Table of Contents
UNITTED STATES
SECURITIES AND EXCHANGE COMMISSION
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) December 15, 2004
World Financial Network Credit Card Master Note Trust
(Issuer of the Notes)
World Financial Network Credit Card Master Trust
(Issuer of the Collateral Certificate)
WFN Credit Company, LLC
(Transferor to each of the trusts)
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 333-113669, 333-113669-01, 333-113669-02 (Commission File Number) |
31-1772814 (I.R.S. Employer Identification No.) |
| 220 West Schrock Road, Westerville, Ohio (Address of Principal Executive Offices) |
43081 (Zip Code) |
(614) 729-5044
(Registrant’s Telephone Number, Including Area Code)
No Change
(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 ( see General Instruction A.2. below):
| 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 Exchnage Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-12(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01. Other Events. | ||||||||
| Item 9.01. Financial Statements and Exhibits. | ||||||||
| SIGNATURES | ||||||||
| INDEX TO EXHIBITS | ||||||||
| Monthly Noteholders' Statement, November 2004 | ||||||||
Table of Contents
Item 8.01. Other Events.
December, 15 2004 is a Distribution Date for the Series 2002-A Notes, Series 2003-A Notes, Series 2004-A Notes, Series 2004-B Notes and Series 2004-C Notes issues by World Financial Credit Card Master Note Trust. The monthly Noteholders’ Statement for the November 2004 Monthly Period is filed herewith as Exhibit 20.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
| Exhibit | ||
| No. |
Document Description |
|
20
|
Monthly Noteholders’ Statement, November 2004 |
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
Co-Registrant and as depositor on behalf of WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST AND WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST, as Co-Registrants |
||||
Dated: December 15, 2004
|
By: | /s/ Daniel T. Groomes | ||
| Name: | Daniel T. Groomes | |||
| Title: | President | |||
Table of Contents
INDEX TO EXHIBITS
| Exhibit No. |
Document Description |
Sequential Page No. |
||
| 20 | Monthly Noteholders’ Statement, November 2004 | 4 |
Exhibit 20
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST
SERIES 2002-A, SERIES 2003-A, SERIES 2004-A, SERIES 2004-B and SERIES 2004-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 BNY Midwest Trust Company, as indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2002-A Indenture Supplement, dated as of November 7, 2002, the Series 2003-A Indenture Supplement, dated as of June 29, 2003, the Series 2004-A Indenture Supplement, dated as of May 19, 2004, each, the Series 2004-B Indenture Supplement, dated as of September 22, 2004, and the Series 2004-C Indenture Supplement, dated as of September 22, 2004, between the Issuer and the Indenture Trustee (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 “Transfer and Servicing Agreement”) between the Servicer, WFN Credit Company, as LLC, as Transferor and the Issuer is required to prepare certain information each month regarding current distributions to the Series 2004-A Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Distribution Date of December 15, 2004, and with respect to the performance of the Trust during the month of November 2004 is set forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplements.
| Monthly Period: | Nov-04 | |
| Determination Date: | 13-Dec-04 | |
| Distribution Date: | 15-Dec-04 | |
| Number of Days in period | 30 |
I. DEAL PARAMETERS
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-C |
||||||||||||||||
(a) Class A/A-1 Initial Note Principal Balance |
$ | 468,000,000.00 | $ | 100,000,000.00 | $ | 390,000,000.00 | $ | 355,500,000.00 | $ | 355,500,000.00 | ||||||||||
(b) Class A-2 Initial Note Principal Balance |
$ | 0.00 | $ | 368,000,000.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(c) Class M Initial Note Principal Balance |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 16,875,000.00 | $ | 16,875,000.00 | ||||||||||
(d) Class B Initial Note Principal Balance |
$ | 51,000,000.00 | $ | 51,000,000.00 | $ | 42,500,000.00 | $ | 21,375,000.00 | $ | 21,375,000.00 | ||||||||||
(e) Class C/C-1 Initial Note Principal Balance |
$ | 81,000,000.00 | $ | 40,000,000.00 | $ | 67,500,000.00 | $ | 56,250,000.00 | $ | 56,250,000.00 | ||||||||||
(f) Class C-2 Initial Note Principal Balance |
$ | 0.00 | $ | 41,000,000.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(g) Total
Initial Note Principal Balance (a + b + c + d + e + f) |
$ | 600,000,000.00 | $ | 600,000,000.00 | $ | 500,000,000.00 | $ | 450,000,000.00 | $ | 450,000,000.00 | ||||||||||
(h) Class A/A-1/A-2 Initial Note Principal Balance % |
78.00 | % | 78.00 | % | 78.00 | % | 79.00 | % | 79.00 | % | ||||||||||
(i) Class M Initial Note Principal Balance % |
0.00 | % | 0.00 | % | 0.00 | % | 3.75 | % | 3.75 | % | ||||||||||
(j) Class B Initial Note Principal Balance % |
8.50 | % | 8.50 | % | 8.50 | % | 4.75 | % | 4.75 | % | ||||||||||
(k) Class C/C-1/C-2/ Initial Note Principal Balance % |
13.50 | % | 13.50 | % | 13.50 | % | 12.50 | % | 12.50 | % | ||||||||||
(l) Required Retained Transferor Percentage |
4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||||
(m) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise) |
2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | ||||||||||
(n) LIBOR rate as of most recent reset day |
2.1000 | % | 2.1000 | % | 2.1000 | % | 2.1000 | % | 2.1000 | % | ||||||||||
(o) Class A/A-1 Rate (LIBOR + Spread) |
2.53 | % | 2.52 | % | 2.28 | % | 2.20 | % | 2.30 | % | ||||||||||
(p) Class A/A-1 Swap Rate |
3.95 | % | 3.79 | % | 5.80 | % | 5.10 | % | 6.80 | % | ||||||||||
(q) Class A-2 Rate (LIBOR + Spread) |
2.47 | % | ||||||||||||||||||
(r) Class A-2 Swap Rate |
4.16 | % | ||||||||||||||||||
(s) Class M Rate (LIBOR + Spread) |
2.35 | % | 2.50 | % | ||||||||||||||||
(t) Class M Swap Rate |
5.25 | % | 7.00 | % | ||||||||||||||||
(u) Class B Rate (LIBOR + Spread) |
3.35 | % | 3.20 | % | 2.60 | % | 2.42 | % | 2.70 | % | ||||||||||
(v) Class B Swap Rate |
4.77 | % | 5.08 | % | 6.12 | % | 5.32 | % | 7.20 | % | ||||||||||
(w) Class C/C-1 Rate (LIBOR + Spread) |
5.05 | % | 5.05 | % | 3.10 | % | 2.75 | % | 3.36 | % | ||||||||||
(x) Class C/C-1 Swap Rate |
6.51 | % | 6.65 | % | 6.66 | % | 5.65 | % | 7.85 | % | ||||||||||
(y) Class C-2 Rate (LIBOR + Spread) |
4.55 | % | ||||||||||||||||||
(z) Class C-2 Swap Rate |
6.81 | % | ||||||||||||||||||
(aa) Servicing Fee Percentage |
2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | ||||||||||
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST
SERIES 2002-A, SERIES 2003-A, SERIES 2004-A, SERIES 2004-B and SERIES 2004-C
II. COLLATERAL AMOUNTS AND ALLOCATION PERCENTAGES
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-C |
||||||||||||||||
Monthly Period |
25 | 17 | 6 | 2 | 2 | |||||||||||||||
(a) Initial Collateral Amount |
$ | 600,000,000.00 | $ | 600,000,000.00 | $ | 500,000,000.00 | $ | 450,000,000.00 | $ | 450,000,000.00 | ||||||||||
(b) Principal Payments made to Noteholders |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(c) 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 |
$ | 600,000,000.00 | $ | 600,000,000.00 | $ | 500,000,000.00 | $ | 450,000,000.00 | $ | 450,000,000.00 | ||||||||||
(f) Allocation Percentage- Finance Charges Collections and Default Amounts |
21.13 | % | 21.13 | % | 17.61 | % | 15.85 | % | 15.85 | % | ||||||||||
(g) Allocation Percentage- Principal Collections |
21.13 | % | 21.13 | % | 17.61 | % | 15.85 | % | 15.85 | % | ||||||||||
III. RECEIVABLES IN THE TRUST
(a) Beginning of the Month Principal Receivables |
$ | 2,829,083,659.78 | ||
(b) Collection of Principal Receivables |
$ | 438,181,128.10 | ||
(c) Defaulted Receivables (principal charge-offs): |
$ | 21,996,611.50 | ||
(d) Dilution (Principal net of Debit Adjustments): |
$ | 61,465,070.68 | ||
(e) Sales (principal receivables generated): |
$ | 617,288,491.06 | ||
(f) Net (Removal)/Addition of Principal Receivables: |
$ | 0.00 | ||
(g) End of Month Principal Receivables (a - b - c - d + e + f) |
$ | 2,924,729,340.56 | ||
(h) Recoveries of previously Charged-off Receivables: |
$ | 5,091,534.36 | ||
(i) Beginning of the Month Finance Charge Receivables |
$ | 82,601,196.67 | ||
(j) End of the Month Finance Charge Receivables |
$ | 87,081,008.49 | ||
(k) Total Receivables as of 6 months prior to this
distribution date |
$ | 2,808,454,712.30 |
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST
SERIES 2002-A, SERIES 2003-A, SERIES 2004-A, SERIES 2004-B and SERIES 2004-C
IV.RECEIVABLES PERFORMANCE SUMMARY
COLLECTIONS: |
||||||||
(a) Collections of Principal Receivables |
$ | 438,181,128.10 | ||||||
(b) Collections of Finance Charge Receivables |
$ | 60,641,213.85 | ||||||
(c) Total Collections (a+b). |
$ | 498,822,341.95 | ||||||
(d) Monthly Payment Rate (% of Beginning Total Receivables Outstanding) |
17.63 | % | ||||||
DELINQUENCIES AND LOSSES: |
||||||||
End of the month delinquencies: |
||||||||
(e) 1-30 days delinquent (CA1) |
$ | 159,528,089.52 | 52.66 | % | ||||
(f) 31-60 days delinquent (CA2) |
$ | 46,913,646.56 | 15.49 | % | ||||
(g) 61-90 days delinquent (CA3) |
$ | 31,423,816.35 | 10.37 | % | ||||
(h) 91-120 days delinquent (CA4) |
$ | 25,249,216.67 | 8.33 | % | ||||
(i) 121-150 days delinquent (CA5) |
$ | 21,284,671.01 | 7.03 | % | ||||
(j) 151+ days delinquent (CA6) |
$ | 18,559,930.19 | 6.13 | % | ||||
(k) Total delinquencies (e + f + g + h + i + j) |
$ | 302,959,370.32 | 100.00 | % | ||||
CHARGE-OFFS: |
||||||||
(l) Gross Principal Charge-Offs (% of End of Month Total Principal Receivables) |
9.03 | % | (annualized) | |||||
(m) Gross Principal Charge-Offs (% of Total Principal Receivables (as of 6 mos
prior)) |
9.40 | % | (annualized) | |||||
(n) Net Principal Charge-Offs (% of End of Month Total Principal Receivables) |
6.94 | % | (annualized) | |||||
YIELD: |
||||||||
(o) Portfolio Yield |
16.37 | % | (annualized) | |||||
(p) Base Rate |
7.31 | % | (annualized) | |||||
(q) Excess Finance Charge Collections % |
9.06 | % | (annualized) | |||||
V. TRANSFEROR INTEREST
(a) Required Retained Transferor Percentage |
4.00 | % | ||
(b) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise) |
2.00 | % | ||
(c) Average 30 Day Transferor Amount |
173,467,180 | |||
(d) Average 30 Day Minimum Transferor Amount |
170,783,216 | |||
(e) Transferor Percentage at end of Monthy Period |
6.00 | % | ||
(f) Beginning Transferor’s Interest |
$ | 183,369,762.77 | ||
(g) Ending Transferor’s Interest |
$ | 175,900,769.18 | ||
(h) Required Transferor’s Interest ((V.a + V.b)*V.h) |
$ | 175,879,760.43 | ||
(i) Excess Funding Account Balance at end of Monthly Period |
$ | 6,600,000.00 | ||
(j) Sum of Principal Receivables and Excess Funding Account at end of
Monthly Period (g+ III.g) |
$ | 2,931,329,340.56 |
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST
SERIES 2002-A, SERIES 2003-A, SERIES 2004-A, SERIES 2004-B and SERIES 2004-C
VI. TRUST ACCOUNT BALANCES AND EARNINGS
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-C |
||||||||||||||||
ACCOUNT BALANCES: |
||||||||||||||||||||
(a) Finance Charge Account |
$ | 2,260,016.89 | $ | 2,670,578.50 | $ | 2,645,967.86 | $ | 2,182,065.33 | $ | 2,893,856.49 | ||||||||||
(b) Cash Collateral Account |
$ | 15,023,689.24 | $ | 15,023,641.19 | $ | 12,519,715.97 | $ | 15,774,811.45 | $ | 15,774,697.12 | ||||||||||
(c) Spread Account |
$ | 6,009,463.79 | $ | 6,019,479.65 | $ | 5,007,886.42 | $ | 0.00 | $ | 0.00 | ||||||||||
(d) Reserve Account |
$ | 0.00 | $ | 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 | ||||||||||
INTEREST AND EARNINGS: |
||||||||||||||||||||
(g) Interest and Earnings on Finance Charge Account |
$ | 4,641.64 | $ | 5,415.77 | $ | 5,250.12 | $ | 8,521.04 | $ | 11,235.67 | ||||||||||
(h) Interest and Earnings on Cash Collateral Account |
$ | 23,659.50 | $ | 23,641.19 | $ | 19,715.97 | $ | 24,811.45 | $ | 24,697.12 | ||||||||||
(i) Interest and Earnings on Spread Account |
$ | 9,463.79 | $ | 9,479.65 | $ | 7,886.42 | $ | 0.00 | $ | 0.00 | ||||||||||
(j) Interest and Earnings on Reserve Account |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(k) Interest and Earnings on Principal Accumulation Account |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(l) Interest and Earnings on Principal Funding Account |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
VII. ALLOCATION and APPLICATION of COLLECTIONS
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-C |
||||||||||||||||
(a) Floating Allocation of Finance Charges |
$ | 12,829,486.09 | $ | 12,830,241.91 | $ | 10,692,620.21 | $ | 9,634,221.20 | $ | 9,636,821.50 | ||||||||||
(b) Class A/A-1 Monthly Interest |
$ | 986,700.00 | $ | 210,000.00 | $ | 741,000.00 | $ | 651,750.00 | $ | 681,375.00 | ||||||||||
(c) Class A-2 Monthly Interest |
$ | 0.00 | $ | 757,466.67 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(d) Class A/A-1 Swap Payment Due to Swap Provider |
$ | 553,800.00 | $ | 105,833.33 | $ | 1,145,300.00 | $ | 859,125.00 | $ | 1,333,125.00 | ||||||||||
(e) Class A/A-2 Swap Payment Due to Swap Provider |
$ | 0.00 | $ | 518,266.67 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(f) Class M Monthly Interest |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 33,046.88 | $ | 35,156.25 | ||||||||||
(g) Class M Swap Payment Due to Swap Provider |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 40,781.25 | $ | 63,281.25 | ||||||||||
(h) Class B Monthly Interest |
$ | 142,375.00 | $ | 136,000.00 | $ | 92,083.33 | $ | 43,106.25 | $ | 48,093.75 | ||||||||||
(i) Class B Swap Payment Due to Swap Provider |
$ | 60,350.00 | $ | 79,687.50 | $ | 124,808.33 | $ | 51,656.25 | $ | 80,156.25 | ||||||||||
(j) Servicing Fee (Beginning Collateral Amount*2%/12) |
$ | 1,000,000.00 | $ | 1,000,000.00 | $ | 833,333.33 | $ | 750,000.00 | $ | 750,000.00 | ||||||||||
(k) Class C/C-1 Monthly Interest |
$ | 340,875.00 | $ | 168,333.33 | $ | 174,375.00 | $ | 128,906.25 | $ | 157,031.25 | ||||||||||
(l) Class C-2 Monthly Interest |
$ | 155,458.33 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||
(m) Class C/C-1 Swap Payment Due to Swap Provider |
$ | 98,550.00 | $ | 53,333.33 | $ | 200,475.00 | $ | 135,937.50 | $ | 210,937.50 | ||||||||||
(n) Class C-2 Swap Payment Due to Swap Provider |
$ | 77,045.83 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||
(o) Investor Default Amounts |
$ | 4,661,101.43 | $ | 4,661,101.43 | $ | 3,884,251.19 | $ | 3,495,826.07 | $ | 3,495,826.07 | ||||||||||
(p) Uncovered Dilution Amounts |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(q) Unreimbursed Investor Chargeoffs and Reallocated Principal Collections |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(r) Required to be Deposited into Cash Collateral Account |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(s) Required Reserve Account Amount |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(t) Required to be Deposited into the Spread Account |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(u) Required Payments and Deposits Relating to Interest Rate Swaps |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(v) Other Payments Required to be made |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 642.90 | ||||||||||
(w) Excess Finance Charge Collections (a–b–c–d–e–f–g–h–i–j–k–l–m–n–o–p–q–r–s–t–u–v) |
$ | 4,985,734.66 | $ | 4,907,715.49 | $ | 3,496,994.03 | $ | 3,444,085.75 | $ | 2,781,196.28 | ||||||||||
VIII. INVESTOR CHARGE-OFFS
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-C |
||||||||||||||||
(a) Investor Defaults and Uncovered Dilution |
$ | 4,661,101.43 | $ | 4,661,101.43 | $ | 3,884,251.19 | $ | 3,495,826.07 | $ | 3,495,826.07 | ||||||||||
(b) Reimbursed from Available Funds |
$ | 4,661,101.43 | $ | 4,661,101.43 | $ | 3,884,251.19 | $ | 3,495,826.07 | $ | 3,495,826.07 | ||||||||||
(c) Reimbursed from Cash Collateral Account |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(d) Reimbursed from Reallocated Principal Collections |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
(e) Total reimbursed in respect of Investor Defaults and Dilution |
$ | 4,661,101.43 | $ | 4,661,101.43 | $ | 3,884,251.19 | $ | 3,495,826.07 | $ | 3,495,826.07 | ||||||||||
(f) Investor Charge-off (a – e) |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST
SERIES 2002-A, SERIES 2003-A, SERIES 2004-A, SERIES 2004-B and SERIES 2004-C
IX. YIELD and BASE RATE
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-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) |
6.37 | % | 6.52 | % | 7.95 | % | 7.18 | % | 8.96 | % | ||||||||||
(b) Base Rate (prior month) |
6.37 | % | 6.52 | % | 7.95 | % | 7.18 | % | 8.96 | % | ||||||||||
(c) Base Rate (2 months prior) |
6.37 | % | 6.52 | % | 7.95 | % | 0.00 | % | 0.00 | % | ||||||||||
(d) 3 Month Average Base Rate |
6.37 | % | 6.52 | % | 7.95 | % | 7.18 | % | 8.96 | % | ||||||||||
GROSS PORTFOLIO YIELD |
||||||||||||||||||||
(Finance charge collections allocable to each series divided by collateral
amounts plus amounts on deposit in the principal accumulation account) |
||||||||||||||||||||
(e) Gross Portfolio Yield (current month) |
25.66 | % | 25.66 | % | 25.66 | % | 25.69 | % | 25.70 | % | ||||||||||
(f) Gross Portfolio Yield (prior month) |
27.21 | % | 27.21 | % | 27.22 | % | 26.44 | % | 26.44 | % | ||||||||||
(g) Gross Portfolio Yield (2 months prior) |
26.53 | % | 26.53 | % | 26.53 | % | 0.00 | % | 0.00 | % | ||||||||||
(h) 3 Month Average Gross Portfolio Yield |
26.47 | % | 26.47 | % | 26.47 | % | 26.07 | % | 26.07 | % | ||||||||||
PORTFOLIO YIELD |
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(Finance charge collections less defaults allocable to each series divided by
collateral amounts plus amounts on deposit in the principal accumulation account) |
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(i) Portfolio Yield (current month) |
16.34 | % | 16.34 | % | 16.34 | % | 16.34 | % | 16.34 | % | ||||||||||
(j) Portfolio Yield (prior month) |
17.74 | % | 17.74 | % | 17.74 | % | 17.74 | % | 17.74 | % | ||||||||||
(k) Portfolio Yield (2 months prior) |
18.00 | % | 18.00 | % | 18.00 | % | 0.00 | % | 0.00 | % | ||||||||||
(l) 3 Month Average Portfolio Yield |
17.36 | % | 17.36 | % | 17.36 | % | 17.04 | % | 17.04 | % | ||||||||||
EXCESS SPREAD PERCENTAGE |
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(Portfolio Yield less Base Rate) |
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(m) Portfolio Adjusted Yield (current month) |
9.97 | % | 9.82 | % | 8.39 | % | 9.15 | % | 7.38 | % | ||||||||||
(n) Portfolio Adjusted Yield (prior month) |
11.37 | % | 11.22 | % | 9.80 | % | 10.56 | % | 8.78 | % | ||||||||||
(o) Portfolio Adjusted Yield (2 months prior) |
11.63 | % | 11.48 | % | 10.05 | % | 0.00 | % | 0.00 | % | ||||||||||
(p) Portfolio Adjusted Yield (3 month average) |
10.99 | % | 10.84 | % | 9.41 | % | 9.85 | % | 8.08 | % | ||||||||||
MONTHLY NOTEHOLDERS STATEMENT
WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST
SERIES 2002-A, SERIES 2003-A, SERIES 2004-A, SERIES 2004-B and SERIES 2004-C
IX. PRINCIPAL ACCUMULATION ACCOUNT
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-C |
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(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 A principal distributed to PAA (as of prior distribution date) |
$0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||||||||
(e) Class A Principal deposited in the Principal Accumulation Account (PAA) |
$0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||||||||
(f) Total Class A 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 | |||||||||||||||
X. PRINCIPAL REPAYMENT
| Series 2002-A |
Series 2003-A |
Series 2004-A |
Series 2004-B |
Series 2004-C |
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(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 | |||||||||||||||
| By: | WORLD FINANCIAL NETWORK NATIONAL BANK, as Servicer |
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| By: | /s/ Daniel T. Groomes | |||
| Name: | Daniel T. Groomes | |||
| Title: | President |