UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-D
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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 October 1, 2021 to October 31, 2021
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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)
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Benjamin L. Morgan (214) 494-3000
(Name and telephone number, including area code, of the person to contact in connection with this filing)
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Delaware
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31-1772814
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(State or other jurisdiction of incorporation
or organization of the issuing entity)
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(I.R.S. Employer
Identification No.)
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One Righter Parkway, Suite 100
Wilmington, Delaware
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19803
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(Address of principal executive offices of issuing entity)
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(Zip Code)
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(302) 529-6140
(Telephone number, including area code)
N/A
(Former Name, former address, if changed since last report)
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||||
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Title of Class
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Registered/reporting pursuant to (check one)
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Name of exchange
(If Section 12(b))
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Section 12(b)
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Section 12(g)
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Section 15(d)
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Series 2019-A, Class A, Class M, Class B
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£
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£
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S
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Series 2019-B, Class A, Class M, Class B
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£
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£ | S | |
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Series 2019-C, Class A, Class M, Class B
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£
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£ | 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
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Item 1.
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Distribution and Pool Performance Information.
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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 October 1, 2021 to October 31, 2021.
The depositor filed its most recent Form ABS-15G on February 5, 2021. 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
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 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 October 15, 2021, the Series 2018-C asset-backed term
notes matured and were repaid.
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Item 1A.
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Asset-Level Information.
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Not applicable.
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Item 1B.
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Asset Representations Reviewer and Investor Communication.
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Not applicable.
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Item 3.
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Sales of Securities and Use of Proceeds.
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Not applicable.
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Item 5.
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Submission of Matters to a Vote of Security Holders.
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Not applicable.
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Item 7.
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Change in Sponsor Interest in the Securities.
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Not applicable.
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Item 10.
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Exhibits.
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Exhibit
No.
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Document Description
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Monthly Noteholder’s Statement for World Financial Network Credit Card Master Note Trust, Series 2019-A, Series
2019-B, and Series 2019-C for the November 15, 2021 Payment Date.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
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WFN Credit Company, LLC, as depositor
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| Dated: November 15, 2021 | By: |
/s/ Michael Blackham
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Name:
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Michael Blackham
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Title:
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Treasurer
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INDEX TO EXHIBITS
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Exhibit
No.
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Document Description
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Monthly
Noteholder’s
Statement for
World Financial
Network Credit
Card Master Note
Trust, Series
2019-A, Series
2019-B, and Series
2019-C for the
November 15, 2021
Payment Date.
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MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER NOTE
TRUST
SERIES 2019-A,
SERIES 2019-B and SERIES 2019-C
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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 U.S. Bank, National Association, as indenture trustee (the "Indenture Trustee"), 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 November 15,
2021 and with respect to the performance of the Trust during the month of October 2021 is set forth below. Capitalized terms used herein are defined in
the Indenture and the Indenture Supplements.
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Monthly Period:
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Oct-21
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||
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Determination
Date:
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11/10/2021
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Distribution
Date:
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11/15/2021
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||
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Number of Days in
Period:
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31 |
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Number of Days in
Month:
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31 |
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Record Date:
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10/31/2021
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| I. DEAL PARAMETERS | ||||||||||||
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Series 2019-A
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Series 2019-B
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Series 2019-C
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|||||||||
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(a) Class A Initial Note Principal Balance
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500,000,000.00
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350,000,000.00
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600,000,000.00
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|||||||||
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(b) Class M Initial Note Principal Balance
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37,162,000.00
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31,165,000.00
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53,425,000.00
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|||||||||
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(c) Class B Initial Note Principal Balance
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25,338,000.00
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17,980,000.00
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30,822,000.00
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|||||||||
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(d) Class C Initial Note Principal Balance
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$
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0.00
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$
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0.00
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$
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0.00
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||||||
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(e) Class D Initial Note Principal Balance
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$
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0.00
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$
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0.00
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$
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0.00
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||||||
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(f) Total Initial Note Principal Balance
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$
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562,500,000.00
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$
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399,145,000.00
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$
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684,247,000.00
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||||||
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(g) Initial Excess Collateral Amount
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113,176,000.00
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80,309,000.00
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$
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137,672,000.00
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||||||||
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(h) Class A Initial Note Principal Balance %
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74.00
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%
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73.00
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%
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73.00
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%
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||||||
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(i) Class M Initial Note Principal Balance %
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5.50
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%
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6.50
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%
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6.50
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%
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||||||
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(j) Class B Initial Note Principal Balance %
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3.75
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%
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3.75
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%
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3.75
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%
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||||||
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(k) Class C Initial Note Principal Balance %,
if applicable
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0.00
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%
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0.00
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%
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0.00
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%
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||||||
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(l) Class D Initial Note Principal Balance %,
if applicable
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0.00
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%
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0.00
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%
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0.00
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%
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||||||
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(m) Excess Collateral Amount %
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16.75
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%
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16.75
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%
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16.75
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%
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||||||
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(n) Required Retained Transferor Percentage
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4.00
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%
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4.00
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%
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4.00
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%
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||||||
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(o) Additional Minimum Transferor % (2%
Nov-Jan; 0% otherwise)
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0.00
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%
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0.00
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%
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0.00
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%
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||||||
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(p) LIBOR rate as of most recent reset day, if
applicable
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||||||||||||
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(q) Class A Note Interest Rate
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3.14
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%
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2.49
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%
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2.21
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%
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||||||
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(r) Class A Swap Rate, if applicable
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||||||||||||
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(s) Class A Swap Rate plus Spread, if
applicable
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||||||||||||
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(t) Class A Margin, if applicable
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||||||||||||
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(u) Class A Margin plus Libor, if applicable
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||||||||||||
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(v) Class M Note Interest Rate
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3.61
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%
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3.04
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%
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2.71
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%
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(w) Class M Swap Rate, if applicable
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||||||||||||
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(x) Class M Swap Rate plus Spread, if
applicable
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||||||||||||
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(y) Class B Note Interest Rate
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0.00
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%
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0.00
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%
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0.00
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%
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||||||
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(z) Class B Swap Rate, if applicable
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||||||||||||
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(aa) Class B Swap Rate plus Spread, if
applicable
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||||||||||||
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(ab) Class C Note Interest Rate, if applicable
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0.00
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%
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0.00
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%
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0.00
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%
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||||||
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(ac) Class C Swap Rate, if applicable
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||||||||||||
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(ad) Class C Swap Rate plus Spread, if
applicable
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||||||||||||
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(ae) Class D Note Interest Rate, if applicable
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0.00
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%
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0.00
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%
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0.00
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%
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||||||
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(af) Servicing Fee Percentage
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2.00
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%
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2.00
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%
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2.00
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%
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||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
| II. COLLATERAL AMOUNTS AND ALLOCATION PERCENTAGES | ||||||||||||
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Series 2019-A
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Series 2019-B
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Series 2019-C
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|||||||||
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(a) Initial Collateral Amount
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$
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675,676,000.00
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$
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479,454,000.00
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$
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821,919,000.00
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||||||
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(b) Initial Excess Collateral Amount
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$
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113,176,000.00
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$
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80,309,000.00
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$
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137,672,000.00
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||||||
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(c) Principal Payments made to
Noteholders
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$
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0.00
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$
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0.00
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$
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0.00
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||||||
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(d) Principal Accumulation Account
Balances
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$
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241,071,429.00
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$
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44,349,445.00
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$
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0.00
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||||||
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(e) Unreimbursed Investor
Charge-offs and Reallocated Principal Collections
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$
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0.00
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$
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0.00
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$
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0.00
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||||||
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(f) Collateral Amount - End of
Current Monthly Period
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$
|
434,604,571.00
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$
|
435,104,555.00
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$
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821,919,000.00
|
||||||
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(g) Excess Collateral Amount - End
of Current Monthly Period
|
$
|
113,176,000.00
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$
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80,309,000.00
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$
|
137,672,000.00
|
||||||
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(h) Required Excess Collateral
Amount
|
$
|
113,176,000.00
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$
|
80,309,000.00
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$
|
137,672,000.00
|
||||||
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(i) Beginning Class A Note Principal
Balance
|
$
|
500,000,000.00
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$
|
350,000,000.00
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$
|
600,000,000.00
|
||||||
|
(j) Beginning Class M Note Principal
Balance
|
$
|
37,162,000.00
|
$
|
31,165,000.00
|
$
|
53,425,000.00
|
||||||
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(k) Beginning Class B Note Principal
Balance
|
$
|
25,338,000.00
|
$
|
17,980,000.00
|
$
|
30,822,000.00
|
||||||
|
(l) Beginning Class C Note Principal
Balance, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(m) Beginning Class D Note Principal
Balance, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(n) Total Beginning Note Principal
Balance
|
$
|
562,500,000.00
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$
|
399,145,000.00
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$
|
684,247,000.00
|
||||||
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(o) Ending Class A Note Principal
Balance
|
$
|
500,000,000.00
|
$
|
350,000,000.00
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$
|
600,000,000.00
|
||||||
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(p) Ending Class M Note Principal
Balance
|
$
|
37,162,000.00
|
$
|
31,165,000.00
|
$
|
53,425,000.00
|
||||||
|
(q) Ending Class B Note Principal
Balance
|
$
|
25,338,000.00
|
$
|
17,980,000.00
|
$
|
30,822,000.00
|
||||||
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(r) Ending Class C Note Principal
Balance, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
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(s) Ending Class D Note Principal
Balance, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(t) Total Ending Note Principal
Balance
|
$
|
562,500,000.00
|
$
|
399,145,000.00
|
$
|
684,247,000.00
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||||||
|
(u) Allocation Percentage- Finance
Charges Collections and Default Amounts
|
7.19
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%
|
7.20
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%
|
13.59
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%
|
||||||
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(v) Allocation Percentage- Principal
Collections
|
11.17
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%
|
7.93
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%
|
13.59
|
%
|
||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
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III. RECEIVABLES IN THE TRUST
|
||||||||||||||||||||
|
(a) Beginning of the Month Principal
Receivables
|
$
|
6,046,625,908.15
|
||||||||||||||||||
|
(b) Collection of Principal Receivables
|
$
|
861,620,614.84
|
||||||||||||||||||
|
(c) Defaulted Receivables (principal
charge-offs):
|
$
|
26,634,383.47
|
||||||||||||||||||
|
(d) Dilution (Principal net of Debit
Adjustments):
|
$
|
78,089,964.55
|
||||||||||||||||||
|
(e) Sales (principal receivables generated):
|
$
|
1,026,295,379.86
|
||||||||||||||||||
|
(f) Net (Removal)/Addition of Principal
Receivables:
|
$
|
0.00
|
||||||||||||||||||
|
(g) End of Month Principal Receivables (a - b
- c - d + e + f)
|
$
|
6,106,576,325.15
|
||||||||||||||||||
|
(h) Recoveries of previously Charged-off
Receivables:
|
$
|
4,936,706.11
|
||||||||||||||||||
|
(i) Beginning of the Month Finance Charge
Receivables
|
$
|
194,130,635.57
|
||||||||||||||||||
|
(j) End of the Month Finance Charge
Receivables
|
$
|
195,567,387.24
|
||||||||||||||||||
|
IV. RECEIVABLES PERFORMANCE
SUMMARY
|
||||||||||||||||||||
|
COLLECTIONS:
|
||||||||||||||||||||
|
(a) Collections of Principal Receivables
|
$
|
861,620,614.84
|
||||||||||||||||||
|
(b) Collections of Finance Charge Receivables
|
$
|
158,776,314.43
|
||||||||||||||||||
|
(c) Total Collections (a+b).
|
$
|
1,020,396,929.27
|
||||||||||||||||||
|
(d) Monthly Payment Rate (% of Beginning
Principal Receivables)
|
16.88
|
%
|
||||||||||||||||||
|
DELINQUENCIES AND LOSSES:
|
PRINCIPAL
|
% OF PRINCIPAL
|
% OF | |||||||||||||||||
|
End of the month delinquencies:
|
RECEIVABLES
|
RECEIVABLES
|
ACCOUNTS
|
ACCOUNTS | ||||||||||||||||
|
(e) 1-30 days delinquent (CA1)
|
$
|
232,408,893.32
|
3.81
|
%
|
377,143
|
1.28
|
%
|
|||||||||||||
|
(f) 31-60 days delinquent (CA2)
|
$
|
80,769,354.73
|
1.32
|
%
|
129,902
|
0.44
|
%
|
|||||||||||||
|
(g) 61-90 days delinquent (CA3)
|
$
|
53,014,886.21
|
0.87
|
%
|
81,414
|
0.28
|
%
|
|||||||||||||
|
(h) 91-120 days delinquent (CA4)
|
$
|
42,011,137.90
|
0.69
|
%
|
62,727
|
0.21
|
%
|
|||||||||||||
|
(i) 121-150 days delinquent (CA5)
|
$
|
34,252,330.43
|
0.56
|
%
|
53,285
|
0.18
|
%
|
|||||||||||||
|
(j) 151+ days delinquent (CA6)
|
$
|
29,252,808.25
|
0.48
|
%
|
46,835
|
0.16
|
%
|
|||||||||||||
|
(k) Total delinquencies (e +f + g + h + i +
j)
|
$
|
471,709,410.84
|
7.72
|
%
|
751,306
|
2.56
|
%
|
|||||||||||||
|
(l) Total 60+ days delinquent
|
$
|
158,531,162.79
|
2.60
|
%
|
||||||||||||||||
|
(m) Lowest Delinquency Trigger (all series)
|
9.50
|
%
|
||||||||||||||||||
|
(n) Investor Requests for Communications
|
None
|
|||||||||||||||||||
|
CHARGE-OFFS:
|
||||||||||||||||||||
|
(o) Number of Charged-Off Accounts
|
40,529
|
|||||||||||||||||||
|
(p) Gross Charge-Offs (principal charge-offs):
|
$
|
26,634,383.47
|
||||||||||||||||||
|
(q) Number of Charged-Off Accounts with
Recoveries
|
43,687
|
|||||||||||||||||||
|
(r) Recoveries (includes principal, finance
charges and fees)
|
$
|
4,936,706.11
|
||||||||||||||||||
|
(s) Gross Principal Charge-Off Rate
(% of Total Principal Receivables - End of Monthly Period) - annualized
|
||||||||||||||||||||
|
(i) Current
|
5.23
|
%
|
||||||||||||||||||
|
(ii) Prior Monthly Period
|
4.78
|
%
|
||||||||||||||||||
|
(iii) Two Months Prior Monthly Period
|
5.43
|
%
|
||||||||||||||||||
|
(iv) Three Months Prior Monthly Period
|
5.47
|
%
|
||||||||||||||||||
|
(v) Three -Month Average
|
5.14
|
%
|
||||||||||||||||||
|
(vi) Four-Month Average
|
5.23
|
%
|
||||||||||||||||||
|
(t) Net Principal Charge-Offs (Gross
Charge-Offs - recoveries)
|
$
|
21,697,677.36
|
||||||||||||||||||
|
(u) Net Principal Charge-Off Rate
(% of Total Principal Receivables - End of Monthly Period) - annualized
|
||||||||||||||||||||
|
(i) Current
|
4.26
|
%
|
||||||||||||||||||
|
(ii) Prior Monthly Period
|
3.71
|
%
|
||||||||||||||||||
|
(iii) Two Months Prior Monthly Period
|
4.32
|
%
|
||||||||||||||||||
|
(iv) Three Months Prior Monthly Period
|
4.19
|
%
|
||||||||||||||||||
|
(v) Three -Month Average
|
4.10
|
%
|
||||||||||||||||||
|
(vi) Four-Month Average
|
4.12
|
%
|
||||||||||||||||||
|
(v) Average Net Charge Off (net principal
charge-offs/number of charged-off accounts)
|
$
|
535.36
|
||||||||||||||||||
|
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
|
$
|
2,221,473,201.19
|
||||||||||||||||||
|
(d) Ending Transferor's Amount (including
Excess Funding/Principal Accounts)
|
$
|
2,559,909,061.45
|
||||||||||||||||||
|
(e) Minimum Transferor's Amount
|
$
|
244,263,053.01
|
||||||||||||||||||
|
(f) Excess Funding Account Balance at end of
Monthly Period
|
$
|
0.00
|
||||||||||||||||||
|
(g) Collections and Principal Accounts Balance
at end of Monthly Period
|
220,591,727.12
|
|||||||||||||||||||
|
(h) Sum of Principal Receivables, Excess
Funding, Collections and Principal Accounts
|
$
|
6,327,168,052.27
|
||||||||||||||||||
|
(i) Required Seller's Interest (as of the most
recent RR measurement date)
|
$
|
142,906,453.56
|
||||||||||||||||||
|
(j) Seller's Interest (as of the most recent
RR measurement date)
|
$
|
2,633,330,846.78
|
||||||||||||||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
| VI. TRUST ACCOUNT BALANCES AND EARNINGS | ||||||||||||
|
|
Series 2019-A
|
Series 2019-B
|
Series 2019-C
|
|||||||||
|
BEGINNING ACCOUNT BALANCES:
|
||||||||||||
|
(a) Finance Charge Account
|
$
|
5,240,494.24
|
$
|
3,855,932.69
|
$
|
6,455,462.99
|
||||||
|
(b) Cash Collateral Account, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(c) Spread Account, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(d) Reserve Account
|
$
|
2,812,500.00
|
$
|
1,995,725.00
|
$
|
3,421,235.00
|
||||||
|
(e) Principal Account
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(f) Principal Accumulation Account
|
$
|
160,714,286.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
ENDING ACCOUNT BALANCES:
|
||||||||||||
|
(g) Finance Charge Account
|
$
|
4,515,608.73
|
$
|
3,687,241.09
|
$
|
6,166,278.15
|
||||||
|
(h) Cash Collateral Account, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(i) Spread Account, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(j) Reserve Account
|
$
|
2,812,500.00
|
$
|
1,995,725.00
|
$
|
3,421,235.00
|
||||||
|
(k) Principal Account
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(l) Principal Accumulation Account
|
$
|
241,071,429.00
|
$
|
44,349,445.00
|
$
|
0.00
|
||||||
|
INTEREST AND EARNINGS:
|
||||||||||||
|
(m) Interest and Earnings on Finance Charge
Account
|
$
|
130.89
|
$
|
101.06
|
$
|
169.60
|
||||||
|
(n) Interest and Earnings on Cash Collateral
Account, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(o) Interest and Earnings on Spread Account,
if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(p) Interest and Earnings on Reserve Account
|
$
|
62.34
|
$
|
44.24
|
$
|
75.83
|
||||||
|
(q) Interest and Earnings on Principal
Accumulation Account
|
$
|
4,538.99
|
$
|
443.94
|
$
|
0.00
|
||||||
|
(r) Interest and Earnings on Principal Account
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(s) Interest and Earnings on Collection
Account (allocated)
|
$
|
369.75
|
$
|
370.17
|
$
|
699.26
|
||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
| VII. ALLOCATION and APPLICATION of COLLECTIONS | ||||||||||||
|
|
||||||||||||
|
Series 2019-A
|
Series 2019-B
|
Series 2019-C
|
||||||||||
|
APPLICATIONS OF FINANCE CHARGE COLLECTIONS:
|
||||||||||||
|
(a) Floating Allocation of Finance Charges
|
$
|
11,417,237.11
|
$
|
11,426,223.46
|
$
|
21,583,439.05
|
||||||
|
(b) Class A Monthly Interest
|
$
|
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
|
$
|
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
|
$
|
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)
|
$
|
724,340.95
|
$
|
725,174.26
|
$
|
1,369,865.00
|
||||||
|
(i) Class C Monthly Interest
|
$
|
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
|
||||||
|
(l) Investor Default Amounts
|
$
|
1,914,361.00
|
$
|
1,916,563.34
|
$
|
3,620,416.77
|
||||||
|
(m) Uncovered Dilution Amounts
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(n) Unreimbursed Investor Chargeoffs &
Reallocated Principal Collections
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(o) Required to be Deposited into Cash
Collateral Account, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(p) Required Reserve Account Amount, if
applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(q) Required to be Deposited into the Spread
Account, if applicable
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(r) Required Payments and Deposits Relating to
Interest Rate Swaps
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(s) Other Payments Required to be made
|
$
|
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)
|
$
|
7,358,406.15
|
$
|
7,979,284.53
|
$
|
15,367,505.82
|
||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
|
APPLICATION OF PRINCIPAL COLLECTIONS:
|
||||||||||||
|
Series 2019-A
|
Series 2019-B
|
Series 2019-C
|
||||||||||
|
(u) Investor Principal Collections
|
$
|
96,281,195.40
|
$
|
68,320,325.51
|
$
|
117,120,252.66
|
||||||
|
(v) Less Reallocated Principal Collections
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(w) Plus Shared Principal Collections from
other Principal Sharing Series
|
$
|
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
|
||||||
|
(y) Available Principal Collections (u+v+w+x)
|
$
|
96,281,195.40
|
$
|
68,320,325.51
|
$
|
117,120,252.66
|
||||||
|
(z) Deposits to Principal Accumulation Account
|
$
|
80,357,143.00
|
$
|
44,349,445.00
|
$
|
62,204,273.00
|
||||||
|
(aa) Monthly Principal applied for payments to
the Class A Noteholders
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(ab) Monthly Principal applied for payments to
the Class M Noteholders
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(ac) Monthly Principal applied for payments to
the Class B Noteholders
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(ad) Monthly Principal applied for payments to
the Class C Noteholders
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(ae) Shared Principal Collections applied to
other Principal Sharing
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
| VIII. INVESTOR CHARGE-OFFS | ||||||||||||
|
|
||||||||||||
|
Series 2019-A
|
Series 2019-B
|
Series 2019-C
|
||||||||||
|
(a) Investor Defaults and Uncovered
Dilution
|
$
|
1,914,361.00
|
$
|
1,916,563.34
|
$
|
3,620,416.77
|
||||||
|
(b) Reimbursed from Available Funds
|
$
|
1,914,361.00
|
$
|
1,916,563.34
|
$
|
3,620,416.77
|
||||||
|
(c) Reimbursed from Cash Collateral
Account
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(d) Total reimbursed in respect of
Investor Defaults and Dilution
|
$
|
1,914,361.00
|
$
|
1,916,563.34
|
$
|
3,620,416.77
|
||||||
|
(e) Investor Charge-off (a - d)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
| IX. YIELD and BASE RATE | ||||||||||||
|
|
||||||||||||
|
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)
|
3.81
|
%
|
3.83
|
%
|
3.79
|
%
|
||||||
|
(b) Base Rate (prior month)
|
4.05
|
%
|
4.02
|
%
|
3.79
|
%
|
||||||
|
(c) Base Rate (2 months prior)
|
4.28
|
%
|
4.02
|
%
|
3.79
|
%
|
||||||
|
(d) 3 Month Average Base Rate
|
4.05
|
%
|
3.95
|
%
|
3.79
|
%
|
||||||
|
Gross Portfolio
Yield
|
||||||||||||
|
(Finance charge collections allocable to
each series divided by the collateral amount)
|
||||||||||||
|
(e) Gross Portfolio Yield (current
month)
|
31.52
|
%
|
31.51
|
%
|
31.51
|
%
|
||||||
|
(f) Gross Portfolio Yield (prior month)
|
32.14
|
%
|
32.13
|
%
|
32.13
|
%
|
||||||
|
(g) Gross Portfolio Yield (2 months
prior)
|
30.84
|
%
|
30.84
|
%
|
30.84
|
%
|
||||||
|
(h) 3 Month Average Gross Portfolio
Yield
|
31.50
|
%
|
31.50
|
%
|
31.50
|
%
|
||||||
|
Net Portfolio
Yield
|
||||||||||||
|
(Finance charge collections less
defaults allocable to each series divided by the
|
||||||||||||
|
collateral amount)
|
||||||||||||
|
(i) Net Portfolio Yield (current month)
|
26.24
|
%
|
26.23
|
%
|
26.23
|
%
|
||||||
|
(j) Net Portfolio Yield (prior month)
|
27.33
|
%
|
27.33
|
%
|
27.33
|
%
|
||||||
|
(k) Net Portfolio Yield (2 months prior)
|
25.75
|
%
|
25.75
|
%
|
25.75
|
%
|
||||||
|
(l) 3 Month Average Net Portfolio Yield
|
26.44
|
%
|
26.43
|
%
|
26.43
|
%
|
||||||
|
Excess Spread Percentage1
|
||||||||||||
|
(Net Portfolio Yield less Base Rate)
|
||||||||||||
|
(m) Net Portfolio Adjusted Yield
(current month)
|
22.43
|
%
|
22.40
|
%
|
22.44
|
%
|
||||||
|
(n) Net Portfolio Adjusted Yield (prior
month)
|
23.28
|
%
|
23.31
|
%
|
23.54
|
%
|
||||||
|
(o) Net Portfolio Adjusted Yield (2
months prior)
|
21.47
|
%
|
21.74
|
%
|
21.96
|
%
|
||||||
|
(p) Net Portfolio Adjusted Yield (3
month average)
|
22.39
|
%
|
22.48
|
%
|
22.64
|
%
|
||||||
|
1 - Series 2019-A and Series 2019-B
entered their Principal Accumulation Periods on July 1, 2021 and September 1, 2021, respectively during which they have been allocated Finance Charge
Collections and Default Amounts based on their Collateral Amount rather than the outstanding principal amount of the notes. The Collateral Amount is
reduced by the amount of Principal Collections that are applied to the series and deposited in the Principal Accumulation Account. Taking into account the
reduced allocations, the excess spread percentages would have been as follows: (1) Series 2019-A: 18.41% for the August 2021 Monthly Period, 16.78% for
the September 2021 Monthly Period, and 13.07% for the October 2021 Monthly Period; (2) Series 2019-B: 19.97% for the October 2021 Monthly Period.
|
||||||||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
| X. PRINCIPAL ACCUMULATION ACCOUNT | ||||||||||||
|
|
||||||||||||
|
Series 2019-A
|
Series 2019-B
|
Series 2019-C
|
||||||||||
|
(a) Cumulative Class A principal distributed
to PAA (as of prior distribution date)
|
$
|
214,285,714.67
|
$
|
38,888,889.38
|
$
|
0.00
|
||||||
|
(b) Class A Principal deposited in the
Principal Accumulation Account (PAA)
|
$
|
71,428,571.56
|
$
|
38,888,889.38
|
$
|
54,545,454.78
|
||||||
|
(c) Total Class A Principal deposited in the
PAA (a + b)
|
$
|
285,714,286.22
|
$
|
77,777,778.75
|
$
|
54,545,454.78
|
||||||
|
(d) Cumulative Class M principal distributed
to PAA (as of prior distribution date)
|
$
|
15,926,571.46
|
$
|
3,462,777.82
|
$
|
0.00
|
||||||
|
(e) Class M Principal deposited in the
Principal Accumulation Account (PAA)
|
$
|
5,308,857.15
|
$
|
3,462,777.82
|
$
|
4,856,818.20
|
||||||
|
(f) Total Class M Principal deposited in the
PAA (d +e)
|
$
|
21,235,428.61
|
$
|
6,925,555.64
|
$
|
4,856,818.20
|
||||||
|
(g) Cumulative Class B principal distributed
to PAA (as of prior distribution date)
|
$
|
10,859,142.88
|
$
|
1,997,777.80
|
$
|
0.00
|
||||||
|
(h) Class B Principal deposited in the
Principal Accumulation Account (PAA)
|
$
|
3,619,714.29
|
$
|
1,997,777.80
|
$
|
2,802,000.01
|
||||||
|
(i) Total Class B Principal deposited in the
PAA (g + h)
|
$
|
14,478,857.17
|
$
|
3,995,555.61
|
$
|
2,802,000.01
|
||||||
|
(j) Cumulative Class C principal distributed
to PAA (as of prior distribution date)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(k) Class C Principal deposited in the
Principal Accumulation Account (PAA)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(l) Total Class C Principal deposited in the
PAA (j + k)
|
$
|
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
|
||||||
|
(n) Class D Principal deposited in the
Principal Accumulation Account (PAA)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(o) Total Class D Principal deposited in the
PAA (m + n)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(p) Ending PAA balance (c + f + i + l + o)
|
$
|
321,428,572.00
|
$
|
88,698,890.00
|
$
|
62,204,273.00
|
||||||
MONTHLY NOTEHOLDER'S STATEMENT
WORLD
FINANCIAL NETWORK CREDIT CARD
MASTER
NOTE TRUST
SERIES
2019-A, SERIES 2019-B and SERIES 2019-C
| XI. PRINCIPAL REPAYMENT | ||||||||||||
|
|
||||||||||||
|
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
|
||||||
|
(b) Class A Principal Payments (to be paid
on current distribution date)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(c) Total Class A Principal Paid (a + b)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(d) Class M Principal Paid (as of prior
distribution dates)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(e) Class M Principal Payments (to be paid
on current distribution date)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(f) Total Class M Principal Paid (d + e)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(g) Class B Principal Paid (as of prior
distribution dates)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(h) Class B Principal Payments (to be made
on current distribution date)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(i) Total Class B Principal Paid (g + h)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(j) Class C Principal Paid (as of prior
distribution dates)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(k) Class C Principal Payments (to be made
on current distribution date)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(l) Total Class C Principal Paid (j + k)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(m) Class D Principal Paid (as of prior
distribution dates)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(n) Class D Principal Payments (to be made
on current distribution date)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(o) Total Class D Principal Paid (m + n)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
|
(p) Total Principal Paid (c + f + i + l +
o)
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
XII. SUPPLEMENTAL INFORMATION
Solely 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 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 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) “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, (ii) “CRR Delegated Regulation” means Commission Delegated Regulation (EU) No. 625/2014, 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], (iii) “EU Retention Rules” means 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, (iv) “EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European
Parliament and of the Council of 12 December 2017, and (v) “Solvency II Regulation” means Commission Delegated Regulation (EU) No. 2015/35.
|
Comenity
Bank, as Servicer
|
||
|
By:
|
/s/ Michael Blackham
|
|
|
Name:
|
Michael Blackham
|
|
|
Title:
|
Treasurer
|
|