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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 November 1, 2021 to November 30, 2021

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)

Benjamin L. Morgan (214) 494-3000

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware	31-1772814
(State or other jurisdiction of incorporation or organization of the issuing entity)	(I.R.S. Employer Identification No.)

One Righter Parkway, Suite 100 Wilmington, Delaware	19803
(Address of principal executive offices of issuing entity)	(Zip Code)

(302) 529-6140

(Telephone number, including area code)

N/A

(Former Name, former address, if changed since last report)


Title of Class	Registered/reporting pursuant to (check one)			Name of exchange (If Section 12(b))
Title of Class	Section 12(b)	Section 12(g)	Section 15(d)	Name of exchange (If Section 12(b))
Series 2019-A, Class A, Class M, Class B	£	£	S
Series 2019-B, Class A, Class M, Class B	£	£	S
Series 2019-C, Class A, Class M, Class B	£	£	S

Indicate by check mark whether the registrant: (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ [Check]

PART I – DISTRIBUTION INFORMATION

Item 1.

Distribution and Pool Performance Information.

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

A.	Composition of the Trust Portfolio

The receivables to be conveyed to the trust have been or will be generated from transactions made by holders of credit card accounts included in the trust portfolio.

For purposes of the tables below, “Number of Accounts” refers to all accounts in the trust portfolio, including any accounts that are inactive accounts and zero-balance accounts, which in some cases may be closed accounts that have not yet been removed from the originator’s computer system and from the trust portfolio. The following information regarding the trust portfolio is as of November 30, 2021. Because the future composition of the trust portfolio will change over time, these tables are not indicative of the composition of the trust portfolio at any subsequent time.

Composition by Retailer Type
Trust Portfolio

Retailer Type	Percentage of Total Principal Receivables
Soft goods		43.16	%
Co Brand		28.56	%
Jewelry		13.76	%
Furniture		11.12	%
Department Store		2.82	%
Other		0.58	%
Total⁽¹⁾		100.00	%

^{________________________________}

⁽¹⁾ Amounts and percentages may not add up to the total due to rounding.

The table immediately below sets forth the retailer groups that have credit card programs, or groups of credit card programs, that account for more than 7.5% of principal receivables balances in the trust portfolio as of November 30, 2021. Except for the retailer groups listed below, no other retailer group’s credit card program, or group of credit card programs, accounts for more than 7.5% of the principal receivables in the trust portfolio as of November 30, 2021.

Composition by Retailer Group
Trust Portfolio

(Dollars in Thousands; Accounts in Thousands)

Retailer Group⁽¹⁾	Number of Accounts		Percentage of Total Number of Accounts			Principal Receivables		Percentage of Total Principal Receivables
L Brands, Inc. Retail Group		8,132		27.66	%	$	1,053,619		16.64	%
Signet Retail Group		2,046		6.96	%		854,292		13.49	%
Other⁽²⁾		19,223		65.38	%		4,425,635		69.88	%
Total⁽³⁾		29,401		100.00	%	$	6,333,545		100.00	%

^{________________________________}

⁽¹⁾ Includes each individual retailer in the trust commonly owned by the retailer group.

⁽²⁾	Includes retailer groups representing less than 7.5% of the principal receivables in the trust portfolio and individual retailers not affiliated with a retailer group, irrespective of percentage.

⁽³⁾ Amounts and percentages may not add up to the total due to rounding.

Composition by Individual Retailer

Trust Portfolio

(Dollars in Thousands; Accounts in Thousands)

Retailer	Number of Accounts		Percentage of Total Number of Accounts			Principal Receivables		Percentage of Total Principal Receivables
Victoria's Secret PL		8,130		27.65	%	$	1,053,573		16.63	%
Caesar's Entertainment		608		2.07	%		630,906		9.96	%
Kay Jewelers PL		1,513		5.15	%		582,798		9.20	%
Comenity Card		1,034		3.52	%		437,484		6.91	%
Loft Mastercard CB		808		2.75	%		310,670		4.91	%
Jared PL		491		1.67	%		263,937		4.17	%
Lane Bryant PL		1,622		5.52	%		251,292		3.97	%
Torrid PL		1,069		3.64	%		236,074		3.73	%
Sony Visa CB		350		1.19	%		232,491		3.67	%
Express PL		1,511		5.14	%		218,621		3.45	%
Other Retailers⁽¹⁾		12,264		41.71	%		2,115,700		33.40	%
Total⁽²⁾		29,401		100.00	%	$	6,333,545		100.00	%

^{________________________________}

⁽¹⁾ Retailers individually representing a lesser percentage of principal receivables balances in the trust portfolio as of November 30, 2021.

⁽²⁾ Amounts and percentages may not add up to the total due to rounding.

Composition by Account Balance
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Account Balance Range	Number of Accounts		Percentage of Total Number of Accounts			Principal Receivables			Percentage of Total Principal Receivables
Credit Balance		271		0.92	%	$	(10,216	)		(0.16	%)
No Balance		20,734		70.52	%		-			-
$0.01 - $50.00		867		2.95	%		25,174			0.40	%
$50.01 - $100.00		1,042		3.54	%		78,324			1.24	%
$100.01 - $150.00		815		2.77	%		101,062			1.60	%
$150.01 - $250.00		1,149		3.91	%		225,641			3.56	%
$250.01 - $350.00		689		2.34	%		204,629			3.23	%
$350.01 - $500.00		716		2.44	%		301,654			4.76	%
$500.01 - $1,000.00		1,386		4.71	%		1,002,632			15.83	%
$1,000.01 - $1,500.00		674		2.29	%		824,398			13.02	%
$1,500.01 or more		1.058		3.60	%		3,580,248			56.53	%
Total ⁽¹⁾		29,401		100.00	%	$	6,333,545			100.00	%

^{________________________________}

⁽¹⁾ Amounts and percentages may not add up to the total due to rounding.

Composition by Credit Limit
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Credit Limit Range	Number of Accounts		Percentage of Total Number of Accounts			Principal Receivables		Percentage of Total Principal Receivables
No Credit Limit		391		1.33	%	$	5,545		0.09	%
$0.01 - $100.00		517		1.76	%		7,327		0.12	%
$100.01 - $250.00		1,733		5.89	%		63,641		1.00	%
$250.01 - $350.00		724		2.46	%		41,537		0.66	%
$350.01 - $500.00		1,566		5.33	%		105,083		1.66	%
$500.01 - $750.00		3,995		13.59	%		228,639		3.61	%
$750.01 - $1,000.00		5,066		17.23	%		318,917		5.04	%
$1,000.01 - $1,250.00		1,863		6.34	%		283.118		4.47	%
$1,250.01 - $1,500.00		1,942		6.61	%		320,573		5.06	%
$1,500.01 - $2,000.00		2,311		7.86	%		576.886		9.11	%
$2,000.01 - $2,500.00		1,148		3.91	%		461,150		7.28	%
$2,500.01 or more		8,145		27.70	%		3,921,130		61.91	%
Total ⁽¹⁾		29,401		100.00	%	$	6,333,545		100.00	%

^{________________________________}

⁽¹⁾	Amounts and percentages may not add up to the total due to rounding.

Composition by Account Age
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Account Age Range	Number of Accounts		Percentage of Total Number of Accounts			Principal Receivables		Percentage of Total Principal Receivables
Not More than 12 Months		2,585		8.79	%	$	920,212		14.53	%
Over 12 Months to 24 Months		3,093		10.52	%		571,741		9.03	%
Over 24 Months to 36 Months		4,229		14.38	%		660,537		10.43	%
Over 36 Months to 48 Months		3,079		10.47	%		593,660		9.37	%
Over 48 Months to 60 Months		2,684		9.13	%		592,271		9.35	%
Over 60 Months		13,731		46.70	%		2,995,124		47.29	%
Total ⁽¹⁾		29,401		100.00	%	$	6,333,545		100.00	%

^{________________________________}

⁽¹⁾	Amounts and percentages may not add up to the total due to rounding.

Cardholders whose accounts are designated for the trust portfolio had billing addresses in all 50 states, the District of Columbia and other U.S. territories, except for approximately 0.10% of the principal receivables balance for the trust for which cardholders had billing addresses located outside of the United States, the District of Columbia or other U.S. territories. Except for the five states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total principal receivables balances as of November 30, 2021.

Composition by Billing Address
Trust Portfolio

State	Percentage of Total Number of Accounts			Percentage of Total Principal Receivables
California		10.47	%		11.24	%
Texas		8.41	%		9.55	%
Florida		8.95	%		7.40	%
New York		7.50	%		6.75	%
Illinois		4.56	%		5.44	%

The bank uses credit bureau scoring and a proprietary scoring model developed for the bank as tools in the underwriting process and for making credit decisions. The bank uses credit bureau scoring and a proprietary scoring model also for purposes of monitoring obligor credit quality. The bank’s proprietary scoring model is based on historical data and requires the bank to make various assumptions about future performance. As a result, the bank’s proprietary model is not intended, and should not be relied upon, to forecast actual future performance.

Information regarding customer performance is factored into these proprietary scoring models to determine the probability of an account becoming 91 or more days past due or becoming charged off at any time within the next 12 months. Obligor credit quality is monitored at least monthly during the life of an account. The information in the table below is based on the most recent information available for each account in the trust portfolio. Because the future composition of the trust portfolio will change over time, obligor credit quality as shown in the table below is not indicative of obligor credit quality for the trust portfolio at any subsequent time. In addition, the bank’s assessment of obligor credit quality may change over time depending on the conduct of the cardholder and changes in the proprietary scoring models used by the bank.

Composition by Obligor Credit Quality
Trust Portfolio
(Dollars in Thousands)

Probability of an Account Becoming 91 or More Days Past Due or Becoming Charged-off (within the next 12 months)	Principal Receivables		Percentage of Total Principal Receivables
No Score	$	28,889		0.46	%
27.1% and higher		363,562		5.74	%
17.1% – 27.0%		275,145		4.34	%
12.6% – 17.0%		300,780		4.75	%
3.7% – 12.5%		2,647,813		41.81	%
1.9% – 3.6%		1,194,844		18.87	%
Lower than 1.9%L		1,522,512		24.04	%
Total ⁽¹⁾	$	6,333,545		100.00	%

^{________________________________}

⁽¹⁾ Amounts and percentages may not add up to the total due to rounding.

B.	Receivables Performance

The tables below contain performance information for the receivables in the trust portfolio for the eleven months ended November 30, 2021. The composition of the trust portfolio is expected to change over time, including as a result of the addition of new accounts and as a result of the removal of accounts under certain circumstances. The future performance of the receivables in the trust portfolio may be different from the historical performance set forth below.

All data set forth in the tables below is reported on a collected basis. Average principal receivables outstanding is the average of the principal receivables balances at the beginning of each month in the period indicated. Fees include late fees and return check fees.

Delinquency and Loss Experience

The following tables set forth the aggregate delinquency and loss experience for cardholder payments on the credit card accounts in the trust portfolio for each of the dates or periods shown.

We generally expect that net losses and delinquencies in the trust portfolio will correlate with the general economy and unemployment rates. During the years that followed the global financial and economic crisis of 2008-2010, the trust portfolio experienced low levels of delinquencies and losses as the global economy recovered from such crisis. Recent increased global economic volatility and cyclicality of the lending/credit markets may have an adverse effect on the trust portfolio. More specifically, increases in delinquencies and charge-offs could occur, particularly if conditions in the general economy deteriorate.

We cannot assure you that the future delinquency and loss experience for the receivables will be similar to the historical experience set forth below.

Receivables Delinquency Experience
Trust Portfolio
(Dollars in Thousands)

	As of November 30,
	2021
	Principal Receivables		Percentage of Total Principal Receivables
Total Principal Receivables		6,333,545
Principal Receivables Delinquent:
31-60 Days		81,365		1.28	%
61-90 Days		55,700		0.88	%
91-120 Days		43,424		0.69	%
121-150 Days		33,773		0.53	%
151 or More Days		29,519		0.47	%
Total ⁽¹⁾		243,780		3.85	%

^{________________________________}
⁽¹⁾Amounts and percentages may not add up to the total due to rounding.

Account Delinquency Experience
Trust Portfolio

	As of November 30,
	2021
	Total Active Accounts		Percentage of Total Active Accounts
Total Active Accounts		8,667,201
Active Accounts Delinquent:⁽¹⁾
31-60 Days		125,334		1.45	%
61-90 Days		82,909		0.96	%
91-120 Days		63,726		0.74	%
121-150 Days		51,030		0.59	%
151 or More Days		46,169		0.53	%
Total ⁽²⁾		369,168		4.26	%

^{________________________________}

⁽¹⁾ Excludes Zero Balance Accounts.

⁽²⁾ Percentages may not add up to the total due to rounding.

Loss Experience
Trust Portfolio
(Dollars in Thousands)

	Eleven Months Ended November 30,
	2021
Average Receivables Outstanding	$	6,098,232
Gross Charge-Offs ⁽¹⁾	$	356,279
Recoveries ⁽²⁾	$	73,480
Net Charge-Offs⁽³⁾⁽⁴⁾	$	282,799
Net Charge-Offs as a percentage of Average Receivables Outstanding (annualized)⁽⁵⁾		5.06	%

^{________________________________}

⁽¹⁾ Gross Charge-Offs includes gross charge-offs of principal receivables.

⁽²⁾ Recoveries includes recoveries of principal and finance charge receivables and fees.

⁽³⁾ Net Charge-Offs equal Gross Charge-Offs minus Recoveries.

⁽⁴⁾ Amounts may not add up to the total due to rounding.

⁽⁵⁾ Annualized figures are not necessarily indicative of actual results for the entire year.

Revenue Experience

The gross revenues from finance charges and fees related to accounts in the trust portfolio for each of the periods shown are set forth in the following table. The figures reflected in the following table represent balances before deductions for charge-offs, returned merchandise, and customer disputes or other expenses and reductions due to fraud.

Revenue Experience
Trust Portfolio
(Dollars in Thousands)

	Eleven Months Ended November 30,
	2021
Average Receivables Outstanding	$	6,098,232
Total Finance Charges and Fees	$	1,740,822
Total Finance Charges and Fees as a percentage of Average Receivables Outstanding (annualized) ⁽¹⁾		31.14	%

^{________________________________}

⁽¹⁾ Annualized figures are not necessarily indicative of actual results for the entire year.

C.	Compliance with Underwriting Criteria

Review of Pool Asset Disclosure

In connection with this Form 10-D, the depositor has performed a review of the transferred receivables and the disclosure required to be included in this Form 10-D relating to the transferred receivables by Item 1111 of Regulation AB (such disclosure, the “Rule 193 Information”). This review was designed and effected to provide reasonable assurance that the Rule 193 Information is accurate in all material respects.

The Rule 193 Information consisting of factual information was reviewed and approved by those officers and employees of the depositor, Comenity Bank (the “bank”) and their affiliates who are knowledgeable about such factual information. Counsel to the depositor and its affiliates reviewed the Rule 193 Information consisting of descriptions of portions of the transaction documents and compared that Rule 193 Information to the related transaction documents. Officers of the depositor and its affiliates also consulted with internal

regulatory personnel and counsel with respect to the description of the legal and regulatory provisions that may materially and adversely affect the performance of the transferred receivables or payments on the notes.

Employees of the depositor and its affiliates populated the statistical information in this Form 10-D with respect to the transferred receivables using information derived from the bank’s database. The statistical information in this Form 10-D relating to the transferred receivables was compared to information contained in the bank’s database regarding the attributes of such transferred receivables. As a result of such population and comparisons, the depositor determined that the statistical information relating to the transferred receivables is consistent with the bank’s database.

The depositor’s review of the receivables is supported by the control processes routinely used by the bank’s parent, Alliance Data Systems Corporation, in the operation of its business. Alliance Data Systems Corporation achieves appropriate internal and external assurance work on its internal controls over financial reporting to maintain compliance with regulatory reporting requirements, including The Sarbanes-Oxley Act of 2002. Such assurance work is designed to provide reasonable assurance regarding the reliability of financial reporting. The nature, timing and extent of such assurance work are driven by risk-based assessments of the parent’s consolidated operations. The assurance work includes a review of the financial information from which the disclosure required by Item 1111 of Regulation AB regarding the trust portfolio is derived.

With respect to the disclosure under “Compliance with Underwriting Criteria” below, the bank periodically engages in activities that are designed to monitor and measure compliance with its credit policies, including testing of automated approval systems and monthly monitoring and compliance checks with respect to credit line decisions that are ultimately made outside of the automated system, as more specifically described below.

Portions of the review of the legal, regulatory and statistical information were performed with the assistance of third parties engaged by the depositor. The depositor determined the nature, extent and timing of the review and the level of assistance provided by the third parties. The depositor had ultimate authority and control over, and assumes all responsibility for, the review and the findings and conclusions of the review. The depositor attributes all findings and conclusions of the review to itself.

After undertaking the review described above, the depositor has concluded, with reasonable assurance, that the Rule 193 Information in this Form 10-D is accurate in all material respects.

Compliance with Underwriting Criteria

The bank makes virtually all underwriting and authorization decisions using an automated system that uses credit bureau scoring and a proprietary scoring model to determine an applicant’s risk. This automated system determines whether to approve or decline a customer’s request for credit based on this risk and also sets a maximum initial credit line on each approved customer’s account, in each case without any underwriter discretion. In certain cases, the bank may further manually review applications that were initially declined through the automated process, either at the applicant’s request or in connection with the bank’s internal review process. In such cases, the bank verifies relevant customer data, makes any necessary corrections to the customer data and re-evaluates such applications using the bank’s underwriting criteria. The bank applies the same underwriting criteria in both the automated process, and during any manual reviews of applications initially declined through the automated process.

The bank’s credit risk group performs monthly testing on applications to ensure that the automated system is processing applications as intended. A subset of the retailers are selected for testing each month, with each retailer being tested at least three times per year, on a four-month rolling basis. For the selected retailers, the bank’s credit risk group validates that all the accounts originated in such retailer’s portfolio during the applicable month complied with the bank’s underwriting criteria.

In addition, the credit risk group monitored manual approvals during the period from October 2020 through October 2021 for the applications for all retailers that were initially declined by the automated system. Such monitoring determined that manually approved applications represented less than 0.01% of new applications during such period, which is consistent with the results of prior reviews. Accounts that are approved through the manual review process rather than the automated process, and are therefore considered exceptions, did not meet the bank’s initial underwriting policies for the following reasons: applicants with no or low credit score; missing or invalid applicant information or duplicate applications. The bank determined to include the receivables for which exceptions were identified in the trust portfolio because the fact that the accounts did not meet the bank’s initial underwriting policies would not have a material adverse effect on the trust, and therefore the exceptions do not cause the receivables to be ineligible for sale to the trust. Another compensating factor with respect to these exceptions is that the bank engages in ongoing monitoring of the files and adjusts the credit limits on accounts as necessary based on an updated measure of risk as determined by the behavioral scoring model that is calculated for active accounts.

The bank’s internal audit department also performs annual evaluations and testing of compliance with the bank’s credit card underwriting policy and process guidelines. Such evaluations and testing are designed to provide reasonable assurance that the application process produces credit accounts that comply with the bank’s underwriting policies. The internal audit department’s review of the credit line origination process completed in December 2020 consisted of independent reviews and testing of the automated execution of the credit risk management policies and standards, review of the credit risk group’s monthly testing and monitoring of credit application overrides, and an assessment of the design and operating effectiveness of change management controls for the credit risk management policies and standards. The audit validated that change management controls were functioning as designed. These audits produced no significant observations relating to the bank’s credit underwriting, manual approvals or credit line management processes.

D.	Repurchase of Receivables

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 November 1, 2021 to November 30, 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

Item 1A.

Asset-Level Information.

Not applicable.

Item 1B.

Asset Representations Reviewer and Investor Communication.

Not applicable.

Item 3.

Sales of Securities and Use of Proceeds.

Not applicable.

Item 5.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 7.

Change in Sponsor Interest in the Securities.

Not applicable.

Item 10.

Exhibits.

Exhibit No.		Document Description
99.1		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 December 15, 2021 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: December 15, 2021	By:	/s/ Michael Blackham
	Name:	Michael Blackham
	Title:	Treasurer

INDEX TO EXHIBITS

Exhibit No.		Document Description
99.1		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 December 15, 2021 Payment Date.

MONTHLY NOTEHOLDER'S STATEMENT

WORLD FINANCIAL NETWORK CREDIT CARD

MASTER NOTE TRUST

SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

Pursuant to the Master Indenture, dated as of August 1, 2001, (as amended and supplemented, the "Indenture") between World Financial Network Credit Card Master Note Trust (the "Issuer") and U.S. Bank National Association, as indenture trustee (the "Indenture Trustee"), and 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 December 15, 2021 and with respect to the performance of the Trust during the month of November 2021 is set forth below. Capitalized terms herein are defined in the Indenture and the Indenture Supplements.

	Monthly Period:		Nov-21
	Determination Date:		12/13/2021
	Distribution Date:		12/15/2021
	Number of Days in Period:		30
	Number of Days in Month:		30
	Record Date:		11/30/2021

I. DEAL PARAMETERS	Series 2019-A	Series 2019-B	Series 2019-C

(a) Class A Initial Note Principal Balance	500,000,000.00	350,000,000.00	600,000,000.00
(b) Class M Initial Note Principal Balance	37,162,000.00	31,165,000.00	53,425,000.00
(c) Class B Initial Note Principal Balance	25,338,000.00	17,980,000.00	30,822,000.00
(d) Class C Initial Note Principal Balance	$0.00	$0.00	$0.00
(e) Class D Initial Note Principal Balance	$0.00	$0.00	$0.00
(f) Total Initial Note Principal Balance	$562,500,000.00	$399,145,000.00	$684,247,000.00
(g) Initial Excess Collateral Amount	113,176,000.00	80,309,000.00	$137,672,000.00

(h) Class A Initial Note Principal Balance %	74.00%	73.00%	73.00%
(i) Class M Initial Note Principal Balance %	5.50%	6.50%	6.50%
(j) Class B Initial Note Principal Balance %	3.75%	3.75%	3.75%
(k) Class C Initial Note Principal Balance %, if applicable	0.00%	0.00%	0.00%
(l) Class D Initial Note Principal Balance %, if applicable	0.00%	0.00%	0.00%
(m) Excess Collateral Amount %	16.75%	16.75%	16.75%

(n) Required Retained Transferor Percentage	4.00%	4.00%	4.00%
(o) Additional Minimum Transferor % (2% Nov-Jan; 0% otherwise)	2.00%	2.00%	2.00%

(p) LIBOR rate as of most recent reset day, if applicable
(q) Class A Note Interest Rate	3.14%	2.49%	2.21%
(r) Class A Swap Rate, if applicable
(s) Class A Swap Rate plus Spread, if applicable
(t) Class A Margin, if applicable
(u) Class A Margin plus Libor, if applicable

(v) Class M Note Interest Rate	3.61%	3.04%	2.71%
(w) Class M Swap Rate, if applicable
(x) Class M Swap Rate plus Spread, if applicable

(y) Class B Note Interest Rate	0.00%	0.00%	0.00%
(z) Class B Swap Rate, if applicable
(aa) Class B Swap Rate plus Spread, if applicable

(ab) Class C Note Interest Rate, if applicable	0.00%	0.00%	0.00%
(ac) Class C Swap Rate, if applicable
(ad) Class C Swap Rate plus Spread, if applicable

(ae) Class D Note Interest Rate, if applicable	0.00%	0.00%	0.00%

(af) Servicing Fee Percentage	2.00%	2.00%	2.00%

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	Series 2019-A	Series 2019-B	Series 2019-C

(a) Initial Collateral Amount	$675,676,000.00	$479,454,000.00	$821,919,000.00
(b) Initial Excess Collateral Amount	$113,176,000.00	$80,309,000.00	$137,672,000.00

(c) Principal Payments made to Noteholders	$0.00	$0.00	$0.00
(d) Principal Accumulation Account Balances	$321,428,572.00	$88,698,890.00	$62,204,273.00
(e) Unreimbursed Investor Charge-offs and Reallocated Principal Collections	$0.00	$0.00	$0.00

(f) Collateral Amount - End of Current Monthly Period	$354,247,428.00	$390,755,110.00	$759,714,727.00
(g) Excess Collateral Amount - End of Current Monthly Period	$113,176,000.00	$80,309,000.00	$137,672,000.00
(h) Required Excess Collateral Amount	$113,176,000.00	$80,309,000.00	$137,672,000.00

(i) Beginning Class A Note Principal Balance	$500,000,000.00	$350,000,000.00	$600,000,000.00
(j) Beginning Class M Note Principal Balance	$37,162,000.00	$31,165,000.00	$53,425,000.00
(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	$399,145,000.00	$684,247,000.00

(o) Ending Class A Note Principal Balance	$500,000,000.00	$350,000,000.00	$600,000,000.00
(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
(r) Ending Class C Note Principal Balance, if applicable	$0.00	$0.00	$0.00
(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

(u) Allocation Percentage- Finance Charges Collections and Default Amounts	5.78%	6.37%	12.39%
(v) Allocation Percentage- Principal Collections	11.02%	7.82%	13.40%

MONTHLY NOTEHOLDER'S STATEMENT

WORLD FINANCIAL NETWORK CREDIT CARD

MASTER NOTE TRUST

SERIES 2019-A, SERIES 2019-B and SERIES 2019-C

III. RECEIVABLES IN THE TRUST

(a) Beginning of the Month Principal Receivables	$6,106,576,325.15

(b) Collection of Principal Receivables	$863,244,340.07
(c) Defaulted Receivables (principal charge-offs):	$31,055,969.80
(d) Dilution (Principal net of Debit Adjustments):	$83,650,466.44
(e) Sales (principal receivables generated):	$1,204,919,919.00
(f) Net (Removal)/Addition of Principal Receivables:	$0.00

(g) End of Month Principal Receivables (a - b - c - d + e + f)	$6,333,545,467.84

(h) Recoveries of previously Charged-off Receivables:	$5,156,133.11

(i) Beginning of the Month Finance Charge Receivables	$195,567,387.24
(j) End of the Month Finance Charge Receivables	$195,096,242.42


IV.RECEIVABLES PERFORMANCE SUMMARY

COLLECTIONS:
(a) Collections of Principal Receivables	$863,244,340.07
(b) Collections of Finance Charge Receivables	$154,748,304.19
(c) Total Collections (a+b).	$1,017,992,644.26
(d) Monthly Payment Rate (% of Beginning Principal Receivables)	16.67%


DELINQUENCIES AND LOSSES:	PRINCIPAL	% OF PRINCIPAL
End of the month delinquencies:	RECEIVABLES	RECEIVABLES	ACCOUNTS	% OF
(e) 1-30 days delinquent (CA1)	$238,812,553.04	3.77%	389,001	1.32%
(f) 31-60 days delinquent (CA2)	$81,364,931.27	1.28%	130,923	0.44%
(g) 61-90 days delinquent (CA3)	$55,699,991.58	0.88%	85,163	0.29%
(h) 91-120 days delinquent (CA4)	$43,423,561.28	0.69%	65,075	0.22%
(i) 121-150 days delinquent (CA5)	$33,772,859.71	0.53%	51,995	0.18%
(j) 151+ days delinquent (CA6)	$29,518,895.53	0.47%	46,755	0.16%

(k) Total delinquencies (e +f + g + h + i + j)	$482,592,792.41	7.62%	768,912	2.60%

(l) Total 60+ days delinquent	$162,415,308.10	2.56%
(m) Lowest Delinquency Trigger (all series)		9.50%
(n) Investor Requests for Communications		None

CHARGE-OFFS:
(o) Number of Charged-Off Accounts	49,447
(p) Gross Charge-Offs (principal charge-offs):	$31,055,969.80
(q) Number of Charged-Off Accounts with Recoveries	36,766
(r) Recoveries (includes principal, finance charges and fees)	$5,156,133.11
(s) Gross Principal Charge-Off Rate (% of Total Principal Receivables - End of Monthly Period) - annualized
(i) Current	5.88%
(ii) Prior Monthly Period	5.23%
(iii) Two Months Prior Monthly Period	4.78%
(iv) Three Months Prior Monthly Period	5.43%
(v) Three -Month Average	5.30%
(vi) Four-Month Average	5.33%
(t) Net Principal Charge-Offs (Gross Charge-Offs - recoveries)	$25,899,836.69
(u) Net Principal Charge-Off Rate (% of Total Principal Receivables - End of Monthly Period) - annualized
(i) Current	4.91%
(ii) Prior Monthly Period	4.26%
(iii) Two Months Prior Monthly Period	3.71%
(iv) Three Months Prior Monthly Period	4.32%
(v) Three -Month Average	4.30%
(vi) Four-Month Average	4.30%
(v) Average Net Charge Off (net principal charge-offs/number of charged-off accounts)	$523.79

V. TRANSFEROR INTEREST AND SELLER'S INTEREST

(a) Required Retained Transferor Percentage	4.00%
(b) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)	2.00%

(c) Beginning Transferor's Amount	$2,559,909,061.45
(d) Ending Transferor's Amount (including Excess Funding/Principal Accounts)	$2,111,761,893.77
(e) Minimum Transferor's Amount	$380,012,728.07
(f) Excess Funding Account Balance at end of Monthly Period	$0.00
(g) Collections and Principal Accounts Balance at end of Monthly Period	191,593,665.35
(h) Sum of Principal Receivables, Excess Funding, Collections and Principal Accounts	$6,525,139,133.19
(i) Required Seller's Interest (as of the most recent RR measurement date)	$165,102,006.40
(j) Seller's Interest (as of the most recent RR measurement date)	$2,009,384,119.50

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	4,515,608.73	3,687,241.09	6,166,278.15
(b) Cash Collateral Account, if applicable	-	-	-
(c) Spread Account, if applicable	-	-	-
(d) Reserve Account	2,812,500.00	1,995,725.00	3,421,235.00
(e) Principal Account	-	-	-
(f) Principal Accumulation Account	241,071,429.00	44,349,445.00	-

ENDING ACCOUNT BALANCES:

(g) Finance Charge Account	5,056,419.11	3,680,046.35	6,656,276.60
(h) Cash Collateral Account, if applicable	-	-	-
(i) Spread Account, if applicable	-	-	-
(j) Reserve Account	2,812,500.00	1,995,725.00	3,421,235.00
(k) Principal Account	-	-	-
(l) Principal Accumulation Account	321,428,572.00	88,698,890.00	62,204,273.00

INTEREST AND EARNINGS:

(m) Interest and Earnings on Finance Charge Account	133.06	100.50	175.46
(m) Interest and Earnings on Cash Collateral Account, if applicable	-	-	-
(o) Interest and Earnings on Spread Account, if applicable	-	-	-
(p) Interest and Earnings on Reserve Account	60.33	42.81	73.39
(q) Interest and Earnings on Principal Accumulation Account	6,090.31	1,458.66	667.14
(r) Interest and Earnings on Principal Account	-	-	-
(s) Interest and Earnings on Collection Account (allocated)	286.87	316.44	615.23

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:

	$8,949,923.49	$9,866,946.56	$19,181,337.14

(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)	$590,412.38	$651,258.52	$1,266,191.21

(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	$1,793,812.02	$1,978,676.94	$3,846,987.46
(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)	$5,145,570.08	$6,431,809.77	$12,842,507.01

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	$95,112,496.81	$67,491,026.83	$115,698,601.50

(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)	$95,112,496.81	$67,491,026.83	$115,698,601.50

(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	$1,793,812.02	$1,978,676.94	$3,846,987.46
(b) Reimbursed from Available Funds	$1,793,812.02	$1,978,676.94	$3,846,987.46
(c) Reimbursed from Cash Collateral Account	$0.00	$0.00	$0.00
(d) Total reimbursed in respect of Investor Defaults and Dilution	$1,793,812.02	$1,978,676.94	$3,846,987.46
(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)	3.57%	3.65%	3.64%
(b) Base Rate (prior month)	3.81%	3.83%	3.79%
(c) Base Rate (2 months prior)	4.05%	4.02%	3.79%

(d) 3 Month Average Base Rate	3.81%	3.83%	3.74%

Gross Portfolio Yield
(Finance charge collections allocable to each series divided by the collateral amount)

(e) Gross Portfolio Yield (current month)	30.32%	30.30%	30.30%
(f) Gross Portfolio Yield (prior month)	31.52%	31.51%	31.51%
(g) Gross Portfolio Yield (2 months prior)	32.14%	32.13%	32.13%

(h) 3 Month Average Gross Portfolio Yield	31.33%	31.32%	31.31%

Net Portfolio Yield
(Finance charge collections less defaults allocable to each series divided by the
collateral amount)

(e) Net Portfolio Yield (current month)	24.24%	24.22%	24.22%
(f) Net Portfolio Yield (prior month)	26.24%	26.23%	26.23%
(g) Net Portfolio Yield (2 months prior)	27.33%	27.33%	27.33%

(h) 3 Month Average Net Portfolio Yield	25.94%	25.93%	25.92%


Excess Spread Percentage¹
(Net Portfolio Yield less Base Rate)

(i) Net Portfolio Adjusted Yield (current month)	20.67%	20.58%	20.58%
(j) Net Portfolio Adjusted Yield (prior month)	22.43%	22.40%	22.44%
(k) Net Portfolio Adjusted Yield (2 months prior)	23.28%	23.31%	23.54%

(l) Net Portfolio Adjusted Yield (3 month average)	22.13%	22.10%	22.19%

1 - Series 2019-A, Series 2019-B, and Series 2019-C entered their Principal Accumulation Periods on July 1, 2021, September 1, 2021, and October 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: 16.78% for the September 2021 Monthly Period, 13.07% for the October 2021 Monthly Period, and 9.14% for the November 2021 Monthly Period; (2) Series 2019-B: 19.97% for the October 2021 Monthly Period and 16.10% for the November 2021 Monthly Period; (3) Series 2019-C: 18.75% for the November 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)	$285,714,286.22	$77,777,778.75	$54,545,454.78
(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)	$357,142,857.78	$116,666,668.13	$109,090,909.57

(d) Cumulative Class M principal distributed to PAA (as of prior distribution date)	$21,235,428.61	$6,925,555.64	$4,856,818.20
(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)	$26,544,285.76	$10,388,333.46	$9,713,636.41

(g) Cumulative Class B principal distributed to PAA (as of prior distribution date)	$14,478,857.17	$3,995,555.61	$2,802,000.01
(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)	$18,098,571.46	$5,993,333.41	$5,604,000.02

(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)	$401,785,715.00	$133,048,335.00	$124,408,546.00

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

(o) 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 (vi) “Solvency II Regulation” means Commission Delegated Regulation (EU) No. 2015/35.



Comenity Bank, as Servicer

By:	/s/ Michael Blackham
Name:	Michael Blackham
Title:	Treasurer