Document:

Exhibit 4.1

    

     

    

     

    

    WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST

    Issuer

    and

    MUFG UNION BANK, N.A.

    Indenture Trustee

    

    

    

    

    SERIES 2019-C INDENTURE SUPPLEMENT

    Dated as of September 18, 2019

    

    

    

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      Page

      

      

      	
              ARTICLE I.

            	
              CREATION OF THE SERIES 2019-C NOTES

            	
              1

            
	 	 	 
	
              Section 1.1

            	
              Designation

            	
              1

            
	
              Section 1.2

            	
              Transfer Restrictions

            	
              2

            
	 	 	 
	
              ARTICLE II.

            	
              DEFINITIONS

            	
              4

            
	 	 	 
	
              Section 2.1

            	
              Definitions

            	
              4

            
	 	 	 
	
              ARTICLE III.

            	
              NOTEHOLDER SERVICING FEE

            	
              18

            
	 	 	 
	
              Section 3.1

            	
              Servicing Compensation

            	
              18

            
	
              Section 3.2

            	
              Covenants

            	
              18

            
	 	 	 
	
              ARTICLE IV.

            	
              RIGHTS OF SERIES 2019-C NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

            	
              18

            
	 	 	 
	
              Section 4.1

            	
              Collections and Allocations

            	
              18

            
	
              Section 4.2

            	
              Determination of Monthly Interest

            	
              21

            
	
              Section 4.3

            	
              Determination of Monthly Principal

            	
              23

            
	
              Section 4.4

            	
              Application of Available Finance Charge Collections and Available Principal Collections

            	
              23

            
	
              Section 4.5

            	
              Investor Charge-Offs

            	
              25

            
	
              Section 4.6

            	
              Reallocated Principal Collections

            	
              25

            
	
              Section 4.7

            	
              Excess Finance Charge Collections

            	
              26

            
	
              Section 4.8

            	
              Shared Principal Collections

            	
              26

            
	
              Section 4.9

            	
              Certain Series Accounts

            	
              26

            
	
              Section 4.10

            	
              Reserve Account

            	
              28

            
	
              Section 4.11

            	
              [Reserved.]

            	
              29

            
	
              Section 4.12

            	
              Investment Instructions

            	
              29

            
	
              Section 4.13

            	
              Controlled Accumulation Period

            	
              30

            
	
              Section 4.14

            	
              Suspension of Controlled Accumulation Period

            	
              31

            
	 	 	 
	
              ARTICLE V.

            	
              DELIVERY OF SERIES 2019-C NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2019-C NOTEHOLDERS

            	
              32

            
	 	 	 
	
              Section 5.1

            	
              Delivery and Payment for the Series 2019-C Notes

            	
              32

            
	
              Section 5.2

            	
              Distributions

            	
              33

            
	
              Section 5.3

            	
              Reports and Statements to Series 2019-C Noteholders

            	
              33

            
	 	 	 
	
              ARTICLE VI.

            	
              SERIES 2019-C EARLY AMORTIZATION EVENTS

            	
              34

            
	 	 	 
	
              Section 6.1

            	
              Series 2019-C Early Amortization Events

            	
              34

            
	 	 	 
	
              ARTICLE VII.

            	
              REDEMPTION OF SERIES 2019-C NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

            	
              36

            
	 	 	 
	
              Section 7.1

            	
              Optional Redemption of Series 2019-C Notes; Final Distributions

            	
              36

            
	
              Section 7.2

            	
              Series Termination

            	
              37

            

      

    

    
      

      

      

      

      
        i

        
          

      

      

      TABLE OF CONTENTS

        (continued)

      Page

       

      

      	
              ARTICLE VIII.

            	
              MISCELLANEOUS PROVISIONS

            	
              37

            
	 	 	 
	
              Section 8.1

            	
              Ratification of Indenture; Amendments

            	
              37

            
	
              Section 8.2

            	
              Form of Delivery of the Series 2019-C Notes

            	
              37

            
	
              Section 8.3

            	
              Counterparts

            	
              38

            
	
              Section 8.4

            	
              GOVERNING LAW

            	
              38

            
	
              Section 8.5

            	
              Limitation of Liability

            	
              38

            
	
              Section 8.6

            	
              Rights of the Indenture Trustee

            	
              38

            
	
              Section 8.7

            	
              Additional Provisions

            	
              38

            
	
              Section 8.8

            	
              Notice Address for Rating Agencies

            	
              40

            
	
              Section 8.9

            	
              Additional Requirements for Registration of and Limitations on Transfer and Exchange of Notes

            	
              40

            
	
              Section 8.10

            	
              Additional Matters Concerning the Indenture Trustee

            	
              41

            

      

      

      

      

      

    

    EXHIBITS

    

    

    	
            EXHIBIT A-1

          	 	
            FORM OF CLASS A NOTE

          
	
            EXHIBIT A-2

          	 	
            FORM OF CLASS M NOTE

          
	
            EXHIBIT A-3

          	 	
            FORM OF DEFINITIVE CLASS B NOTE

          
	
            EXHIBIT B

          	 	
            FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

          
	 	 	
            NOTIFICATION TO INDENTURE TRUSTEE

          
	
            EXHIBIT C

          	 	
            FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

          
	
            SCHEDULE I

          	 	
            PERFECTION COVENANTS

          

    

    

    

    

    
      ii

      
        

    

    SERIES 2019-C INDENTURE SUPPLEMENT, dated as of September 18, 2019 (the “Indenture Supplement”), between WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER NOTE TRUST, a statutory trust organized and existing under the laws of the State of Delaware (herein, the “Issuer” or the “Trust”), and MUFG UNION BANK, N.A., a national banking association (formerly
      known as Union Bank, N.A., “Union Bank”), not in its individual capacity, but solely as indenture trustee (herein, together with its successors in the trusts thereunder as provided in the Master Indenture referred to below, the “Indenture
        Trustee”) under the Master Indenture, dated as of August 1, 2001, between the Issuer and the Indenture Trustee, as amended by the Omnibus Amendment, dated as of March 31, 2003, among WFN Credit Company, LLC (the “Transferor”), the
      Issuer, Comenity Bank (formerly known as World Financial Network Bank), individually and as Servicer, World Financial Network Credit Card Master Trust, Union Bank (successor to The Bank of New York Mellon Trust Company, N.A.), as trustee of World
      Financial Network Credit Card Master Trust and as Indenture Trustee, and as further amended by Supplemental Indenture No. 1 to Master Indenture, dated as of August 13, 2003, Supplemental Indenture No. 2 to Master Indenture, dated as of June 13, 2007,
      Supplemental Indenture No. 3 to Master Indenture, dated as of May 27, 2008, Supplemental Indenture No. 4 to Master Indenture, dated as of June 28, 2010, and Supplemental Indenture No. 5 to Master Indenture, dated as of February 20, 2013, and
      Supplemental Indenture No. 6 to Master Indenture, dated as of July 6, 2016, each between the Issuer and the Indenture Trustee, and as supplemented by the Agreement of Resignation, Appointment and Acceptance, dated as of May 27, 2008, by and among the
      Administrator, the Issuer, BNY Midwest Trust Company (the successor in interest to the corporate trust administration of Harris Trust and Savings Bank), as resigning indenture trustee, and The Bank of New York Mellon Trust Company, N.A., as successor
      indenture trustee, and as further supplemented by the Agreement of Resignation, Appointment and Acceptance, dated as of June 26, 2012, by and among the Administrator, the Issuer, The Bank of New York Mellon Trust Company, N.A., as resigning indenture
      trustee, and Union Bank, as successor indenture trustee (as amended, the “Indenture”, and together with this Indenture Supplement, the “Agreement”).

    Pursuant to Section 2.11 of the Indenture, the Transferor may direct the Owner Trustee, on behalf of the Issuer,
      to issue one or more Series of Notes.  The Principal Terms of this Series are set forth in this Indenture Supplement to the Indenture.

    ARTICLE I.

        

        Creation of the Series 2019-C Notes.

    Section 1.1 Designation.

    (a) There is hereby created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “World
          Financial Network Credit Card Master Note Trust, Series 2019-C” or the “Series 2019-C Notes.”  The Series 2019-C Notes shall be issued in three Classes, known as the “Class A Series 2019-C 2.21% Asset Backed Notes” (or the “Class
          A Fixed Rate Asset Backed Notes, Series 2019-C”), the “Class M Series 2019-C 2.71% Asset Backed Notes” (or the “Class M Fixed Rate Asset Backed Notes, Series 2019-C”) and the “Class B Series 2019-C 0.00% Asset Backed Notes”
        (or the “Class B Fixed Rate Asset Backed Notes, Series 2019-C”).

    
      
        

    

    
    (b) Series 2019-C shall be included in Group One and shall be a Principal Sharing Series.  Series 2019-C shall be an Excess Allocation Series with
        respect to Group One only.

    (c) The Series 2019-C Notes shall be issued in minimum denominations of $1,000 and in integral multiples of $1,000.

    (d) The Class B Notes shall be Risk Retention Retained Notes.

    Section 1.2 Transfer Restrictions.

    (a) The Class B Notes have not been registered under the Securities Act or any state securities law.  None of the Issuer, the Note Registrar or the
        Indenture Trustee is obligated to register the Class B Notes under the Securities Act or any other securities or “blue sky” laws or to take any other action not otherwise required under this Indenture Supplement or the Trust Agreement to permit the
        transfer of any Class B Note without registration.

    (b) Until such time as the Class B Notes have been registered under the Securities Act and any applicable state securities law, the Class B Notes may not
        be sold, transferred, assigned, participated, pledged or otherwise disposed of (any such act, a “Retained Note Transfer”) to any Person except in accordance with the provisions of this Section 1.2, and any attempted Retained Note
        Transfer in violation of this Section 1.2 will be null and void.

    (c) Each Class B Note will bear a legend to the effect of the following unless determined otherwise by the Administrator (as certified to the Indenture
        Trustee in an Officer’s Certificate) consistent with applicable law:

    THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS NOTE:

    AGREES FOR THE BENEFIT OF THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED,
      PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A
      PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB,
      WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO THE TRANSFEROR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
      UNITED STATES; AND AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND

    
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    (d) By acceptance of any Class B Note, the Class B Noteholder specifically agrees with and represents to the Transferor, the Issuer and the Transfer
        Agent and Registrar that no Retained Note Transfer will be made unless (i) the registration requirements of the Securities Act and any applicable state securities laws have been complied with, (ii) such Retained Note Transfer is to the Transferor
        or its Affiliates or (iii) such Retained Note Transfer is exempt from the registration requirements under the Securities Act because such Retained Note Transfer is in compliance with Rule 144A under the Securities Act and is being made to a
        transferee who the transferor reasonably believes is a “Qualified Institutional Buyer” (as defined in the Securities Act) that is purchasing for its own account or for the account of a Qualified Institutional Buyer and to whom notice is
        given that such Retained Note Transfer is being made in reliance upon Rule 144A under the Securities Act.

    (e) The Issuer will make available to the prospective transferor and transferee of a Class B Note information requested to satisfy the requirements of
        paragraph (d)(4) of Rule 144A.

    (f) All Transfers will be subject to the transfer restrictions set forth on the Notes.

    (g) Each Class A Note and Class M Note will bear a legend to the effect of the following unless determined otherwise by the Administrator (as certified
        to the Indenture Trustee in an Officer’s Certificate) consistent with applicable law:

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO
      REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS
      DEFINED BELOW) AND THAT YOU ARE NOT PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST
      HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA (AS DEFINED BELOW) OR SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR A VIOLATION OF SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS
      DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT
      IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY
      RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    
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    (h) Each Class B Note will bear a legend to the effect of the following unless determined otherwise by the Administrator (as certified to the Indenture
        Trustee in an Officer’s Certificate) consistent with applicable law:

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT
      AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT PURCHASING OR
      HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE,
      ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION
      SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    (i) By its acquisition of a Class A Note or a Class M Note or any interest therein, each purchaser or transferee of such Note shall be deemed to
        represent, covenant and agree that either: (i) it is not a Benefit Plan  Investor a plan subject to Similar Law and that it is not purchasing or holding such Note or any interest therein on behalf of, or with the assets of, a Benefit Plan Investor
        or plan subject to Similar Law or (ii) its purchase, holding and disposition of such Note or interest therein will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a violation of Similar Law. By its
        acquisition of a Class B Note or any interest therein, each purchaser or transferee of such Note shall be deemed to represent, covenant and agree that it is not a Benefit Plan  Investor or a plan subject to Similar Law and that it is not purchasing
        or holding such Note or any interest therein on behalf of, or with the assets of, a Benefit Plan Investor or plan subject to Similar Law.

    ARTICLE II

        

        Definitions

    Section 2.1 Definitions.

    (a) Whenever used in this Indenture Supplement, the following words and phrases shall have the following meanings, and the definitions of such terms are
        applicable to the singular as well as the plural forms of such terms and the masculine as well as the feminine and neuter genders of such terms.

    
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    “Accumulation Shortfall” means (a) for the first Distribution Date during the Controlled Accumulation Period, zero;
      and (b) thereafter, for any Distribution Date during the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous Distribution Date over the amount deposited into the Principal Accumulation Account
      pursuant to subsection 4.4(c)(i) for the previous Distribution Date.

    “Additional Interest” means, for any Distribution Date, Class A Additional Interest and Class M Additional Interest
      for such Distribution Date.

    “Additional Minimum Transferor Amount” means (a) as of any date of determination falling in November, December and
      January of each calendar year, the product of (i) 2% and (ii) the sum of (A) the Aggregate Principal Receivables and (B) if such date of determination occurs prior to the Certificate Trust Termination Date, the amount on deposit in the Excess Funding
      Account and (b) as of any date of determination falling in any other month, zero; provided that the amount specified in clause (a) shall be without duplication of the amount specified as the “Additional Minimum Transferor Amount” in
      any future supplement to the Pooling and Servicing Agreement that specifies such an amount and indicates that such amount is without duplication of the amount specified in clause (a) and in the Indenture Supplement relating to the Series
      2015-B Notes, Series 2016-A Notes, Series 2016-C Notes, Series 2017-A Notes, Series 2017-C Notes, Series 2018-A Notes, Series 2018-B Notes, Series 2018-C, Series 2019-A, Series 2019-B or Series 2009-VFN Notes (or in any future Indenture Supplement
      that specifies such an amount and indicates that such amount is without duplication of the amount specified in clause (a)).  The Additional Minimum Transferor Amount is specified pursuant to Section 8.7 as an additional amount to be
      considered part of the Minimum Transferor Amount.

    “Aggregate Investor Default Amount” means, as to any Monthly Period, the sum of the Investor Default Amounts in
      respect of such Monthly Period.

     “Allocation Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction:

    (a) the numerator of which shall be equal to:

    (i)  (x) for Principal Collections for any Monthly Period (or portion thereof) during the Revolving
      Period and (y) for Finance Charge Collections and Default Amounts at any time, the Collateral Amount at the end of the last day of the prior Monthly Period (or, in the case of the Monthly Period in which the Closing Date occurs, on the Closing Date),
      less any reductions to be made to the Collateral Amount on account of principal payments, the retirement and cancellation of any Series 2019-C Notes or deposits to the Principal Accumulation Account to be made
      on the Distribution Date falling in the Monthly Period for which the Allocation Percentage is being calculated; or

    (ii)  for Principal Collections for any Monthly Period (or portion thereof) during the Early
      Amortization Period and the Controlled Accumulation Period, (x) the Collateral Amount at the end of the last day of the Revolving Period, less, (y) if sufficient funds have been deposited to a Trust Account
      to pay the

    
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    outstanding principal amount of the Series 2019-C Notes (excluding the principal amount of any Series 2019-C Notes
      deducted pursuant to the following clause (z)) in full on the Distribution Date falling in the Monthly Period for which the Allocation Percentage is being calculated, the aggregate amount of principal payments to be made on such final Distribution
      Date; and less (z) the principal amount of any Series 2019-C Notes held by the Transferor to be retired and cancelled in consideration for an increase in the Transferor Interest on the Distribution Date
      falling in the Monthly Period for which the Allocation Percentage is being calculated if after giving effect to such retirement and cancellation, there would be no Series 2019-C Notes Outstanding;

    provided, however, that
      the Transferor may, by written notice to the Indenture Trustee, the Servicer and the Rating Agencies, reduce the numerator used for purposes of allocating Principal Collections to Series 2019-C at any time if (x) the Rating Agency Condition shall
      have been satisfied with respect to such reduction and (y) the Transferor shall have delivered to the Indenture Trustee an Officer’s Certificate to the effect, based on the facts known to such officer at that time, in the reasonable belief of the
      Transferor, such designation will not cause an Early Amortization Event or an event that, after the giving of notice or the lapse of time, would cause an Early Amortization Event to occur with respect to Series 2019-C; and

    (b) the denominator of which shall be the greater of (x) the Aggregate Principal Receivables determined as of the close of business on the last
        day of the prior calendar month and (y) the sum of the numerators used to calculate the allocation percentages for allocations with respect to Finance Charge Collections, Principal Collections or Default Amounts, as applicable, for all outstanding
        Series and all outstanding Series under (and as defined in) the Pooling and Servicing Agreement (other than any Series represented by the Collateral Certificate) on such date of determination; provided,
        that if one or more Reset Dates occur in a Monthly Period, the Allocation Percentage for the portion of the Monthly Period falling on and after such Reset Date and prior to any subsequent Reset Date will be recalculated for such period as of the
        close of business on the subject Reset Date.

    “Applicable Investor” means each holder of a beneficial interest in any Series 2019-C Note that is an
      “institutional investor” as defined in the EU Securitization Regulation and to which the EU Securitization Regulation applies.

    “Available Finance Charge Collections” means, for any Monthly Period, an amount equal to the sum of (a) the
      Investor Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to Series 2019-C for such Monthly Period, plus
      (c) Principal Accumulation Investment Proceeds, if any, with respect to the related Transfer Date, plus (d) interest and earnings on funds on deposit in the Reserve Account which will be deposited into the
      Finance Charge Account on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to Section 4.10(b), plus (e) amounts, if any, to be withdrawn from the Reserve
      Account which will be deposited into the Finance Charge Account

    
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    on the related Transfer Date to be treated as Available Finance Charge Collections pursuant to Section 4.10(d).

    “Available Principal Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor
      Principal Collections for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section 4.6 are required to be applied on
      the related Transfer Date, plus (c) any Shared Principal Collections with respect to other Principal Sharing Series (including any amounts on deposit in the Excess Funding Account that are allocated to Series
      2019-C for application as Shared Principal Collections), plus (d) the aggregate amount to be treated as Available Principal Collections pursuant to subsections 4.4(a)(vi) and (vii) for the
      related Distribution Date.

    “Available Reserve Account Amount” means, for any Transfer Date, the lesser of (a) the amount on deposit in the
      Reserve Account (after taking into account any interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.4(a)(ix)
      to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

    “Base Rate” means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day
      months, or in the case of the initial Monthly Period, the actual number of days and a 360 day year) equivalent of a fraction, the numerator of which is equal to the sum of (x) the Monthly Interest and (y) the Noteholder Servicing Fee, each with
      respect to the related Distribution Date, and the denominator of which is the Collateral Amount plus amounts on deposit in the Principal Accumulation Account, each as of the close of business on the last day of such Monthly Period.

    “Benefit Plan Investor” means “employee benefit plans” subject to Title I of ERISA, plans subject to Section 4975
      of the Code and entities deemed to hold plan assets of the foregoing.

    “Class A Additional Interest” is defined in Section 4.2(a).

    “Class A Deficiency Amount” is defined in Section 4.2(a).

    “Class A Monthly Interest” is defined in Section 4.2(a).

    “Class A Note Initial Principal Balance” means $600,000,000.

    “Class A Note Interest Rate” means a per annum rate of 2.21%.

    “Class A Note Principal Balance” means, on any date of determination, an amount equal to (a) the Class A Note
      Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date.

    “Class A Noteholder” means the Person in whose name a Class A Note is registered in the Note Register.

    
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    “Class A Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and
      authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1.

    “Class A Required Amount” means, for any Distribution Date, an amount equal to the excess of the amounts described
      in subsection 4.4(a)(i) over the amount of Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

    “Class B Note Initial Principal Balance” means $30,822,000.

    “Class B Note Principal Balance” means, on any date of determination, an amount equal to (a) the Class B Note
      Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date.

    “Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note Register.

    “Class B Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and
      authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A‐3.

    “Class M Additional Interest” is defined in Section 4.2(b).

    “Class M Deficiency Amount” is defined in Section 4.2(b).

    “Class M Monthly Interest” is defined in Section 4.2(b).

    “Class M Note Initial Principal Balance” means $53,425,000.

    “Class M Note Interest Rate” means a per annum rate of 2.71%.

    “Class M Note Principal Balance” means, on any date of determination, an amount equal to (a) the Class M Note
      Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class M Noteholders on or prior to such date.

    “Class M Noteholder” means the Person in whose name a Class M Note is registered in the Note Register.

    “Class M Notes” means any one of the Notes executed by the Owner Trustee, on behalf of the Issuer, and
      authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A‐2.

    “Class M Required Amount” means, for any Distribution Date, an amount equal to the excess of the amounts described
      in subsection 4.4(a)(ii) over the amount of Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

    “Closing Date” means September 18, 2019.

    “Code” means the U.S. Internal Revenue Code of 1986, as amended.

    
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    “Collateral Amount” means, as of any date of determination, an amount equal to the result of (a) Initial Collateral
      Amount, minus (b) the amount of principal previously paid to the Series 2019-C Noteholders and, without duplication, the principal amount of any Series 2019-C Notes that are retired and cancelled, minus (c) reductions in the Collateral Amount pursuant to Section 4.4(f), minus (d) the balance on deposit in the Principal Accumulation Account, minus (e) the excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated Principal Collections over the
      reimbursements of such amounts pursuant to subsection 4.4(a)(vii) prior to such date; provided, that, the Collateral Amount will not be less than zero.

    “Controlled Accumulation Amount” means, for any Transfer Date with respect to the Controlled Accumulation Period,
      the result of (rounded up to the nearest whole dollar) (i) the Note Principal Balance as of the last day of the Revolving Period divided by (ii) the Controlled Accumulation Period Length; provided, further,
      that the Controlled Accumulation Amount for any Distribution Date shall not exceed the Note Principal Balance minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date.

    “Controlled Accumulation Period” means, unless an Early Amortization Event shall have occurred prior thereto, the
      period commencing at the opening of business on September 1, 2021 or such later date as is determined in accordance with Section 4.13, and ending on the first to occur of (a) the commencement of the Early Amortization Period and (b) the
      Series Termination Date.

    “Controlled Accumulation Period Length” is defined in Section 4.13.

    “Controlled Deposit Amount” means, for any Transfer Date with respect to the Controlled Accumulation Period, an
      amount equal to the sum of the Controlled Accumulation Amount for such Transfer Date and any existing Accumulation Shortfall.

    “Covered Amount” means an amount, determined as of each Transfer Date for any Distribution Period, equal to the sum
      of (a) the product of (i) the Class A Monthly Interest times (ii) a fraction, (A) the numerator of which is equal to the aggregate amount on deposit in the Principal Accumulation Account, up to the Class A
      Note Principal Balance as of the Record Date preceding such Transfer Date, and (B) the denominator of which is equal to the Class A Note Principal Balance as of the Record Date preceding such Transfer Date, plus (b) the product of (i) the Class M Monthly Interest times (ii) a fraction (A) the numerator of which is equal to the aggregate amount on deposit in the
      Principal Accumulation Account in excess of the Class A Note Principal Balance as of the Record Date preceding such Transfer Date, up to the Class M Note Principal Balance as of the Record Date preceding such Transfer Date, and (B) the denominator of
      which is equal to the Class M Note Principal Balance as of the Record Date preceding such Transfer Date.

     “CRR Delegated Regulation” means Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) No.
      625/2014, as applicable on the date hereof pursuant to Article 43(7) of the EU Securitization Regulation.

    “Default Amount” means, as to any Defaulted Account, the amount of Principal Receivables (other than Ineligible
      Receivables, unless there is an Insolvency Event with respect

    
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    to Comenity Bank or the Transferor) in such Defaulted Account on the day it became a Defaulted Account.

    “Defaulted Account” means an Account in which there are Defaulted Receivables.

    “Dilution” means any downward adjustment made by Servicer in the amount of any Receivable (a) because of a rebate,
      refund or billing error to an accountholder, (b) because such Receivable was created in respect of merchandise which was refused or returned by an accountholder or (c) for any other reason other than receiving Collections therefor or charging off
      such amount as uncollectible.

    “Distribution Account” is defined in Section 4.9(a).

    “Distribution Date” means November 15, 2019 and the 15th day of each calendar month thereafter, or if
      such 15th day is not a Business Day, the next succeeding Business Day.

    “Distribution Period” means, for any Distribution Date, the period from and including the Distribution Date
      immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date.

    “Early Amortization Period” means the period commencing on the date on which a Trust Early Amortization Event or a
      Series 2019-C Early Amortization Event is deemed to occur and ending on the Series Termination Date.

     “Eligible Investments” is defined in Annex A to the Indenture; provided that references within clause (f)
      of the definition of “Eligible Investments” to the “highest investment category” of S&P shall mean AAAm and of Moody’s shall mean AAA-mf.

    “EU Due Diligence and Retention Rules” means Articles 5 and 6 of the EU Securitization Regulation, together with
      any guidance published in relation thereto by the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority 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.

    “EU Securitization Regulation” means the European Union’s Regulation (EU) 2017/2402.

     “Excess Collateral Amount” means, for any date of determination, the excess of (a) the sum of (i) the Collateral
      Amount as of such date of determination and (ii) the Principal Accumulation Account Balance as of such date of determination, over (b) the Note Principal Balance as of such date of determination.

    “Excess Spread Percentage” means, for any Monthly Period, a percentage equal to the Portfolio Yield for such
      Monthly Period, minus the Base Rate for such Monthly Period.

    “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended.

    
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    “Expected Principal Payment Date” means the September 2022 Distribution Date.

    “Finance Charge Account” is defined in Section 4.9(a).

    “Finance Charge Collections” means Collections of Finance Charge Receivables.

    “Finance Charge Shortfall” is defined in Section 4.7.

    “Group One” means Series 2015-B, Series 2016-A, Series 2016-C, Series 2017-A, Series 2017-C, Series 2018-A, Series
      2018-B, Series 2018-C, Series 2019-A, Series 2019-B, Series 2019-C and Series 2009-VFN, the outstanding Series under (and as defined in) the Pooling and Servicing Agreement (other than Series represented by the Collateral Certificate) hereafter
      specified in the related supplement to the Pooling and Servicing Agreement to be included in Group One and each other Series hereafter specified in the related Indenture Supplement to be included in Group One.

    “Hague Securities Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities
      Held with an Intermediary (Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

    “Initial Collateral Amount” means $821,919,000.

    “Interest Period” means, for any Distribution Date, the related Distribution Period.

    “Investor Charge-Offs” is defined in Section 4.5.

    “Investor Default Amount” means, with respect to any Defaulted Account, an amount equal to the product of (a) the
      Default Amount and (b) the Allocation Percentage on the day such Account became a Defaulted Account.

    “Investor Finance Charge Collections” means, for any Monthly Period, an amount equal to the aggregate amount of
      Finance Charge Collections (including net recoveries treated as Finance Charge Collections) retained or deposited in the Finance Charge Account for Series 2019-C pursuant to subsection 4.1(b)(i) for such Monthly Period.

    “Investor Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of
      Principal Collections retained or deposited in the Principal Account for Series 2019-C pursuant to subsection 4.1(b)(ii) for such Monthly Period.

    “Investor Uncovered Dilution Amount” means an amount equal to the product of (x) the Series Allocation Percentage
      for the related Monthly Period (determined on a weighted average basis, if one or more Reset Dates occur during that Monthly Period), times (y) the aggregate Dilutions occurring during that Monthly Period as
      to which any deposit is required to be made to the Excess Funding Account pursuant to Section 3.9(a) of the Transfer and Servicing Agreement or Section 3.9(a) of the Pooling and Servicing Agreement but has not been made; provided
      that, if the Transferor Amount is greater than zero at the time the deposit referred to in clause (y) is required to be made, the Investor Uncovered Dilution Amount for such amount to be deposited shall be deemed to be zero.

    
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    “Maximum Delinquency Percentage” means, for purposes of Series 2019-C, 9.5%.

    “Minimum Transferor Amount” means (a) prior to the Certificate Trust Termination Date, the “Minimum Transferor
      Amount” under (and as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Minimum Transferor Amount” as defined in Annex A to the Indenture.

    “Monthly Interest” means, for any Distribution Date, the sum of the Class A Monthly Interest and the Class M
      Monthly Interest for such Distribution Date.

    “Monthly Period” means the period from and including the first day of the calendar month preceding a related
      Distribution Date to and including the last day of such calendar month; provided that the Monthly Period related to the November 2019 Distribution Date shall mean the period from and including the Closing Date to and including the last day of
      October 2019.

    “Monthly Principal” is defined in Section 4.3.

    “Monthly Principal Reallocation Amount” means, for any Monthly Period, an amount equal to the sum of:

    (a)  the lower of (i) the Class A Required Amount and (ii) the greater of (A)(x) the product of (I) 27.00% and (II) the
      Initial Collateral Amount minus (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Distribution Date), (II) unreimbursed
      Reallocated Principal Collections (as of the previous Distribution Date) and (III) any reduction to the Collateral Amount pursuant to Section 4.4(f),  and (B)
      zero; and

    (b)  the lower of (i) the Class M Required Amount and (ii) the greater of (A)(x) the product of (I) 20.50% and (II) the
      Initial Collateral Amount minus (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Distribution Date), (II) unreimbursed
      Reallocated Principal Collections (as of the previous Distribution Date and as required in clause (a) above) and (III) any reduction to the Collateral Amount
      pursuant to Section 4.4(f),  and (B) zero.

    “Note Principal Balance” means, on any date of determination, an amount equal to the sum of the Class A Note
      Principal Balance, the Class M Note Principal Balance and the Class B Note Principal Balance.

    “Noteholder Servicing Fee” is defined in Section 3.1.

    “Percentage Allocation” is defined in subsection 4.1(b)(ii)(x).

    “Potential Shortfall” is defined in subsection 4.1(b)(ii)(x).

    “Portfolio Yield” means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve
      30-day months or, in the case of the initial Monthly Period, the actual number of days and a 360 day year) equivalent of a fraction, (a) the numerator of which is equal

    
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    to (i) the aggregate amount of Finance Charge Collections (including net recoveries treated as Finance Charge Collections) allocated to
      Series 2019-C for such Monthly Period, plus the amounts treated as Available Finance Charge Collections pursuant to clauses (c), (d) and (e) of the definition of “Available Finance Charge Collections” minus
      (ii) the Aggregate Investor Default Amount and the Investor Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is the Collateral Amount plus amounts on deposit in Principal Accumulation Account, each as of the close of
      business on the last day of such Monthly Period.

    “Principal Account” is defined in Section 4.9(a).

    “Principal Accumulation Account” is defined in Section 4.9(a).

    “Principal Accumulation Account Balance” means, for any date of determination, the principal amount, if any, on
      deposit in the Principal Accumulation Account on such date of determination.

    “Principal Accumulation Investment Proceeds” means, with respect to each Transfer Date, the investment earnings on
      funds in the Principal Accumulation Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date.

    “Principal Collections” means Collections of Principal Receivables.

    “Principal Shortfall” is defined in Section 4.8.

    “Qualified Maturity Agreement” means an agreement whereby an Eligible Institution agrees to make a deposit into the
      Principal Accumulation Account on the Expected Principal Payment Date in an amount equal to the initial Note Principal Balance.

    “Rating Agency” means as of any date and with respect to any Class of the Series 2019-C Notes, the nationally
      recognized statistical rating organizations that have been requested by the Transferor to provide ratings of such class and that are rating the Series 2019-C Notes on such date.

    “Rating Agency Condition” means, notwithstanding anything to the contrary in the Indenture, with respect to Series
      2019-C and any action subject to such condition, (i) if Standard & Poor’s is a Rating Agency with respect to Series 2019-C, Standard & Poor’s shall have notified the Issuer in writing that such action will not result in a reduction or
      withdrawal of their respective ratings of any outstanding Class of Series 2019-C Notes and (ii) for any Rating Agency of the Series 2019-C Notes other than Standard & Poor’s, 10 days’ prior written notice (or, if 10 days’ advance notice is
      impracticable, as much advance notice as is practicable) to each Rating Agency delivered electronically to such email address as may be provided by the applicable Rating Agency.

    “Reallocated Principal Collections” means, for any Transfer Date, Investor Principal Collections applied in
      accordance with Section 4.6 in an amount not to exceed the Monthly Principal Reallocation Amount for the related Monthly Period.

    
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    “Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and distributions otherwise
      to be made on the related Distribution Date, the sum of (i) the Note Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related Distribution Date and any Monthly Interest
      previously due but not distributed to the Series 2019-C Noteholders, plus (iii) the amount of Additional Interest, if any, for the related Distribution Date and any Additional Interest previously due but not
      distributed to the Series 2019-C Noteholders on a prior Distribution Date.

    “Record Date” means, for any Distribution Date, the last Business Day of the Monthly Period preceding such
      Distribution Date, or with respect to the first Distribution Date, the Closing Date.

    “Regulation RR” means Regulation RR (Credit Risk Retention) promulgated by the Securities and Exchange Commission
      to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act, as in effect as of the date hereof.

    “Required Excess Collateral Amount” means, at any time, 16.75% of the Collateral Amount; provided, that:

    (a) except as provided in clause (c), the Required Excess Collateral Amount shall never be less
      than 16.75% of the Initial Collateral Amount;

    (b) except as provided in clause (c), the Required Excess Collateral Amount shall not decrease
      during an Early Amortization Period; and

    (c) the Required Excess Collateral Amount shall never be greater than the excess of the Note Principal
      Balance over the balance on deposit in the Principal Accumulation Account.

    “Required Principal Balance” means (a) prior to the Certificate Trust Termination Date, the “Required Principal
      Balance” under (and as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Required Principal Balance” as defined in Annex A to the Indenture.

    “Required Seller’s Interest” means, as of any date of determination, the product of (a) 5% and (b) the result of
      (i) the excess of the outstanding principal balance of all outstanding Classes of Notes other than Risk Retention Retained Notes minus (ii) the principal balance of all funds held in segregated principal accumulation accounts that meet the
      requirements of Rule 5(c)(2) of Regulation RR for the repayment of the principal amount of Notes other than Risk Retention Retained Notes.

    “Required Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account Funding Date, an
      amount equal to (a) 0.50% of the Note Principal Balance or (b) any other amount designated by the Transferor; provided, however, that if such designation is of a lesser amount, the Transferor
      shall (i) provide the Servicer and the Indenture Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to the Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts
      known to such officer at such time, in the reasonable belief of the Transferor, such designation

    
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    will not cause an Early Amortization Event or an event that, after the giving of notice or the lapse of time, would cause an Early
      Amortization Event to occur with respect to Series 2019-C; and provided, further, that at any time during which the Controlled Accumulation Period Length is equal to one month, the Required Reserve Account Amount shall be zero.

    “Required Retained Transferor Percentage” means, for purposes of Series 2019-C, 4.0%.

    “Reserve Account” is defined in Section 4.10(a).

    “Reserve Account Funding Date” means the Transfer Date designated by the Servicer which occurs not later than the
      Transfer Date with respect to the Monthly Period which commences 3 months prior to the commencement of the Controlled Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.13); provided, however,
      that subject to satisfaction of the Rating Agency Condition, the Reserve Account Funding Date may be any date selected by the Servicer.

    “Reserve Account Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if
      any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount.

    “Reserve Draw Amount” means, with respect to each Transfer Date relating to the Controlled Accumulation Period or
      the first Transfer Date relating to the Early Amortization Period, the amount, if any, by which the Principal Accumulation Investment Proceeds for such Distribution Date are less than the Covered Amount determined as of such Transfer Date.

    “Reset Date” means:

    (a)  each Addition Date and each “Addition Date” (as such term is defined in the Pooling and Servicing
      Agreement), in each case relating to Supplemental Accounts;

    (b)  each Removal Date and each “Removal Date” (as such term is defined in the Pooling and Servicing
      Agreement) on which, if any Series of Notes or any Series under (and as defined in) the Pooling and Servicing Agreement has been paid in full, Principal Receivables equal to the Initial Collateral Amount for that Series are removed from the
      Receivables Trust;

    (c)  each date on which there is an increase in the outstanding balance of any Variable Interest or
      “Variable Interest” (as such term is defined in the Pooling and Servicing Agreement); and

    (d)  each date on which a new Series, Class or subclass of Notes is issued and each date on which a new
      “Series” or “Class” (each as defined in the Pooling and Servicing Agreement) of investor certificates is issued by the Certificate Trust.

    “Revolving Period” means the period beginning on the Closing Date and ending at the close of business on the day
      immediately preceding the earlier of the day the Controlled Accumulation Period commences or the day the Early Amortization Period commences.

    
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    “Risk Retention Retained Note” means any Note issued by the Issuer that is retained by Comenity Bank, as sponsor,
      or a Wholly-owned Affiliate thereof upon initial issuance thereof and at all times thereafter; provided that no Note issued after December 24, 2016 shall be treated as a Risk Retention Retained Note unless designated as a Risk Retention Retained Note
      pursuant to the related Indenture Supplement.

    “RR Measurement Date” is defined in Section 8.7(d).

    “Securities Exchange Act” means the provisions of the Securities Exchange Act of 1934 15 U.S.C. Sections 78a et seq., and any regulations promulgated thereunder.

    “Seller’s Interest” means, as of any date of determination, the result of (a) the sum of the aggregate amount of
      Principal Receivables and the principal amount of any Participations held by the Issuer as of such date of determination, plus (b) the aggregate amount of Principal Collections on deposit in the Collection Account as of such date of determination,
      minus (c) the aggregate of the principal balances of all outstanding Notes issued by the Issuer as of such date of determination.

     “Series 2019-C” means the Series of Notes the terms of which are specified in this Indenture Supplement.

    “Series 2019-C Early Amortization Event” is defined in Section 6.1.

    “Series 2019-C Final Maturity Date” means the July 2026 Distribution Date.

    “Series 2019-C Note” means a Class A Note, a Class M Note or a Class B Note.

    “Series 2019-C Noteholder” means a Class A Noteholder, a Class M Noteholder or a Class B Noteholder.

    “Series Account” means, (a) with respect to Series 2019-C, the Finance Charge Account, the Principal Account, the
      Principal Accumulation Account, the Distribution Account, the Reserve Account and (b) with respect to any other Series, the “Series Accounts” for such Series as specified in the Indenture and the applicable Indenture Supplement for such Series.

    “Series Allocation Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction,
      the numerator of which is the Allocation Percentage for Finance Charge Collections for that Monthly Period and the denominator of which is the sum of the Allocation Percentages for Finance Charge Receivables for all outstanding Series on such date of
      determination; provided that if one or more Reset Dates occur in a Monthly Period, the Series Allocation Percentage for the portion of the Monthly Period falling on and after each such Reset Date and prior to any subsequent Reset Date will be
      determined using a denominator which is equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge Receivables for all outstanding Series as of the close of business on the subject Reset Date.

    “Series Servicing Fee Percentage” means 2% per annum.

    
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    “Series Termination Date” means the earliest to occur of (a) the date on which the Note Principal Balance is paid
      in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the Series 2019-C Final Maturity Date.

    “Servicing Fee Required Amount” means, for any Distribution Date, an amount equal to the excess of the amount
      described in subsection 4.4(a)(iv) over the amount of the Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

    “Similar Law” means any law substantially similar to the fiduciary responsibility or prohibited transaction
      sections of ERISA or Section 4975 of the Code.

     “Specified Transferor Amount” means, at any time, the Minimum Transferor Amount (including the Additional Minimum
      Transferor Amount, if any) at that time.

    “Surplus Collateral Amount” means, with respect to any Distribution Date, the excess, if any, of the Excess
      Collateral Amount over the Required Excess Collateral Amount, in each case calculated after giving effect to any deposits into the Principal Accumulation Account and payments of principal on such Distribution Date, but before giving effect to any
      reduction in the Collateral Amount on such Distribution Date pursuant to Section 4.4(f).

    “Target Amount” is defined in subsection 4.1(b)(i).

     “Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation,
      or other grant of a security interest in or disposition of, a Note.

    “Transferor Amount” means (a) prior to the Certificate Trust Termination Date, the “Transferor Amount” under (and
      as defined in) the Pooling and Servicing Agreement and (b) on and after the Certificate Trust Termination Date, the “Transferor Amount” as defined in Annex A to the Indenture.  For purposes of determining the Transferor Amount on any date of
      determination, any amount deposited into the Principal Account in respect of a Potential Shortfall shall be deemed not to be on deposit in the Principal Account.

    “Wholly-owned Affiliate” has the meaning specified in Rule 2 of Regulation RR.

    (b) Each capitalized term defined herein shall relate to the Series 2019-C Notes and no other Series of Notes issued by the Trust, unless the context otherwise requires.  All capitalized
        terms used herein and not otherwise defined herein have the meanings ascribed to them in Annex A to the Master Indenture.

    (c) The interpretive rules specified in Section 1.2 of the Master Indenture also apply to this Indenture Supplement.  If any term or provision contained herein shall conflict with
        or be inconsistent with any term or provision contained in the Master Indenture, the terms and provisions of this Indenture Supplement shall be controlling.

    
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    ARTICLE III.

        

        Noteholder Servicing Fee

    Section 3.1 Servicing Compensation.  The share of the Servicing Fee allocable to Series 2019-C for any Transfer Date (the “Noteholder Servicing Fee”) shall be equal to one-twelfth of
        the product of (a) the Series Servicing Fee Percentage and (b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided, however, that with respect to the first Transfer Date, the Noteholder Servicing Fee shall be equal to $2,009,135.33.  The remainder of the Servicing Fee shall be paid by the holders of the Transferor Interest or the
        noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall the Trust, the Indenture Trustee or the Series 2019-C Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the
        Transferor Interest or the noteholders of any other Series.

    Section 3.2 Covenants.  The parties hereto agree that the covenants set forth in Schedule I shall be a part of this Indenture Supplement for all purposes.

     

      

    ARTICLE IV.

        

        Rights of Series 2019-C Noteholders and Allocation and Application of Collections

    Section 4.1 Collections and Allocations.

    (a) Allocations.  Finance Charge Collections, Principal Collections and Defaulted Receivables allocated to Series 2019-C pursuant to Article VIII of the Indenture shall be
        allocated and distributed as set forth in this Article.

    (b) Allocations to the Series 2019-C Noteholders.  The Servicer shall on the Date of Processing, allocate to the Series 2019-C Noteholders the following amounts as set forth below:

    
      
        (i)  Allocations of Finance Charge Collections.  The Servicer shall allocate to the Series 2019-C Noteholders an amount equal to the product of (A) the
          Allocation Percentage and (B) the aggregate Finance Charge Collections processed on such Date of Processing and shall deposit such amount into the Finance Charge Account, provided that, with respect to each Monthly Period falling in the
          Revolving Period (and with respect to that portion of each Monthly Period in the Controlled Accumulation Period falling on or after the day on which Collections of Principal Receivables equal to the related Controlled Deposit Amount have been
          allocated pursuant to Section 4.1(b)(ii) and deposited pursuant to Section 4.1(c)), Collections of Finance Charge Receivables shall be transferred into the Finance Charge Account only until such time as the aggregate amount so
          deposited equals the sum (the “Target Amount”) of (A) the Monthly Interest for the related Distribution Date, (B) if Comenity Bank is not the Servicer, the Noteholder Servicing Fee (and if Comenity Bank is the Servicer, then amounts
          that otherwise would have been transferred into the Finance Charge Account pursuant to this clause (B) shall instead be returned to Comenity Bank as payment of the Noteholder Servicing Fee), (C) any amount required to be deposited in the
          Reserve Account on the related Transfer Date

      

    

    
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    and (D) the sum of 150% of the Investor Default Amounts from the prior Monthly Period and any Investor Uncovered Dilution
      Amounts from the prior Monthly Period; provided further, that, notwithstanding the preceding proviso, if on any Business Day the Servicer determines that the Target Amount for a Monthly Period exceeds the Target Amount for that Monthly
      Period as previously calculated by Servicer, then (x) Servicer shall (on the same Business Day) inform Transferor of such determination, and (y) within two Business Days of receiving such notice Transferor shall deposit into the Finance Charge
      Account funds in an amount equal to the amount of Collections of Finance Charge Receivables allocated to the Noteholders for that Monthly Period but not deposited into the Finance Charge Account due to the operation of the preceding proviso (but not
      in excess of the amount required so that the aggregate amount deposited for the subject Monthly Period equals the Target Amount); and provided, further, if on any Transfer Date the Transferor
      Amount is less than the Specified Transferor Amount after giving effect to all transfers and deposits on that Transfer Date, Transferor shall, on that Transfer Date, deposit into the Principal Account funds in an amount equal to the amounts of
      Available Finance Charge Collections that are required to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi) and (vii) but are not available from funds in the Finance Charge Account as a result of the
      operation of the second preceding proviso.

    With respect to any Monthly Period when deposits of Collections of Finance Charge Receivables into the Finance Charge
      Account are limited to deposits up to the Target Amount in accordance with clause (i) above, notwithstanding such limitation: (1) “Reallocated Principal Collections” for the related Transfer Date shall be calculated as if the full
      amount of Finance Charge Collections allocated to the Noteholders during that Monthly Period had been deposited in the Finance Charge Account and applied on such Transfer Date in accordance with Section 4.4(a); and (2) Collections of Finance
      Charge Receivables released to Transferor pursuant to such Section 4.1(b)(i) shall be deemed, for purposes of all calculations under this Indenture Supplement, to have been retained in the Finance Charge Account and applied to the items
      specified in Section 4.4(a) to which such amounts would have been applied (and in the priority in which they would have been applied) had such amounts been available in the Finance Charge Account on such Transfer Date.  To avoid doubt, the
      calculations referred to in the preceding clause (2) include the calculations required by clause (e) of the definition of Collateral Amount and by the definition of Portfolio Yield.

    
      
        (ii)  Allocations of Principal Collections.  The Servicer shall allocate to the Series 2019-C
          Noteholders the following amounts as set forth below:

      

    

    (x) Allocations During the Revolving Period.

    (1) During the Revolving Period an amount equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections
        processed on such Date of Processing (the product for any such date is hereinafter referred to as a “Percentage Allocation”), shall be allocated to the Series 2019-C Noteholders and such amount shall be applied as follows: (I) first,
        if there shall not have been credited to the Finance Charge Account an amount equal to the sum of the amount of Monthly Interest distributable from the Distribution Account

    
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    with respect to the Notes issued pursuant to this Indenture Supplement and, if the Bank is not the Servicer, the
      Noteholder Servicing Fee for such Monthly Period (the amount of any such shortfall in the Finance Charge Account being hereinafter referred to as the “Potential Shortfall”), retained in the Collection Account in an amount equal to the amount
      of the Potential Shortfall, (II) second, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in the Collection Account for application, to the extent necessary, as Shared
      Principal Collections to other Principal Sharing Series on the related Distribution Date, (III) third, deposited in the Excess Funding Account to the extent necessary so that the Transferor Amount is not less than the Specified Transferor
      Amount and (IV) fourth, paid to the holders of the Transferor Interest; provided that if on any date the aggregate amount retained in the Collection Account in respect of clause (I) exceeds the Potential Shortfall, such excess
      amount shall be applied pursuant to clauses (II) through (IV) so that the amount retained in the Collection Account in respect of clause (I) equals the Potential Shortfall; and provided further that the aggregate amount of
      Principal Collections retained in the Collection Account in respect of Clause (I) shall be transferred to the Principal Account on the related Transfer Date to the extent required to be applied as Reallocated Principal Collections.

    (2) With respect to each Monthly Period falling in the Revolving Period, to the extent that Collections of Principal Receivables allocated to the
        Series 2019-C Noteholders pursuant to this subsection 4.1(b)(ii) are paid to Transferor, Transferor shall make an amount equal to the Reallocated Principal Collections for the related Transfer Date available on that Transfer Date for
        application in accordance with Section 4.6.

    (y) Allocations During the Controlled Accumulation Period.  During the Controlled Accumulation Period an amount equal to the Percentage
        Allocation shall be allocated to the Series 2019-C Noteholders and such amount shall be applied as follows: (I) first, if there is a Potential Shortfall, retained in the Collection Account in an amount equal to the amount of the Potential
        Shortfall, (II) second, transferred to the Principal Account until the sum of the portion of such Percentage Allocation and all preceding Percentage Allocations with respect to the same Monthly Period that have been transferred to the
        Principal Account for such purpose equals the Controlled Deposit Amount for the related Distribution Date, (III) third, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in
        the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Distribution Date, (IV) fourth, deposited in the Excess Funding Account to the extent
        necessary so that the Transferor Amount is not less than the Specified Transferor Amount and (V) fifth, paid to the holders of the Transferor Interest; provided that if on any date the aggregate amount retained in the Collection
        Account in respect of clause (I) exceeds the Potential Shortfall, such excess amount shall be applied pursuant to clauses (II) through (V) so that the amount credited to the Principal Account in respect of clause (I)
        equals the Potential Shortfall; and provided further that the

    
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    aggregate amount of Principal Collections retained in the Collection Account in respect of Clause (I) shall be
      transferred to the Principal Account on the related Transfer Date to the extent required to be applied as Reallocated Principal Collections.

    (z) Allocations During the Early Amortization Period.  During the Early Amortization Period, an amount equal to the Percentage Allocation
        shall be allocated to the Series 2019-C Noteholders and applied as follows: (I) first, if there is a Potential Shortfall, retained in the Collection Account in an amount equal to the amount of the Potential Shortfall, (II) second,
        transferred to the Principal Account until the sum of the portion of such Percentage Allocation and all preceding Percentage Allocations that have been transferred to the Principal Account for such purpose equals the Note Principal Balance; (III) third,
        if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing
        Series on the related Distribution Date, (IV) fourth, deposited in the Excess Funding Account to the extent necessary so that the Transferor Amount is not less than the Specified Transferor Amount and (V) fifth, paid to the holders
        of the Transferor Interest; provided that if on any date the aggregate amount transferred to the Principal Account in respect of clause (I) exceeds the Potential Shortfall, such excess amount shall be applied pursuant to clauses
          (II) through (V) so that the amount retained in the Collection Account in respect of clause (I) equals the Potential Shortfall; and provided further that the aggregate amount of Principal Collections retained in the Collection
        Account in respect of Clause (I) shall be transferred to the Principal Account on the related Transfer Date to the extent required to be applied as Reallocated Principal Collections.

    (c) During any period when Servicer is permitted by Section 4.3 of the Pooling and Servicing Agreement or Section 8.4 of the Indenture to make a single monthly deposit to
        the Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.1(a) and (b) with respect to any Monthly Period need not be deposited into the Collection Account or any Series Account prior to the related Transfer
        Date, and, when so deposited, (x) may be deposited net of any amounts required to be distributed to Transferor and, if Comenity Bank is Servicer, Servicer, and (y) shall be deposited into the Finance Charge Account (in the case of Collections of
        Finance Charge Receivables) and the Principal Account (in the case of Collections of Principal Receivables (not including any Shared Principal Collections allocated to Series 2019-C pursuant to Section 4.15 of the Pooling and Servicing
        Agreement or Section 8.5 of the Indenture)).

    (d) On any date, Servicer may withdraw from the Collection Account or any Series Account any amounts inadvertently deposited in such account that should have not been so deposited.

    Section 4.2 Determination of Monthly Interest.

    
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    (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution Account with respect to the Class A Notes for any Interest Period on the related
        Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period
        and (ii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class
        A Monthly Interest for the August 2019 Distribution Date shall be $2,099,500.00.

    On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class
        A Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution
      Account for payment of such amount.  If the Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A
        Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not been paid to the Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. 
      Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

    (b) The amount of monthly interest (“Class M Monthly Interest”) distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related
        Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period
        and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class
        M Monthly Interest for the August 2019 Distribution Date shall be $229,237.77.

    On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class
        M Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution
      Account for payment of such amount.  If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount (“Class M
        Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. 
      Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law.

    
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    Section 4.3 Determination of Monthly Principal.  The amount of monthly principal to be transferred from the Principal Account with respect to the Notes on each Transfer Date (the “Monthly
          Principal”), beginning with the Transfer Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the Available Principal
        Collections on deposit in the Principal Account with respect to such Transfer Date, (ii) for each Transfer Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Transfer Date, (iii) the Collateral Amount
        (after taking into account any adjustments to be made on such Distribution Date pursuant to Sections 4.4, 4.5 and 4.6) prior to any deposit into the Principal Accumulation Account on such Transfer Date, and (iv) the Note
        Principal Balance, minus any amount already on deposit in the Principal Accumulation Account on such Transfer Date.

    Section 4.4 Application of Available Finance Charge Collections and Available Principal Collections.  On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in
        writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to
        the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:

    (a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following
        priority:

    
      
        (i) an amount equal to Class A
          Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the
          Distribution Account;

      

    

    
      
        (ii) an amount equal to Class M
          Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the
          Distribution Account;

      

    

    
      
        (iii) [reserved];

      

    

    
      
        (iv) an amount equal to the
          Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the
          Servicer;

      

    

    
      
        (v) [reserved];

      

    

    
      
        (vi) an amount equal to the
          Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the

      

    

    
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    Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related
      Transfer Date;

    
      
        (vii) an amount equal to the
          sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal
          Collections for such Distribution Date;

      

    

    
      
        (viii) [reserved];

      

    

    
      
        (ix) on each Transfer Date from
          and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);

      

    

    
      
        (x) [reserved];

      

    

    
      
        (xi) any amounts designated in
          writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor’s instructions; and

      

    

    
      
        (xii) the balance, if any, will
          constitute a portion of Excess Finance Charge Collections for such Distribution Date.

      

    

    (b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal
        Collections and applied in accordance with Section 8.5 of the Indenture.

    (c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related
        Monthly Period shall be distributed or deposited in the following order of priority:

    
      
        (i) during the Controlled
          Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;

      

    

    
      
        (ii) during the Early
          Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related
          Distribution Date until the Class A Note Principal Balance has been paid in full;

      

    

    
      
        (iii) during the Early
          Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each
          subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;

      

    

    
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        (iv) during the Early
          Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such
          Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and

      

    

    
      
        (v) in the case of each of the
          Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared
          Principal Collections and applied in accordance with Section 8.5 of the Indenture.

      

    

    (d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into
        the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date and to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii)
        on the preceding Transfer Date.

    (e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment
        Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an
        amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance.  The
        Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as
        applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).

    (f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.

    Section 4.5 Investor Charge-Offs.  On each Determination Date, the Servicer shall calculate the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for the related
        Distribution Date.  If, on any Distribution Date, the sum of the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date exceeds the amount of Available Finance Charge Collections allocated with
        respect thereto pursuant to subsection 4.4(a)(vi) with respect to such Distribution Date, the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”).

    Section 4.6 Reallocated Principal Collections.  On each Transfer Date, the Servicer shall apply, or shall instruct the Indenture Trustee in writing to apply, Reallocated Principal
        Collections with respect to that Transfer Date, to fund any deficiency pursuant to and in the priority set forth in subsections 4.4(a)(i), (ii), (iii) and (iv).  On each Transfer Date, the Collateral

    
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    Amount shall be reduced (but not below zero) by the amount of Reallocated Principal Collections for such Transfer Date.

    Section 4.7 Excess Finance Charge Collections.  Series 2019-C shall be an Excess Allocation Series with respect to Group One only.  For this purpose, each outstanding series of certificates
        issued by World Financial Network Master Trust (other than series represented by the Collateral Certificate) shall be deemed to be a Series in Group One.  Subject to Section 8.6 of the Indenture, Excess Finance Charge Collections with
        respect to the Excess Allocation Series in Group One for any Transfer Date will be allocated to Series 2019-C in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess
        Allocation Series in Group One for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2019-C for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge
        Shortfalls for all the Excess Allocation Series in Group One for such Distribution Date.  The “Finance Charge Shortfall” for Series 2019-C for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be
        paid, without duplication, pursuant to subsections 4.4(a)(i) through (xi) on such Distribution Date over (b) the Available Finance Charge Collections with respect to such Distribution Date
        (excluding any portion thereof attributable to Excess Finance Charge Collections).

    Section 4.8 Shared Principal Collections.  Subject to Section 4.4 of the Pooling and Servicing Agreement and Section 8.5 of the Indenture, Shared Principal Collections
        allocable to Series 2019-C on any Transfer Date will be equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which
        is the Principal Shortfall for Series 2019-C for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Transfer Date.  For this purpose, each
        outstanding series of certificates issued by World Financial Network Master Trust (other than series represented by the Collateral Certificate) shall be deemed to be a Principal Sharing Series.  The “Principal Shortfall” for Series 2019-C
        will be equal to (a) for any Transfer Date with respect to the Revolving Period or any Transfer Date during the Early Amortization Period prior to the earlier of (i) the Expected Principal Payment Date and (ii) the date on which all outstanding
        Series are in early amortization periods, zero, (b) for any Transfer Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Transfer Date over
        the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Shared Principal Collections) and (c) for any Transfer Date on or after the earlier of (i) the Expected Principal Payment Date and
        (ii) the date on which all outstanding Series are in early amortization periods, the Note Principal Balance.

    Section 4.9 Certain Series Accounts.

    (a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of
        the Series 2019-C Noteholders, four segregated trust accounts (the “Finance Charge Account”, the “Principal Account”, the “Principal Accumulation Account” and the “Distribution Account”).  The Principal Account, the
        Principal Accumulation Account and the Distribution

    
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    Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-C
      Noteholders.  The Finance Charge Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-C Noteholders.  The Indenture Trustee shall possess all right, title and interest in all
      funds on deposit from time to time in the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account and in all proceeds thereof.  The Finance Charge Account, the Principal Account, the Principal
      Accumulation Account and the Distribution Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2019-C Noteholders.  If at any time the institution holding the Finance Charge Account, the
      Principal Account, the Principal Accumulation Account and the Distribution Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on
      its behalf) shall, within ten (10) Business Days, establish a new Finance Charge Account, a new Principal Account, a new Principal Accumulation Account and a new Distribution Account meeting the conditions specified above with an Eligible
      Institution, and shall transfer any cash or any investments to such new Finance Charge Account, new Principal Account, new Principal Accumulation Account and new Distribution Account.  The Indenture Trustee, at the written direction of the Servicer,
      shall (i) make withdrawals from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii)
      on each Transfer Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Accumulation Account, make deposits into the Principal Accumulation Account in the amounts specified in, and
      otherwise in accordance with, subsection 4.4(c)(i).  Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the
      Distribution Account.

    (b) Funds on deposit in the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account, from time to time shall be invested
        and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date.

    On each Transfer Date with respect to the Controlled Accumulation Period and on the first Transfer Date with respect to
      the Early Amortization Period, the Indenture Trustee, acting at the Servicer’s direction given on or before such Transfer Date, shall transfer from the Principal Accumulation Account to the Finance Charge Account the Principal Accumulation Investment
      Proceeds on deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in accordance with Section 4.4.

    Principal Accumulation Investment Proceeds (including reinvested interest) shall not be considered part of the amounts on
      deposit in the Principal Accumulation Account for purposes of this Indenture Supplement.

    
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    Section 4.10 Reserve Account.

    (a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of
        the Series 2019-C Noteholders, a segregated trust account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-C Noteholders.  The Indenture Trustee
        shall possess all right, title and interest in all funds on deposit from time to time in the Reserve Account and in all proceeds thereof.  The Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of
        the Series 2019-C Noteholders.  If at any time the institution holding the Reserve Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on
        its behalf) shall, within ten (10) Business Days, establish a new Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Reserve Account.  The Indenture
        Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to time in an amount up to the Available Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii)
        on each Transfer Date (from and after the Reserve Account Funding Date) prior to termination of the Reserve Account, make a deposit into the Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.4(a)(ix).

    (b) Funds on deposit in the Reserve Account shall be invested at the written direction of the Servicer by the Indenture Trustee in Eligible Investments.  Funds on deposit in the Reserve
        Account on any Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the
        following Transfer Date.

    On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding
      Transfer Date on funds on deposit in the Reserve Account shall be retained in the Reserve Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve Account Amount) and the balance, if any, shall be deposited
      into the Finance Charge Account and included in Available Finance Charge Collections for such Transfer Date.  For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture Supplement,
      except as otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit.

    (c) On or before each Transfer Date with respect to the Controlled Accumulation Period and on or before the first Transfer Date with respect to the Early Amortization Period, the Servicer
        shall calculate the Reserve Draw Amount; provided, however, that such amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under Section 4.4(a)(ix)
        with respect to such Transfer Date.

    (d) If for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve Account Amount, shall be withdrawn from the Reserve Account
        on such Transfer Date by the Indenture Trustee (acting in accordance with

    
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    the written instructions of the Servicer) and deposited into the Finance Charge Account for application as Available Finance Charge
      Collections for such Transfer Date.

    (e) If the Reserve Account Surplus on any Transfer Date, after giving effect to all deposits to and withdrawals from the Reserve Account with respect to such Transfer Date, is greater than
        zero, the Indenture Trustee, acting in accordance with the written instructions of the Servicer, shall withdraw from the Reserve Account an amount equal to such Reserve Account Surplus and distribute any such amounts to the holders of the
        Transferor Interest.

    (f) Upon the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the first Transfer Date relating to the Early Amortization
        Period and (iii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Series 2019-C
        Noteholders that are payable from the Reserve Account as provided herein, shall withdraw from the Reserve Account all amounts, if any, on deposit in the Reserve Account and deposit such amounts into the Finance Charge Account for application in the
        priority set forth in Section 4.4(a), to the extent such payments or deposits have not been made pursuant to Section 4.4(a).  The Reserve Account shall thereafter be automatically terminated for purposes of this Indenture
        Supplement.

    Section 4.11 [Reserved.]

    Section 4.12 Investment Instructions.

    (a) Any investment instructions required to be given to the Indenture Trustee pursuant to the terms hereof must be given to the Indenture Trustee no later than 11:00 a.m., New York City
        time, on the date such investment is to be made.  In the event the Indenture Trustee receives such investment instruction later than such time, the Indenture Trustee may, but shall have no obligation to, make such investment.  In the event the
        Indenture Trustee is unable to make an investment required in an investment instruction received by the Indenture Trustee after 11:00 a.m., New York City time, on such day, such investment shall be made by the Indenture Trustee on the next
        succeeding Business Day.  In no event shall the Indenture Trustee be liable for any investment not made pursuant to investment instructions received after 11:00 a.m., New York City time, on the day such investment is requested to be made.

    (b) The Indenture Trustee shall hold such of the Eligible Investments in the Series Accounts as consists of instruments, deposit accounts, negotiable
        documents, money, goods, letters of credit, and advices of credit in the State of New York and/or Illinois.  The Indenture Trustee shall hold such of the Eligible Investments as constitutes investment property through a securities intermediary,
        which securities intermediary shall agree with the Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of the Indenture Trustee, (b) such securities intermediary shall treat the Indenture
        Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall
        comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity other than the Indenture Trustee to comply with
        entitlement orders

    
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    originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien,
      security interest or right of set-off in favor of such securities intermediary or anyone claiming through it (other than the Indenture Trustee), (g) such agreement shall be governed by the laws of the State of New York and (h) the account agreement
      establishing a securities account with such institution shall provide that the account agreement is governed solely by the law of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague
      Securities Convention; and such institution acting as securities intermediary shall have and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America
      which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.  Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall
      have the meaning set forth in the New York UCC.

    (c) The Indenture Trustee, in its capacity as securities intermediary, represents that:

    (i) it is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the relevant UCC, that in the ordinary course of its
        business maintains "securities accounts" for others, as such term is used in Section 8-501 of the relevant UCC, and an “intermediary” as defined in the Hague Securities Convention; and

    (ii) the Indenture Trustee is not a “clearing corporation,” as such term is defined in Section 8-102(a)(5) of the relevant UCC.

    (d) The Indenture Trustee, in its capacity as securities intermediary, agrees that:

    (i) pursuant to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC and the Hague Securities Convention, the local law of the
        jurisdiction of the Indenture Trustee as securities intermediary is the law of the State of New York.  Further, the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, the “securities
        intermediary's jurisdiction” as defined in the relevant UCC shall be the State of New York;

    (ii) the Indenture Trustee has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
        Convention) in the United States of America, which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.

    (e) To the extent that there are any other agreements with the Indenture Trustee governing the Series Accounts (any or each of such agreements, also an
        “Account Agreement”), the parties agree that each and every such agreement is hereby amended to provide that with respect to the Series Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities Convention shall be
        the laws of the State of New York.

    Section 4.13 Controlled Accumulation Period.  The Controlled Accumulation Period is scheduled to commence at the beginning of business on September 1, 2021, provided that if the
        Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the May 2021 Determination Date is less than 12 months, upon written notice to

    
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    the Indenture Trustee, Transferor and each Rating Agency, Servicer shall postpone the date on which the Controlled Accumulation Period
      actually commences so that the number of Monthly Periods in the Controlled Accumulation Period will equal the Controlled Accumulation Period Length; provided that (i) the length of the Controlled Accumulation Period will not be less than one
      month, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the May 2021 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any
      postponement of the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled
      Accumulation Period shall in no event commence prior to September 1, 2021, and (iii) notwithstanding any other provision of this Indenture Supplement to the contrary, no postponement of the Controlled Accumulation Period shall be made after an Early
      Amortization Event shall have occurred and be continuing with respect to any other Series.  The “Controlled Accumulation Period Length” will mean a number of whole months such that the amount available for distribution of principal on the
      Class A Notes, the Class M Notes and the Class B Notes on the Expected Principal Payment Date is expected to equal or exceed the Note Principal Balance, assuming for this purpose that (1) the payment rate with respect to Principal Collections remains
      constant at the lowest level of such payment rate during the twelve preceding Monthly Periods (or such lower payment rate as Servicer may select), (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the
      Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Early Amortization Event with respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such
      date of determination) will be subsequently issued; provided that the Servicer may on any Determination Date increase the Controlled Accumulation Period Length calculated as described in the preceding sentence by either 1 month or 2 months. 
      Any notice by Servicer modifying the commencement of the Controlled Accumulation Period pursuant to this Section 4.13 shall specify (i) the Controlled Accumulation Period Length, (ii) the commencement date of the Controlled Accumulation
      Period and (iii) the Controlled Accumulation Amount with respect to each Monthly Period during the Controlled Accumulation Period.  The Servicer shall calculate the Controlled Accumulation Period Length on each Determination Date prior to the May
      2021 Determination Date as necessary to determine the Reserve Account Funding Date.

    Section 4.14 Suspension of Controlled Accumulation Period.

    (a) The commencement of the Controlled Accumulation Period shall be suspended upon delivery by the Servicer to the Indenture Trustee of (i) an Officer’s Certificate stating that all
        conditions precedent to such suspension set forth in this Section 4.14 have been satisfied, (ii) a copy of an executed Qualified Maturity Agreement, (iii) an Opinion of Counsel addressed to the Indenture Trustee as to the due authorization,
        execution and delivery and the validity and enforceability of such Qualified Maturity Agreement and (iv) a Tax Opinion concerning the effect of entering into the Qualified Maturity Agreement.  The Servicer shall deliver a prior notice to the Rating
        Agencies of such suspension.  The Issuer does hereby transfer, assign, set-over, and otherwise convey to the Indenture Trustee for the benefit of the Series 2019-C Noteholders, without recourse, all of its rights under any Qualified Maturity
        Agreement obtained in accordance with this Section 4.14 and all proceeds thereof.  Such property shall constitute part of the Trust Estate for all purposes of the Indenture.  The foregoing transfer, assignment, set-over

    
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    and conveyance does not constitute and is not intended to result in a creation or an assumption by the Indenture Trustee or any Noteholder of
      any obligation of the Issuer or any other Person in connection with a Qualified Maturity Agreement or under any agreement or instrument relating thereto.

    The Indenture Trustee hereby acknowledges its acceptance, to the extent validly transferred, assigned, set-over or
      otherwise conveyed to the Indenture Trustee, for the benefit of the Series 2019-C Noteholders, of all of the rights previously held by the Issuer under any Qualified Maturity Agreement obtained by the Issuer and all proceeds thereof, and declares
      that it shall hold such rights upon the trust set forth herein and in the Agreement, and subject to the terms hereof and thereof, for the benefit of the Series 2019-C Noteholders.

    (b) The Issuer shall cause the provider of each Qualified Maturity Agreement to deposit into the Principal Accumulation Account on or before the Expected Principal Payment Date an amount
        equal to the initial Note Principal Balance; provided, however, that, if provided in the related Qualified Maturity Agreement, all or a portion of such deposits may be funded with the proceeds of the issuance of a new Series or with
        the Available Principal Collections with respect to such Transfer Date.  The amounts so deposited shall be applied on the Expected Principal Payment Date pursuant to Section 4.4(c) as if the commencement of the Controlled Accumulation
        Period had not been suspended.

    (c) Each Qualified Maturity Agreement shall terminate at the close of business on the Expected Principal Payment Date; provided, however, that the Issuer shall terminate a
        Qualified Maturity Agreement prior to such Distribution Date, with notice to each Rating Agency, if (i) the Available Reserve Account Amount equals the Required Reserve Account Amount and (ii) one of the following events occurs: (A) the Issuer
        obtains a substitute Qualified Maturity Agreement, (B) the provider of the Qualified Maturity Agreement ceases to qualify as an Eligible Institution and the Issuer is unable to obtain a substitute Qualified Maturity Agreement or (C) an Early
        Amortization Event occurs.  In the event that the provider of a Qualified Maturity Agreement ceases to qualify as an Eligible Institution, the Issuer shall use its best efforts to obtain a substitute Qualified Maturity Agreement.

    (d) If a Qualified Maturity Agreement is terminated prior to the earlier of the Expected Principal Payment Date and the commencement of the Early Amortization Period and the Issuer does
        not obtain a substitute Qualified Maturity Agreement, the Controlled Accumulation Period shall commence on the latest of (i) the beginning of business on September 1, 2021, (ii) the date to which the commencement of the Controlled Accumulation
        Period is postponed pursuant to Section 4.13 (as determined on the date of such termination) and (iii) the first day of the Monthly Period following the date of such termination.

    ARTICLE V.

        

        Delivery of Series 2019-C Notes; Distributions; Reports to Series 2019-C Noteholders

    Section 5.1 Delivery and Payment for the Series 2019-C Notes.  The Owner Trustee, on behalf of the Issuer, shall execute and issue, and the Indenture Trustee shall authenticate, the Series
        2019-C Notes in accordance with Section 2.3 of the Indenture.  The Indenture Trustee

    
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    shall deliver the Series 2019-C Notes to or upon the written order of the Trust when so authenticated.

    Section 5.2 Distributions.

    (a) On each Distribution Date, the Indenture Trustee shall distribute to each Class A Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the
        Indenture) such Class A Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable to the Class A
        Noteholders pursuant to this Indenture Supplement.

    (b) On each Distribution Date, the Indenture Trustee shall distribute to each Class M Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the
        Indenture) such Class M Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable to the Class M
        Noteholders pursuant to this Indenture Supplement.

    (c) On each Distribution Date, the Indenture Trustee shall distribute to each Class B Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the
        Indenture) such Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Distribution Date and as are payable to the Class B
        Noteholders pursuant to this Indenture Supplement.

    (d) The distributions to be made pursuant to this Section 5.2 are subject to the provisions of Sections 2.6, 6.1 and 7.1 of the Transfer and Servicing
        Agreement, Section 11.2 of the Indenture and Section 7.1 of this Indenture Supplement.

    (e) Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series 2019-C Noteholders hereunder shall be made by (i) check mailed
        to each Series 2019-C Noteholder (at such Noteholder’s address as it appears in the Note Register), except that for any Series 2019-C Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made by wire transfer
        of immediately available funds and (ii) without presentation or surrender of any Series 2019-C Note or the making of any notation thereon.

    Section 5.3 Reports and Statements to Series 2019-C Noteholders.

    (a) On each Distribution Date, the Indenture Trustee shall forward to each Series 2019-C Noteholder a statement substantially in the form of Exhibit C prepared by the Servicer; provided
        that the Servicer may amend the form of Exhibit C from time to time, with the prior written consent of the Indenture Trustee and with written notice to the Rating Agencies.

    (b) Not later than the second Business Day preceding each Distribution Date, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee and each Rating Agency a statement
        substantially in the form of Exhibit B prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B from time to time, with the prior written consent of the Indenture Trustee.

    
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    (c) A copy of each statement or certificate provided pursuant to paragraph (a) or (b) may be obtained by any Series 2019-C Noteholder by a request in writing to the
        Servicer.

    (d) On or before January 31 of each calendar year, beginning with January 31, 2020, the Indenture Trustee shall furnish or cause to be furnished to each Person who at any time during the
        preceding calendar year was a Series 2019-C Noteholder, a statement prepared by the Servicer containing the information which is required to be contained in the statement to Series 2019-C Noteholders, as set forth in paragraph (a) above,
        aggregated for such calendar year or the applicable portion thereof during which such Person was a Series 2019-C Noteholder, together with other information as is required to be provided by an issuer of indebtedness under the Code.  Such obligation
        of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Code as from time to time in effect.

    ARTICLE VI.

        

        Series 2019-C Early Amortization Events

    Section 6.1 Series 2019-C Early Amortization Events.  If any one of the following events shall occur with respect to the Series 2019-C Notes:

    (a) failure on the part of Transferor or the “Transferor” under the Pooling and Servicing Agreement (i) to make any payment or deposit required to be made by it by the terms of the Pooling
        and Servicing Agreement, the Collateral Series Supplement, the Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date occurring five (5) Business Days after the date such payment or deposit is required to
        be made therein or herein or (ii) duly to observe or perform in any material respect any other of its covenants or agreements set forth in the Transfer and Servicing Agreement, the Pooling and Servicing Agreement, the Indenture or this Indenture
        Supplement, which failure has a material adverse effect on the Series 2019-C Noteholders and which continues unremedied for a period of sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall
        have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Holder of the Series 2019-C Notes;

    (b) any representation or warranty made by Transferor or the “Transferor” under the Pooling and Servicing Agreement, in the Transfer and Servicing Agreement or the Pooling and Servicing
        Agreement or any information contained in a computer file or microfiche list required to be delivered by it pursuant to Section 2.1 or Section 2.6(c) of the Transfer and Servicing Agreement or Section 2.1 or Section
          2.6(c) of the Pooling and Servicing Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after the date on
        which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Holder of the Series 2019-C Notes and as a result of
        which the interests of the Series 2019-C Noteholders are materially and adversely affected for such period; provided, however, that a Series 2019-C
        Early Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such

    
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    Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing Agreement or the Pooling and
      Servicing Agreement;

    (c) a failure by Transferor or the “Transferor” under the Pooling and Servicing Agreement to convey Receivables in Additional Accounts or Participations to the Receivables Trust within
        five (5) Business Days after the day on which it is required to convey such Receivables pursuant to Section 2.6(b) of the Transfer and Servicing Agreement or Section 2.8(b) of the Pooling and Servicing Agreement, respectively; provided,
        however, that a Series 2019-C Early Amortization Event pursuant to this Section 6.1(c) shall not be deemed to have occurred hereunder if, prior to the date on which such conveyance was required to be completed, Transferor causes a
        reduction in the Collateral Amount of any Variable Interest to occur or a reduction in the “Invested Amount” or “Adjusted Invested Amount” (as such terms are defined in the Pooling and Servicing Agreement) of any “Variable Interest” (as defined in
        the Pooling and Servicing Agreement) so that, after giving effect to that reduction (i) the Transferor Amount is not less than the Minimum Transferor Amount and (ii) the sum of the aggregate amount of principal receivables plus amounts on deposit
        in the Excess Funding Account is not less than the Required Principal Balance;

    (d) any Servicer Default or any “Servicer Default” under the Pooling and Servicing Agreement shall occur and as a result of which the interests of the Series 2019-C Noteholders are
        materially and adversely affected;

    (e) (i) the average of the Portfolio Yield for the two Monthly Periods immediately preceding the January 2020 Payment Date is less than the average of the Base Rates for the same Monthly
        Periods, or (ii) beginning with the three consecutive Monthly Periods immediately preceding the February 2020 Payment Date, the Portfolio Yield averaged over any three consecutive Monthly Periods is less than the Base Rate averaged over such
        period;

    (f) the Note Principal Balance shall not be paid in full on the Expected Principal Payment Date;

    (g) without limiting the foregoing, the occurrence of an Event of Default with respect to Series 2019-C and acceleration of the maturity of the Series 2019-C Notes pursuant to Section 5.3
        of the Indenture; or

    (h) the occurrence of an Early Amortization Event as defined in the Pooling and Servicing Agreement and specified in Section 9.1 of that Agreement;

    then, in the case of any event described in Section (a), (b) or (d), after the applicable grace period, if any, set
      forth in such subparagraphs, either the Indenture Trustee or the holders of Series 2019-C Notes evidencing more than 50% of the aggregate Outstanding Amount of Series 2019-C Notes (or, if 100% of the principal amount of the Series 2019-C Notes are
      held by the Transferor or any Affiliate of the Transferor, then the holders of Series 2019-C Notes evidencing more than 50% of the aggregate unpaid principal amount of the Series 2019-C Notes) by notice then given in writing to the Transferor and the
      Servicer (and to the Indenture Trustee if given by the Series 2019-C Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2019-C (a “Series 2019-C Early Amortization Event”) has occurred as of the

    
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    date of such notice, and, in the case of any event described in Section (c), (e), (f), (g) or (h) a
      Series 2019-C Early Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Series 2019-C Noteholders immediately upon the occurrence of such event.

    ARTICLE VII.

        

        Redemption of Series 2019-C Notes; Final Distributions; Series Termination

    Section 7.1 Optional Redemption of Series 2019-C Notes; Final Distributions.

    (a) On any day occurring on or after the date on which the outstanding principal balance of the Series 2019-C Notes is reduced to 5% or less of the initial outstanding principal balance of
        Series 2019-C Notes, the Servicer shall have the option to redeem the Series 2019-C Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a
        Distribution Date, the Reassignment Amount for the Distribution Date following such day.

    (b) Servicer shall give the Indenture Trustee at least thirty (30) days’ prior written notice of the date on which Servicer intends to exercise such optional redemption.  Not later than
        12:00 noon, New York City time, on such day Servicer shall deposit into the Collection Account in immediately available funds the excess of the Reassignment Amount over the amount, if any, on deposit in the Principal Accumulation Account.  Such
        redemption option is subject to payment in full of the Reassignment Amount.  Following such deposit into the Collection Account in accordance with the foregoing, the Collateral Amount for Series 2019-C shall be reduced to zero and the Series 2019-C
        Noteholders shall have no further security interest in the Receivables.  The Reassignment Amount shall be distributed as set forth in Section 7.1(d).

    (c) The amount to be paid by the Transferor with respect to Series 2019-C in connection with a reassignment of Receivables to the Transferor pursuant to Section 2.4(e) of the
        Transfer and Servicing Agreement shall equal the Reassignment Amount for the first Distribution Date following the Monthly Period in which the reassignment obligation arises under the Transfer and Servicing Agreement.

    (d) With respect to (a) the Reassignment Amount deposited into the Distribution Account pursuant to Section 7.1 or (b) the proceeds of any sale of Receivables pursuant to Section
          5.5(a)(iii) of the Indenture with respect to Series 2019-C, the Indenture Trustee shall, in accordance with the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Distribution Date, make
        distributions of the following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds:  (i) (x) the Class A Note Principal
        Balance on such Distribution Date will be distributed to the Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A Deficiency Amount for such Distribution Date and (C) the
        amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Noteholders on any prior Distribution Date, will be distributed to the Class A
        Noteholders, (ii) (x) the Class M Note Principal Balance on such

    
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    Distribution Date will be distributed to the Class M Noteholders and (y) an amount equal to the sum of (A) Class M Monthly Interest for such
      Distribution Date, (B) any Class M Deficiency Amount for such Distribution Date and (C) the amount of Class M Additional Interest, if any, for such Distribution Date and any Class M Additional Interest previously due but not distributed to the Class
      M Noteholders on any prior Distribution Date, will be distributed to the Class M Noteholders, (iii) (x) the Class B Note Principal Balance on such Distribution Date will be distributed to the Class B Noteholders and (y) an amount equal to the sum of
      (A) Class B Monthly Interest for such Distribution Date, (B) any Class B Deficiency Amount for such Distribution Date and (C) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously
      due but not distributed to the Class B Noteholders on any prior Distribution Date, will be distributed to the Class B Noteholders and (iv) any excess shall be released to the Issuer.

    Section 7.2 Series Termination.  On the Series 2019-C Final Maturity Date, the unpaid principal amount of the Series 2019-C Notes shall be due and payable, and the right of the Series
        2019-C Noteholders to receive payments from the Issuer will be limited solely to the right to receive payments pursuant to Section 5.5 of the Indenture.

    ARTICLE VIII.

        

        Miscellaneous Provisions

    Section 8.1 Ratification of Indenture; Amendments.  As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
        supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.  This Indenture Supplement may be amended only by a Supplemental Indenture entered in accordance with the terms of Section 10.1 or
        10.2 of the Indenture.  For purposes of the application of Section 10.2 to any amendment of this Indenture Supplement, the Series 2019-C Noteholders shall be the only Noteholders whose vote shall be required.

    Section 8.2 Form of Delivery of the Series 2019-C Notes.  The Class A Notes and Class M Notes shall be Book-Entry Notes and shall be delivered as Registered Notes as provided in Sections 2.1
        and 2.13 of the Indenture.  The Class B Notes shall initially be issued as Definitive Notes registered in the Note Register in the name of the Transferor.  In connection with any transfer of the Class B Notes by the Transferor in accordance
        with the terms of the Agreement, the Transferor may deliver the related Definitive Note to the Indenture Trustee and request that such Definitive Note be exchanged for a Book-Entry Note registered in the name of the nominee of the Clearing Agency. 
        In connection therewith, at the request of the Transferor, the Issuer will deliver a replacement Class B Note, to the Indenture Trustee for authentication, and the Indenture Trustee will authenticate and deliver such replacement Note to or at the
        direction of the Transferor; provided, however, that no Definitive Note shall be exchanged for a Book-Entry Note unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect that such Note will constitute debt for U.S. federal
        income tax purposes.  If directed by the Transferor, the Issuer shall obtain a new CUSIP number for the replacement Book-Entry Note and such new CUSIP number shall be indicated on the replacement Note.  Any Book-Entry Note issued in exchange for a
        Definitive Note shall bear a legend to the following effect:

    
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    “UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
      TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

     

    

    Section 8.3 Counterparts.  This Indenture Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but
        all of which shall constitute one and the same instrument.

    Section 8.4 GOVERNING LAW.  THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
        OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    Section 8.5 Limitation of Liability.  Notwithstanding any other provision herein or elsewhere, this Agreement has been executed and delivered by U.S. Bank Trust National Association, not in
        its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall U.S. Bank Trust National Association in its individual capacity have any liability in respect of the representations, warranties, or obligations of
        the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the Trust, and for all purposes of this Agreement and each other document, the Owner Trustee (as such or in its individual capacity)
        shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

    Section 8.6 Rights of the Indenture Trustee.  The Indenture Trustee shall have herein the same rights, protections, indemnities and immunities as specified in the Master Indenture.

    Section 8.7 Additional Provisions.

    (a) The Additional Minimum Transferor Amount is hereby specified as an additional amount to be considered part of the Minimum Transferor Amount pursuant to clause (b) of the
        definition of Minimum Transferor Amount.

    (b) Transferor shall not exercise its right to require reassignment to it or its designee of the Receivables in any Removed Account or “Removed Account” (as defined in the Pooling and
        Servicing Agreement) pursuant to Section 2.7(a) of the Transfer and Servicing Agreement or Section 2.9(a) of the Pooling and Servicing Agreement more than once during any Monthly Period; it being understood that this Section
          8.7(b) shall not limit any right of the Transferor pursuant to Section 2.7(b) of the Transfer and Servicing Agreement or Section 2.9(b) of the Pooling and Servicing Agreement.

    
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    (c) Transferor shall not exercise its discount option pursuant to Section 2.10 of the Pooling and Servicing Agreement or Section 2.8 of the Transfer and Servicing
        Agreement.

    (d) So long as Regulation RR is in effect (x) to the extent that the sum of (i) the Seller’s Interest and (ii) amounts on deposit (excluding any investment earnings on deposit) in the
        Excess Funding Account (to the extent the Excess Funding Account meets the requirements of Rule 5(f) of Regulation RR) is less than the Required Seller’s Interest as of the last day of any Monthly Period (each, an “RR Measurement Date”), the
        Transferor shall cause the Seller’s Interest to be increased to an amount such that the sum of (i) the Seller’s Interest and (ii) amounts on deposit (excluding any investment earnings on deposit) in the Excess Funding Account (to the extent the
        Excess Funding Account meets the requirements of Rule 5(f) of Regulation RR) will be equal to or greater than the Required Seller’s Interest on or before the following RR Measurement Date; provided, that failure to satisfy the foregoing
        covenant shall not constitute a breach of this Indenture Supplement if at the time of such failure, the transaction contemplated by the Transaction Documents shall otherwise be in compliance with the requirements of Regulation RR and (y) other than
        as permitted by Regulation RR, the Transferor shall not sell, transfer or hedge any assets used to satisfy risk retention obligations under Regulation RR.

    (e) For the avoidance of doubt, in no event shall either of the Indenture Trustee or the Owner Trustee have any responsibility to monitor compliance with or, subject to their obligations
        under the Transaction Documents, enforce compliance with, or be charged with knowledge of Regulation RR or any rules or regulations promulgated in connection therewith, nor shall it be liable to any investor or any other party whatsoever for any
        violation of Regulation RR or any rules or regulations promulgated in connection therewith or any similar provisions in effect or the breach of any related term of this Indenture Supplement, any Transaction Document or any other document made or
        delivered pursuant hereto or thereto.

    (f) The Servicer will include the amount of the Seller’s Interest as of the most recent RR Measurement Date (or, with respect to the first such statement following the Closing Date, as of
        the Closing Date) on each statement delivered pursuant to Section 5.3(a).

    (g) Comenity Bank confirms, represents and warrants to and agrees with, and irrevocably and unconditionally undertakes to the Issuer and the Indenture Trustee, solely for the benefit of
        each Applicable Investor, in connection with the EU Due Diligence and Retention Rules as in effect on the Closing Date, on an ongoing basis, so long as any Series 2019-C Notes remain Outstanding, that (i) Comenity Bank, as “originator” for the
        purposes of the EU Due Diligence and Retention Rules, will retain on an ongoing basis a material net economic interest that is not less than 5% of the nominal value of the securitized exposures with respect to the Series 2019-C 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 the Series 2019-C notes, (ii) Comenity Bank will not (and will not permit the Depositor or any of its Affiliates to) allow the retained interest to be subject
        to any credit risk mitigation, short position or other credit risk hedge or to be sold if, as a result, Comenity Bank would not retain a material net economic interest in an amount that is not less than 5% of the nominal value of the

    
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    securitized exposures, except to the extent permitted in accordance with Article 6(1) of the EU Securitization Regulation (as supplemented by
      Article 12 of the CRR Delegated Regulation), (iii) Comenity Bank will not change the retention option or method of calculation of its net economic interest in the securitized exposures while the Series 2019-C Notes are outstanding, except as
      permitted under Article 6(1) of the EU Securitization Regulation (as supplemented by Article 10 of the CRR Delegated Regulation), and (iv) Comenity Bank will provide ongoing confirmation of Comenity Bank’s continued compliance with its obligations
      described in (i) and (ii) above in or concurrently with the delivery of each statement delivered pursuant to Section 5.3(a).

    Section 8.8 Notice Address for Rating Agencies.  Delivery of any notices required to be delivered to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be
        sufficient for the purposes of this Indenture Supplement and the other Transaction Documents if sent to such mailing addresses or such email addresses as may be provided by the Rating Agencies.

    Section 8.9 Additional Requirements for Registration of and Limitations on Transfer and Exchange of Notes.

    (a) All Transfers will be subject to the transfer restrictions set forth on the Notes.

    (b) No Transfer (or purported Transfer) of a Class B Note (or economic interest therein) shall be made by Comenity Bank, the Transferor or any person which is considered the same person as
        Comenity Bank or the Transferor for U.S. Federal income tax purposes (except to a person which is considered the same person as Comenity Bank for such purposes) and any such Transfer (or purported Transfer) of such Notes shall be void ab initio
        unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Notes will constitute debt for U.S. federal income tax purposes; provided that any such Note may be pledged to a Federal Reserve Bank provided
        that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the
        Indenture Trustee to the effect that such Notes will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such Notes (e.g., if a portion of the Notes have original issue discount and a
        portion of the Notes do not), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Transferor as a condition to such transfer.

    (c) Any Class A Note or Class M Note (or economic interest therein) that is held after the Closing Date by Comenity Bank, the Transferor or any person which is considered the same person
        as Comenity Bank or the Transferor for U.S. federal income tax purposes shall not be transferred to any person (except to a person which is considered the same person as Comenity Bank or the Transferor for U.S. federal income tax purposes) and any
        such transfer shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary
        to track any such Note (e.g., if the transferred Note has original issue discount and a portion of the outstanding same Class of Notes as the transferred Note do not), tracking

    
      40

      
        

    

     

    

    conditions such as requiring that such Note be in definitive registered form may be required by the Transferor as a condition to such
      transfer.

    Section 8.10 Additional Matters Concerning the Indenture Trustee. The Indenture Trustee hereby represents and warrants that, as of the date of this Indenture Supplement, the Indenture
        Trustee is not in violation of any provision or condition of that certain order of the Securities and Exchange Commission dated December 23, 2014 (the "Order") concerning the exemption of the Indenture Trustee from certain requirements of Rule
        3a-7(a)(4)(i) under the Investment Company Act.  The Indenture Trustee shall comply with all conditions for reliance on the Order in connection with acting as Indenture Trustee with respect to the Series 2019-C Notes.

    

    

     [SIGNATURE PAGE FOLLOWS]

    

    

    
      41

      
        

    

    IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly executed and delivered by their
      respective duly authorized officers on the day and year first above written.

    WORLD FINANCIAL NETWORK CREDIT 

    CARD MASTER NOTE TRUST, as Issuer

    By:  U.S. Bank Trust National Association, not in 

    its individual capacity, but solely as Owner Trustee

    By:____________________

      

         Name:

         Title:

    MUFG UNION BANK, N.A., as Indenture Trustee

    By:____________________

      

         Name:

         Title:

    Acknowledged and Accepted:

      

      

      COMENITY BANK,

      as Servicer

    

    

    By:____________________

      

         Name:

         Title:

    WFN CREDIT COMPANY, LLC

        as Transferor

    By:____________________

      

         Name:

         Title:

     

      

    
      	 	
              S-1

            	
              Indenture Supplement

            

       

    
      
        

    

    
    

    

    EXHIBIT A-1

    FORM OF CLASS A SERIES 2019-C 2.21% ASSET BACKED NOTE

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
      (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
      & CO., HAS AN INTEREST HEREIN.

    THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT,
      THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR FEDERAL OR STATE BANKRUPTCY LAWS OR OTHER LAWS SIMILAR
      THERETO IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

    THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO
      TREAT THE CLASS A NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE
      BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT
      PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT
      PROHIBITED TRANSACTION UNDER ERISA (AS DEFINED BELOW) OR SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR A VIOLATION OF SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN”

    
      Exhibit A-1 (Page 1)

      
        

    

    

    

    INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
      THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
      REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    
      Exhibit A-1 (Page 2)

      
        

    

    

    

    	
            REGISTERED

            No. R- ____________

          	 	
            $600,000,000

              CUSIP NO. 981464HF0

              

          

    

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS A SERIES 2019-C 2.21% ASSET BACKED NOTE

    World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
      statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions,
      the principal sum of SIX HUNDRED MILLION DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the July 2026 Distribution Date, except as otherwise provided below or in the Indenture.  The Issuer will pay
      interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full.  Interest on this Note will accrue for each Distribution Date from and including
      the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date.  Interest will be computed
      on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts.

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect
      as though fully set forth on the face of this Note.

    Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
      signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

    
      Exhibit A-1 (Page 3)

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly executed.

    WORLD FINANCIAL NETWORK CREDIT

    CARD MASTER NOTE TRUST,

      as Issuer

    

    

    By: U.S. Bank Trust National Association, not in

    its individual capacity but solely as Owner Trustee

    under the Trust Agreement

    By:                                                

      Name:

      Title:

    Dated:  ____________, 2019

    
      Exhibit A-1 (Page 4)

      
        

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    This is one of the Class A Notes described in the within-mentioned Indenture.

    MUFG UNION BANK, N.A., as Indenture Trustee

    By: ____________________________________

                           Authorized Signatory

      Dated: ____________________________________

    
      Exhibit A-1 (Page 5)

      
        

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS A SERIES 2019-C 2.21% ASSET BACKED NOTE

      

      

      Summary of Terms and Conditions

    This Class A Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit
      Card Master Note Trust, Series 2019-C (the “Series 2019-C Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and MUFG Union Bank, N.A., as indenture trustee
      (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of September 18, 2019 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
      otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined in the Indenture shall have the meanings
      assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

    The Class M Notes and the Class B Notes will also be issued under the Indenture.

    The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to
      the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as
      expressly provided in the Indenture, subject to any liability under the Indenture.

    This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and
      limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

    THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, COMENITY BANK, WFN CREDIT COMPANY, LLC, OR ANY
      OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.  THIS CLASS A NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
      RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2019-C NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE INDENTURE AND THE INDENTURE SUPPLEMENT.

    The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee
      shall treat the person in whose name this Class A Note is registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer, the Transferor or the Indenture Trustee shall be
      affected by notice to the contrary.

    
      Exhibit A-1 (Page 6)

      
        

    

    

    

    THIS CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    
      Exhibit A-1 (Page 7)

      
        

    

    ASSIGNMENT

    Social Security or other identifying number of assignee

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                  
      (name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints                              attorney, to transfer said certificate on the books kept for registration thereof,
      with full power of substitution in the premises.

    

    

    	
            Dated:_____________________

          	 	
            ___________________________**

            Signature Guaranteed:

          

    

    

    

    

    

    

    

    

    

    ** The signature to this assignment must correspond
        with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      Exhibit A-1 (Page 8)

      
        

    

    
    

    

    EXHIBIT A-2

    FORM OF CLASS M SERIES 2019-C 2.71% ASSET BACKED NOTE

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
      (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
      & CO., HAS AN INTEREST HEREIN.

    THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT,
      THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR FEDERAL OR STATE BANKRUPTCY LAWS OR OTHER LAWS SIMILAR
      THERETO IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

    THE HOLDER OF THIS CLASS M NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO
      TREAT THE CLASS M NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME, UNLESS AND UNTIL OTHERWISE REQUIRED BY AN APPLICABLE
      TAXING AUTHORITY.

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE
      BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE UNDERWRITERS, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT EITHER (A) YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT
      PURCHASING OR HOLDING SUCH NOTE OR ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW OR (B) YOUR PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE OR INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT
      PROHIBITED TRANSACTION UNDER ERISA (AS

    
      Exhibit A-2 (Page 1)

      
        

    

    

    

    DEFINED BELOW) OR SECTION 4975 OF THE CODE (AS DEFINED BELOW) OR A VIOLATION OF SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES
      AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
      AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY
      SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE.

    

    

    
      Exhibit A-2 (Page 2)

      
        

    

    

    

    	
            REGISTERED

            No. R- ____________

          	 	
            $53,425,000

            CUSIP NO. 981464HG8

          

    

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS M SERIES 2019-C 2.71% ASSET BACKED NOTE

    World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
      statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to Cede & Co., or registered assigns, subject to the following provisions,
      the principal sum of FIFTY-THREE MILLION FOUR HUNDRED TWENTY-FIVE THOUSAND DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the July 2026 Distribution Date, except as otherwise provided below or in the
      Indenture.  The Issuer will pay interest on the unpaid principal amount of this Note at the Class M Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full.  Interest on this Note will accrue for each
      Distribution Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such
      Distribution Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts.

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect
      as though fully set forth on the face of this Note.

    Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
      signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

    THIS CLASS M NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN
      THE INDENTURE SUPPLEMENT.

    
      Exhibit A-2 (Page 3)

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this Class M Note to be duly executed.

    WORLD FINANCIAL NETWORK CREDIT

    CARD MASTER NOTE TRUST,

      as Issuer

    

    

    By: U.S. Bank Trust National Association, not in

    its individual capacity but solely as Owner Trustee

    under the Trust Agreement

    By:                                                

      Name:

      Title:

    Dated:  ____________, 2019

    
      Exhibit A-2 (Page 4)

      
        

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    This is one of the Class M Notes described in the within-mentioned Indenture.

    MUFG UNION BANK, N.A., as Indenture Trustee

    By: ____________________________________

                           Authorized Signatory

      Dated: ____________________________________

    
      Exhibit A-2 (Page 5)

      
        

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS M SERIES 2019-C 2.71% ASSET BACKED NOTE

      

      

      Summary of Terms and Conditions

    This Class M Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit
      Card Master Note Trust, Series 2019-C (the “Series 2019-C Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and MUFG Union Bank, N.A., as indenture trustee
      (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of September 18, 2019 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
      otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined in the Indenture shall have the meanings
      assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

    The Class A Notes and the Class B Notes will also be issued under the Indenture.

    Payments of principal and interest on the Class M Notes are subordinated to payments of principal and interest on the
      Class A Notes pursuant to and in accordance with the Indenture.

    The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to
      the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as
      expressly provided in the Indenture, subject to any liability under the Indenture.

    This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and
      limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

    THIS CLASS M NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, COMENITY BANK, WFN CREDIT COMPANY, LLC, OR ANY
      OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.  THIS CLASS M NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
      RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2019-C NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE INDENTURE AND THE INDENTURE SUPPLEMENT.

    The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee
      shall treat the person in whose name this Class M Note is registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the

    
      Exhibit A-2 (Page 6)

      
        

    

    

    

    Indenture Trustee nor any agent of the Issuer, the Transferor or the Indenture Trustee shall be affected by notice to the contrary.

    THIS CLASS M NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    

    

    
      Exhibit A-2 (Page 7)

      
        

    

    ASSIGNMENT

    Social Security or other identifying number of assignee                                .

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                  
      (name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints                              attorney, to transfer said certificate on the books kept for registration thereof,
      with full power of substitution in the premises.

    	
            Dated:_____________________

          	 	
            ___________________________**

            Signature Guaranteed:

          

    

    

    

    

    

    

    

    ** The signature to this assignment must correspond
        with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      Exhibit A-2 (Page 8)

      
        

    

    
    EXHIBIT A-3

    

    

    

    

    FORM OF DEFINITIVE CLASS B SERIES 2019-C 0.00% ASSET BACKED NOTE

    THIS CLASS B NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS CLASS B NOTE:

    
      
        	

              	(1)	
                AGREES FOR THE BENEFIT OF THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN
                  COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING
                  OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO THE
                  DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

              

      

    

    
      
        	

              	(2)	
                AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS CLASS B NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

              

      

    

    THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST WORLD
      FINANCIAL NETWORK CREDIT CARD MASTER TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEW YORK (“WFNMT”), THE TRANSFEROR OR THE ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN INSTITUTING AGAINST WFNMT,
      THE TRANSFEROR OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR FEDERAL OR STATE BANKRUPTCY LAWS OR OTHER LAWS SIMILAR
      THERETO IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

    THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO
      TREAT THE

    
      Exhibit A-3 (Page 1)

      
        

    

    

    

    CLASS B NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY
      OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME, UNLESS AND UNTIL OTHERWISE REQUIRED BY AN APPLICABLE TAXING AUTHORITY.

    BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE
      BENEFIT OF THE ISSUER, THE INDENTURE TRUSTEE, THE SERVICER, COMENITY BANK AND THE TRANSFEROR, THAT YOU ARE NOT A BENEFIT PLAN (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) AND THAT YOU ARE NOT PURCHASING OR HOLDING SUCH NOTE OR
      ANY INTEREST HEREIN ON BEHALF OF, OR WITH THE ASSETS OF, A BENEFIT PLAN OR PLAN SUBJECT TO SIMILAR LAW.  FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY WHOSE UNDERLYING
      ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. “SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975
      OF THE CODE.

    TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE SUPPLEMENT.  NO TRANSFER OF THIS NOTE SHALL
      BE MADE BY COMENITY BANK (“COMENITY”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS COMENITY OR THE TRANSFEROR FOR U.S. FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED THE SAME PERSON AS COMENITY FOR SUCH
      PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH NOTES WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE
      PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE  PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN
      OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH NOTES WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES.

    

    

    
      Exhibit A-3 (Page 2)

      
        

    

    

    

    	
            REGISTERED

            No. R- ____________

          	 	
            $30,822,000

            CUSIP NO. 981464HH6

          

    

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS B SERIES 2019-C 0.00% ASSET BACKED NOTE

    World Financial Network Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware
      statutory trust governed by an Amended and Restated Trust Agreement dated as of August 1, 2001 (as amended and supplemented), for value received, hereby promises to pay to [________], or registered assigns, subject to the following provisions, the
      principal sum of THIRTY MILLION EIGHT HUNDRED TWENTY-TWO THOUSAND DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the July 2026 Distribution Date, except as otherwise provided below or in the Indenture. 
      The Issuer will pay interest on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full.  Interest on this Note will accrue for each Distribution
      Date from and including the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, for the initial Distribution Date, from and including the Closing Date to but excluding such Distribution Date. 
      Interest will be computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

    The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts.

    Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect
      as though fully set forth on the face of this Note.

    Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
      signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

    THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES AND THE CLASS M NOTES TO
      THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

    
      Exhibit A-3 (Page 3)

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed.

    WORLD FINANCIAL NETWORK CREDIT

    CARD MASTER NOTE TRUST,

      as Issuer

    

    

    By: U.S. Bank Trust National Association, not in

    its individual capacity but solely as Owner Trustee

    under the Trust Agreement

    By:                                                

      Name:

      Title:

    Dated:  ____________, 2019

    
      Exhibit A-3 (Page 4)

      
        

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    This is one of the Class B Notes described in the within-mentioned Indenture.

    MUFG UNION BANK, N.A., as Indenture Trustee

    By: ____________________________________

                           Authorized Signatory

      Dated: ____________________________________

    
      Exhibit A-3 (Page 5)

      
        

    

    WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST SERIES 2019-C

      

      

      CLASS B SERIES 2019-C 0.00% ASSET BACKED NOTE

      

      

      Summary of Terms and Conditions

    This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as World Financial Network Credit
      Card Master Note Trust, Series 2019-C (the “Series 2019-C Notes”), issued under a Master Indenture dated as of August 1, 2001 (as amended and supplemented, the “Master Indenture”), between the Issuer and MUFG Union Bank, N.A., as indenture trustee
      (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as of September 18, 2019 (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
      otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined in the Indenture shall have the meanings
      assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

    The Class A Notes and the Class M Notes will also be issued under the Indenture.

    Payments of principal and interest on the Class B Notes are subordinated to payments of principal and interest on the
      Class A Notes and the Class M Notes pursuant to and in accordance with the Indenture.

    The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to
      the payment of this Note for payment hereunder and that neither the Owner Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as
      expressly provided in the Indenture, subject to any liability under the Indenture.

    This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and
      limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

    THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, COMENITY BANK, WFN CREDIT COMPANY, LLC, OR ANY
      OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.  THIS CLASS B NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
      RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2019-C NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE INDENTURE AND THE INDENTURE SUPPLEMENT.

    The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee
      shall treat the person in whose name this Class B Note is

    
      Exhibit A-3 (Page 6)

      
        

    

    

    

    registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer,
      the Transferor or the Indenture Trustee shall be affected by notice to the contrary.

    THIS CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
      CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    

    

    
      Exhibit A-3 (Page 7)

      
        

    

    ASSIGNMENT

    Social Security or other identifying number of assignee                                .

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                  
      (name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints                              attorney, to transfer said certificate on the books kept for registration thereof,
      with full power of substitution in the premises.

    	
            Dated:_____________________

          	 	
            ___________________________**

            Signature Guaranteed:

          

    

    

    

    

    

    

    

    ** The signature to this assignment must correspond
        with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

    
      Exhibit A-3 (Page 8)

      
        

    

    
    EXHIBIT B

    FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

      NOTIFICATION TO INDENTURE TRUSTEE

    	
            COMENITY BANK

          
	
            WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST

            Series [List Applicable Series] and 2019-C

          
	
            MONTHLY PERIOD ENDING

          
	
            [                                     ]

          

    I.  INSTRUCTIONS TO MAKE CERTAIN PAYMENTS

    Comenity Bank, as Servicer does hereby instruct MUFG Union Bank, N.A., as Indenture Trustee, to pay in accordance with the [Describe Applicable
      Indenture Supplements], and the Series 2019-C Indenture Supplement, dated as of September 18, 2019, [additional indenture supplements as applicable from time to time] (each, an “Indenture Supplement”) from the Distribution Account (or other Series
      Account as specified below) on [ ] which date is a Transfer Date under each Indenture Supplement, amounts so deposited pursuant to each Indenture Supplement as set below.  Defined terms used herein have the meanings specified in the related Indenture
      Supplements.

    

    

    	 	 	
            
              Series 2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          	 	
            
              Total

            

          
	
            INTEREST PAYMENTS

          	 	 	 	 	 	 
	
            (From Distribution Accounts)

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            1. Amount to be distributed to the Class A Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            2. Amount to be distributed to the Class M Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            3. Amount to be distributed to the Class B Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            4. Amount to be distributed to the Class C Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            5. Amount to be distributed to the Class D Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            6. Amount to be distributed to the Swap Provider, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            7. Amount to be received from the Swap Provider, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            8. Amount to be returned to Comenity Bank

          	 	 	 	 	 	 

    

    

    
      Exhibit B (Page 1)

      
        

    

    

    

    
      	 	 	
              
                Series 2019-C

              

            	 	
              
                [Insert columns for

                other Series]

              

            	 	
              
                Total

              

            

    

    	 	 	 	 	 	 	 
	
            PRINCIPAL PAYMENTS

          	 	 	 	 	 	 
	
            (From Principal Accounts)

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            1. Amount to be distributed to the Class A Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            2. Amount to be distributed to the Class M Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            3. Amount to be distributed to the Class B Noteholders

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            4. Amount to be distributed to the Class C Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            5. Amount to be distributed to the Class D Noteholders, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            TRANSFER OF

              INTEREST EARNINGS

          	 	 	 	 	 	 
	
            (from Accounts below to Finance Charge Accounts)

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            1. Cash Collateral Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            2. Spread Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            3. Principal Accumulation Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            4. Principal Account, if applicable

          	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
            5. Reserve Account, if applicable

             

             

          	 	 	 	 	 	 

    

    

    

    

    

    

    	 	
             Comenity Bank, as Servicer

             

          	 	 
	 	
             By:

          	 	 	 	 
	 	
             Name:

          	 	 	 	 
	 	
             Title:

          	 	 	 	 
	 	 	 	 	 	 

    

    

    

    

    

    

    
      Exhibit B (Page 2)

      
        

    

    
    EXHIBIT C

    FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

    MONTHLY NOTEHOLDERS' STATEMENT

      WORLD FINANCIAL NETWORK CREDIT CARD

      MASTER NOTE TRUST

       [List Applicable Series] 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 MUFG Union Bank, N.A., as indenture trustee (the “Indenture Trustee”), [Describe Applicable Indenture Supplements], and the Series 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 “Transfer 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 of the Trust during the previous month.  The information required to be prepared with respect to the Distribution
      Date of [  ], 20[  ], and with respect to the performance of the Trust during the month of [  ], 20[  ] is set forth below.  Capitalized terms herein are defined in the Indenture and the Indenture Supplements.

    

    

    	 	
            Monthly Period:

          	 	 
	 	
            Determination Date:

          	 	 
	 	
            Distribution Date:

          	 	 
	 	
            Number of Days in Period:

          	 	 
	 	
            Number of Days in Month:

          	 	 
	 	
            Record Date:

          	 	 

    

    

    
      

      

      

      

    

    
      Exhibit C (Page 1)

      
        

    

    I.  DEAL PARAMETERS

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Class A Initial Note Principal Balance

          	 	 	 	 
	
            (b) Class M Initial Note Principal Balance

          	 	 	 	 
	
            (c) Class B Initial Note Principal Balance

          	 	 	 	 
	
            (d) Class C Initial Note Principal Balance, if applicable

          	 	 	 	 
	
            (e) Class D Initial Note Principal Balance, if applicable

          	 	 	 	 
	
            (f) Total Initial Note Principal Balance

          	 	 	 	 
	
            (g) Initial Excess Collateral Amount

          	 	 	 	 
	
            (h) Class A Initial Note Principal Balance %

          	 	 	 	 
	
            (i) Class M Initial Note Principal Balance %

          	 	 	 	 
	
            (j) Class B Initial Note Principal Balance %

          	 	 	 	 
	
            (k) Class C Initial Note Principal Balance %, if applicable

          	 	 	 	 
	
            (l) Class D Initial Note Principal Balance %, if applicable

          	 	 	 	 
	
            (m)      Excess Collateral Amount %

          	 	 	 	 
	
            (n) Required Retained Transferor Percentage

          	 	 	 	 
	
            (o) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)

          	 	 	 	 
	
            (p) LIBOR rate as of most recent reset day, if applicable

          	 	 	 	 
	
            (q) Class A Note Interest Rate

          	 	 	 	 
	
            (r) Class A Swap Rate, if applicable

          	 	 	 	 
	
            (s) Class M Note Interest Rate

          	 	 	 	 
	
            (t) Class M Swap Rate, if applicable

          	 	 	 	 
	
            (u) Class B Note Interest Rate

          	 	 	 	 
	
            (v) Class B Swap Rate, if applicable

          	 	 	 	 
	
            (w) Class C Note Interest Rate, if applicable

          	 	 	 	 
	
            (x) Class C Swap Rate, if applicable

          	 	 	 	 
	
            (y) Class D Note Interest Rate, if applicable

          	 	 	 	 
	
            (z) Class D Swap Rate, if applicable

          	 	 	 	 
	
            (aa)      Servicing Fee Percentage

          	 	 	 	 

    
      Exhibit C (Page 2)

      
        

    

    II.  COLLATERAL AMOUNTS AND ALLOCATION PERCENTAGES

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            Monthly Period

          	 	 	 	 
	 	 	 	 	 
	
            (a) Initial Collateral Amount

          	 	 	 	 
	
            (b) Initial Excess Collateral Amount

          	 	 	 	 
	
            (c) Principal Payments made to Noteholders

          	 	 	 	 
	
            (d) Principal Accumulation Account Balance

          	 	 	 	 
	
            (e) Unreimbursed Investor Charge-offs and

              

                         Reallocated Principal Collections

          	 	 	 	 
	
            (f) Collateral Amount- End of Current

              

                         Monthly Period

          	 	 	 	 
	
            (g) Excess Collateral Amount- End of Current

              

                         Monthly Period

          	 	 	 	 
	
            (h) Required Excess Collateral Amount

          	 	 	 	 
	
            (i) Beginning Class A Note Principal Balance

          	 	 	 	 
	
            (j) Beginning Class M Note Principal

              

                        Balance

          	 	 	 	 
	
            (k) Beginning Class B Note Principal Balance

          	 	 	 	 
	
            (l) Beginning Class C Note Principal Balance, if applicable

          	 	 	 	 
	
            (m)      Beginning Class D Note Principal
                Balance, if applicable

          	 	 	 	 
	
            (n) Total Beginning Note Principal Balance

          	 	 	 	 
	
            (o) Ending Class A Note Principal Balance

          	 	 	 	 
	
            (p) Ending Class M Note Principal Balance

          	 	 	 	 
	
            (q) Ending Class B Note Principal Balance

          	 	 	 	 
	
            (r) Ending Class C Note Principal Balance, if applicable

          	 	 	 	 
	
            (s) Ending Class D Note Principal Balance, if applicable

          	 	 	 	 
	
            (t) Total Ending Note Principal Balance

          	 	 	 	 
	
            (u) Allocation Percentage- Finance Charges

              

                        Collections and Default Amounts

          	 	 	 	 
	
            (v) Allocation Percentage- Principal

              

                        Collections

          	 	 	 	 

    

    

    III.  RECEIVABLES IN THE TRUST

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Beginning of the Month Principal Receivables

          	 	 	 	 
	
            (b) Collection of Principal Receivables

          	 	 	 	 
	
            (c) Defaulted Receivables (principal charge-offs):

          	 	 	 	 
	
            (d) Dilution (Principal net of Debit Adjustments):

          	 	 	 	 
	
            (e) Sales (principal receivables generated):

          	 	 	 	 
	
            (f) Net (Removal)/Addition of Principal Receivables:

          	 	 	 	 
	
            (g) End of Month Principal Receivables (a – b - c - d + e + f)

          	 	 	 	 
	
            (h) Recoveries of previously Charged-off Receivables:

          	 	 	 	 
	
            (i) Beginning of the Month Finance Charge Receivables

          	 	 	 	 
	
            (j) End of the Month Finance Charge Receivables

          	 	 	 	 

    
      Exhibit C (Page 3)

      
        

    

    IV.  RECEIVABLES PERFORMANCE SUMMARY

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            COLLECTIONS:

          	 	 	 	 
	
            (a) Collections of Principal Receivables

          	 	 	 	 
	
            (b) Collections of Finance Charge Receivables

          	 	 	 	 
	
            (c) Total Collections (a+b).

          	 	 	 	 
	
            (d) Monthly Payment Rate (% of Beginning Total Receivables Outstanding)

          	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
            DELINQUENCIES AND LOSSES:

          	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            End of the month delinquencies:

          	 	 	 	 
	
            (e) 1-30 days delinquent (CA1)

          	 	 	 	 
	
            (f) 31-60 days delinquent (CA2)

          	 	 	 	 
	
            (g) 61-90 days delinquent (CA3)

          	 	 	 	 
	
            (h) 91-120 days delinquent (CA4)

          	 	 	 	 
	
            (i) 121-150 days delinquent (CA5)

          	 	 	 	 
	
            (j) 151+ days delinquent (CA6)

          	 	 	 	 
	
            (k) Total delinquencies (e +f + g  + h + i + j)

            (l) Total 60+ days delinquent

            (m)      Lowest Delinquency Trigger (all
                series)

            (n) Investor Requests for Communications

          	 	 	 	 
	 	 	 	 	 
	
            CHARGE-OFFS:

          	 	 	 	 
	
            (o) Defaulted Receivables (principal charge-offs):

          	 	 	 	 
	
            (p) Recoveries of previously Charged-off Receivables

          	 	 	 	 
	
            (q) Gross Principal Charge-Offs (% of End of Month Total Principal Receivables)

            (annualized)

          	 	 	 	 
	
            (r) Net Principal Charge-Offs (% of End of Month Total Principal Receivables)

            (annualized)

          	 	 	 	 

    

    

    V.  TRANSFEROR INTEREST AND SELLER’S INTEREST

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Required Retained Transferor Percentage

          	 	 	 	 
	
            (b) Additional Minimum Transferor Percentage (2% Nov-Jan; 0% otherwise)

          	 	 	 	 
	
            (c) Beginning Transferor Amount

          	 	 	 	 
	
            (d) Ending Transferor Amount

          	 	 	 	 
	
            (e) Minimum Transferor Amount

          	 	 	 	 
	
            (f) Excess Funding Account Balance at end of Monthly Period

          	 	 	 	 
	
            (g) Principal Accounts Balance at end of Monthly Period

          	 	 	 	 
	
            (h) Sum of Principal Receivables, Excess Funding Account and Principal Accounts at end of Monthly 

                         Period

          	 	 	 	 
	
            (i) Required Seller's Interest (as of the most recent RR measurement date)

          	 	 	 	 
	
            (j) Seller's Interest (as of the most recent RR measurement date)

          	 	 	 	 

    

    

    
      Exhibit C (Page 4)

      
        

    

    VI.  TRUST ACCOUNT BALANCES AND EARNINGS

    	 	 	
            
              Series

                2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            BEGINNING ACCOUNT BALANCES:

          	 	 	 	 
	 	 	 	 	 
	
            (a) Finance Charge Account

          	 	 	 	 
	
            (b) Cash Collateral Account, if applicable

          	 	 	 	 
	
            (c) Spread Account, if applicable

          	 	 	 	 
	
            (d) Reserve Account

          	 	 	 	 
	
            (e) Principal Account

          	 	 	 	 
	
            (f) Principal Accumulation Account

          	 	 	 	 
	 	 	 	 	 
	
            ENDING ACCOUNT BALANCES:

          	 	 	 	 
	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (g) Finance Charge Account

          	 	 	 	 
	
            (h) Cash Collateral Account, if applicable

          	 	 	 	 
	
            (i) Spread Account, if applicable

          	 	 	 	 
	
            (j) Reserve Account

          	 	 	 	 
	
            (k) Principal Account

          	 	 	 	 
	
            (l) Principal Accumulation Account

          	 	 	 	 
	 	 	 	 	 
	
            INTEREST AND EARNINGS:

          	 	 	 	 
	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (m)      Interest and Earnings on Finance
                Charge Account

          	 	 	 	 
	
            (n) 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, if applicable

          	 	 	 	 
	
            (q) Interest and Earnings on Principal Accumulation Account, if applicable

          	 	 	 	 
	
            (r) Interest and Earnings on Principal Funding Account, if applicable

          	 	 	 	 

    
      Exhibit C (Page 5)

      
        

    

    VII.  ALLOCATION AND APPLICATION of COLLECTIONS

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            APPLICATIONS OF FINANCE CHARGE COLLECTIONS:

          	 	 	 	 
	 	 	 	 	 
	
            (a) Floating Allocation of Finance Charges

          	 	 	 	 
	
            (b) Class A Monthly Interest

          	 	 	 	 
	
            (c) Class A Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (d) Class M Monthly Interest

          	 	 	 	 
	
            (e) Class M Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (f) Class B Monthly Interest, if applicable

          	 	 	 	 
	
            (g) Class B Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (h) Servicing Fee (Beginning Collateral Amount*2%/12)

          	 	 	 	 
	
            (i) Class C Monthly Interest, if applicable

          	 	 	 	 
	
            (j) Class C Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (k) Class D Monthly Interest, if applicable

          	 	 	 	 
	
            (l) Class D Swap Payment Due to (from) Swap Provider, if applicable

          	 	 	 	 
	
            (m)      Investor Default Amounts

          	 	 	 	 
	
            (n) Uncovered Dilution Amounts

          	 	 	 	 
	
            (o) Unreimbursed Investor Chargeoffs and Reallocated Principal Collections

          	 	 	 	 
	
            (p) Required to be Deposited into Cash Collateral Account, if applicable

          	 	 	 	 
	
            (q) Required Reserve Account Amount, if applicable

          	 	 	 	 
	
            (r) Required to be Deposited into the Spread Account, if applicable

          	 	 	 	 
	
            (s) Required Payments and Deposits Relating to Interest Rate Swaps, if applicable

          	 	 	 	 
	
            (t) Other Payments Required to be made

          	 	 	 	 
	
            (u) Excess Finance Charge Collections (a-b-c-d-e-f-g-h-i-j-k-l-m-n-o-p-q-r-s-t)

          	 	 	 	 
	 	 	 	 	 
	
            APPLICATION OF PRINCIPAL COLLECTIONS:

          	 	 	 	 
	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Investor Principal Collections

          	 	 	 	 
	
            (b) Less Reallocated Principal Collections

          	 	 	 	 
	
            (c) Plus Shared Principal Collections from other Principal Sharing Series

          	 	 	 	 
	
            (d) Plus Aggregate amount of Finance Charge Collections applied to cover Defaults and Uncovered 

                        Dilution and to be treated as Available Principal Collections

          	 	 	 	 
	
            (e) Available Principal Collections (a+b+c+d)

          	 	 	 	 
	
            (f) Deposits to Principal Accumulation Account

          	 	 	 	 
	
            (g) Monthly Principal applied for payments to the Class A Noteholders

          	 	 	 	 
	
            (h) Monthly Principal applied for payments to the Class M Noteholders

          	 	 	 	 
	
            (i) Monthly Principal applied for payments to the Class B Noteholders

          	 	 	 	 

    

    

    
      Exhibit C (Page 6)

      
        

    

    

    

    
      	 	 	
              
                Series

                2019-C

              

            	 	
              
                [Insert columns for

                other Series]

              

            

    

    	
            (j) Monthly Principal applied for payments to the Class C Noteholders, if applicable

          	 	 	 	 
	
            (k) Monthly Principal applied for payments to the Class D Noteholders, if applicable

          	 	 	 	 
	
            (l) Shared Principal Collections applied to other Principal Sharing

          	 	 	 	 

    

    

    VIII.  INVESTOR CHARGE-OFFS

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Investor Defaults and Uncovered Dilution

          	 	 	 	 
	
            (b) Reimbursed from Available Funds

          	 	 	 	 
	
            (c) Reimbursed from Cash Collateral Account

          	 	 	 	 
	
            (d) Total reimbursed in respect of Investor Defaults and Dilution

          	 	 	 	 
	
            (e) Investor Charge-off (a - d)

          	 	 	 	 

    

    

    IX.  YIELD AND BASE RATE

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            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)

          	 	 	 	 
	
            (b) Base Rate (prior month)

          	 	 	 	 
	
            (c) Base Rate (2 months prior)

          	 	 	 	 
	
            (d) 3 Month Average Base Rate

          	 	 	 	 
	 	 	 	 	 
	
            Portfolio Yield

          	 	 	 	 
	
            (Finance charge collections less defaults allocable to each series divided by collateral amounts plus amounts on deposit in the principal accumulation account)

          	 	 	 	 
	 	 	 	 	 
	
            (e) Portfolio Yield (current month)

          	 	 	 	 
	
            (f) Portfolio Yield (prior month)

          	 	 	 	 
	
            (g) Portfolio Yield (2 months prior)

          	 	 	 	 
	
            (h) 3 Month Average Portfolio Yield

          	 	 	 	 
	 	 	 	 	 
	
            Excess Spread Percentage

          	 	 	 	 
	
            (Portfolio Yield less Base Rate)

          	 	 	 	 
	 	 	 	 	 
	
            (i) Portfolio Adjusted Yield (current month)

          	 	 	 	 
	
            (j) Portfolio Adjusted Yield (prior month)

          	 	 	 	 
	
            (k) Portfolio Adjusted Yield (2 months prior)

          	 	 	 	 
	
            (l) Portfolio Adjusted Yield (3 month average)

          	 	 	 	 

    

    

    
      Exhibit C (Page 7)

      
        

    

    X.  PRINCIPAL ACCUMULATION ACCOUNT

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Cumulative Class A principal distributed to PAA (as of prior distribution date)

          	 	 	 	 
	
            (b) Class A Principal deposited in the Principal Accumulation Account (PAA)

          	 	 	 	 
	
            (c) Total Class A Principal deposited in the PAA (a + b)

          	 	 	 	 
	
            (d) Cumulative Class M principal distributed to PAA (as of prior distribution date)

          	 	 	 	 
	
            (e) Class M Principal deposited in the Principal Accumulation Account (PAA)

          	 	 	 	 
	
            (f) Total Class M Principal deposited in the PAA (d +e)

          	 	 	 	 
	
            (g) Cumulative Class B principal distributed to PAA (as of prior distribution date)

          	 	 	 	 
	
            (h) Class B Principal deposited in the Principal Accumulation Account (PAA)

          	 	 	 	 
	
            (i) Total Class B Principal deposited in the PAA (g + h)

          	 	 	 	 
	
            (j) Cumulative Class C principal distributed to PAA (as of prior distribution date), if applicable

          	 	 	 	 
	
            (k) Class C Principal deposited in the Principal Accumulation Account (PAA), if applicable

          	 	 	 	 
	
            (l) Total Class C Principal deposited in the PAA (j + k), if applicable

          	 	 	 	 
	
            (m)     Cumulative Class D principal
                distributed to PAA (as of prior distribution date), if applicable

          	 	 	 	 
	
            (n) Class D Principal deposited in the Principal Accumulation Account (PAA), if applicable

          	 	 	 	 
	
            (o) Total Class D Principal deposited in the PAA (m + n), if applicable

          	 	 	 	 
	
            (p) Ending PAA balance (c + f + i + l + o)

          	 	 	 	 

    

    

    
      Exhibit C (Page 8)

      
        

    

    XI.  PRINCIPAL REPAYMENT

    	 	 	
            
              Series

              2019-C

            

          	 	
            
              [Insert columns for

              other Series]

            

          
	
            (a) Class A Principal Paid (as of prior distribution dates)

          	 	 	 	 
	
            (b) Class A Principal Payments

          	 	 	 	 
	
            (c) Total Class A Principal Paid (a + b)

          	 	 	 	 
	
            (d) Class M Principal Paid (as of prior distribution dates)

          	 	 	 	 
	
            (e) Class M Principal Payments

          	 	 	 	 
	
            (f) Total Class M Principal Paid (d + e)

          	 	 	 	 
	
            (g) Class B Principal Paid (as of prior distribution dates)

          	 	 	 	 
	
            (h) Class B Principal Payments

          	 	 	 	 
	
            (i) Total Class B Principal Paid (g + h)

          	 	 	 	 
	
            (j) Class C Principal Paid (as of prior distribution dates), if applicable

          	 	 	 	 
	
            (k) Class C Principal Payments

          	 	 	 	 
	
            (l) Total Class C Principal Paid (j + k)

          	 	 	 	 
	
            (m)     Class D Principal Paid (as of prior
                distribution dates), if applicable

          	 	 	 	 
	
            (n) Class D Principal Payments, if applicable

          	 	 	 	 
	
            (o) Total Class D Principal Paid (m + n)

          	 	 	 	 

    

    

    XII.  SUPPLEMENTAL INFORMATION

    	 	 
	
            Solely with respect to the Series 2019-C Notes:

             

          	 
	
            Comenity Bank (the “Bank”)  as “originator” for the purposes of the EU Due Diligence and Retention Rules, as in effect and applicable on the Closing Date, 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 Series 2019-C 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 the Series 2019-C 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 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 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 Delegated Regulation” means Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) No. 625/2014, as applicable on
              the Closing Date pursuant to Article 43(7) of the EU Securitization Regulation, (ii) “EU Due Diligence and Retention Rules” means Articles 5 and 6 of the EU Securitization Regulation, together with any guidance published in relation thereto
              by the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority 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, and (iii) “EU Securitization Regulation” means the European Union's Regulation (EU) 2017/2042.

          	 
	 	 

    

    

    	 	
             Comenity Bank, as Servicer

             

          	 	 
	 	
             By:

          	 	 	 	 
	 	
             Name:

          	 	 	 	 
	 	
             Title:

          	 	 	 	 
	 	 	 	 	 	 

    
      Exhibit C (Page 9)

      
        

    

    
    SCHEDULE 1

      

      

      PERFECTION COVENANTS

    Indenture Trustee covenants that it shall retain possession of the Collateral Certificate and that it shall not cause or
      allow possession of the Collateral Certificate to be transferred to any other entity, including any Affiliate of Indenture Trustee, unless (i) the Indenture Trustee provides written notice of its intent to transfer possession of the Collateral
      Certificate to the Owner Trustee, the Issuer and the Administrator at least sixty (60) days prior to such transfer,  (ii) each of the Issuer and the Indenture Trustee receives an Opinion of Counsel of the Administrator stating that the Indenture
      Trustee will continue to have a perfected security interest in the Collateral Certificate free of any adverse claim and (iii) the Indenture Trustee receives a certificate of the Administrator, on behalf of the Issuer, signed by the Chairman of the
      Board, President, any Vice President or the Treasurer or any Assistant Treasurer, stating that the lien of the Indenture continues to constitute a valid first priority perfected security interest in the Collateral Certificate (other than with respect
      to a tax, mechanics or similar lien).

     

    

  

  -1-Exhibit

AMENDED AND RESTATED SERVICE AGREEMENT
This Amended and Restated Service Agreement (the “Agreement”) is made as of the 10th day of September, 2019, between Global Water Management, LLC, a Delaware limited liability company (“FATHOM”), and GLOBAL WATER, LLC, a Delaware limited liability company (“GW, LLC”), CP WATER COMPANY, LLC, an Arizona limited liability company; GLOBAL WATER – SANTA CRUZ WATER COMPANY, LLC, an Arizona limited liability company; GLOBAL WATER – PALO VERDE UTILITIES COMPANY, LLC, an Arizona limited liability company; WATER UTILITY OF NORTHERN SCOTTSDALE, LLC, an Arizona limited liability company; WATER UTILITY OF GREATER TONOPAH, LLC, an Arizona limited liability company; VALENCIA WATER COMPANY, LLC, an Arizona limited liability company; WILLOW VALLEY WATER CO., LLC, an Arizona limited liability company; GLOBAL WATER - RED ROCK UTILITIES, LLC, an Arizona limited liability company; and EAGLETAIL WATER COMPANY, L.C., an Arizona limited liability company (collectively the “Customer”) and together with FATHOM and GW, LLC, the “Parties.” 

RECITALS

A.GW, LLC is the holding company of private regulated utility companies party to this Agreement as identified in Exhibit E – GW, LLC Active Regulated Utilities.
B.Global Water Resources, Inc. (“GWRI”) is the parent of GW, LLC, including the private regulated utility companies.
C.GW, LLC sold the water utility operated under VALENCIA WATER COMPANY, LLC on July 14, 2015 and FATHOM no longer provides services to said water utility.  
D.GW, LLC sold the water utility operated under WILLOW VALLEY WATER CO., LLC on Marcy 23, 2015 and FATHOM no longer provides services to said water utility.  
E. CP WATER COMPANY, LLC transferred its assets and service area to GLOBAL WATER – SANTA CRUZ WATER COMPANY, LLC pursuant to the Arizona Corporation Commission Decision No. 73146 on May 1, 2012.
F.GW, LLC acquired a water utility serving the Red Rock area on October 16, 2018, operating under GLOBAL WATER - RED ROCK UTILITIES, LLC, an Arizona limited liability company, which is wholly owned and operated by GW, LLC, and FATHOM began providing services to said water utility in October 2018 per the request of GW, LLC.
G.GW, LLC acquired a water utility serving the Eagletail development on March 15, 2017, operating under EAGLETAIL WATER COMPANY, L.C., an Arizona limited liability company, which is wholly owned and operated by Global Water, LLC, and FATHOM began providing services to said water utility in July 2017 per the request of GW, LLC.
H.The Parties anticipate the potential sale or acquisition of water utility company(s) in the future by GW, LLC.

1

I.    FATHOM has developed and owns and operates the Platform (as defined in Section 1.1 below).
J.    FATHOM desires that public and private utilities access the Platform (as defined below) as a fee-based service through its cloud computing environment over the internet. FATHOM also desires that public and private utilities procure meters and meter reading infrastructure (AMI) and other services as required to ensure deployment and operability of the Platform.
K.    FATHOM and Customer entered into that certain SERVICE AGREEMENT, dated June 5, 2013 which was amended on November 17, 2016, for FATHOM to provide Customer services, including but not limited to utility billing and asset management services, and both FATHOM and GW, LLC wish FATHOM to continue providing said services.
L.    FATHOM, GW, LLC and the other entities referenced above wish to amend and restate that certain SERVICE AGREEMENT as of the Effective Date of this Agreement with no penalties to either party.
M.    Customer anticipates that in certain circumstances it may not be beneficial to add an acquired utility to FATHOM’s Platform.
N.    FATHOM and Customer desire to make the process of amending the Agreement more efficient to bind private regulated utility companies to this Agreement.  
O.    FATHOM has made changes to FATHOM’s Platform and both FATHOM and Customer wish to reflect those modifications in the Agreement.
P.    Parties agree that FATHOM has completed the Capital Improvement Project activities described in the FIRST AMENDMENT and Customer still owes FATHOM $333,219.90 for the performance of that work.  In addition, Parties agree that, as of July 1, 2019, Customer still owes FATHOM $24,196.53 for recurring services performed.
Q.    Customer desires to continue to utilize and gain the benefits of FATHOM’s Platform.
R.    Customer desires to obtain a right to access the Platform for its utility services from FATHOM on the use of the Platform.  FATHOM is willing to continue to grant Customer access to and offer support for the Platform, subject to the terms of this Agreement.
S.    The Parties agree that this Agreement shall continue to be, for the purposes of the Securities Purchase Agreement, the Fathom Services Contract as defined in that agreement.
T.    The Parties acknowledge that part of the benefit of the FATHOM brand is that FATHOM was created by a utility affiliate, and therefore the FATHOMTM Utility-to-Utility (U2UTM) Solutions branding is important and will continue to be used by FATHOM. The Parties acknowledge that the relationship between the Parties is important and long term in nature and each Party will make a good faith effort to support the other to the extent reasonably possible and commercially appropriate.
AGREEMENT

NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:

2

1.    DEFINITIONS.
1.1.    As used in this Agreement, the following terms shall have the meanings set forth below:
(A)    Access means Customer’s access to and use of the Platform in accordance with this Agreement and Exhibits A, B, D and F.
(B)    Confidential Information means that information of either party (“Disclosing Party”) which is disclosed to the other party (“Receiving Party”) under this Agreement in written form and marked “Confidential,” “Proprietary,” or similar designation and all other information (including if orally disclosed) that the Receiving Party should reasonably discern, by an objective examination of the disclosure and the surrounding facts and circumstances, to be confidential in nature. Confidential Information includes, but is not limited to, Confidential Customer Data, trade secrets, know-how, inventions, techniques, processes, algorithms, software programs, schematics, designs, contracts, customer lists, financial information, product plans, and business information.
(C)    Customer has the meaning set forth in the Preamble of this Agreement.
(D)    Confidential Customer Data includes name, address, personal identification numbers (e.g., social security number, driver’s license, etc.) billing information, payment history, account history, account number, meter reds, time of use information, survey results, and any other information specific to a customer of one or more Customer Utilities.  Confidential Customer Information does not include publicly available information or information that can be derived from publicly available information. Nor does Confidential Customer Information include consolidated or aggregate usage information as long as such aggregated information cannot be directly associated with or attributable to specific customers.
(E)    Documentation means any instruction, comment, or information whether in printed or electronic form.
(F)    Effective Date means date first written above.
(G)    FATHOM Data means all data, other than Confidential Customer Data, generated by the Platform, including without limitation, service and usage data, and aggregated, anonymized summaries of Confidential Customer Data.
(H)    FATHOM Documentation means the Documentation related to the Platform including, but not limited to any technical or user documentation relating to the installation, use, or maintenance of the Platform, including reference, user, installation, systems administrator, technical manuals, guides, and “readme” files, whether in hard copy or in on-line format, as may be supplied from time to time by FATHOM to Customer. FATHOM Documentation includes any updates, upgrades, or new versions of the foregoing released by FATHOM, in its sole discretion during the term of this Agreement.

3

(I)    Platform means FATHOM’s proprietary software configurations, integration, interfaces and analytics known as FATHOM alongside third-party software to operate, query, and provide solutions for utility managers, operators, and customers.
(J)    Securities Purchase Agreement means the Securities Purchase Agreement dated as of June 5, 2013 by and among FATHOM Water Management Holdings, LLP, a Delaware limited liability partnership, FATHOM Water Management, Inc., a Delaware corporation, FATHOM and GWRI.
(K)    Support Services means the support services provided by FATHOM with respect to the Access, as set forth in Exhibit B, Support Services.
(L)    Scope of Service means the document explaining the services to be provided as set forth in Exhibit D, Scope of Services. This document is managed and may be altered with the written consent of the project managers for the Parties.
2.    ACCESS.
		
	2.1.
	Subject to the terms and conditions of this Agreement, FATHOM grants Customer a limited, nonexclusive, nontransferable, and revocable right to use and access FATHOM’s Platform only for those services specifically identified and selected in accordance with Exhibit D. Customer acknowledges that Access will be granted to its employees for the purpose of managing the water and wastewater infrastructure associated with Customer and operated via one or more internet connections.  FATHOM shall provide GW, LLC the Support Services and the Scope of Services.

		
	2.2.
	The Access granted by this Agreement is for the period ending on December 31, 2026 (“Initial Period”) and shall thereafter automatically renew for an additional ten-year period, unless written notice to not renew is provided not later than one hundred and eighty (180) days prior to the expiration of the Initial Period, after which this Agreement shall expire at the end of the Initial Period. The parties acknowledge that non-renewal of this Agreement after completion of the Initial Period may be for or without default/cause.

		
	2.3.
	Customer is allowed Access solely for Customer’s own internal operations, and cannot sublicense, rent, or permit anyone other than Customer’s own authorized employees and agents that have received proper training by FATHOM personnel, to use or have access to the Platform under any circumstances not authorized by this Agreement.

		
	2.4.
	Unless otherwise expressly authorized in this Agreement, Customer shall not:

(A)    Distribute, disclose, or transfer to any third party, except for Customer’s employees and agents, any portion of the Platform or use or demonstrate the Platform in any service bureau arrangement, facility management, or third-party training;
(B)    Use the Platform for any purpose or application other than as permitted under this Agreement; or

4

(C)    Attempt to derive or permit or help others to derive the source code relating to the software or attempt to otherwise convert or alter the software into human readable code or remove or obscure any product identification, copyright or other notices from any Documentation.
		
	2.5.
	FATHOM has the right, upon reasonable advance notice and during regular business hours, to inspect Customer’s books, records, computers, and facilities with respect to the use of the Platform to verify that:

(A)    such use is within the scope of this Agreement;
(B)    there are appropriate security procedures to protect any Confidential Information;
(C)    Customer is in compliance with Section 2.4;
(D)    Customer is in compliance with its other obligations under Section 2 of this Agreement.
		
	2.6.
	Subject to this Section 2.6, GW, LLC shall cause any private regulated utility company that becomes a direct or indirect subsidiary of GW, LLC and has customers (a “New Utility Company”) to be a party to this Agreement through the procedures set forth in Section 2.6(A), except as provided under Section 2.6(B).  Notwithstanding anything to the contrary, all utility acquisitions and other additions by a direct or indirect subsidiary of GW, LLC shall be reported to FATHOM in a timely manner, regardless of GW, LLC’s desire to add such utility to the Platform.

(A)    GW, LLC will provide to FATHOM written notice of its intent to acquire or otherwise add a New Utility Company. Subject to Section 2.6(B) below, GW, LLC shall require the New Utility Company to execute a joinder in the form attached to this Agreement as Exhibit H – Service Agreement Joinder upon the New Utility Company’s acquisition and GW, LLC shall deliver a copy of the executed joinder to FATHOM. Upon FATHOM’s receipt of a copy of the executed joinder: (a) FATHOM and GW, LLC will be deemed to have amended Exhibit E – GW, LLC Active Regulated Utilities by adding the New Utility Company to the aforementioned Exhibit; (b) the New Utility Company will become a party to this Agreement and will be a “Customer” for the purposes of this Agreement; and (c) any and all references in this Agreement to “Customer” shall be deemed to include, and shall be applicable to, the New Utility Company.
(B)    Either party may request to exclude a specific New Utility Company from the Platform in whole or in part and this Agreement on a case by case basis provided that GW, LLC does not attempt to replicate the Platform in whole or in part for that or any other private regulated utility that is a direct or indirect subsidiary of GW, LLC.  If the exemption is at FATHOM’s request, GW, LLC may replicate the Platform or any element of the Platform excluded per FATHOM’s request.  Such a request may be made by providing the other Party with written notice of such request along with a justification for the request for the other Party’s review and approval.  Under such a review, the fee structure of this Agreement may be negotiated in good faith.  For a New Utility Company that will be utilizing only a portion of the Platform, 

5

upon FATHOM’s approval, GW, LLC shall require the New Utility Company to execute a joinder in the form attached to this Agreement as Exhibit H – Service Agreement Joinder upon the New Utility Company’s acquisition and GW, LLC shall deliver a copy of the executed joinder to FATHOM.  For the avoidance of doubt, it is expected that all New Utilities will be added to the Platform and become a party to this Agreement, and that this Section 2.6(B) shall apply only for those particular New Utilities with extenuating circumstances.
(C)    For any New Utility Company that becomes a party to this Agreement on or prior to December 31, 2020, FATHOM agrees that it will not charge any implementation or similar fee in connection with the addition of the New Utility Company’s customers other than the then applicable monthly fee.  For avoidance of doubt, the fees to be waived do not include metering/meter reading equipment and installation of said equipment.
3.    FEES; PAYMENT TERMS; SECURITY INTEREST; TAXES.
		
	3.1.
	GW, LLC shall pay to FATHOM the fees set forth in Exhibit A, subject to the provisions of Exhibit G. FATHOM will deliver monthly invoices for the fees.

		
	3.2.
	All payments are due as provided for in Section 3.1 fifteen (15) days from the invoice date. Any unpaid invoices or amounts not paid in accordance with Section 3.1, and remain unpaid for a period of ten (10) days from the due date of the invoice will be subject to interest and late fees in accordance with Exhibit A. GW, LLC’s failure to pay any fees within five (5) days following written notice from FATHOM may, at FATHOM’s sole discretion, result in FATHOM exercising any of its rights and remedies at law and in equity, including but not limited to terminating Customer’s Access and/or disconnecting Customer from FATHOM’s servers and other connection providers without notice to Customer.  Customer agrees to pay FATHOM the costs associated with the disconnection of services under this Section 3.2.

		
	3.3.
	FATHOM’s fees for any services provided to Customer under this Agreement will be adjusted annually as provided for in Exhibit A.

		
	3.4.
	The fees listed in this Agreement do not include taxes. If FATHOM is required to pay sales, use, property, value-added, withholding, or other taxes based on the goods and services provided to Customer under this Agreement, then and unless Customer provides FATHOM with a valid tax exemption certificate, such taxes will be billed to and paid by Customer.

		
	3.5.
	FATHOM will maintain an automated lock-box for receipt of all utility bill payments made through the FATHOMTM Platform associated with the scope of this Agreement. At the close of business of each day, FATHOM will tabulate the total utility bill payments generated during that day of (A) the bills, (B) the “Past Due Notice” mailings, and (C) the “Final Invoice transmittals (collectively, “Customer Collections”). The parties expressly agree that a Customer Collection may include water, wastewater and/or reclaimed water charges but shall still constitute one single Customer Collection. Customer Collections may be made via transitional mail or electronically based on the customer’s preference. Each day FATHOM shall issue payment to Customer equal to the cash collected by FATHOM in connection with 

6

the total utility bill payments generated during the prior day of the Customer Collections. No other payments due from Customer to FATHOM shall be deducted from this payment of fees for utility bills. Any payments due from Customer to FATHOM pursuant to this Agreement shall be invoiced and paid directly by Customer. 
		
	3.6.
	If a Royalty Payment (as defined in the Securities Purchase Agreement) is owed to GWRI pursuant to the terms of the Securities Purchase Agreement, then by mutual written consent in each instance (A) GW, LLC may elect to deduct all or any portion of such Royalty Payment from any amounts due and owing from GW, LLC to FATHOM pursuant to Section 3.1 of this Agreement or (B) FATHOM may elect to reduce all or any portion of such Royalty Payment by any amounts due and owing from GW, LLC to FATHOM pursuant to Section 3.1 of this Agreement.  The Parties acknowledge that the Royalty Payment may exceed the fees owed to FATHOM pursuant to Section 3.1 of this Agreement and the Royalty Payment shall not be limited in any way by the payments due and owing under Section 3.1 of this Agreement.  No change of business method, or action taken by either Party provides a basis for reducing or terminating the royalty payment owed, and to be owed, to GWRI pursuant to the Securities Purchase Agreement.  Notwithstanding the foregoing, FATHOM will continue to make the Royalty Payment per the terms outlined in the Securities Purchase Agreement provided that this Agreement (including any mutually agreed upon amendments) is active, GW, LLC is still utilizing the Platform and that all undisputed fees owed to FATHOM are paid in full.

4.    CUSTOMER’S OBLIGATIONS.
		
	4.1.
	Customer must, as reasonably requested by FATHOM, provide FATHOM with detailed information about Customer’s account information, billing rates, work flow, billing and collecting procedures, transaction volumes, and current and historical account data to assist FATHOM in establishing the Platform for Customer’s use; provided that the information is not otherwise subject to disclosure restrictions under federal, state, or local law. Any information provided under this Section 4.1 shall be considered Confidential Information.

		
	4.2.
	Customer must designate a project manager or an information technology team to coordinate and work with FATHOM in the support of the Platform. The identity and contact information of the Customer project manager and information technology team must be provided in Exhibit C, which may be updated from time to time.

5.    FATHOM’S OBLIGATIONS.
		
	5.1.
	FATHOM agrees, at no additional cost to Customer, that FATHOM personnel performing services in connection with this Agreement will have the technical experience, proper training, and qualification to fulfill FATHOM’s obligations under the Agreement.

7

		
	5.2.
	FATHOM will be solely responsible for obtaining and maintaining appropriate insurance coverage for the activities conducted by FATHOM personnel under this Agreement, including but not limited to, workers compensation with statutory limits and comprehensive general liability insurance with limits of not less than $1,000,000 for injury to or death of one or more persons in any one occurrence and for damage or destruction to property in any one occurrence, and professional liability insurance with limits of not less than $500,000 per occurrence and $1,000,000 in the aggregate. The insurance must name Customer as an additional insured and certify that no alteration, modification, or termination of such coverage will be effective without at least thirty (30) days’ advance written notice to Customer.

		
	5.3.
	Upon request, FATHOM will deliver to GW, LLC a current System and Organizations Controls (SOC 1) Type II report and a bridge letter to cover the yearend reporting period of GW, LLC.  Payment processors utilized by FATHOM undergo annual PCI compliance audits and the results of those audits can be made available to GW, LLC upon request.

		
	5.4.
	FATHOM will consider and treat data relating to Customer (and its customers) that is provided or otherwise made available to FATHOM through FATHOM’s performance of services or otherwise through Customer’s (and its customers’) use of the Platform   as Confidential Customer Data.  Notwithstanding anything to the contrary in this Agreement, FATHOM may use Confidential Customer Data for the purposes of: (i) providing the FATHOM Platform and the Services to Customer and its customers; (ii) for FATHOM’s internal research and development purposes; (iii) enforcing its rights under this Agreement; and (iv) on an aggregated and anonymized basis, create FATHOM Data.  FATHOM reserves all rights to FATHOM Data.  

		
	5.5.
	FATHOM must designate an information technology team to coordinate and work with Customer in the support of the Platform. The identity and contact information of the FATHOM project manager or information technology team must be provided in Exhibit C.

6.    INTENTIONALLY OMITTED.
7.    PROPRIETARY AND INTELLECTUAL PROPERTY RIGHTS.
		
	7.1.
	Customer acknowledges that the Platform and FATHOM Documentation is considered by FATHOM to be valuable trade secrets of FATHOM or third-party providers. FATHOM or its third-party providers are the sole and exclusive owner of the Platform and FATHOM Documentation, as well as any related trademarks and domain names. The Access granted by this Agreement does not give Customer any ownership interest in the Platform or FATHOM Documentation, but only the limited right to access and use the Platform and FATHOM Documentation under the terms of this Agreement.

		
	7.2.
	Customer agrees that it will not remove, alter, or otherwise obscure any proprietary rights notices appearing in the Platform or FATHOM Documentation delivered to Customer under this Agreement.

8

		
	7.3.
	The Platform or FATHOM Documentation may include certain custom modifications made by FATHOM in order to meet the Customer’s expectation. FATHOM will retain title to any custom modifications, and may, at is sole discretion and at any time, make changes, upgrades, updates, enhancements, or other modifications to the Platform or FATHOM Documentation.

		
	7.4.
	FATHOM acknowledges and agrees that Customer’s data and information provided by Customer or its customers or otherwise resulting from the use of the Platform shall be the property of and owned by Customer.  Not more than once annually at the Customer’s cost, the Customer may request a complete back-up of all Platform data including but not limited to the following:

		
	(A)
	AMI/AMR (Automated Metering Infrastructure/Automated Meter Reading (collectively referred to as “AMI”) data, including consumption, diagnostic, and status data from water meter devices, as well as data transmitted to a central database for billing, troubleshooting, and analyzing (“Meter Data”); 

		
	(B)
	Customer Information Systems data, including name, address, personal identification numbers, billing information, deposit and payment history, account history, account number, meter reads, time of use information, survey results, and any other information specific to a customer or account (“CIS Data”).  CIS Data will be subject to terms of Exhibit D P1);

		
	(C)
	CMMS (Computerized Maintenance Management System) data related to work orders and work order data, including historical work orders generated, work order details, work order resolution notes, labor hours, project number, expense type, date work order completed, recurring work order data, all meter work order data, asset information attached to work orders such as pictures or operating and maintenance manuals, all inspection data and any other data entered into the CMMS system (“CMMS Data”);

		
	(D)
	Customer Portal metering and analytics data, including customer log-in data, customer preference selections, and any other data stored as part of the Customer Portal (“Customer Portal Data”);

		
	(E)
	GIS data, including location of all water, wastewater, reclaimed water infrastructure of all infrastructure, real property and easements, as-built drawings, and property subject to a utility agreement (“GIS Data”); and

		
	(F)
	Warranty Management data, wherever stored, to include meter install date, meter size, meter manufacturer, meter serial number, meter type, MTU install date, and warranty expiration date for each warranty component on the meter (“Warranty Management Data”).

8.    CONFIDENTIALITY
		
	8.1.
	The Platform (including all source code) and FATHOM Documentation must be considered Confidential Information of FATHOM’s for purposes of this Agreement, 

9

regardless of whether or not it is so marked. Except as permitted in this Agreement, Customer must not use, make, have made, distribute, or disclose any copies of the Platform or FATHOM Documentation, in whole or in part, or the information contained therein without the prior written authorization of FATHOM.
		
	8.2.
	Upon the termination or expiration of this Agreement, Customer will comply with the provisions of Section 15.

		
	8.3.
	Each party acknowledges that in the course of the performance of this Agreement, it may obtain the Confidential Information of the other party. The Receiving Party must, at all times, keep in confidence and trust all of the Disclosing Party’s Confidential Information received by it. The Receiving Party must not use the Confidential Information of the Disclosing Party other than as expressly permitted under the terms of this Agreement. The Receiving Party must take reasonable steps to prevent unauthorized disclosure or use of the Disclosing Party’s Confidential Information and to prevent it from falling into the public domain or into the possession of unauthorized persons. The Receiving Party must not disclose Confidential Information of the Disclosing Party to any person or entity other than its officers, employees, contractors, and consultants who need access to the Confidential Information in order to effect the intent of this Agreement. Those officers, employees, contractors, or consultants of the Receiving Party needing access to the Confidential Information to effect the intent of this Agreement will be bound by the same obligations as the Receiving Party. The Receiving Party must immediately give notice to the Disclosing Party of any unauthorized use or disclosure of Disclosing Party’s Confidential Information. The Receiving Party agrees to assist the Disclosing Party to remedy such unauthorized use or disclosure of its Confidential Information.

		
	8.4.
	The obligations set forth in Section 8 do not apply to the extent that Confidential Information includes information which is:

		
	(A)
	now or afterwards, through no unauthorized act or failure to act on the Receiving Party’s part, in the public domain;

		
	(B)
	was in the Receiving Party’s possession before receipt from the Disclosing Party and obtained from a source other than the Disclosing Party and other than through the prior relationship of the Disclosing Party and the Receiving Party;

		
	(C)
	furnished to the Receiving Party by a third party as a matter of right and without restriction on disclosure;

		
	(D)
	furnished to others by the Disclosing Party without restriction on disclosure;

		
	(E)
	independently developed by the Receiving Party without use of the Disclosing Party’s Confidential Information; or

		
	(F)
	required to be disclosed by Customer or FATHOM in accordance with an applicable federal, state, or local public disclosure law.

10

		
	8.5.
	Nothing in this Agreement prevents the Receiving Party from disclosing Confidential Information to the extent the Receiving Party is legally compelled to do so by any governmental, investigative, or judicial agency in accordance with proceedings over which the agency has jurisdiction; provided, however, that prior to any such disclosure, the Receiving Party must:

		
	(A)
	assert the confidential nature of the Confidential Information to the agency;

		
	(B)
	immediately notify the Disclosing Party in writing of the agency’s order or request to disclose; and

		
	(C)
	cooperate fully with the Disclosing Party in protecting against any such disclosure.

Subsection (C) shall not require the Receiving Party to legally defend or be a party to any lawsuit or other legal action regarding disclosure of Confidential Information, the Parties expressly acknowledging that legal defense of any Confidential Information shall remain the duty of the Disclosing Party.

		
	8.6.
	Each party agrees to provide the other with Information where required to comply with any court order, subpoena, civil investigatory demand, or the order or discovery request of any governmental or investigative agency with jurisdiction, provided that any such information shall be Confidential Information under this agreement.

		
	8.7.
	Upon signing this agreement GW, LLC and its affiliates acknowledge and agree that they will have no rights to the intellectual property in connection with FATHOM and/or the Platform except as described in Section 7 of this Agreement and will be bound by the terms of Confidentiality as defined in this Section 8.  In addition, to the extent of a direct conflict between this Agreement and the Securities Purchase Agreement, the Securities Purchase Agreement will govern.

		
	8.8.
	FATHOM acknowledges that this Agreement will be filed as an exhibit to GWRI’s reports with the Securities and Exchange Commission. In addition, notwithstanding any other provision of the Agreement or any other agreement by or between the parties, GWRI and the Customer may disclose this Agreement and any future amendments to the Agreement to the extent such disclosure is required by applicable law.

9.    WARRANTY
		
	9.1.
	FATHOM warrants that the access to the Platform will function for its intended use only for those services provided in accordance with Exhibit D. In the event the Platform fails to function for its intended use, in whole or in part, and FATHOM is unable to cure the failure within the time frames set forth Section 13 of this Agreement, Customer may terminate this Agreement for default pursuant to Section 15 of this Agreement. Customer acknowledges the Platform functions for its intended use.

		
	9.2.
	Except as provided for in Section 9.1, neither FATHOM nor its third-party providers make any warranties, terms, or conditions, either express, implied or statutory, as 

11

to the Platform or the FATHOM Documentation or as to any other matter whatsoever with respect to the subject matter of this Agreement, and the Platform or the FATHOM Documentation and all other items furnished or made available under this Agreement are provided “as is”. In addition, and except as provided for in Section 9.1, FATHOM disclaims and excludes any and all warranties, whether statutory, express or implied, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement, course of dealing, and course of performance.
		
	10.
	PATENT AND COPYRIGHT INDEMNITY; CONFIDENTIAL INFORMATION INDEMNITY.

		
	10.1.
	FATHOM must indemnify, defend and hold harmless Customer and its officers, directors, employees, agents, and representatives from and against those damages, losses, liabilities, judgments, awards, costs, and expenses of any nature whatsoever, including reasonable attorney’s fees and court costs incurred by Customer arising from:

		
	(A)
	any claim that Customer’s use of the Platform or FATHOM Documentation, or any of its components, infringes any patent, copyright, trade secret, trademark, or any other proprietary rights of any kind, but in each case only to the extent exclusively arising from changes to the Platform or FATHOM Documentation after June 5, 2013; or

		
	(B)
	any intentional misappropriation, misuse, or disclosure of any of Customer’s Confidential Information by FATHOM or any of its employees, contractors, or agents.

		
	10.2.
	Customer must indemnify, defend and hold harmless FATHOM and its officers, directors, employees, agents, and representatives from and against those damages, losses, liabilities, judgments, awards, costs, and expenses of any nature whatsoever, including reasonable attorney’s fees and court costs incurred by FATHOM arising from any intentional misappropriation, misuse, or disclosure of any of FATHOM’s Confidential Information by Customer or any of its employees, contractors, or agents.

		
	10.3.
	Each party must promptly notify the other in writing of any claim arising under Section 10. Under no circumstances will either party be liable for any consequential, special, or punitive damages for any reason arising under this Section 10.

11.    INDEMNIFICATION
		
	11.1.
	FATHOM must indemnify and defend Customer and each director, officer, employee, or agent (Customer and any such person being called a “Customer Indemnified Party”), from and against all losses, claims, damages, liabilities, costs and expenses (including, but not limited to, reasonable attorneys’ fees, court costs and the costs of appellate proceedings) to which any such Customer Indemnified Party may become subject, under any theory of liability whatsoever (“Claims”), insofar as such Claims (or actions in respect thereof) relate to, arise out of, or are caused by or based upon the gross negligence or intentional misconduct of 

12

FATHOM, its officers, employees, or agents in connection with FATHOM providing the Platform for Customer under this Agreement.
		
	11.2.
	Customer agrees to indemnify and defend FATHOM, its affiliates, managers, directors, members, officers, agents, and employees (the “FATHOM Indemnified Party”) from and against all Claims (including, but not limited to, reasonable attorneys’ fees, court costs and the cost of appellate proceedings) to which any such FATHOM Indemnified Party may become subject, under any theory of liability whatsoever), insofar as such Claims (or actions in respect thereof) relate to, arise out of, or are caused by or based upon the gross negligence or intentional misconduct of Customer, its officers, employees, or agents, in connection with Customer's use of the Platform.

12.    LIMITATION OF LIABILITY
		
	12.1.
	Neither FATHOM nor its third-party providers will have any liability for incidental, consequential, indirect, special or punitive damages, or liabilities of any kind or for loss of revenue, loss of business, or other financial loss arising out of or in connection with this Agreement, regardless of the form of the action, whether in contract, tort (including negligence), strict product liability or otherwise, even if any representative of a party to this Agreement has been advised of the possibility of such damages and even if any limited remedy specified in this Agreement is considered to have failed of its essential purpose.

		
	12.2.
	Customer acknowledges that the allocation of risk in this Agreement is consistent with software industry pattern and practice and is an integral part of the consideration for this Agreement, without which FATHOM would be unable to provide the Platform and related services at the prices specified. Except for FATHOM’s indemnification in Sections 10 and 11.1, FATHOM’s entire liability for damages in connection with this Agreement must not exceed the amounts committed to by Customer to FATHOM under this Agreement for any single year of the agreement.

		
	12.3.
	The parties acknowledge that nothing in this Agreement modifies or supersedes the representation and warranties made by GWRI in the Securities Purchase Agreement (if and to the extent any representations and warranties remain in effect).

13.    DEFAULT
		
	13.1.
	Failure or unreasonable delay by any Party to perform or otherwise act in accordance with any non-monetary, material provision of this Agreement for a period of thirty (30) days after written notice from the non-breaching Party (“Cure Period”), constitutes a default under this Agreement. The notice shall specify the nature of the alleged default.

		
	13.2.
	If the failure or delay is such that more than thirty (30) days would reasonably be required to perform such action or comply with any term or provision, then such Party will have additional time as may be necessary to perform or comply so long as such Party completes such performance or fulfills such obligation not more than sixty (60) days after written notice from the non-breaching Party. Notwithstanding the above, the Parties may mutually agree, in writing, to a longer Cure Period.

13

		
	13.3.
	In the event such default is not cured within the Cure Period, the Agreement may be terminated by the Party not in default in accordance with Section 15.1.  

14.    REMEDIES.
		
	14.1.
	Either party’s breach or violation of the other party’s intellectual property rights or Confidential Information may cause irreparable injury to such other party for which such other party may not have an adequate remedy at law. Under those circumstances, each party shall have the right to seek injunctive relief from a court of competent jurisdiction for a breach of any obligation of confidentiality; infringement, misappropriation, or misuse of any intellectual property right; or any other claim where interim relief from the court is sought to prevent serious and irreparable injury to one of the parties or to others.

		
	14.2.
	In addition to the remedies provided for in Section 14.1, FATHOM may exercise its rights and remedies, at law and in equity, for a breach of this Agreement by Customer.

15.    TERMINATION.
		
	15.1.
	Either Party may terminate this Agreement, only for default and, only after complying with the provisions of Section 13 in the event of a non-monetary default and Section 3.2 in the event of a monetary default, by providing thirty (30) days written notice to the defaulting Party.

		
	15.2.
	Within fifteen (15) days after termination or expiration of this Agreement under any circumstances, the following event must occur:

		
	(A)
	The Access and other provisions of this Agreement are terminated.

		
	(B)
	Customer’s use of the Platform is terminated.

		
	(C)
	Customer must return to FATHOM or, upon written request by FATHOM, destroy all copies of the FATHOM Documentation, and shall delete or destroy all portions or excerpts of the Platform or FATHOM Documentation contained, commingled, or incorporated in any form with Customer’s information and electronic systems, including electronic data files and magnetically encoded media, so that neither Customer nor any of Customer’s affiliates retain any of the Platform or FATHOM Documentation in whole or in part. Upon request, Customer must certify in writing the complete return or destruction of the Platform or FATHOM Documentation within thirty (30) days of the request.

		
	(D)
	Within fifteen (15) days after termination of the Access, FATHOM must either return to Customer or destroy all copies of the Customer data and documentation, including electronic data files and magnetically encoded media, such that neither FATHOM nor any of FATHOM’s affiliates retain any of the Customer’s data in whole or in part. Upon request, FATHOM must certify such complete return or destruction in writing to Customer within thirty (30) days of the request.

14

		
	15.3.
	Notwithstanding any provision to the contrary, in the event GWRI or the Customer sells one or more of the private regulated utilities indicated in Exhibit E prior to and including June 5, 2023, and the acquirer makes such a transaction contingent upon the termination of the Agreement for that utility only, the Customer and FATHOM agree to renegotiate an increase in FATHOM fees contained within this contract. The negotiation shall be in good faith and shall be only with respect to the reapportion of the necessary ongoing revenues and costs contemplated under this Agreement to reflect the sale of the private regulated utility. No increase in fees negotiated shall take into account time periods after June 5, 2023.  Once a mutually acceptable fee has been agreed upon by FATHOM and the Customer, FATHOM shall consent to the termination of the Agreement with regards to only the private regulated utility being sold in accordance with a to be established transition schedule and such private regulated utility shall have no further obligations under this Agreement. GW, LLC affirms that all such sales of private regulated utilities to the date hereof have been disclosed to FATHOM, and based on the information provided, FATHOM agrees that Customer has satisfied all of its obligations pursuant to Section 15.3 of this Agreement with respect to all sales of private regulated utilities prior to the date hereof.

		
	15.4.
	Notwithstanding any provision to the contrary, neither the termination nor expiration of this Agreement relieves either party from its obligations to pay the other any sums accrued under this Agreement.

		
	16.
	ASSIGNMENT.  Customer cannot assign or transfer this Agreement, the Access, or any other rights granted by this Agreement without written acceptance of FATHOM, which shall not be unreasonably withheld, conditioned, or delayed.  Notwithstanding the foregoing, FATHOM’s consent shall not be required with respect to any assignment of the Agreement in connection with a change in control transaction; provided that such transaction does not involve a competitor of FATHOM. 

17.    DISPUTE RESOLUTION.
		
	17.1.
	In the event that any dispute arises between the Parties, the Parties must attempt in good faith to identify a neutral third-party acceptable to both Parties who is experienced in matters such as those provided for in this Agreement, and request that person to mediate the dispute. In the event that such mediation is not undertaken and successfully concluded within sixty (60) days after the dispute arises, the Parties to any such dispute may pursue those rights, remedies, and causes of actions provided for in this Agreement.

18.    NOTICES
		
	18.1.
	Any notice provided for or permitted under this Agreement will be treated as having been given when (a) delivered personally, (b) sent by confirmed fax, (c) sent by commercial overnight courier with written verification of receipt, or (d) mailed postage prepaid by certified or registered mail, return receipt requested, to the party to be notified, at the address set forth below, or at such other place of which the other party has been notified in accordance with the provisions of this Section 18.1.

If to Customer:            Global Water, LLC

15

21410 N. 19th Ave., Suite 220
Phoenix, AZ 85027
Attn: Ron Fleming, President
Facsimile: (623) 580-9659

With a copy to (which        Snell & Wilmer L.L.P.
shall not constitute notice):    One Arizona Center
400 E. Van Buren Street
Phoenix, AZ 85004
Attn: Michael M. Donahey
Facsimile: (602) 382-6070

If to FATHOM:            Global Water Management, LLC
12357-C Riata Trace Parkway, Suite 150
Austin, TX 78727 
Attn: Amanda Nevins, CEO
Facsimile: (512) 257-0708
Email: amanda.nevins@gwfathom.com

With a copy to:            Global Water Management, LLC
21410 N. 19th Avenue, Suite 201
Phoenix, AZ 85027            
Attn: Tanya Luedke
Facsimile: (512) 257-0708
Email: tanya.luedke@gwfathom.com

19.    MISCELLANEOUS.
		
	19.1.
	Survival. The Parties agree that the terms of Sections 7 (Proprietary and Intellectual Property Rights), 10 (Patent and Copyright Indemnity; Confidential Information Indemnity), 11 (Indemnification) and 12 (Limitation of Liability) will survive the expiration or termination of this Agreement.

		
	19.2.
	Severability. If any provision of this Agreement is declared void or unenforceable (or is construed as requiring any Party to do any act in violation of any constitutional provision, law, regulation, rule or municipal code or ordinance), in whole or in part, such provision shall be deemed severed from this Agreement and this Agreement shall otherwise remain in full force and effect; provided, however, that this Agreement shall retroactively be deemed reformed to the extent reasonably possible in such a manner so that the reformed Agreement provides essentially the same rights and benefits (economic and otherwise) to the Parties as if such severance and reformation were not required. The Parties further agree, in such circumstances, to do all acts and to execute all amendments, instruments, and consents necessary to accomplish and to give effect to the purposes of this Agreement, as reformed.

		
	19.3.
	Attorneys’ Fees. The prevailing party in any litigation in connection with this Agreement may recover its attorneys’ fees and costs from the losing party.

16

		
	19.4.
	No Third Party Beneficiaries. No person or entity shall be a third party beneficiary to this Agreement.

		
	19.5.
	Recitals. All of the recitals set forth above are incorporated into and made an integral part of this Agreement for all purposes by this reference.

		
	19.6.
	Integration. This Agreement, including all exhibits, constitutes the entire agreement between the Parties with respect to, and supersedes any prior agreement, understanding, negotiation or representation regarding, the subject matter of this Agreement. There are no representations, warranties, understandings or agreements other than those expressly set forth in this Agreement. The Parties expressly acknowledge and agree that any discussion outlines utilized during the course of negotiations do not constitute binding agreements of the Parties and must not be utilized to interpret or construe any provision of this Agreement.

		
	19.7.
	Further Assurances. Each Party agrees to perform such further acts and to execute and deliver such additional agreements, documents, acknowledgments, and instruments as any other Party may reasonably require consummating, evidencing, confirming, or carrying out the transactions contemplated by this Agreement.

		
	19.8.
	Relationship of Parties. No partnership, joint venture or other business relationship is established among the Parties to this Agreement. Except as expressly provided in this Agreement, no Party shall be liable for any acts, omissions or negligence on the part of any other Party or such other Party's employees, agents, independent contractors, agents or successors-in-interest resulting in either personal injury, economic loss, or property damage to any individual or entity.

		
	(A)
	Limited Appointment as Agent.  Client confers upon FATHOM the limited authority to act as an agent of the Client solely with regard to the receipt of Client’s customers’ payments for utility services (“Payments”).  In this regard, as a limited agent of the Client, FATHOM shall be authorized to (i) utilize FATHOM’s designated lockbox to receive mailed Payments; (ii) endorse and negotiate all Payments for deposit into a bank account legally titled in FATHOM’s name; (iii) at all times hold all Payments for the use and benefit of the Client; and (iv) transfer Payments to an account designated by the Client for receipt of such Payments.

		
	(B)
	Paying Agent.  As part of the Services provided by FATHOM pursuant to this Agreement, FATHOM will collect payments from Customers for subsequent remittance to Client. In order for FATHOM to do so, and notwithstanding anything in the Agreement to the contrary, Client hereby appoints FATHOM as the limited authorized payment collection agent of Client. Client acknowledges and agrees that a Customer’s obligation to pay Client will be extinguished once such payment has been received by FATHOM in its capacity as a limited authorized payment collection agent of Client.

		
	19.9.
	Amendment. The terms, conditions, and representations of the Parties contained in this Agreement may not be amended, modified, or altered except in writing signed by all of the then-current Parties to the Agreement.

17

		
	19.10.
	Force Majeure. A Party’s obligations under this Agreement may be suspended by a Party in the event of (a) an occurrence beyond the reasonable control of that Party which materially adversely affects the ability of that Party to perform its obligations hereunder or to comply with the requirements of any governmental order, permit or other approval; (b) acts of God, landslides, lightning, earthquakes, hurricanes, tornadoes, severe weather, fires, explosions, floods, acts of a public enemy, war, terrorist acts, blockades, insurrections, riots or civil disturbances; (c) labor disputes, strikes, work slowdowns or work stoppages; or (d) orders and/or judgments of any federal, state or local court, administrative agency or governmental body, or other entity, if not the result of (i) willful misconduct or negligent action of the Party relying thereon or (ii) failure to act in accordance with this Agreement; provided, however, that the contesting in good faith by such Party of any such order and/or judgment shall not constitute or be construed to constitute willful misconduct or a negligent action or inaction of such Party. All parties agree to minimize delay or damages resulting from such an event.

		
	19.11.
	Governing Law. The terms of this Agreement must be construed in accordance with and governed by the laws of the State of Arizona.

		
	19.12.
	Counterparts. This Agreement may be executed by signing in counterparts. The execution by all of the Parties to the Agreement by each signing a counterpart of this instrument constitutes a valid execution, and this instrument and all of its counterparts so executed must be considered for all purposes to be a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

		
	19.13.
	Inurement. This Agreement inures to the benefit of and is binding upon the Parties, their successors, and assigns.

		
	19.14.
	Paragraph Headings. The paragraph headings are for convenience only, are not part of this Agreement, do not to limit or alter any provision, and are not relevant in construing this Agreement.

		
	19.15.
	Removal of VALENCIA WATER COMPANY, LLC.  VALENCIA WATER COMPANY, LLC, an Arizona limited liability company, hereby consents to be, and hereby is, removed as a party to the Agreement and all references, terms, obligations, rights and other provisions of the Agreement pertaining to VALENCIA WATER COMPANY, LLC and the participation by VALENCIA WATER COMPANY, LLC in the Agreement is hereby terminated as of July 14, 2015.  

		
	19.16.
	Removal of WILLOW VALLEY WATER CO., LLC.  WILLOW VALLEY WATER CO., LLC, an Arizona limited liability company, hereby consents to be, and hereby is, removed as a party to the Agreement and all references, terms, obligations, rights and other provisions of the Agreement pertaining to WILLOW VALLEY WATER CO., LLC and the participation by WILLOW VALLEY WATER CO., LLC in the Agreement is hereby terminated as of March 23, 2015. 

18

		
	19.17.
	Removal of CP WATER COMPANY, LLC.  CP WATER COMPANY, LLC, an Arizona limited liability company, hereby consents to be, and hereby is, removed as a party to the Agreement.  

		
	19.18.
	Addition of RED ROCK, LLC.  RED ROCK, LLC, an Arizona limited liability company, hereby consents to be, and hereby is, added as a party to the Agreement and subject to all references, terms, obligations, rights and other provisions of the Agreement as of the Effective Date.  

		
	19.19.
	Addition of EAGLETAIL WATER COMPANY, L.C.  EAGLETAIL WATER COMPANY, L.C., an Arizona limited liability company, hereby consents to be, and hereby is, added as a party to the Agreement and subject to all references, terms, obligations, rights and other provisions of the Agreement as of the Effective Date. 

		
	19.20.
	Red Rock Outsourcing Agreement.  The parties acknowledge that the certain Outsourcing Agreement entered into by FATHOM and Global Water – Red Rock Utilities, LLC (f/k/a/ Red Rock Utilities, LLC) on May 13, 2009 expired in accordance with its terms effective on May 13, 2019 and has terminated and that as of the Effective Date, Red Rock, LLC will be billed at the rates outlined in Exhibit A.

[SIGNATURES ON THE FOLLOWING PAGE]

19

IN WITNESS WHEREOF, the authorized representatives of the following have duly executed this Agreement as of the date below.
	
		
	Global Water Management, LLC,
a Delaware limited liability company

By:  /s/ Amanda Nevins                      
Name: Amanda Nevins                       
Its: Chief Executive Officer                
Date:   September 10, 2019                 

	Global Water, LLC,
a Delaware limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	CP Water Company, LLC,
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	Global Water – Santa Cruz Water Company, LLC, an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	Global Water – Palo Verde Utilities Company, LLC,
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	Water Utility of Northern Scottsdale, LLC,
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	Water Utility of Greater Tonopah, LLC,
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	Valencia Water Company, LLC,
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	Willow Valley Water Co., LLC,
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	Global Water – Red Rock Utilities, LLC,
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	[SIGNATURE PAGE TO FATHOM SERVICE AGREEMENT]

20

	
		
	Eagletail Water Company, L.C.
an Arizona limited liability company

By:   /s/ Ron Fleming                         
Name: Ron Fleming                           
Its:  President                                      
Date: September 5, 2019                    

	 

[SIGNATURE PAGE TO FATHOM SERVICE AGREEMENT – CONT.]

21

Exhibit A
Schedule of Selected Services and Fees

This schedule defines the fees to be paid by Customer to FATHOM under this Agreement.

1.Recurring Services Fees.
The Recurring Services Fees will be billed monthly based on the number of Managed Accounts as follows, beginning on January 1. 2019.  
“Managed Account” means an account that either (i) is actively being billed by FATHOM under this Agreement or (ii) has been previously billed by FATHOM under this Agreement and either has a move out date or has been provided a final invoice within the previous 12 months.

	
			
	Fee Type
	Monthly Fee
	Adjustments

	

CIS Platform/Customer Portal & Managed Services
AMI Platform & Managed Services
AMS, GIS & Managed Services

	

3.71 

0.63
2.09

$6.43 per Managed Account per month
	Inflation Adjuster: The monthly fee of $6.43 per Managed Account per month shall be subject to an increase each year that is equivalent to the CPI factor for the region. No annual CPI increase shall be greater than 5%, unless FATHOM validates the uncontrollable direct or indirect costs have increased greater than 5%. Once validated, such costs can be adjusted to reflect the true cost.

All Recurring Services Fees shall be adjusted annually on January 1st based on the 12-Month change in the Consumer Price Index – United States City Average – for All Urban Consumers and all Items published by the United States Department of Labor, Bureau of Labor Statistics (the “Index”) per the Index for the month of July immediately prior to the annual adjustment date for the then-current adjustment period.  Written notification of the adjustment will be provided to GW, LLC by October 1st immediately prior to the annual adjustment date for the then-current adjustment period.  The adjustment will be negotiated each year based on the documentation provided by FATHOM. No annual Index increase shall be greater than 5%, unless FATHOM validates the uncontrollable direct or indirect costs have increased greater than 5%. Once validated, such Recurring Service Fees can be adjusted to reflect the true cost. 
The first adjustment will occur on January 1, 2020. 
If the Index is discontinued or revised during the Term, such other government index or computation with which it is replaced shall be utilized, and modified as necessary, to obtain substantially the same result as 

Exhibit A
Schedule of Selected Services and Fees

would have been obtained if the Index had not been discontinued or revised. Annual adjustments will be calculated based on the prior year’s Recurring Services Fees, plus the inflation adjuster as described above. At no point will any change result in a reduction of fees.

Exhibit B
Support Services

The first adjustment will occur on January 1, 2020. 
If the Index is discontinued or revised during the Term, such other government index or computation with which it is replaced shall be utilized, and modified as necessary, to obtain substantially the same result as would have been obtained if the Index had not been discontinued or revised. Annual adjustments will be calculated based on the prior year’s Recurring Services Fees, plus the inflation adjuster as described above. At no point will any change result in a reduction of fees.

Exhibit B
Support Services

1.    COVERAGE
FATHOM shall provide Support Services for Access, including all modifications created by FATHOM whether or not they are exclusive to Customer, until any such Support Services are terminated or discontinued by FATHOM. The Support Services to be provided by FATHOM shall not include (a) support of software operation on equipment not identified by FATHOM as a supported device, (b) support of software not supplied by FATHOM, (c) support of software not properly used or used in an operating environment not supported by FATHOM, or (d) support of business processes not identified during the implementation of the project.  FATHOM will provide periodically updated lists of supported devices and operating environments.  Customer shall designate those employees of Customer who shall be authorized to contact FATHOM for provision of Support Services, and shall maintain and provide FATHOM with an updated listing of employees, including their telephone, fax and e-mail addresses. Only those employees so designated by Customer shall contact FATHOM for the provision of Support Services. In addition, FATHOM shall designate those employees of FATHOM who Customer may contact for provision of Support Services, and shall maintain and provide Customer with an updated listing of employees, including their telephone, fax, and e-mail addresses.

2.    Software Maintenance 
The maintenance / renewal protocol for software is divided into Scheduled Routine, Scheduled Non-Routine and Emergency standards.

Scheduled Routine

All Scheduled Routine maintenance will be coordinated by FATHOM IT personnel with software providers and will be performed during non-business hours to the extent possible. Notice of the impending maintenance will be provided by FATHOM IT personnel through email to a Customer representative at least 72 hours in advance of the scheduled event.  If the maintenance will result in an outage to the customer portal, a message will be displayed on the customer portal home page.   

Scheduled Non-Routine

All Scheduled Non-Routine maintenance will be coordinated by FATHOM IT personnel with software providers and Customer and will be performed during non-business hours to the extent possible. Notice of the impending maintenance will be provided by FATHOM IT personnel through email to a Customer representative at least 24 hours in advance of the scheduled event.  If the maintenance will result in an outage to the customer portal, a message will be displayed on the customer portal home page. 

Emergency Maintenance

Any outage is classified as an emergency.  If the Customer recognizes a problem deemed to be an emergency, FATHOM Operational Support should be contacted immediately.  An Operational Support representative will respond as soon as possible.  Emergency maintenance will be 

Exhibit B
Support Services

coordinated by FATHOM IT personnel as soon as reasonably possible.  Notice of the impending maintenance will be provided by FATHOM IT personnel through email to a Customer representative in advance of the scheduled event.   If the maintenance will result in an outage to the customer portal, a message will be displayed on the customer portal Home Page. 

Software maintenance for FATHOM Services
Scheduled Routine, Scheduled Non-Routine and Emergency maintenance will be performed by software providers from time to time, for:
		
	1)
	Fixes to errors & bugs;

		
	2)
	Updates;

		
	3)
	New features and/or enhancements contained within new releases 

		
	4)
	New releases; and

		
	5)
	New versions of the software and/or Platform

During the Term, FATHOM will coordinate with software providers and make reasonable efforts to provide prior notice to Customer of any modifications the software provider intends to make to their software that would have a material adverse effect upon, or otherwise materially degrade, the services provided by FATHOM. If Customer objects to any such modifications, then the parties will negotiate in good faith an appropriate resolution to such objection.

Maintenance releases contain proprietary and confidential information and are provided to Customer for Customer's internal use only, subject to the same restrictions and limitations as provided in the Agreement with respect to confidential information.

3.    Data Backup and Recovery
FATHOM shall offer the following data backup and recovery objectives for the software provided under this Agreement.  All hosted third-party software provided through FATHOM are subject to the data backup and recovery objectives as stated by the software provider.
A.    Recovery Point Objective.  Data backup occurs at a fixed point in time and any data that exists between backups is vulnerable.  The target Recovery Point Objective (RPO) is 20 minutes.
B.    Recovery Time Objective.  Recovery Time Objective (RTO) is the maximum elapsed time required to complete the recovery of data.  The target RTO is 1 hour.

Exhibit C
Contacts

CUSTOMER PROJECT MANAGER
Jon Corwin    
General Manager 
21410 N. 19th Avenue, Suite 220
Phoenix, AZ 85027
Phone:  480-360-7775
Fax     [Insert Fax]                
Email     jon.corwin@gwresources.com
                
CUSTOMER IT PROJECT MANAGER
Cosme Borunda
21410 N. 19th Avenue, Suite 220
Phoenix, AZ 85027
Phone:    480-360-7775
Fax:    [Insert Fax]
Email:    cosme.borunda@gwresources.com

FATHOM PROJECT MANAGER
    
Judd Barlow
FATHOM 
21410 N. 19th Avenue, Suite 201
Phoenix, AZ 85027
Phone:    801-641-3036
Email:    judd.barlow@gwfathom.com

FATHOM IT PROJECT MANAGER
Matt Niarhakos
FATHOM 
21410 N. 19th Avenue, Suite 201
Phoenix, AZ 85027
Phone:    602-795-9657
Email:    matt.niarhakos@gwfathom.com

C-1

Exhibit D
Scope of Services

Scope of Services -
FATHOM services will be provided in accordance with the then current FATHOM Operations Scope of Service (SOS) document―summarized below as key deliverables and responsibilities. Customer shall never have a lower level of service with less deliverables and/or responsibilities than what is specified herein, unless Customer gives its express written authorization, which shall not be unreasonably withheld.   Additionally, any changes to the SOS document must not prevent Customer from meeting its legal obligations as set forth in federal, state or local laws, rules or ordinances or as set forth in a regulatory order applicable to Customer. In the event of any conflict between this document and the SOS document, the SOS will control, unless it is a specific contractual term.  The SOS may be updated during the life of the contract to incorporate additional industry best practices as they become available.  If requested by Customer, any modifications and/or additional services requested may be subject to additional fees.  Some line items below refer to specific sections of the SOS.  The current SOS will be posted to the Global Water Client Portal, and Customer will be notified of all material modifications in advance of their implementation to the extent reasonably possible.

Advanced Metering Infrastructure Services – 
FATHOM will enable the optimal operation of an AMI solution for all regulated utility subsidiaries of Customer though the use of a meter data management solution, provided that the specific utility subsidiary is equipped with AMI devices and associated infrastructure and the system software is supported by the equipment manufacturer.  

The AMI solution will have a warranty equal or greater than the warranty provisions in the manufacturer’s warranty, and Customer will be listed as the owner and beneficiary of such warranty.  

RECURRING DELIVERABLES FOR LIFE OF CONTRACT 
		
	R1) 
	Monthly Customer Portal (meter data reporting/analytic tools) Analytics 

		
	R2) 
	User log-in and security configuration, provided as needed

		
	1)
	User log-in configuration changes are requested by Customer by creating a System Access Request (SAR) in the Customer help desk portal.

		
	2)
	[SOS #22] Log-in security is provided as described in the SOS chapter 22.

		
	R3) 
	Meter Data Management  

		
	1)
	The MDM will be a web-based platform that will provide the following analytics/queries/alarms, providing the data is made available to the system and supported by the OEM:  

		
	(1)
	Abnormal consumption

		
	(2)
	Backflow alarms

		
	(3)
	Collector alarms

		
	(4)
	Collector connection alarms

		
	(5)
	Continuous flow

		
	(6)
	Cut wire alarms

		
	(7)
	Data collector redundancy

		
	(8)
	Data collector version

		
	(9)
	Leak alarms

		
	(10)
	Meter read rate

		
	(11)
	Missing reads

D-1

Exhibit D
Scope of Services

		
	(12)
	No flow alarms

		
	(13)
	Non-numeric read alarms

		
	(14)
	Read failure alarms

		
	(15)
	Read suspect alarms

		
	(16)
	Transmitter battery voltage

		
	(17)
	Unknown transmitters

		
	2)
	Any reports available in the OEM head-end system in addition to those above will be made available to Customer.

		
	3)
	FATHOM will be responsible for the reasonable annual software hosting costs for the OEM head-end system on the Customer’s behalf as part of the AMI recurring services fee.  For the avoidance of doubt, the original purchase and configuration of the OEM head-end system and any individual endpoint cellular or similar fees are not included. FATHOM will be responsible for cellular cost associated with AMI collectors.    

		
	4)
	Upon Customer’s request, FATHOM will assist Customer in the evaluation of and provide guidance on the capabilities of other AMI manufacturers and their associated OEM software as it relates to the ability to deliver the terms of this agreement and any pricing implications.  

     
		
	R4) 
	Warranty Management will include: 

		
	1)
	Meter install date 

		
	2)
	Meter size 

		
	3)
	Meter manufacturer 

		
	4)
	Meter serial number 

		
	5)
	Meter type 

		
	6)
	Endpoint install date

		
	7)
	Endpoint warranty expiration date

For avoidance of doubt, FATHOM is responsible to distinguish between and track endpoints that have a full 15-year warranty versus endpoints that have a 10-year full warranty and 10 additional years of prorated warranty (20-year total warranty) based on the mutually agreed warranty expiration date logic.  Warranty Management design will support warranty term inheritance such that when an endpoint fails, the replacement endpoint shall inherit the remainder of the warranty according to the terms of the original endpoint and the associated warranty expiration date logic.

Additionally, a separate field to track register replacements will be provided so that it is distinguishable from meter replacements. FATHOM will maintain this data for every meter, register, and endpoint following completion of the AMI project. 

R5)     [RESERVED]
		
	R6) 
	Daily work order generation based on meter data reporting/analytics.

Work orders are created for Customer in the work order management solution for issues discovered by FATHOM through the use of meter data reporting/analytic tools.  FATHOM will generate work orders for the Customer to investigate, repair or replace non-collector equipment as necessary based on the analysis of customer and metering data.  

D-2

Exhibit D
Scope of Services

		
	R7) 
	Monthly reads loaded into the billing system for billing. 

		
	R8) 
	Quarterly review of AMI system performance 

		
	1)
	During each Quarterly Business Review, the Client Success Manager assigned to Global Water Resources, Inc. will conduct quarterly business reviews of AMI system traffic and performance metrics.  This will include all verification reports on FATHOM performance guarantees 

		
	R9) 
	AMI System Monitoring & Return Management Process 

FATHOM will act diligently to monitor, troubleshoot, and provide expert oversight and consultation as described below for the Customer AMI network provided by FATHOM through this Agreement.  For avoidance of doubt, FATHOM is not responsible for and does not agree to provide these services for any AMI system infrastructure procured or installed outside of a utility contemplated in this Agreement.  
		
	1)
	FATHOM will monitor and identify equipment issues through MDM and meter data reporting/analytic tools.  

		
	i)
	FATHOM is responsible for initiating a field investigation for the Customer to repair or replace registers/endpoints as necessary based on the monitoring services provided.  FATHOM shall then facilitate the warranty transaction between Manufacturer and Customer based on the outcome of the Customer’s findings in the field investigation. 

		
	a)
	Register/Endpoint repair and/or replacement to ensure operation in accordance with equipment warranties. 

		
	ii)
	FATHOM is responsible for initiating a field investigation to repair or replace collectors as necessary based on the monitoring services provided.  FATHOM shall then facilitate the warranty transaction between Manufacturer and Customer based on the outcome of the FATHOM’s findings in the field investigation.

		
	a)
	Data Collector repair and/or replacement to ensure network operation in accordance with equipment warranties.

		
	iii)
	All costs related to the necessary repair or replacement of the AMI system equipment, not covered by OEM equipment warranties, will remain the responsibility of the Customer. In addition,  

		
	a)
	Shipping costs related to warranty repairs or replacements shipped to the Manufacturer will remain the responsibility of the Customer. 

		
	b)
	Shipping costs related to warranty repairs or replacements returned to the Customer will remain the responsibility of the Manufacturer. 

  
		
	2)
	FATHOM facilitates the warranty management process for the Customer – we track warranty quantities, we maintain the necessary relationships and have key contacts we leverage on Customer’s behalf and we own the communication process, providing updates to stakeholders. In general, the following process will be used for warranty management 

D-3

Exhibit D
Scope of Services

(subject to change based on FATHOM best practices): 

		
	i)
	Customer will contact FATHOM to notify us of their intention to send back applicable units under warranty (data collectors will be handled by FATHOM).

		
	ii)
	Return Material Authorization (RMA) form is completed by Customer and FATHOM submits to the manufacturer.

		
	iii)
	FATHOM takes point and handles all communications and other questions regarding warranty from both the Customer and the manufacturer.

		
	iv)
	Manufacturer approves the RMA form and returns form to FATHOM.

		
	v)
	FATHOM submits form back to Customer for inclusion with other warranty information for ID match and verification and shipping purposes.

		
	vi)
	The Customer ships items directly to the manufacturer.

		
	vii)
	Manufacturer will send back applicable warranty items to the Customer. 

		
	R10)
	Should a head-end system be available from the AMI system OEM, FATHOM will allow Customer direct access to that system.  FATHOM may or may not use the OEM’s head-end system in the performance of this contract at FATHOM’s sole discretion.     

FATHOM will work with the OEM on Customer’s behalf to identify and address any issues in accordance with the respective OEM warranty and/or maintenance agreements, as applicable, however FATHOM makes no guarantees or warranties on the accuracy of the data of the OEM system and also the OEM, system performance, or any other aspect of the OEM head-end system.  Customer reserves the right to contact the OEM directly.            

D-4

Exhibit D
Scope of Services

Scope of Services –
Utility Billing/Customer Care Services
FATHOM will guarantee the execution of the customer care and utility billing operation for all regulated utility subsidiaries of Customer. The following outlines the key deliverables for the life of the contract:
PROJECT DELIVERABLES:
		
	P1) 
	Customer is granted access to directly use the customer information system solution in accordance with Section 2.0 Access of the Agreement.  Customer’s access and use of the CIS is not supported by FATHOM.  Customer may request support for an additional fee.  Such Access is integral to  Customer’s service and  is provided to support regional customer service, counter service, account management, service order management, and other functions.  Reporting functions including but is not limited to:

		
	1)
	The ability to create service work orders, 

		
	2)
	Use and maintain the backflow protection database (for clarity, back flow protection management is not a service or function provided by FATHOM in this Scope of Services but FATHOM agrees to allow Customer to use CIS to track backflow documentation).

Additionally, FATHOM will continue to provide the monthly backups by 9 am on the 3rd business day of each month.
		
	P2) 
	[SOS #24] Web-responsive customer portal for Customer's customers with access to the following:

		
	1)
	Account Information

		
	(1)
	Account Details

		
	(2)
	Account Balance 

		
	(3)
	Billing History 

		
	(4)
	Payment History  

		
	(5)
	Hourly, Daily, Weekly, Monthly, and Annual Usage History, based on data availability and granularity

		
	(6)
	Customer Service

		
	(7)
	Report a Problem 

		
	2)
	Bill Payment

		
	(1)
	Credit or debit card 

		
	(2)
	Checking account

		
	(3)
	Sign up for automatic payments 

		
	3)
	Notifications (to be sent via text/SMS or email, requires customer to opt in to such notifications)

		
	(1)
	Bill Ready

		
	(2)
	Bill Due Reminder 

		
	(3)
	Bill Past Due Reminder 

		
	(4)
	Potential Leak (AMI-enabled users only)

		
	(5)
	User-set Consumption Threshold (AMI-enabled users only)

D-5

Exhibit D
Scope of Services

		
	(6)
	User-set Bill Amount Threshold (AMI-enabled users only) 

		
	4)
	Customer Messaging  

		
	P3)
	Customer’s customers will be able to view their historic bills, pay bill, review account balances and metered usages using their phone or mobile device.   

		
	P4)
	Customer portal administration site for Customer with access to the following:

		
	1)
	Customer Care Information

		
	2)
	Customer and account details including but not limited to usage, billing and payment history in the customer portal administration site 

		
	 P5)
	[SOS #18 with qualification] Reporting 

A specific list of custom reports, developed by FATHOM and noted below, will be provided to the utility on a monthly basis.  
		
	1)
	Customized Monthly Reporting Package to be delivered by 9:00 AM on the third business day of each month and in no circumstance later than the end of the fifth day of the month, except as noted below. 

		
	i)
	Customer Total Accounts Detail (detail listing of customer/accounts and services)

		
	ii)
	Customer Total Accounts Schedule (summarization of the Customer Total Accounts Detail report)

		
	iii)
	Account Totals for Compliance (detailed list of all active connections Customer uses for compliance reporting)

		
	iv)
	Connection Totals by System (count of connections attached to each water system)

		
	v)
	Customer Billed Consumption (WUDS) (Detail list of all charges with consumption amounts without Raw Water or Recycled Water) 

		
	vi)
	Customer Billed Consumption (WUDS) (Detail list of all charges with consumption amounts) – to be delivered by the 8th business day of the month

		
	vii)
	WUDS Billed Consumption Detail (Detail list of water charges with consumption amounts) – to be delivered by the 8th business day of the month

		
	viii)
	Santa Cruz 13 Month Consumption (Breaks down the last 13 months of consumption by type) – to be delivered by the 8th business day of the month

		
	ix)
	Customer Zero Reads (A list of all accounts that had zero consumption for the month)

		
	x)
	Detail by Transaction 

		
	xi)
	Meter Bill Codes

		
	xii)
	Deposit Interest 

		
	xiii)
	Deposit Water

		
	xiv)
	A/R Aging

		
	xv)
	Block Summary report

		
	xvi)
	Read file with actual meter read data

		
	xvii)
	Bill date and due date report

		
	xviii)
	Monthly Move In and Move Out report 

D-6

Exhibit D
Scope of Services

		
	2)
	Annual Reports 
The following reports will be provided to Customer on an annual basis in a format compatible to transfer data in the Arizona Corporation Commission Annual Report:

		
	i)
	Number of Customer Meters, by size for each public water supply system. 

		
	ii)
	Water company plant description and quantities by type for each public water supply system.

		
	iii)
	Wastewater company plant description and quantities by type for each wastewater system.

Within 30 days of Customer’s addition of a new Public Water and/or Wastewater System or new utility acquisition, FATHOM and Customer will develop a change order for a mutually agreed upon scope and delivery schedule for the report(s) set up. FATHOM will charge a mutually agreed, one time set up fee for the reports.  If Customer adds a public water supply or wastewater system(s) through the acquisition of new utilities, the scope, schedule, and report set up fee will be included in the implementation fees for that new utility.
 
		
	3)
	Year End Audit support

FATHOM will provide commercially reasonable support for annual audit requests related to revenue verification, which will only include copies of customer checks received or other audit required documents that cannot be retrieved by Customer directly.  The SLA on each request will be 48 business hours unless otherwise mutually agreed.  If the required support exceeds what is agreed to be commercially reasonable, Customer will be charged FATHOM’s then current hourly rate for the exceeding hours.

		
	4)
	Ad hoc (one-time) reports

Ad hoc reports can be developed based upon a written request stipulating requirements in the form of a template or spreadsheet.   Based upon the complexity of the reports, additional development time may be required.  A one-time fee will be assessed for an ad hoc report. 
		
	5)
	Custom reports

Additional custom monthly reports can be developed, run and delivered based upon business objectives.  Based upon the complexity of the reports, additional development time may be required.  
		
	P6)
	[SOS #12] Electronic “help-desk” ticketing system.   

Customer’s operational staff members enter tickets here for feedback and/or action on questions, concerns and requests that are operational in nature. (including customer service, billing, field activities, accounting, IT issues, and new user requests).
		
	P7)
	[SOS #19] Access to electronic file-sharing site (SFTP, drop box, or similar) for read files and reporting 

		
	1)
	Monthly reporting packages are currently uploaded by FATHOM to the electronic file-sharing site, where Customers can view and export if needed. 

		
	2)
	Customer will upload completed meter read files to be retrieved by FATHOM’s Revenue Management department for use in cycle billing. 

D-7

Exhibit D
Scope of Services

		
	P8)
	FATHOM will perform in accordance with the Information Technology Service Level Agreement provided in Exhibit F.

		
	P9) 
	Disaster Recovery Documentation

FATHOM will provide protection against disasters involving complete system failures and/or the destruction of main computing environment. Complete documentation will be provided at least annually in support Customer’s own audit requirements, and is available upon request.  
RECURRING DELIVERABLES FOR LIFE OF CONTRACT:
		
	R1) 
	Monthly Customer Portal Analytics

		
	R2) 
	User log-in and security configuration    

		
	1)
	User log-in configuration changes are requested by Customer by creating a System Access Request (SAR) in the Customer help desk portal.

		
	2)
	[SOS #22] Log-in security is provided as described in the SOS chapter 22.

R3)    [RESERVED]
		
	R4)
	[SOS #2] Provide monthly billing services for water and wastewater accounts to include;

		
	1)
	Monthly reads loaded into the billing system for billing

		
	2)
	Review and processing of billing in accordance with SOS #2.

		
	3)
	Green collections management campaign, limited to mailed disconnect notices, disconnect service orders, and daily outbound IVR communications

		
	4)
	Customer notification messages on the bills, up to twelve unique messages per year 

		
	5)
	Provide up to 12 unique billing inserts per year (Customer to provide inserts as 8.5 x 11 inch or 1/3-page inserts).  Additionally, the Consumer Confidence Reports are included and do not count towards the twelve per year limit. 

		
	6)
	Deposit management, which includes the proper application of deposits to customer accounts in accordance with Title 14, Article 4 of the Arizona Administrative Code R14-2-403 and R14-2-603 Establishment of Service B. Deposits as amended, and the ongoing reimbursement of such deposits in accordance with such standards.   

		
	R5)
	[SOS #19] Provide Customer a portal for uploading and downloading any data collection activities 

		
	R6)
	[SOS #20] Support and management of payment interfaces & processes

		
	1)
	Paperless Billing

		
	2)
	Pay by phone

		
	3)
	Pay by mail

		
	4)
	Pay by credit or debit card

		
	5)
	Pay locally

		
	6)
	Pay by electronic check

		
	7)
	Pay by ACH

		
	R7) 
	Manage the following processes in accordance with Title 14, Article 4 of the Arizona Administrative Code as amended:

		
	1)
	[SOS #9] Late fees 

		
	2)
	[SOS # 17] Other fees

D-8

Exhibit D
Scope of Services

		
	3)
	[SOS #17] After hours customer callbacks 

		
	4)
	[SOS #16] Bankruptcies 

		
	5)
	[SOS #16] Payment arrangements 

		
	6)
	[SOS #20] Unapplied Payments

		
	R8)
	[SOS #24 and #25] Support and management of customer internet site for account access to:

Presentment of Customer’s customer consumption data will be provided through a customer portal, including:
		
	1)
	Online customer access via web or smartphone

		
	2)
	Simplified login and account creation

		
	3)
	Customer self-service account and usage management

		
	i)
	Account information

		
	ii)
	Payments

		
	iii)
	Bill history

		
	4)
	Presentment of hourly, daily, weekly and monthly consumption given data availability  

		
	5)
	Usage history

		
	6)
	User-configurable consumption and leak alerts

		
	7)
	Report an issue

Custom announcements to customers. FATHOM will create up to twelve unique messages per year. The customer portal will provide the Customer with mass communication capabilities, where the Customer can send emails, text, or phone calls to their entire customer population or a selected subset of the population.  
		
	R9) 
	[SOS #5] Support and management of the electronic work order system (excluding field equipment) and work orders to support the following customer care and field customer service activities.  Work Order capability will be provided as described in the user documentation for the version of AMS solution in use by FATHOM at the time.  

		
	1)
	AMI/AMR Repair

		
	2)
	Billing Field Investigation

		
	3)
	Compliance

		
	4)
	Disconnect for Non-Compliance

		
	5)
	Disconnect

		
	6)
	Meter Equipment Exchange 

		
	7)
	Register Exchange 

		
	8)
	AMI Equipment Exchange

		
	9)
	Field Investigation

		
	10)
	Final Bill Service Order

		
	11)
	Meter Install

		
	12)
	Meter Relocation

		
	13)
	Meter Test

		
	14)
	Reconnect

		
	15)
	Meter Repair

		
	16)
	Re-Read Meter upon Customer Request

		
	17)
	Scheduled Field Investigation

		
	18)
	Scheduled Reconnect

D-9

Exhibit D
Scope of Services

		
	19)
	Scheduled Vacant Account Reactivation

		
	20)
	Vacant Account Reactivation

		
	21)
	Vacant Account Usage

R10)    Advanced call center support

		
	1)
	[SOS #17] Call Center Service Level Objective (SLO) 
70% of customer contacts will be addressed within 120 seconds (average of the daily at the end of the month excluding all Mondays and those Tuesdays after holiday weekends).  If the Call Center SLO is not achieved, a service credit will be applied according to the schedule provided in Exhibit G.

		
	2)
	On-Time Billing Service Level Objective (SLO) 
FATHOM Revenue Management shall maintain an on-time billing SLO of 99% or greater.  If that SLO is not achieved, a service credit schedule will be applied according to the schedule provided in Exhibit G.

		
	3)
	Call Abandonment Rate Service Level Objective 
FATHOM shall maintain a call abandonment rate of not higher than 7% averaged for the month.  This shall be reported to Customer monthly.  If FATHOM fails to achieve the SLO, FATHOM will make a reasonable attempt to diagnose the cause and implement appropriate actions to attempt to restore performance back to the SLO.  As the rate is not fully in FATHOM’s control, there is no service level penalty. 

		
	4)
	Billing Accuracy Service Level Objective 
Billing accuracy shall be measured based on the ratio of the number of canceled/rebilled bill pairs to the total number of bills.  Canceled/rebilled pairs are defined as those that are reasonably known to have been due to FATHOM data inputs or actions, not those related to customer or client data inputs or actions. FATHOM Revenue Management shall maintain a billing accuracy SLO of 99% or greater.  If the Billing Accuracy SLO is not achieved, a service credit will be applied according to the schedule provided in Exhibit G.

		
	5)
	Provide call recording and call storage of all calls for two years.  Call recordings will be provided upon request within two business days. 

		
	6)
	[SOS #17] After Hours Call Back 
Customer calls made by the customer after hours are answered by a third-party operator. The operator will follow a procedure developed in coordination with the Customer to determine emergency calls which need an immediate response or calls that can be handled at a later time.  For calls determined to be non-emergencies, Customer Care will place a phone call to those customers who reported an emergency after hours.

R11)    [SOS #26] 24/7 automated interactive voice response (IVR) phone support with functionality to:
		
	1)
	Report an emergency

		
	2)
	Access general information

		
	3)
	Access account information

		
	4)
	Make payments

		
	5)
	Provide balances & payment history

D-10

Exhibit D
Scope of Services

R12)    Manage the customer portal to ensure Customer’s customers can access their account from a phone or mobile device.  
 
R13)    As needed support for custom report development and delivery (at additional cost).

D-11

Exhibit D
Scope of Services

Scope of Services -
Asset Management Services

FATHOM will guarantee the availability of the asset management system for all regulated utility subsidiaries of Customer. The following outlines the key deliverables and responsibilities for the life of the contract:
RECURRING DELIVERABLES FOR LIFE OF CONTRACT:
		
	R1)
	Monthly Asset Management System (AMS) Analytics

		
	R2) 
	User log-in and security configuration provided as needed.

		
	1)
	User log-in configuration changes are requested by Customer by creating a System Access Request (SAR) in the Customer help desk portal.

		
	2)
	[SOS #22] Log-in security is provided as described in the SOS chapter 22.

		
	R3) 
	[RESERVED]

		
	R4) 
	Evergreen updates to software.  The parties agree to notify each other of planned, future software upgrades.

		
	R5) 
	Uploading and maintenance of new and replacement infrastructure in the GIS database

Fathom shall provide and maintain a web-based interactive GIS viewer with the following functionality
		
	1)
	Ability to select various base maps, including basic mapping, aerial photography, and topographic

		
	2)
	Access to source documents (as-built drawings, agreements, easements, deed, etc.) via an integrated link

		
	3)
	Ability to select attribute layers

		
	4)
	Ability to print selected layers and mapping

		
	5)
	Ability to export data from attribute tables

		
	6)
	Ability to query

Fathom shall provide custom maps of Customer’s existing utilities at Customer’s request.  Fathom and Customer shall mutually agree to a reasonable timeframe for producing custom maps.  
		
	1)
	Fathom shall maintain and update all data contained within the main layers listed below.  Updates shall be performed at Customer’s request with in the timeframes listed below or within the a mutually agreed upon timeframe.

D-12

Exhibit D
Scope of Services

	
		
	Main Layers:
	Update Timeframe:

	·         Service Address
	30 days upon request from Utility

	·         Potable Water
	15 days upon request from Utility

	·         Wastewater
	15 days upon request from Utility

	·         Recycled Water
	15 days upon request from Utility

	·         Arizona
	Annually- first quarter of every new year

	·         Counties (3rd party data)
	Annually- first quarter of every new year

	·         County Parcels  (3rd party data)
	Annually- first quarter of every new year

	·         County Centerlines  (3rd party data)
	Annually- first quarter of every new year

	·         CC&N
	30 days upon request from Utility

	·         As-Builts
	15 days upon request from Utility

	·         Deed
	15 days upon request from Utility

	·         Easement
	15 days upon request from Utility

	·         ICFA
	15 days upon request from Utility

	·         LXA
	15 days upon request from Utility

	·         CAPEX Project
	15 days upon request from Utility

	·         Franchise Area
	30 days upon request from Utility

	·         Subdivision/Development
	30 days upon request from Utility

	·         Water Quality Plan Management Plan Area
	30 days upon request from Utility

	·         Public Land Survey System
	Annually- first quarter of every new year

Customer will electronically submit a request with supporting documentation to update or add data to the GIS database.  This can be done through the AMS software using the Redline tool for updates to existing data or through a ticketing system for new additions.  Since the amount of effort can vary greatly based upon the request FATHOM will review each request as it is submitted and provide an estimate of how long it will take to finish the job. 

		
	R6) 
	Uploading and maintenance of asset documentation, O&M Manuals, Standard Operating Procedures. 

    
Customer will have the ability to upload and maintain documents in the AMS software if Customer chooses to do so, but may rely upon FATHOM to upload documents at a mutually agreed upon scope and delivery pace based on current work load.  In the event that tools in the AMS software are not available to upload and maintain documents then Customer will submit requests in a ticketing system to FATHOM with the document and Asset ID that the document needs to be associated with.  FATHOM will process the request within 7 business days, after which the document will be available for use in the software.
		
	R7) 
	Standard Asset Management Reporting

Asset Management reports will be available to Customer as described in the user documentation for the version of AMS solution in use by FATHOM at the time.  The predefined reports currently available and accessible by Customer include:
		
	1)
	Work Order Listing

D-13

Exhibit D
Scope of Services

		
	2)
	Work Order Summary

		
	3)
	Work Order Duration

		
	4)
	Service Request Listing

		
	5)
	Service Request Summary

		
	6)
	Inspection Listing 

		
	7)
	Inspection Summary

		
	8)
	Capitalized Labor Report (without salary information)

		
	9)
	Utilization Report

		
	10)
	Asset Analytics

		
	11)
	Asset Condition Score

		
	12)
	Work Order Latency (dashboard only)

		
	13)
	Overdue Work Orders (dashboard only)

		
	14)
	Planned versus Unplanned Work Orders (dashboard only)

		
	15)
	Work Order by site or asset class (dashboard only)

FATHOM agrees to give Customer access to the AMS so that Customer may create additional reports using a third-party reporting tool such as Crystal Reports. FATHOM will provide an export of the AMS data to be utilized as a test instance for report development. Customer is responsible for their costs related to the third-party reporting tool and Customer acknowledges that FATHOM is not responsible for supporting the third-party reporting tool, including but not limited to the reports generated. Customer may request FATHOM to develop additional reports for an additional fee.
		
	R8)
	Standard Water, Wastewater and Recycled Water Work Orders.  Customer will have access to the AMS to create and manage Standard Water, Wastewater and Recycled Water Work Orders for any asset type that has been created in the GIS and integrated into the AMS solution.  Work Order capability will be provided as described in the user documentation for the version of AMS solution in use by FATHOM at the time.

		
	R9)
	Customer will be provided access to the FATHOM Development Services web site and the AMS software to pull information from the GIS such as maps and data using the web site’s print data export tool.  FATHOM Development Services will be available to either assist Customer or perform the task at a mutually agreed additional fee.

		
	R10)
	Quarterly review of Asset Management System

During each Quarterly Business Review, the Client Success Manager assigned to Global Water Resources, Inc. account to conduct quarterly review of AMS system traffic and performance metrics.  This will include all verification reports on FATHOM performance guarantees.

		
	R11) 
	One one-day training session per quarter, with an individual who is adequately trained in both the AMS software, and on AMS principles and strategy as they pertain to water and wastewater utility operations.

D-14

Exhibit D
Scope of Services

Scope of Services -
Enhanced Partnership

When reasonably requested by FATHOM and FATHOM is performing in accordance with Agreement and Scope of Services, Customer agrees to support FATHOM with select market and innovation development tasks including but not limited to:
		
	R1)
	Testimonials and quotes for articles, brochures, and/or videos.

		
	R2)
	Speaking and/or panel discussions at industry conferences

		
	R3)
	Prospective customer references and site visits to Customer’s facilities.

		
	R4)
	Participation and input from Customer subject matter experts for the development of business and technological innovation to further advance FATHOM’s solutions and industry thought leadership.

		
	R5)
	To provide a test-bed for new innovations from FATHOM and/or FATHOM partners, including those using the FATHOM Store. However, as these innovations often require considerable dedication of resources, both time and money, Customer is under no obligation to provide this test-bed if agreeable terms, in Customer’s sole and absolute discretion, are not established in advance. 

D-15

Exhibit E
Active Regulated Utilities

E-1

Exhibit F
FATHOM Service Level Agreement

Exhibit F
FATHOM Service Level Agreement (SLA)
		
	1.0
	General

This Exhibit F sets out the maintenance and support that FATHOM will provide to Customer for the FATHOM suite of software-as-a-service products.  
		
	2.0
	Software Service Level Objective

		
	2.1
	Uptime.  Uptime is defined as the amount of time during a calendar month that FATHOM is not experiencing Downtime.  During the Term, FATHOM will use commercially reasonable efforts to provide a Monthly Uptime Percentage of at least 99.7% (the “Service Level Objective” or “SLO”).  

		
	2.2
	Downtime.  Downtime is defined as loss of external connectivity and/or access for all running FATHOM modules combined with Customer’s inability to connect to their FATHOM sites. FATHOM sites that are down for a period of five consecutive minutes or more, will immediately be counted towards Downtime. Intermittent downtime for a period of less than five minutes will not be counted towards Downtime.  

		
	2.3
	Exclusions.  The following events are not included in Downtime:

		
	2.3.1
	Scheduled FATHOM Maintenance Windows.  Includes upgrades or repairs to shared infrastructure, such as core routing or switching infrastructure that FATHOM scheduled at least 72 hours in advance and that occurs during off peak hours in the time zone where the data center is located.

		
	2.3.2
	Scheduled Customer Maintenance.  Includes maintenance of Customer’s configuration that Customer requests and that FATHOM schedules with Customer in advance (either on a case by case basis, or based on standing instructions), such as hardware or software upgrades.

		
	2.3.3
	Emergency Maintenance.  Includes critical unforeseen maintenance needed for the security or performance of your configuration or the FATHOM network.

		
	2.3.4
	Extraordinary Events.  Includes downtime or outages resulting from denial of service attacks, virus attacks, hacking attempts, or any other circumstances that are not within our control.

		
	2.4
	Remedy.  If FATHOM does not meet the SLO stated, Customer will be eligible to receive a Service Credit as described below. This SLA states the sole and exclusive remedy for any failure by FATHOM to meet the SLO.

		
	3.0
	Software Support and Maintenance

FATHOM shall offer on-going maintenance and support for the provided software-as-a-service for the Term and shall include the following:

F-1

Exhibit F
FATHOM Service Level Agreement

		
	3.1
	Types of Support.  Support for Customer will be provided by the FATHOM Technical Support Help Desk which utilizes a collaboration support model (non-tiered) which provides the agents the ability to resolve any issues in the most efficient way possible.  

		
	3.1.1
	The Support Desk can be reached through the FATHOM Support website, via email or by phone depending on the requestor’s preference.

		
	3.1.2
	The Support Desk is staffed by live agents from 7 AM to 9 PM Eastern (4 AM to 6 PM Pacific).

		
	3.1.3
	Customer will be able to submit tickets 24 hours a day if needed and will be addressed during business hours the following day.

		
	3.2
	Response Times.  FATHOM will respond to Customer request for support via support ticket, telephone call, or both depending upon the severity of the situation and consistent with any procedures we have established with Customer for the Customer’s account.  FATHOM will respond to your support requests made via ticket or telephone within the following time frames during normal business hours:

	
			
	Severity Level
	Example
	Response Time

	Emergency:
Site, switch, or server down
	You cannot access your server or site from the public Internet.
	Within 15 minutes

	Urgent:
Site or server functioning improperly or at less than optimal performance
	Your site or server is accessible but in a reduced state (timeouts or slow response)
	Within 1 hour

	Standard:
Non-critical; site or server is functioning normally, but you require information or assistance on services, wish to schedule maintenance outages, or any other non-immediate tasks
	Your site is functioning with acceptable parameters, but you require assistance on the software or have a help desk-type question
	Within 4 hours

Response Time applies to the initial contact from FATHOM regarding the request and is not a guarantee for resolution. 
		
	3.3
	Remedy.  If FATHOM does not meet the Response Time guarantees stated, Customer will be eligible to receive a Service Credit as described below.  This SLA states the sole and exclusive remedy for any failure by FATHOM to meet the Response Time guaranties.

		
	4.0
	Service Credit

		
	4.1
	Service Credit

F-2

Exhibit F
FATHOM Service Level Agreement

		
	4.1.1
	Software Service Level Objective.  If FATHOM does not meet the SLO, by module for meter data/analytic tools, customer portal, and/or AMS, Customer will be eligible to receive the Service Credit described below. 

	
				
	MONTHLLY UPTIME PERCENTAGE
	ELIGIBLE SERVICE CREDIT, FOR SAAS SERVICES FOR METER DATA/ANALYTIC TOOLS
	ELIGIBLE SERVICE CREDIT, FOR SAAS SERVICES FOR CUSTOMER PORTAL
	ELIGIBLE SERVICE CREDIT, FOR SAAS SERVICES FOR AMS

	99.0% - < 99.7%
	$0.055
	$0.035
	$0.155

	95.0% - < 99.0%
	$0.136
	$0.0875
	$0.386

	< 95.0%
	$0.273
	$0.0175
	$0.773

	Service credits above are per Managed Account utilizing that given service for that given month.  For those systems that may utilize different software, such as but not limited to the AMI system software, any service credit awarded will be based on the number of Managed Accounts specific to the impacted software.  
Service credits will be issued at the rates described above beginning on January 1, 2019 provided that. Recurring Services Fees, including any applicable Inflation Adjusters, are being paid in full. The service credit rates and caps shall be subject to the same Inflation Adjuster described in Exhibit A, provided that the appropriate Recurring Services Fees and corresponding Inflation Adjusters(s) are being paid in full.

For avoidance of doubt, at no time are the fees associated with managed services, including but not limited to utility billing and customer care services, eligible for Service Credit as described in this SLA.
		
	4.1.2
	Support.  If FATHOM does not meet the Response Time guarantees stated above, the Customer will be eligible to receive a Service Credit of the equivalent monthly recurring fee per event for the affected software module, as described below.

	
				
	 
	SAAS SERVICES FOR METER DATA/ANALYTIC TOOLS
	SAAS SERVICES FOR CUSTOMER PORTAL
	FOR SAAS SERVICES FOR AMS

	Eligible Service Credit – Response Time
	$0.027
	$0.0175
	$0.08

	Service credits above are per Managed Account utilizing that given service for that given month.  For those systems that may utilize different software, such as but not limited to the AMI system software, any service credit awarded will be based on the number of Managed Accounts specific to the impacted software.
Service credits will be issued at the rates described above beginning on January 1, 2019 provided that. Recurring Services Fees, including any applicable Inflation Adjusters, are being paid in full. The service credit rates and caps shall be subject to the same Inflation Adjuster described in Exhibit A, provided that the appropriate Recurring Services Fees and corresponding Inflation Adjusters(s) are being paid in full.

For avoidance of doubt, at no time are the fees associated with managed services, including but not limited to utility billing and customer care services, eligible for Service Credit as described in this SLA.
		
	4.2
	Limitations on Service Credit

F-3

Exhibit F
FATHOM Service Level Agreement

		
	4.2.1
	Cumulative Dollar Amount.  Notwithstanding anything to the contrary, the maximum total credit for any calendar month, including all guaranties, shall not exceed 50% of Customer’s equivalent monthly recurring fee for the affected configuration for any given month.  Credits that would be available but for this limitation will not be carried forward to future months.

		
	4.2.2
	Application of Service Credit.  The service credit may be applied towards additional services (not recurring fees) procured from FATHOM by Customer.  

		
	4.2.3
	Customer Breach of Agreement.  Customer is not eligible to receive a Service Credit if Customer is in breach of the Agreement (including payment obligations to FATHOM) at the time of the occurrence of the event giving rise to the Service Credit until the breach has been cured.  In addition, Customer is not eligible to receive a Service Credit if the event giving rise to the credit would not have occurred but for Customer’s breach of the Agreement.

		
	4.3
	Service Credit Request

		
	4.3.1
	Customer must request a Service Credit in writing either via a support ticket or by postal mail no later than seven (7) days following the occurrence of the event giving rise to the Service Credit.  

		
	4.3.2
	FATHOM will contact Customer within 30 days to approve or reject the claim or to request more information.  

F-4

Exhibit G
FATHOM Operational Service Credits

Should FATHOM not meet certain SLOs as described in this Agreement, Customer shall receive service credits for those particular SLOs.
The service credits will be issued at the rates described below beginning on January 1, 2019.     
The service credit rates and caps shall be subject to the same Inflation Adjuster described in Exhibit A, provided that the appropriate Recurring Services Fees and corresponding Inflation Adjusters(s) are being paid in full.  
		
	1)
	Call Center SLO Service Credit 
If the Call Center SLO is not achieved for a given month, a service credit will be applied according to the schedule below:

	
		
	Call Center Service Level Tier
	Service Credit

	69.999% - 65%
	$0.071 per Managed Account for that given month

	64.999% - 60%
	$0.141 per Managed Account for that given month

	<60%
	$0.211 per Managed Account for that given month

 
The service credit may be applied towards additional services (not recurring fees) procured from FATHOM by Customer.  In no circumstances shall the service credit exceed $0.211 per Managed Account. 

		
	2)
	On-Time Billing SLO Service Credit 
If the On-Time Billing SLO is not achieved for a given month, a service credit schedule will be applied according to the schedule below:

	
		
	On-Time Billing Service Level Tier
	Service Credit

	98.999% - 95%
	$0.086 per Managed Account for given month

	94.999% - 90%
	$0.175 per Managed Account for given month

	<90%
	$0.263 per Managed Account for given month

 
The service credit may be applied towards additional services (not recurring fees) procured from FATHOM by Customer.  In no circumstances shall the service credit exceed $0.263 per Managed Account
		
	3)
	Billing Accuracy Service Level Objective 
If the Billing Accuracy SLO is not achieved, a service credit will be applied according to the schedule provided below:

G-1

Exhibit G
FATHOM Operational Service Credits

	
		
	Billing Accuracy Service Level Tier
	Service Credit

	99% - 95%
	$0.086 per Managed Account for that given month

	<95% - 90%
	$0.175 per Managed Account for that given month

	<90%
	$0.263 per Managed Account for that given month

 
For clarity, a cancelled bill without an associated rebill does not contribute to as an inaccurate bill to the bill accuracy ratio unless there was no re-bill due to it falling outside the 90-day time limit for re-billing.
The service credit may be applied towards additional services (not recurring fees) procured from FATHOM by Customer.  In no circumstances shall the service credit exceed $0.263 per Managed Account. 

G-2

Exhibit H
FATHOM Service Joinder

Pursuant to, and in accordance with, the Amended and Restated Service Agreement dated ___________ by and among Global Water Management, LLC (“FATHOM”) and GLOBAL WATER, LLC, a Delaware limited liability company (“GW, LLC”) and other utility companies which may or may not currently party to the agreement, including any authorized amendments (the Service Agreement and any authorized amendments, collectively referred to as the “SERVICE AGREEMENT”), the signatory listed below hereby acknowledges and agrees, on behalf of itself and the entity identified below that the signatory represents in connection with this joinder (the “New Utility Company”) that: (a) it has received and reviewed a complete copy of the SERVICE AGREEMENT (including, without limitation, any authorized amendments) prior to its execution of this joinder; (b) it is an authorized representative of the New Utility Company and that it has the authority to bind the entity to this joinder and the SERVICE AGREEMENT; and (c)  upon the signatory’s execution of this joinder, the New Utility Company agrees to become and shall become a party to the SERVICE AGREEMENT and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the SERVICE AGREEMENT as though an original party thereto.

	
	
	 
New Utility Company:

____________________________________

a(n) __________ limited liability company
         
by:

Signature: 

                                                                         
Name: 

                                                                         
Its: 

                                                                         
Date: 

                                                                         

H-1

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