Paid (as of prior distribution dates)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(h) Class B Principal Payments
|
$ | 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 | ||||||||||
|
(j) Class C Principal Paid (as of prior distribution dates)
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
|
(k) Class C Principal Payments
|
$ | 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 | ||||||||||
|
World Financial Network National Bank, as Servicer
|
||
|
By:
|
/s/ Daniel T. Groomes
|
|
|
Name:
|
Daniel T. Groomes
|
|
|
Title:
|
President
|
|