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Exhibit 10.5

SECOND AMENDMENT TO
SERIES 2009-VFC1 SUPPLEMENT
 

This SECOND AMENDMENT TO SERIES 2009-VFC1 SUPPLEMENT, dated as of June 15, 2011
(this “Amendment”) is made among World Financial Network National Bank, a
national banking association (“WFN”), as Servicer (“Servicer”), WFN Credit
Company, LLC, a Delaware limited liability company (“WFN Credit”), as Transferor
(“Transferor”) and Union Bank, N.A. (formerly known as Union Bank of California,
N.A., successor in interest to JPMorgan Chase Bank, N.A.), not in its individual
capacity but solely as Trustee (“Trustee”) under the Amended and Restated
Pooling and Servicing Agreement, dated as of January 30, 1998, as amended and
restated as of September 28, 2001 (as further amended as of April 7, 2004, March
23, 2005, October 26, 2007, and March 30, 2010, and as modified by a Trust
Combination Agreement dated as of April 26, 2005, and as further amended,
restated and otherwise modified from time to time, the
“Agreement”).  Capitalized terms used and not otherwise defined in this
Amendment are used as defined in the Agreement, as supplemented by that certain
Series 2009-VFC1 Supplement, dated as of March 31, 2009 (as amended by the First
Amendment to Series 2009-VFC1 Supplement, dated as of March 30, 2010), among the
Servicer, the Transferor and the Trustee (as amended, restated and otherwise
modified from time to time, the “Series Supplement”).
 
Background
 
A.  The parties hereto have entered into the Agreement and the Series
Supplement.
 
B.  The parties hereto wish to amend the Series Supplement as set forth in this
Amendment.
 
Agreement
 
1.           Amendment of the Series Supplement.  Section 1 of the Series
Supplement is hereby amended by adding a new subsection (d) to read in its
entirety as follows:
 
(d)              The Series 2009-VFC1 Certificates shall be “Designated Investor
Certificates” for the purposes of Section 2.9(c) of the Agreement.
 
2.           Binding Effect; Ratification.  (a) This Amendment shall become
effective, as of the date first set forth above, when counterparts hereof shall
have been executed and delivered by the parties hereto, and thereafter shall be
binding on the parties hereto and their respective successors and assigns.
 
(b)              On and after the execution and delivery hereof, this Amendment
shall be a part of the Series Supplement and each reference in the Series
Supplement to “this Series Supplement” or “hereof”, “hereunder” or words of like
import, and each reference in any other Transaction Document to the Series
Supplement shall mean and be a reference to such Series Supplement as amended
hereby.
 

 
1
Second Amendment to
Series 2009 VFC1 Series Supplement

 
 

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(c)              Except as expressly amended hereby, the Series Supplement shall
remain in full force and effect and is hereby ratified and confirmed by the
parties hereto.
 
3.           Miscellaneous.  (a)  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS.
 
(b)              Headings used herein are for convenience of reference only and
shall not affect the meaning of this Amendment.
 
(c)              This Amendment may be executed in any number of counterparts,
and by the parties hereto on separate counterparts, each of which shall be an
original and all of which taken together shall constitute one and the same
agreement.  Counterparts of this Amendment may be delivered by facsimile or
electronic transmission.
 
(d)              The Trustee shall not be responsible for the validity or
sufficiency of this Amendment, nor for the recitals contained herein.
 
[Signature Page Follows]
 

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                                                    Second Amendment to
Series 2009 VFC1 Series Supplement
 
 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.
 
WORLD FINANCIAL NETWORK NATIONAL BANK, as Servicer

By: /s/ Ronald C. Reed                                           
Name:  Ronald C. Reed
Title:  Treasurer

WFN CREDIT COMPANY, LLC, as Transferor

By: /s/ Daniel T. Groomes                                           
Name:  Daniel T. Groomes
Title:  President

UNION BANK, N.A., not in its individual capacity, but solely as Trustee

By: /s/ Eva Aryeetey                                           
Name:  Eva Aryeetey
Title:  Vice President

S-1
 

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